Precious Metals' Market
The speculators have not gotten out of the PM market. They continue to manipulate the market making approximately five percent with each run-up and run-down, which they do at least once a month. Five times twelve or more is a nice annual profit at the expense of the suckers and the naive.
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Replies to This Discussion
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Permalink Reply by Buffalo on -
It will be interesting to see if anything comes from the CFTC meeting on the 25th. With all the talk lately about tighter regulations on funds, futures and derivatives, etc maybe something will actually happen to make manipulation less likely.
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Permalink Reply by Steve W on -
Buff,
Speculation is what investing is all about. Sometimes their is a fine line between investing and manipulation. Government needs to intervene at the point that these activities become a threat to the general public. Government always needs to keep an eye on derivatives, futures, and credit default swaps for that reason. We need Big Government to prevent a Big Depression!
Buffalo said:It will be interesting to see if anything comes from the CFTC meeting on the 25th. With all the talk lately about tighter regulations on funds, futures and derivatives, etc maybe something will actually happen to make manipulation less likely.
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Permalink Reply by Lee Grant on -
Whatever you all do, stay away from platinum. The manipulators are running wild in the platinum market. Moy's attempt to sucker you into Platinum eagles, hopefully for all your sakes , won't happen.
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Permalink Reply by Lureuin on -
LG- Platinum is up more than gold in the last year and has the most room to move. I hope you didn't dump all the plat you bought when it hit it's lows. If you held on you would have recovered more than half your loss to date. If you are still holding it, you want people to want some so that you re-coup all your losses.
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Permalink Reply by Lee Grant on
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Lureuin: I made three purchases of Platinum from the Mint. One made a significant profit, one has made a modest profit and the third is still a long way from making a profit. All of this is against the bullion value. The numismatic prices are considerably better. All of the coins are proofs. The first purchase was the one ounce coin only . The second two were the four coin proof sets. I have never sold any of my coins. I have given some gifts of Mint Sets. Speaking of Mint sets, I find there is little or no movement above their issue price. The individual coins in the set seem to be worth far more than the set.
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Permalink Reply by Lureuin on
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Good LG. I'm sure you'll make back any loses, and then some, down the road. And IMHO, you are holding some of the most beautiful coins made by the mint in the last 50 years.
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Permalink Reply by Steve W on
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Your price appreciation would be especially good if they graded 70 with PCGS or NGC! Go check out Ebay prices on your coins that have been graded. About 1/3 of mint proofs should get a 70. The rest will go 69.
Lee Grant said:Lureuin: I made three purchases of Platinum from the Mint. One made a significant profit, one has made a modest profit and the third is still a long way from making a profit. All of this is against the bullion value. The numismatic prices are considerably better. All of the coins are proofs. The first purchase was the one ounce coin only . The second two were the four coin proof sets. I have never sold any of my coins. I have given some gifts of Mint Sets. Speaking of Mint sets, I find there is little or no movement above their issue price. The individual coins in the set seem to be worth far more than the set.
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Permalink Reply by Lee Grant on
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Steve: I recall NGC's ratings where the Platinum Proof ratios were predominantly 70's a small proportion at 69 and a couple 68's. I have nothing to complain about as it relates to the platinum proofs. They are quite extraordinary. Similarly my Gold Eagle proof set is very impressive. I have not attempted to buy any more platinum proof coins because I was afraid the Mint would do to them what they did to the Proof Buffalo in 2009. I find that unacceptable
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Permalink Reply by Steve W on
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LG,
I had two proof Buffalo coins from 2009 that NGC graded 70! I cannot complain there.
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Permalink Reply by Lureuin on
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LG- I was quite mad that the Mint decided to not carry my coin any longer. But now, looking back, I understand that the mint stopped a series that had the lowest mintages in history, and my coins are now even more rare.
Thank you US MINT for halting production of 1/2oz platinum coins. You have helped create a collectors series that is obtainable by the average collector and contains the lowest mintages in history. By stopping production, you have made the series available to those who thought they couldn't keep going every year. You are the best, for helping make my collection the greatest in the history of US Coinage. Hooah!!!
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Permalink Reply by Lee Grant on
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Lureuin: the 2007 and 2008 Platinum Proof Eagles were in the low thousands compared to Gold and Silver, which were in the 100,000's. The last four coin Platinum Proof set cost me $4119.95. from the Mint. My four coin gold Eagle proof set cost me $1445.95. That was actually below the bullion rate at the time. It is just that the platinum volatility scares me . I watched platinum bullion for the set drop from 3844 to 1722. And then the Mint came along and renewed sale of the set at $2000 less than what they charged me. They got little forgiveness for that one.
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