Kicking off the week with Rick Ackerman
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Over the past few weeks the middle to end of the weeks have been the interesting ones.
One thing to consider is that this is the last full week of trading in November. I think next week will be slow so if there are to be fireworks they would come this week.
Gold is going higher from here in my opinion; how much higher is the question.
Matthew…I agree….I see silver closing over $17 this week.
We will see Tony… That would be a good sign for gold as well if Silver can make that sizable of a run this week.
The action today has been very positive: gold down $5 to $10 yet GDXJ up as much as 4.7% all while the dollar is going a lot higher.
I do believe the sector is heading higher and that dips should be bought.
😉
There are more shortages in physical metals…
http://katchum.blogspot.com/2014/11/apmex-junk-silver-sold-out.html
Paul…..One only has to visit Ebay to see what people are paying for old real silver money..(junk silver )..people are paying well over spot…just goes to show there is big demand for silver in any form…In 2009-10 I was buying scrap silver at below spot , I could bid on 20 items & win 7 or 8 lots….today I can bid on 20 lots & I am lucky if I win one.
I remember junk silver was under spot most of the time. Is it over spot now?
I feel silver is behaving strangely and the long short pattern is totally at odds with its history, It is forced down. Physical will be the breaking point and we may reach the default point finally. The difference between physical market and other paper schemes such as future and stocks is that they cannot print metals. Silver has been consumed for the last 30 years out of official and investor stock pile. If it breaks, we are in unknown territory.
Good point Tony. I never thought to check out Ebay as a barometer of demand. The interesting aspect is that there are no guarantees with Ebay so it should have some sort of a discount. Apparently not the case.
Same with silver tableware Tony at auctions. Six tablespoons could be bought for c £24. Twice that today or more.
I feel that collector items will be worth a lot more in the future since a lot of them has been melt down in the last few years and a lot less has been made due to the price increase.
Thanks for that….
Just because one seller is out of stock doesn’t mean there is a shortage! Oh good grief, I am so fed up with all this nonsnense! People with nothng better to do, Obviously they need to get a job.
Don’t go to goldline. They are frauding people. They were sued and fined for their behavior last year.
I am not sure about general shortage since there is no way to find out and it will not impact silver price in short term. It only impacts the premium in retail level. But It does impact the price in mid to long term though. I remember that we run out of 100 bars in 2008-2009 period and price went up several folds in two years. Only whole sale shortage will have serious consequences in near term.
However, if you haven’t heard, US mint has stopped the sale of Eagles and Canadian mint is rationing maple leaf since a couple of weeks ago. In US case, it is unconstitutional to stop gold and silver coin sales. Theoretically, US government breaks the law and it should lose in the court room if they are sued.
By the way, I don’t like silver bugs.
http://goldline.co.uk/silver-coins.page
Oh no! Some are out of stock! Panic! Must be a silver shortage! Quick, silver is going to $100 tommorow!
NOT!
Silverbug….now your just been silly.
Apmex is one of the largest dealers in the world and ship to many different countries. They are not some fly by night outfit. If they run out in common items, it doesn’t mean there is a conspiracy but it does show that demand is at least temporarily high. A company like Apmex would try to anticipate and do what they can to make sure they have stock so that they can keep customers and make sales. It is just good business.
Good thoughts guys. Not much to respond to so far today, as everything is in a wait and see mode. Things should get more exciting tomorrow or Wednesday though.