Any ideas in seeing the bottom in silver/gold prices?

SFBayArea

SFBayArea

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Aug 28, 2009
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silver and gold prices have dropped of late.. just wanted to see what people here think the bottom is? I think silver bottom is probably $30 range and gold back down to $1450? Just wanted to see what everyone's thoughts are. It's kind of odd how when IEA released the oil reserves, the oil prices dropped along with the gold and silver prices. Why is it that people equate oil with gold/silver prices all the time. They're completely different commodities yet always seem to travel together. If they want to stop speculation in oil, why don't just force paper contract buyers to take physical delivery. That way, oil would be for supply/demand only not speculation.

I didn't sell any but I might soon if it keeps going down. I used to think that it didn't matter for me if spot prices drop since I make up for it with my CRH finds. But big drops of late make me realize that I lost a lot on paper because I didn't sell. It was just hard for me to part with my collection since a lot of work was put in to find them.
 

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If your losses are all on paper (as are mine), why would you want to sell? Personally, I believe silver and gold will come back with a vengeance, towards the end of summer and even more so next fall. I'm holding until then, if not longer. Of course, I've got another 20 years before I need to think about liquidating (retirement).

If you do decide to sell, I'm sure you'll have no shortage of buyers!
 

I'm not sure either, just the other week I was thinking we might see a run at $40 per oz again, but now thats a long ways off again. Theres so much volatility right now and this chaos in Greece is actually strengthening the dollar a little which will tend to drive the commodities down a little. But then you have the strategic oil reserves being opened here so its like what gives....makes no sense....cause everyone knows our "fiat" is limping along. If it drops to 30 or 25 I dont think it will be sustained, everything is to volatile and there is less "value & security" in the fiat currency.

It will certainly be an interesting next couple of months. If you need a quick influx of cash, sell a couple hundred face, but I would hold it if you can. I was just looking at CNI's bullion prices today and they were paying almost face for bags and half bags of 40% , if you need an outlet its worth the drive up to Los Angeles.
 

captainfwiffo said:
Short term, $1400 and $30, IMO. In a few years, $700 and $20.
Click to expand...
I agree with the captain, I think the doolar will come back with a vengeance! With much confidence in the doolar, PM's will continue to become less valuable over time.
 

fistfulladirt said:
captainfwiffo said:
Short term, $1400 and $30, IMO. In a few years, $700 and $20.
Click to expand...
I agree with the captain, I think the doolar will come back with a vengeance! With much confidence in the doolar, PM's will continue to become less valuable over time.
Click to expand...


Are you serious FFD or are are you just messin' with the captain? There is no way that is going to happen unless they create some new currency backed by something like PMs. Once all those fiat dollars are created there is no way to undo them. Short term I can see silver dipping into the 20s, which I hope it does because I have some ZSL options and have been making some profits since silver's downfall on such options, and I hope it continues a bit. But long term, gold and silver are going way way up before they ever come back down for good.

Jim
 

If the dollar is getting stronger I sure as hell can't tell. There are no jobs in this area. New houses sitting vacant everywhere. It seems like everyone I talk to is out of a job.
 

My friends, the recent gentle slide of gold and silver is nothing but a minor blip in a bull market that has been going on for years and will continue unabated soon...please, do some research and understand the basics of the situation.

1. The printing of money by the Fed and the shell game with the US Treasury cannot be undone and has devalued the dollar. Nobody wants to buy US Debt.
2. There will be no serious reforms accomplished by the politicians...its always kick the can down the road and blame the other side.
3. Fiat currencies around the globe are being devalued by their governments (socialists) to make it easier to pay for their historical overspending.
4. National and state governments are on the brink of default at record numbers.
5. Bernanke is deathly afraid of deflation and QE 3 is his only real weapon left in the bag. More money printing.
6. Conservative large institutions like the University of Texas Retirement System and others are investing large amounts of cash into buying PHYSICAL GOLD and taking delivery!!
7. Demand for silver and gold is up worldwide and reserves of silver and gold have been steadily decreasing.

I could go on and on. :icon_sunny:

All of these facts and many others support the proposition that this temporary dip in commodity prices is an opportunity...and not an unexpected one as many understand that there is usually a slight slump in PM prices in the summer.

I would advise you to buy gold...buy silver...and hold. Next year you will be hearing a lot of whining and reminiscing about this summer's opportunity missed. :read2:
 

Let me ask you guys a question.....

What happened to make the stock market collapse in 2008 along with precious metals? Housing bubble, inflation, unemployment, government over spending right? Well what has happened since then? Houses continue to drop and another dip of 20% is expected by many strategists, inflation is getting rediculous, unemployment has gone upwards (remember obama only counts those on unemployment,there are just as many unemployed who are no longer counted due to drawing nothing any longer), and the government continues to spend AND they continue to print money causing all of the above to get worse.

Yet even with everything stated above the stock market came back up over 12k, precious metals have continued their bullish rise despite corrupt manipulation attempts to hold commodities back (just like obama dumping 60 billion barrels of reserve oil on the market with old already down to fabricate inflation coming down) and somehow alllllll the causes that made things plumet before continue to not effect the market. Until that is of course someone kicks the leg out from under the quantitive easing that has allowed stocks to rise back up. And when that happens, and it will happen, hope you dont have much in stocks. Pms will come down with it, but the difference will be that people will want to bury their assets in pms just like 2008 and you will see them sky rocket again.

The problem is nobody knows when this will happen, or how low they will go. If you folks want to believe the dollar is going to come back strong try using some logic, or for that matter any kind of common sense or economic fact to back it up instead of "feelings." Its feelings that got us into this mess in the first place. Lets be politically correct and force banks to give home loans to people who cant, nor will pay them back.

Sf- By the time you feel like silver is low enough to buy chances are every smart person in the world who has millions of dollars that realize those dollars are going to be worthless will have already bought silver and gold and risen the price to unaffordable levels. If you can buy little bits every here and there regardless of price you may be safer than waiting for a bottom that know one knows. Unless you know a good esp. Share their number if you do.
 

IMO, silver isn't dropping below $26, which is the technical support level established in late March.

For the most part, I don't ever sell off my bullion holdings. I did trade some of my silver for gold when the gold to silver ratio was 33. I did do some shorting when the market seemed to be going parabolic. Mind you, most of my holdings are from several years ago, with the exception of a few tubes of Canadian Grizzlies/Wolves/Maple Leafs I bought recently.

fistfulladirt said:
captainfwiffo said:
Short term, $1400 and $30, IMO. In a few years, $700 and $20.
Click to expand...
I agree with the captain, I think the doolar will come back with a vengeance! With much confidence in the doolar, PM's will continue to become less valuable over time.
Click to expand...

Doubt that. QE3 (or whatever they decide to call it) will come. You can't have an Obama recovery without cheap Fed money! Besides that, debt monetization will continue.
 

Silver will continue to creep up until the US debt ceiling is raised.
And the shorter the time before the US might default will also stimulate the price of silver.
That said, I 'chickened out' and sold some at $40.50 yesterday (something about bills to pay).
Don...
 

Based upon the following pie chart, silver has quite a way to go still. Pretty technical stuff, I know, but the charts dont lie.

wqfRS.jpg
 

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