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harley1
Penny Pincher Member
140 Posts |
 Posted - 05/20/2010 : 07:00:07
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what a major pullback!! it is getting murdered.if this keeps up it just may be time to pick up some more Pamp Suisse 1 oz 
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Today is the tomorrow we worried about yesterday. |
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Corsair
Penny Hoarding Member
811 Posts |
Posted - 05/20/2010 : 09:58:25
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| It's having some bad press after almost killing Tony Stark. |
So long, Realcent 1. Come visit us at Realcent.org! |
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metalmoney.ca
Penny Pincher Member
Canada
223 Posts |
 Posted - 05/20/2010 : 10:07:46
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quote:
Originally posted by Corsair
It's having some bad press after almost killing Tony Stark.
LMAO
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beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 05/20/2010 : 14:55:51
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You must be logged in to see this link.
May 20, 2010, 3:10 p.m. EDT · Recommend (5) · Post:
Gold ends modestly lower amid broad sell-off
Platinum, palladium hit three-month low on concerns over China growth
Gold ends 1.8% lower as palladium, platinum slide
Claudia Assis & Kate Gibson, MarketWatch
SAN FRANCISCO (MarketWatch) -- Gold futures declined Thursday as ongoing worries about the global economy sent U.S. stocks and other asset classes reeling, and institutional investors shied away from buying more bullion.
But gold pared losses as the session progressed and even made short-lived forays into positive territory as some buyers bought on the dips and others remain attracted by the still-positive uptrend for the metal.
Gold futures for June delivery lost $4.50, or 0.4%, to settle at $1,188.60 an ounce on the Comex division of the New York Mercantile Exchange. Platinum and palladium led losses among metals, off 6.8% and 11%, respectively.
77398 Investors such as hedge funds have been unloading their long positions, or bets that prices will go higher, said Bernard Sin, head of currency and metals trading at MKS Finance in Geneva.
Bargain hunters are still out there to buy on any dips, and the uptrend for gold -- based on its appeal as a currency alternative -- is still intact, he said. But prices could not resist the selling pressure on a day other assets are selling off as well, Sin added.
"Long liquidations are taking place throughout the day," he said. "You are going to see a market that is very, very volatile, very choppy."
Gold rose to gains toward the last hours of trading only to resume posting losses.
"The flight-to-safety, tangible-asset crowd is still out there," said Adam Klopfenstein, a senior market strategist with Lind-Waldock in Chicago. Their buying, however, was "just not strong enough to keep us positive."
Several investors are also scrambling for cash as U.S. equities are broadly lower. "One way to raise cash is to dump some of your winners" such as gold, Klopfenstein said.
Oversold metals look "battered" but have yet to "stage a long overdue technical bounce," analysts at MF Global said in a note to clients Thursday.
"The problem is that as long as the market defers such a move, the more likely it will be that we could see another leg lower. The next few days should be key," they added.
Bullion had also pared some of its losses following a surprise rise in jobless claims. The number of people applying for unemployment benefits surged by 25,000 in the week ended May 15 to 471,000, the highest level in a month, the Labor Department said.
Airline stocks in descentAirlines fall sharply after a surprise jump in weekly unemployment claims, triggering fears over the long-term health of the recovering economy. UAL Corp., AMR Corp. and Continental Airlines tumble more than 5%. MarketWatch's Christopher Hinton reports in New York.
The four-week average of initial claims -- a better measure of employment trends than the volatile weekly number -- rose by 3,000 to 453,500. Economists surveyed by MarketWatch expected initial claims would drop.
Weakness in metals and other commodities such as oil mirrored similar moves in U.S. stocks and the euro. The Dow Jones Industrial Average was down more than 200 points and oil traded below $70 a barrel.
Platinum, palladium and other metals used in industrial applications are also suffering from "the growing perception that Chinese growth is indeed going to slow," said John Mothersole, an analyst with IHS Global Insight in Washington, D.C.
"The euro crisis has only added to the downward momentum," he said. China is the top consumer of metals and any hints of a slowdown would impact commodities prices deeply.
Platinum for July delivery lost $109.90 to settle at $1,495.80 an ounce, the lowest settlement for a most-active contract in three months, according to FactSet Research.
Palladium for June delivery retreated $50.75 to $408.95 an ounce, also the lowest finish for a most-active contract in three months.
Copper had bucked the trend to post gains, but lately succumbed to the broader metals sell-off. Copper for July delivery lost a penny to $2.9390 a pound.
The euro /quotes/comstock/21o!x:seurusd (CUR_EURUSD 1.2517, +0.0084, +0.6758%) recently traded at $1.250 from $1.242 in late North American trading Wednesday. Read more about the euro.
Meanwhile, the SPDR Gold Trust /quotes/comstock/13*!gld/quotes/nls/gld (GLD 115.78, -0.85, -0.73%) , the largest exchange-traded fund backed by gold, posted a fresh holdings record. The fund held 1,220.15 metric tons (1,344.98 short tons) as of Wednesday, the latest date for which data is available.
Claudia Assis is a San Francisco-based reporter for MarketWatch.
Kate Gibson is a reporter for MarketWatch, based in New York.
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Think positive. |
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aloneibreak
Penny Hoarding Member
USA
672 Posts |
Posted - 05/20/2010 : 21:00:47
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pd is under 400 now in the overseas markets....
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My reading of history convinces me that most bad government results from too much government.
Thomas Jefferson
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oober
1000+ Penny Miser Member
USA
1304 Posts |
Posted - 05/21/2010 : 01:26:21
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| Rebought PALL today for the next runnup. Never would have guessed 3 days ago I could have bought at the prices they hit today. |
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Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 05/21/2010 : 08:20:52
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its getting dumped because its used in cars and people think the global economy and china are crashing. i bought at the low in 2008 and am happy.
there was a bullish article yesterday about russian stockpiles being consumed. if that's the case, then the price could go to $1000. however, the timing of that article is very suspect and could have been planted by major holders looking to create some strength to sell into.
short term outlook is horrible but long term could be better than gold and silver, although am less certain of this. gold and silver are much more of a sure bet. pdm is more of a gamble but potentially higher flyer imho. |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
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beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
Posted - 05/21/2010 : 11:05:12
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| LT... I'm sniffing around the palladium. What seems to be the cheapest form? The Pamp Suisse? And... you like palladium better than platinum? If you had enough to buy an ounce of platinum, would you choose instead to get an equivalent amount of palladium? |
Hoard now and hold on!
http://coppermillions.blogspot.com/
http://wherewillyoubein2012.blogspot.com/ |
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oober
1000+ Penny Miser Member
USA
1304 Posts |
Posted - 05/21/2010 : 11:12:37
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quote:
Originally posted by beauanderos
LT... I'm sniffing around the palladium. What seems to be the cheapest form? The Pamp Suisse? And... you like palladium better than platinum? If you had enough to buy an ounce of platinum, would you choose instead to get an equivalent amount of palladium?
I would buy the Platinum bar and play the paper palladium. Premiums are going to be sky high for PD right now. PT probably not as much |
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Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 05/21/2010 : 14:30:15
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my two cents
first, i would wait. things fall fast but they climb slow.
wait until folks are no longer worrying about a chinese market collapse. i say that because commodities are coming down right now because of chinese fears. it may take a month. or the chinese market might actually collapse within a month, i don't know. it just feels like it hasnt stopped going down or is anywhere close to going up.
plat v. pdm. i dont buy into any logic for plat to be so much more expensive than pdm. there are some applications, mostly tech., where you can only use plat. but most catalytic converters can be retooled to pdm. expect the indians and chinese to use pdm. so if you buy plat, the price could actually fall becuase demand falls because all the demand is for pdm. that's not a prediction, but the identification of a risk.
paper v physical - phys is always better but less convenient, etc. there is a physical pdm etf these days. |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
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Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 05/21/2010 : 14:39:55
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bars like pamp suisse will always be cheaper than coins.
buy 1 oz bars rather than larger even if you can afford the larger.
i was trying to buy a pdm coin for a while and thought they were very undervalued due to the limited minting. but i ultimately there will never be much numismatic demand for this sort of thing since it wasn't a circulating coin. i could be wrong but no. 1 i'm not doing this to gamble on numismatics and no. 2 i think the potential payoff in the metal is higher and more certain than taking a flyer on the numismatic premium increasing.
i have some pdm i bought in late 2008 after the crash after gold and siver started to go back up but pdm had not.
long term i like pdm but gold and silver will probably go up first before pdm. that's becasue they'll go up due to monetary factors, whereas pdm will go up due to supply factors. still, it costs money to get pdm out of the ground and its consumed in industry so it will eventually go up. its just a question of what do you think will go up, when, and by how much.
remember, plat and pdm really have little history as fianncial assets. the etfs were only recently launched, and that doesn't mean there is or will be demand for them as money. they have some things in common with gold and silver, but one thing they dont have in common is a history of being used as money.
in retrospect, i did better on my pdm than anything else i have bought but it was much higher risk. so you can look back and say i should have bought more. but because it was higher risk it was smart to only nibble.
some info on pdm v. plat is here:
You must be logged in to see this link.
these are just my thoughts. am open to other ideas. |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
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PALLADIUM
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