I think it was just set up for a waterfall decline to take out paper stops. Have seen it a few times in the last couple of years. Should recover later based on previous occurrences.
Maybe some country is in trouble and just dumped their gold reserves onto the market to get some cash to repay loans?
Naw, it was me. I made my first large purchase in many months about an hour ago and wham! Down nearly 0.50 AUD.
Hoping these prices can stay this low for another 15 hours and that the USD don't rise too much so I can go to my coin shop and grab a tube or two.
what do you think it hits shmorgan? seems like next major support is around the 10/11 dollar range? however, i still may average in here for some cheap bullion...if it goes down to 10, it's not like I'd lose out on that many 'extra ounces'. lol.
Depends on the Fed. There won't be a rally until the Fed increases rates (pushing metals even lower) They said it'll most likely happen in September. Just depends on how long it takes Yellen to make a move. 10-11 probably won't happen...but it could. I think $12-13 is very likely. And gold will probably test $1000.
I am afraid when silver hits $12 usd, the premium for even a silver buffalo will surpass $3 usd. Maybe you should buy gold, instead.
LoL. Nah. There will be deals, just like there are now. Sure premiums will be high, but I think holding out for a better spot price will pay off. Dollar cost averaging below $15/oz USD purchase price would be just dandy.
$3 isn't so bad when you consider that at this moment in time, the premium on a U.S. Mint 1 oz proof silver American Eagle is more than $36! That's greater than a 336% premium! http://catalog.usmint.gov/american-...#_ga=1.21663803.1437735156.1437362736&start=1 . .
I contacted them via live chat: [Visitor] hello. spot price is under $15 USD. What makes the 1oz 2015 proof coin worth $49??? [Visitor] could you please enlighten me? [Nekeshia] The United States Mint works on a cost-recovery basis. We cannot use any tax dollars to fund our numismatic operations. Our goal is to provide the best quality numismatic products while keeping prices as low as practicable. Our prices must be self-sufficient and cover all of the associated costs of our numismatic portfolio, plus enough margin to cushion against volatility. To achieve self-sufficiency, we determine the estimated cost to produce and sell the product. [Visitor] sounds absurd, and sounds like greed to me. [Visitor] silver is $15, not $50 [Nekeshia] I am sorry to hear that, but that is how the U.S. Mint prices our items. [Visitor] do you think it's a fair price? [Nekeshia] It is at the discretion of the US Mint. There is nothing I can do in regards to their pricing, nor what I think. [Visitor] It's a simple question. Did we time warp back to 2011? Lost chat connection for some reason....
Did you really expect anything different??? I could have told you that's the way the discussion would have went. These are not bullion coins and the U.S. Mint treats collector coins differently than bullion. Not surprisingly, most other major mints have similar pricing for their collector (numismatic) silver coins. You and I and collectors in general may not like it (or think it's akin to price gouging) but it's normal standard procedure for the major mints to price collector coins like that. .
