Precious Metals posted by Six Mile Rick

[CSJournals-migration]

Are they crashing??

 

Wow I see that gold is going below $1600 an oz. tomorrow and silver is perching at $29.00. Did they find a few good mines or is the value of our dollar really worth something again?? Sometimes it is hard to keep up with all the bureaucracy involved to come to such conclusions.

 

Later---

 

See more journals by Six Mile Rick

[Ultra Cameo Collection]

sounds like a buying opportunity to me.

 

 

Gold’s weakness was exacerbated by “another one of those tsunamis of selling,” says John Howlett, division vice president with Mitsubishi International. “Supposedly upwards of 14,000 lots of gold were sold in the 5 minutes from 8:20 to 8:25--the old open-outcry opening time,” he says. “After the 7,500 that went on April 30, it may be safe to say that somebody’s system is telling them to abandon ship. And that somebody has some substantial volume to chuck around.” He cites two technically bearish items for gold: “the market is significantly through and closing belowthe 300-day moving average for the first break since 2008 and the market is also ‘under the cloud’ on the ichi moku chart for the first time since Q1 2009. The caveat on the second item is that it’s best on a weekly chart and it’s only Tuesday.” Meanwhile, a trendline back to November 2008 puts support in the area from $1,595 to $1,605, he adds. As of 2:10 p.m. EDT, Comex June gold was $34.40, or 2.1%, lower at $1,604.70 an ounce.

 

By Allen Sykora of Kitco News

[coinsbygary]

Can't say whats happening. I would of thought since the socialist have tightened their grip in Europe that the price of precious metals would increase. I guess we'll have to see long term what's going on, I can't say that the US dollar is in better shape except maybe to the Euro.

 

Gary

[James G. Berline]

It's pretty much a game to these guys who control the price of precious metals. That's why I don't go there. The prices are always fluctuating to actually

their benefit?

Ok,,,Let me back up a sec' If you were to invest in these metals,

go for the Silver',,,,An' Pls,,,,don't take just my word on this, go check this out.

 

Get the Inside/Out of Silver/ And again No! I don't collect in bullion,,,etc,,,

but my guess' would be in the next (10) years, you'll notice that silver will/should

be ALOT' HIGHER IN VALUE,,,Due to its limited supply on the world market.

 

Always take caution when buying, it can change so suddenly,,,Good Luck!

 

[CSdot]

Greek and French election results hurt the Euro causing the dollar to rise. So gold as denominated in dollars appears to be falling. Buying opportunity?

[Ryan S.]

My personal thought is that Gold and Silver prices were driven up so rapidly around the time of market instability that they would have to go down. Silver prices were below $10 in Feb of 2006 and it seems like inverters being bearish on the US Dollar drove the price up instead of consumer demand. I think prices in the long term could be headed down, but by how much? This recession has taught a new generation of people that it's good to hold something of REAL value, not just fiat currency backed by a promise. Our economy is just as fragile as ever, and if China were to request some of there money back PM prices would break new records. Any instability could do that right now. But if things do improve, I think PMs will go down.