New highs for gold today?

[Market Harmony]

It looks like it might be off to the races. Once a new high is established, then PRICE DISCOVERY process is in play. This could take gold well above the $1600 marker very soon.

For those that don't remember, or don't know, you NEED to educate yourself on the price discovery process in any market. This same thing took silver (after it blew through $22) to $49.50 in 6 months. Once $22 was passed, there was no looking back, and ANYONE that tried to short that market got burned badly.

But, be careful also, for if this $1550 level is established as firm price resistance (doubtful), then it could take a long time before prices return to these highs.

This is an interesting time to be,

[Copper Member]

hope you're right Mike!!

[Country]

It could be GOLD will lead this time, SILVER following behind. GOLD all time high of $1565 is within reach. Once above that, $1600 will be easy.

[Coppercrazy]

Anybody understand what happened last night? All PM and Oil markedly down,what just happened?

[shinnosuke]

Bernanke's comments, unemployment woes continuing and this:
http://finance.yahoo.com/banking-budgeting/article/112998/greece-oil-currencies-WSJ?mod=bb-budgeting&sec=topStories&pos=7&asset=&ccode=

In other words, the cat's out of the bag, the gig is up, Pandora's box has been opened, Jethro done left the farm and seen the big city, and too many people have been reading the smooth stylings of antidisestablishmentarianism on realcent.

[68Camaro]

Anybody understand what happened last night? All PM and Oil markedly down,what just happened?

The sheeple are freaking over the bad economic news and (irrationally) moving to the dollar as their salvation. Something like that has to be expected as a short-term effect. So all commodities are being pounded. And it may happen numerous times as things cycle.

[Market Harmony]

Nothing that we have heard today is new news... same old crappy economy and same old worthless paper games.

Did they really expect oil inventories to be low when the prices are jacked up at the pump and nobody has money to afford to use it fruitlessly? Come on, the writing was on the wall! It never ceases to amaze me how media tried to attribute actions to an event or news headline... I guess you need to shake the trees every once in a while.

[Know Common Cents]

PMs and oil are getting crushed today. Fundamentals are still the same excepting for some heavy strength in the US dollar. Just another sign of market manipulation, but that also equates to a great buying opportunity.

[zerocd]

I bought a big chunk of gold and silver yesterday at the low. (local coin shop. cash only and low, low premiums too)



0CD

[Coppercrazy]

really tempted to visit the local coin shop today....what will happen next week?anybody got a crystal ball?

[Country]

GOLD and SILVER typically perform poorly in the summer. GOLD bottoms late July. SILVER bottoms in mid-August. Both perform nicely starting in September.

I'm waiting until the seasonality is in my favor. We've got another month of the summer before the BUYING time begins.

The BULL market in PMs is still intact. Naysayers abound during the summer, only to fade away from the BULL in the fall. Don't listen to them....

[68Camaro]

Able to buy MS70 graded commemorative $5s and $10s for basically spot, give or take. That's a deal. Enough people must be giving up to allow this. I'm fine with it.

[beauanderos]

I was able to pull a little cull 90% off the table a few weeks ago and replace it at the same price (due to the drop) with BU fractional rolls from Westminster Mint. I'm satisfied I've ordered from them before, they take about three to four weeks if you send a personal check.

[68Camaro]

Always good to trade up for free! Did you get fractional, or the dollars that you showed?

[bankmining]

Always good to trade up for free! Did you get fractional, or the dollars that you showed?

If you look close, those are fractional (1/2ozt) rounds he's showing

[68Camaro]

Well sho nuff! Wow, I like those! Very cool. I just looked them up and bookmarked them.