ummmm now whats going on?

[misteroman]

silver just went from 31.05- 30.65 in about 5 mins?

[IdahoCopper]

The usual manipulation.

The end of the month run-up is over.

[slvrbck]

Looks like its having a little trouble solidly breaking through 31. . . it wants to sooooo bad though!!

[misteroman]

dang touched 30.50 for a minute . Just watching it at work.

[BadKarma]

It's spooky to watch the overseas markets and Wall Street bullion houses battle it out every trading day.

[argent_pur]

I'm watching gold drop like a rock and I'm so tempted to pick up an ounce...anyone else thinking about pulling the gold trigger today?

[Devil Soundwave]

I'm watching gold drop like a rock and I'm so tempted to pick up an ounce...anyone else thinking about pulling the gold trigger today?

Tempted, but the problem I have here is that my local dealers are quick to put the price up when gains are made, but bloody slow to drop it down again when the market relaxes.

I've had to argue the toss over the price a few time and it's tiresome. Don't get me wrong, I fully expect to pay a premium above spot (guy has to make a living after all), but still, I don't like being ripped off.

[zerocd]

Dips are buying opportunities.

I last saw a couple nice four nine buffalos, slabbed, one was a proof and both were gone when I went to buy them at the local shop.

He sold them at the recent peak too.

Spot plus $50 for the uncirc and plus $60 for the proof. Very fair prices but he will sell Krugs and Austrian Coronas for melt and AGE's and Maples for plus $40.

So I bought a 1915 100 Corona that day instead but still hoped to pick up the buf proof on a dip.

Gone.

So, he offered a 2007 W PCGS First Strike Jefferson's Liberty for $720.00 Nothing special as a numi but a good value.

Happy there.

I buy every time I get money and target dips but not exclusively.

It's going up in a healthy sawtooth fashion and will as long as the fundementals remain.

JMHO

0CD

[fb101]

Weak money is moving out. these constant mini corrections theoretically make for a strong market.
Gold did not achieve a new high, but silver did, so I don't see a top here.

[TXTim]

Just like you see here- profit taking!

[argent_pur]

So I bought a 1915 100 Corona that day instead but still hoped to pick up the buf proof on a dip.

Those are beautiful coins! If I can find one, as long as prices stay where they are or drop, I'll pick it up.

[Jonflyfish]

Perhaps silver is about to break higher in just a few moments.

[Jonflyfish]

Break yes. Higher no. Sorry

[Jonflyfish]

Perhaps now is a good time to buy the dip after the impulse break.

[Devil Soundwave]

Can someone define "weak money" for me? I've heard this phrase bandied about a lot here...

[Jonflyfish]

Can someone define "weak money" for me? I've heard this phrase bandied about a lot here...

People who tend to panic with every tick and wiggle on their screen. Usually under-capitalized and over-leveraged traders.
They tend to take big losses and small gains and yet all of their diligent hrs of research and analysis validated that they ultimately knew that the price was going to x or y but their account magically did the opposite.

[Jonflyfish]

Perhaps now is a good time to buy the dip after the impulse break.

For the quick snappy traders- You may want to lock in some gains now and leave some remaining at break even.

Cheers

[Country]

The PM drop in this the first week of January looks like some folks booking their last year's profits. After the PMs consolidate after this event, perhaps we can look for higher prices later this month. I believe that is the normal profit taking that occurs during the first week of January.

[Jonflyfish]

Perhaps I'm 100% wrong but some may want to lock or hedge here if they didn't at higher levels. A jolting drop in silver looks imminent then can buy the BIG dipper.

[jasmatk]

$28.76 looks like its gonna be a good day to buy

[Jonflyfish]

Perhaps I'm 100% wrong but some may want to lock or hedge here if they didn't at higher levels. A jolting drop in silver looks imminent then can buy the BIG dipper.

Perhaps after the drop it is now time to be long.

[didou]

Can someone define "weak money" for me? I've heard this phrase bandied about a lot here...

weak money = paper money
strong money = precious metal

weak hand = action of putting faith in the leadership of the country by selling metal in exchange of paper money
Many people right now actually playing the weak hand because they don't understand economics or trust the governments or don't care...by selling they jewelery and others precious metal for paper money
If history repeat itself, paper money will actually loose it's purchasing power and the weak hand will have lost everything.

strong hand = action of not trusting the leadership of the country by buying precious metal with paper money
With strong hand there is no faith or trust, precious metal is money, nothing artificially created by printing cute design on paper and make everyone believe that they worth something, most if not all realcent members are probably here playing strong hand by converting their paper money into precious metal.
If history repeat itself, precious metal hoarder will get increase (or no loss) in purchasing power over time.

Copper cent is the best example of that. Copper cent (strong money) get hoarded and not spend while zinc/steel (weak money) are return into circulation and spend. People who end up with only zinc cent are poor while people ending up with copper cent will be rich. I guess most people just don't understand that they are 2 kind of money, weak and strong, or else they would be no metal to hoard at all.

For more : http://en.wikipedia.org/wiki/Gresham's_law

[smallchange]

Copper cent is the best example of that. Copper cent (strong money) get hoarded and not spend while zinc/steel (weak money) are return into circulation and spend. People who end up with only zinc cent are poor while people ending up with copper cent will be rich. I guess most people just don't understand that they are 2 kind of money, weak and strong, or else they would be no metal to hoard at all.

I have to disagree, Even Zincs are not "weak money". Everything in strong and weak discussion must be compared to real life situations. Fiat is weak. Copper if you collect in this manner is strong. Even Zinc if you collect in this manner is still strong if compare to Fiat.

Nickel - Easy to collect and no work sorting.
Copper - Better return on sorting, but alot of work
Zinc - The things we throw away via sorting, at a point, maybe not that further away, may have been worth saving all along, just in a different bucket. We had them ANYWAY and we did the work of the sort already.

Just a thought of what the future MAY bring.

[neilgin1]

Didou, a very astute post, wise words.

smallchange, i see your point too. i'm not trying to waffle, but i dig the concept of 'different bucket'.

all these concepts, strong money, weak money, strong hands, weak hands, are valid in the concept of trade and mercantilism....and worthy of active consideration.

Just studying and observing what is "currency" is a good course of action, as is human behavior as reactions to "currency"....or trade.

just reading what guys think, kind of reminds me of being back on the floor of the CME, circa the 1980's. me and my crew were "raised" up by agricultural spread traders, spread trading in futures is the simulteanous buying of one commodity, and the shorting of the same commodity, but a different month...or buying one commodity and selling short a similar commodity.

one of our big earners was spreading pork bellies against hogs, for instance say Feb bellies were trading at 57.00 and Feb Hogs were trading also at 57.00, (which was not often, but happened ENOUGH) you would buy Feb bellies and short sell Feb Hogs against them at "even money" (the same price) when this "relationship" got back to a more appropriate spread, Bellies would trade $10.00 to 20.00 over Hogs back then.......this might take 2 to 4 weeks to unfold, and you could make a mighty nice profit, without crazy stress or risk.

the reason i brought that up, is that i started looking at other spreads, old crop/new crop Corn (that is still a nice, albeit risky trade, coz Corn now trades a wee different becoz 40% of the crop is used for fuel, giving it that crazy Crude Oil feel) but one "gimme" trade in the 80's/early early 90's was Gold/Platinum. IF....and i saw this happen two, maybe three times, if Platinum traded even with Gold, you bought Platinum, shorted Gold and didnt even think twice....you'd make money. on the other side, if you saw Platinum $200 over Gold, you shorted Platinum, bought Gold against it....no worries.

but things changed once the USSR dissolved...a slow change, and the Gold/Platinum relationship made new parameters, so that spread just got too darn risky. Point being, in my day, very few young traders were spread traders, we were rare, because most spread traders were much older. Most young traders then dug the rush of adrenalin of outright scalping, fed on that risk. We didnt, like Gordon Gecko, we liked "sure things". Most of the scalpers either blew out, or realized the futility of their mindset, and began to resort to thievery.

we would mark and avoid these curs, but we had a shorthand way to refer to the astute traders that we studied and watched, we called them, "cool guys". ie......."is he a cool guy?"...."yeh, he's good, he's cool"....... "what's he doing?"..."front spreading hogs in numbers". etc.

so didou, smallchange, you're "cool guys"

point of advice: stay far away from futures markets, you dont need the nightmare headaches, and i worry in these times, of default. just buy and hold silver, copper, nickel, viable farmland and woodlots, with water....and dont fall into the grips of fear..that'll kill ya.

[Country]

The PM drop in this the first week of January looks like some folks booking their last year's profits. After the PMs consolidate after this event, perhaps we can look for higher prices later this month. I believe that is the normal profit taking that occurs during the first week of January.

SILVER marching towards $30 again. Perhaps the beginning of year profit taking has ended and we go to new highs soon.