Why precious metals are tanking?

Discussion in 'General Precious Metals Discussion' started by bubblebobble2, Jun 12, 2020.

  1. bubblebobble2

    bubblebobble2 Well-Known Member Silver Stacker

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    don't understand much.. with debacle of last night.. shouldn't precious metals shine? can someone explain?
    they all reached new highs early in the week but now sobbing away...

    https://www.ig.com/au/commodities
     
  2. Jason1

    Jason1 Well-Known Member

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    they arent tanking, metals go up and metals goes down.
    both are commodities if they arent being used for manufacturing they arent being bought in the same levels.
    they are far from tanking. they just arent record highs, they are doing pretty good considering the current climate.
     
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  3. hardyakkagold

    hardyakkagold Well-Known Member

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    I don't know about still tanking bubble, gold has had quite a reasonable week at least in my opinion.

    I think the recent 'false' good economic news has allowed paper gold manipulators to monkey hammer the
    price down a lot further than they could otherwise have been able to achieve.

    My only gripe is that so little gold has been available for purchase at reasonable prices during this smack down,
    that I have not been able to take full advantage of it as I had on previous occasions.

    Where some see threat others see opportunity.
     
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  4. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    I was hoping for sub-$1600 gold. It looked like it could happen last Friday. Haven't bought the white horse coin.
     
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  5. hardyakkagold

    hardyakkagold Well-Known Member

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    I was hoping for even lower prices too sgbuyer, it don't look like sub US $1600 is going to happen, too much resistance at the $1680 level.

    I have only managed to buy some Aussie decimal gold coins at these smack down prices.

    The sovereigns have had to much competition to be able to purchase any at a reasonable price, must be all that early release superannuation money.
     
  6. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    Have to agree, there's quite a lot of selling in China and India which helps to cap the price. I read that in China, physical gold price is retailed below spot. But this won't last forever.
     
  7. bubblebobble2

    bubblebobble2 Well-Known Member Silver Stacker

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    It seems to be holding up now... hopefully ready for lift-off to new territory next week
     
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  8. hardyakkagold

    hardyakkagold Well-Known Member

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    I like your optimism :)

    Although, I am not sure that gold will reach new record prices next week.
    It may take some time to achieve that new territory level.

    Hopefully by the end of the year we will have cracked the $3k level.
     
  9. Skyrocket

    Skyrocket Well-Known Member Silver Stacker

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    Don't worry about it. Just keep stacking
     
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  10. mongrelmaple

    mongrelmaple Well-Known Member Silver Stacker

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    Exactly. Slow and steady, take advantage it hasn’t shot up in price yet! I converted some BTC to physical gold on Monday, given the way the respective markets have behaved this week it looks like a good decision! Turned $1300 of BTC into 1/2oz of Queens Beast gold :)
     
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  11. bubblebobble2

    bubblebobble2 Well-Known Member Silver Stacker

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    My bad, its chugging along nicely now... but not reached its peak yet :D $20USD this week's end?
     
  12. tongkat

    tongkat Active Member Silver Stacker

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    I was just contemplating my first gold purchase. Got to start somewhere.
     
  13. bubblebobble2

    bubblebobble2 Well-Known Member Silver Stacker

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    Down again :(
     
  14. heartastack

    heartastack Well-Known Member Silver Stacker

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    got a lot of silver already? You could stack with the ratio e.g. for every 100oz silver get 1oz gold
     
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  15. mongrelmaple

    mongrelmaple Well-Known Member Silver Stacker

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    One day this week, and it finished flat, hardly went “down” :rolleyes:
    Gold in AUD started Monday morning at $2415.59, and closed the week at $2520.76 (see photo below). Up $105 in a week, and still up 16.6% this calendar year.

    Unless you’re either needing to sell at a loss to cover bills, or about to retire, relax. And look at the bigger picture. Keep stacking!

    40E618FB-2A49-49A9-A0ED-99D11731DBE5.png
     
  16. tongkat

    tongkat Active Member Silver Stacker

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    Got silver. Premiums on fractional gold seems too high when spot is already $2550 AUD. Just need to jump in for 1st oz. Could see myself collecting sov's but same thing with premiums right now.
     
  17. heartastack

    heartastack Well-Known Member Silver Stacker

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    I thought the same when I was buying 1/10oz Lunars at $160 .
    Way better now to have a stack of these than pushing around whole oz’s. I should add the usual disclaimer of everyone’s situation being unique etc.
     
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  18. silverhair

    silverhair Well-Known Member

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    I am comfortable with some of my cash sitting in gold at this time and never expected it to go parabolic. I made the move to keep some cash safe and stable which is exactly what it has done for me, the increase in value is a nice bonus.

    Glad I do not have it tied up in the casino called the stock market, sure you can make big gains if you play your cards right but i am not in the mood for the stress that comes with such plays, not with everything else soaking up my time with work as it stands.

    So in short, I dont see PM;s as tanking maybe because I got most of my buy in between dec 1 and Feb 25.
     
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  19. Holdfast

    Holdfast Well-Known Member Silver Stacker

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    Fractional coins have a history of performing quite well.
     

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