Posted on 06/18/2021 6:15:18 AM PDT by SES1066
Gold shed more than 2% on Thursday, precipitating a sell-off across precious metals with palladium set for its worst day in over a year, as the dollar gained ground after the U.S. Federal Reserve struck a hawkish tone on monetary strategy. Weakening physical demand and slowing speculative flows into gold, both of which began before the Fed meeting, could also help to drive a further pullback
(Excerpt) Read more at cnbc.com ...
What does this say to us, the individual? It says that buying when everybody else is buying is likely a bad decision. It says that corrections to these kinds of frenzied buying is likely, especially when governments intervene.
BUT what is also of note is that long term, holding precious metals as a portion of your wealth is a good thing overall. Looking at this website 'SilverPrices', we see that over the past 5 years Gold has increased +37% while Silver has done better at +48%.
Remember - This advice is worth what you paid for it! Do your own homework!
Personally, I just see the current 12 months or so as an attempt to clear out the faint of heart. When they print trillions, there is nowhere for precious metals - or lumber or any other commodity - to go but up. And a lot.
I expect we’re seeing a shake out followed by a big jump maybe a year from now when the writing is clearly on the wall.
Buy the dips
Give silver coins to young folks in the family as gifts
Give gold coins to older children in the family on your favorite occasions.
Get them started early. Feed the interest.
10%-15% in on-hand precious metals is always a good thing.
Watching.
try buying a 1-oz silver coin for less than $35
Buy the oil stocks.....80 dollars a barrel in a few months
As gold neared a high more people sell. Price comes down.
The REAL buy opportunity only comes if there’s a panic to get out.
Do you see that happening with gold?
Lumber(cash, not futures) just had the biggest weekly correction I have ever seen in my 36 years as a lumber broker.
For example, 4 weeks ago 2x4-16’ #2&btr Euro Spruce were trading at an all time high of $1700/mbf. Yesterday I paid $850/mbf for the exact same item.
OSB has started to fall too. From a high over $70/sheet. To a current wholesale price of $46/sheet and falling.
It is possible we will OVER CORRECT to the down side, just like we over corrected to the up side.
These are all wholesale levels. This is not what your local retailer ever got to. They are also not going to drop their price on material already in stock.
“Gold slips 2%”
In relation to what? In relation to the dollar. The dollar is losing its value rapidly.
So the 2% is not 2%. It’s 2% PLUS the rate of inflation. Inflation is raging at about 5-10% yearly so gold is actually soaring.
Contrary opinions gladly listened to.
Both. But, only for the next week!
The key factor, IMHO (NOT a financial analyst), is Basel III.
On 6/28, Gold becomes a Tier-1 metal, according to the Basel III agreements. That means banks cannot lend out (paper) gold many times over what they have in inventory.
I've read different things saying different things, YMMV, so do your own digging for sure.
It is being said this will kill COMEX, which will in turn will or contribute to killing the FED.
So, in the meantime, paper is being manipulated to squeeze out the remaining theft the banksters are able to muster, and prepare for the new restrictive rules. If it goes down, it helps big short sellers to complete their contracts. It may go up prior to the 28th, if that is satisfied. After the 28th is extremely bullish for Gold (and it's good buddy, Silver).
This is for today, Friday: You can get an ounce for $30.50 (10 AM) at JM Bullion. As long as you aren't choosy for an American Eagle. I like the latest Go Sammy silver $30.60 - really doesn't matter whats printed on it, as long as it is from a reputable dealer, and it is .999% silver.
[go sammy (santa surfing) is a popular patriot channel on non-youtube outlets like telegram/bitchute/etc, that i follow.]
Maybe we'll see a panic to sell "paper" gold in the short term, as we get closer to 6/28 (see related reply).
If you don’t hold it do you really own it?
Believe it or not, it can be done. I own a 2009 US Mint "Abraham Lincoln Commemorative Silver Dollar" that is 90% Silver and .86 troy oz so about 0.77 troy oz of silver. In sold items on eBay, one of these was sold on 9 May for $25, an adjusted 1 troy oz value of $32.30. Obviously, this being an auction, it is a bit of a gamble and this was some 6 weeks back.
Still, if you do this regularly and with discipline, especially on such 'commemorative' silver items, you can find bargains.
See #12
Same with grains.
Here is a link to the contract expiration dates for precious metals. I'll note that the June 28'th date is a double-whammy for paper holders: contract expiry AND switch to Tier-1 according to Basel III.
https://www.barchart.com/futures/futures-expirations/metals
And, for those 'trusters' out there - don't think for a second you can dump paper metals for BTC.
Over the very long term precious metals, particularly gold, track the growth of money supply very closely - and boy, has the Fed been growing money supply!
To paraphrase Reagan: do not trust even if you can verify
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.