Gold price

Gold has really spiked up today.----What's the reason for this happening---opinions?

Somewhere I read that the last reporting showed a near record amount sold, over 360 tons. Curiously, about 300 tons of that was purchased by a handful of non government buyers. Nothing to see here folks, move along.

Chris

I sold a whole bunch of it yesterday!!

shoveler Wrote:
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> I sold a whole bunch of it yesterday!!
Buy high--sell low huh shoveler! ha ha

Gold & Silver prices = For thousands of years.......... the way unto which...we gauge (((base-reference))) inflation.,.,.,., and human insecurity.
Gold & Silver currency = The ultimate measurement of a Nations strength.

It's 2 day's till elections.

Keith

“I don't care that they stole my idea . . I care that they don't have any of their own”
-Nikola Tesla

D&P-OR Wrote:
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> Gold has really spiked up today.----What's the rea
> son for this happening---opinions?

.
Stock Market is not acting like it used too, everything is upside down backwards. Seeing so much side to side swing's, probably last a decade or two.

Gold and silver, especially silver should take off. When, Few months to maybe few years and when it does it'll be enormous gains. I'm not an expert, but certain patterns I follow are pointing for silver to explode.

One pattern, Gold to Silver ratio. The last four times gold to silver ratio exceeded 92.1 silver rallied. Recently, Gold to Silver ratio was around 102 and another pattern I follow is price of gold during these times. If what the expert's are predicting, With these patterns falling in place for a good silver run between $32 oz to $36 oz next year. That's 60 to 80%, Beyond that? Maybe more much more.

Hang on to your gold and silver, precious metals will eventually go up very much. Silver, should increase much much more.

Please, those with precious metals knowledge, please share especially in times like these.

Paul



Edited 1 time(s). Last edit at 11/07/2022 02:45AM by Apolonio (CA).

I have heard about how Silver will hit 100.00 a ounce for 5 years now still waiting.

Harold,ILL. Wrote:
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> I have heard about how Silver will hit 100.00 a ou
> nce for 5 years now still waiting.


HECK> I would take $50!!!!!

Yes 50.00 will work too,LOL!

Gold and silver are globally accepted as a means for storing wealth. The US Dollar is the world's reserve currency and , as badly as it has been debased , it is simply the leper with the most fingers in the realm of currencies.You may see $100 silver when the world's reserve currency is based in China instead.

..always loved that quote. Also: "better to have questions that can't be answered than answers that can't be questioned..." I think that's where its going...

Gold/Silver taking another "jump" (upward) this morning (11/8)!

I think we may experience several ups and down swing's for a while, hope not it'll be nice to get consistent positive movement again.

Hang onto Silver and Gold, Gold and Silver ratio is currently at low eighties.

Paul, you make the most sense. Gold and silver are flying out of the comex like a bat out of hell. Huge buyers, probably central banks are buying as many as 10 tons per day. Something is up. Something big. The central banks might be loading up as there is talk of revaluing gold up, to stabilize the shaky banks. Credit Suisse bank is on the edge of the abyss. ( Remember Lehman brothers bank 15 years ago?
Then there is talk that the dollar could lose its world reserve currency status. If that happens, the dollar could collapse over nite. The world financial system is built on debt, which is a precarious foundation. Precious metals are dollar insurance. Dont sell now, we are headed into stormy waters, the likes we have not seen before.

Absolutely possum, Central banks globally are stockpiling on gold as never seen in decades. Eventually, Precious metals will go up and can still be a while. Plus, Gold and silver can still swing down this year, even though we are experiencing recent forward movement but that's my take can be wrong.

Definitely agree with you, per your words (We are headed into stormy waters, the likes we have never seen before). Absolutely agree, if possible everyone should try to prepare one way or another. Whether it be getting finances in order, maybe changing a portion of investments into an IRA Precious metals account or shifting into other safe investments. Whatever, at least try to prepare.

Harold mentioned above, and I too have said the same. We've been hearing silver will hit $100.00, seems like a long time we've been hearing this. In reality, it's hasn't been a long time these rumors have been floating the internet. History shows, gold and silver will sit idle for very long periods, many years with side to side movement sometimes over a decade. But right now, several indicators are showing the break is coming more so than before.

Metal detecting is a fantastic hobby, I sure miss it. Hopefully, Someday I can rejoin the hobby and my detectorist friends. Forum friends, get prepared one way or another. Every bit of preparedness will be beneficial in the difficult days ahead.

I personally recommend holding the physical metal. The paper instruments can vaporize and disappear over nite. Look at whats happening in the crypto world. Billions vanish overnite. The government is planning on rolling out a crypto dollar. It is being tested as I write this. Testing time is 3 months. Not sure when it gets implemented. Scarry stuff. Physical metal can be used for bartering. Physical is dollar insurance. Hold some, or alot! Hope you get well soon , Paul.

There are 2 stores in Titusville, Florida that will:
1-Dime = 1 loaf of bread.
1-Quarter = 1 gallon of milk.
BUT........ it must be a silver Dime......... and a silver Quarter (respectively).
These two stores have been doing this..... for at least 25-years...... that I'M aware of.

In October/November of 1999 (just prior to Y2K)........ I was purchasing Mercury Dimes at 3.6X-face-value. (36-Cents for a silver Dime).......,,,,,,,,........and I was COMPLAINING when I had to pay 4.0X face-value. (40-Cents per silver Dime).
Where do we stand today!!! How much fiat-currency do I need today......in order to buy a silver Dime?

Many folks talk about: It's stupid to buy/have silver & gold. YOU CAN'T EAT SILVER & GOLD!!!
If there were any validity to any of this (nay-sayers) statement......... than why have humans COVETED / CHERISHED silver & gold for 5000+ years.
Can you think of a time when silver or gold........ had little/no meaning...... during the past 5000-plus years.

Kinda neat to think that us detectorists may be in better standing...... than the norm/G.P. !!!

Tom, That's terrific those two stores accept silver coins for trade, bread and milk two important stable items. My hats off to them, hope they continue accepting silver and other stores follow.

After reading your post, was curious what a silver dime are going for. A precious metal bullion dealer I recently purchased silver 1oz premium bullion from, just strolled through the site and found silver dimes (junk silver) are around $2.39 apiece. And that's with a $100.00 face value purshase, 1000 dimes X $2.39 cents apiece equals $2390.00. For higher qualities, price really doesn't drop much just several cents apiece. That's a far price increase from 3.6X face value, I remember those days as well as many forum members probably experienced the same, miss those days when silver was inexpensive. Junk silver is probably the best silver to barter with for goods, at least that's what I've read from articles. I'm sure the serious silver buyers are loading up on everything, junk silver to premium bullion and bars to cover all bases.

Possum nailed it, hold some or a lot. Totally agree, The day will come many will regret not hanging on to gold or silver.

Keep the coil close to the soil, I know sounds corny but hey it's what we do

That would not help me as I quit eating bread and drinking milk, LOL!

Why has the premium over spot gone up so much with junk silver sellers?

Sellers will get what the market will bear. Dealers that buy wholesale have overhead and shipping and of course none of that has increased. Wouldn't you sell for the most someone would pay? I sold a few hundred ounces last year for #30 a pop and the buyers were tickled to get the goods. Lack of inventory , whether real or concocted , is a great factor in the supply demand equation.

marcomo Wrote:
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> Why has the premium over spot gone up so much with
> junk silver sellers?


Because from my view, the actual price being paid to obtain physical is more reflective of actual supply and demand. Spot price is -- if I am not mistaken -- set through the PAPER market, and it's easy to control the "supply" side of the equation, when you can simply "print" more "ounces..."

Steve

shoveler Wrote:
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> Sellers will get what the market will bear. Dealer
> s that buy wholesale have overhead and shipping an
> d of course none of that has increased. Wouldn't y
> ou sell for the most someone would pay? I sold a f
> ew hundred ounces last year for #30 a pop and the
> buyers were tickled to get the goods. Lack of inve
> ntory , whether real or concocted , is a great fac
> tor in the supply demand equation.


So if supply and demand for silver regulates the price of spot silver, than something has happened to supply and demand of 90% junk silver independent of the actual demand for silver itself.

Case in point: When I bought a number of silver rolls in 2019 and early 2020, I was routinely buying junk silver from Apmex, Provident and SD Bullion for 29-59 cents an ounce over spot. Now they are typically selling those same 90% coins for $6-$8 per oz. over spot.

Am I surmising correctly that 90% silver has become a much more popular way to accumulate silver relative to other types of silver?

marcomo,

Your question about whether "90% silver has become a more popular way to accumulate silver relative to other types of silver," and whether that perhaps could be the reason that junk silver now sells for a much higher premium over spot than it used to, is a plausible/logical deduction, but not one that is correct in this case, I don't think. Have you seen the "premium" recently, on a 1 oz. U.S. SIlver Eagle bullion coins? It is as high as, if not higher, than the premium for junk silver.

I THINK the more correct understanding, would be to look at the "paper market," and the "physical market" -- which (though they SHOULDN'T be) are TWO SEPARATE ENTITIES. I have always tried to view the two, as two entirely different things. And from THAT perspective, I think the more correct way to explain the current premiums over "spot," for physical silver, is that there is higher demand for PHYSICAL, right now, than for PAPER.

In your first sentence, you said "if supply and demand for silver regulates the price of spot silver..." but I think what you may be missing there, as a "nuance," is that "supply and demand" for PAPER silver, is different from "supply and demand" for PHYSICAL silver.

Steve

Excellent point that I hadn't considered, Steve. I didn't take into account catastrophic scenarios which could make paper silver, as opposed to physical silver, worthless.

marcomo Wrote:
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> Excellent point that I hadn't considered, Steve. I
> didn't take into account catastrophic scenarios wh
> ich could make paper silver, as opposed to physica
> l silver, worthless.


marcomo -- precisely

"Bank runs" are only possible, due to our financial system being one that employs "fractional reserve banking." Banks "lend out" depositors' "savings," with a requirement to keep only a "fraction" of that money "in reserve" (meaning, of course, that there is NOT "one dollar" in the vault, for every dollar that is deposited, but instead only 10 cents for every dollar is kept "in reserve"). And so, as we all know, if EVERYONE demanded their dollars deposited, to be returned to them, all at once, the bank could not accomplish that, and the house of cards would begin to tumble.

MEANWHILE, consider the possibility (which I believe is a CERTAINTY), that the relationship between the paper silver market, and the supply of physical silver, is a similarly "fractional" system. I've seen estimates as high as 100 to 1 (100 ounces of paper silver to every ounce of physical). Of course, the difference between the banks, and the silver markets, are that the banks ARE EXPECTED TO, and allowed to by law to, engage in "fractional reserve banking." It's how the system works, and everyone knows (or should know) that. It's no secret. HOWEVER -- this is NOT the way the metals markets are supposed to function. By "definition," the silver spot price is supposed to reflect the price for an ounce of DELIVERABLE silver. The idea being that the only reason to trade "paper" silver is that it's easier to move "digits" on a computer between buyer and seller, than it is to move actual ounces of metal. BUT, there's SUPPOSED to be a 1:1 ratio between paper ounces, and physical ounces. It is NOT SUPPOSED TO BE "fractional..." But -- though it's not "supposed to be," it IS (at least, that's the word of those whose job it is to research and understand such things). So -- IF that's true, you can quickly see what happens if all of those folks who BELIEVE they own physical silver, per their paper contract, actually sought to "take delivery" of their physical...

Steve



Edited 2 time(s). Last edit at 11/28/2022 02:36AM by steveg.

marcomo Wrote:
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> Why has the premium over spot gone up so much with
> junk silver sellers?
Because they are not minting it any more I think the premium well be higher than silver eagles .Once silver eagles start minting again the premium well come down but there not going to mint junk silver there for the premium well go higher the harder it's to score till people dump it back on the market. sube

Spot is not!

Spot is essentially set by the COMEX , paper traders that buy/sell massive quantities they don't actually have backed up by physical material. It's been going on for decades and every commissioner is going to rein it in but surprisingly it never happens. All the paper trading issues like SLV or AGQ are based on spot so they are not going to correct the fraud anytime soon. The natural occurrence of silver to gold in the Earth's crust is around 19 to 1 , don't expect to see that ratio in the price.

If you want to buy , you pay the price.
If you want to sell , don't sell to a dealer.

Another thing on premium sell 58 silver eagles for 1 oz of gold or 63 face junk for 1 oz gold. Play the premium game to your advantage.I only pay $19.00 for eagles when silver went down to $14 sube



Edited 1 time(s). Last edit at 11/22/2022 01:01AM by subey.