U.S. Consumer Confidence Jumps to Highest Level Since 2001 by Michelle Jamrisko

[OriZ 3,157]

Precious metals were tied to currency when we were on the gold standard though. We didn't see the same manipulation of the bullion markets prior to 1971 because it couldn't happen. Gold and silver were basically money then.

I agree though, we are beyond the scope of the topic now. My initial comment was in response to MarkPerrys assertion that silver would fall during the Trump presidency. It may, it has been falling anyway. It's not necessarily an indicator of how the economy is moving, as there are too many external factors involved. Certainly there are better things to look at for that.

I believe part of the reason we don't have the gold standard anymore is because now it is alot easier for them to "control the supply" of money. They can print it, they can do whatever they want with it, and we can all wipe our ### with it. The problem with metals being tied to currency before was that they had no control over our money this way, because they have very little control over the price of metals. It is much easier to control fiat money.

Agreed about silver, definitely think it could continue moving lower, especially if we see another deflationary bout reflected in equities. Once the inflation the Federal Reserve has been trying so hard to create, to no avail, over the past 8 years actually takes hold which it eventually will once the cycle is complete, then I expect to see metals and commodities move up again. But yes there are definitely better things to look at, and even within metals, copper for example would be a much better indicator of economic activity than silver.

[MarkPerry 488]

Ok you gold and silver experts, give me your opinion.

If one wanted to buy some gold/silver bars/coins at what price do you buy?

[OriZ 3,157]

Ok you gold and silver experts, give me your opinion.

If one wanted to buy some gold/silver bars/coins at what price do you buy?

That's not really the way my trading works. Right now my system is still short silver since May 2012 at $27.71(that was following a nice long run from $16.45 in Sep 2009). I think the current bounce might continue but eventually it will go beneath the last low of $13.78. Somewhere between $10-$13 is where I would buy if I wanted to speculate, but personally I wait for enough indicators to change, I don't determine a price ahead of time and I don't try to get the exact top or bottom. If you examine the last two moves I just mentioned you will see they captured the middle of the move not the edges.

Edited December 29, 2016 by OriZ

[MarkPerry 488]

That's not really the way my trading works. Right now my system is still short silver since May 2012 at 27.71. I think the current bounce might continue but eventually it will go beneath the last low of 13.78. Somewhere between 10-13 is where I would buy if I wanted to speculate, but personally I wait for enough indicators to change, I don't determine a price ahead of time.

My plan was to buy once it went under Silver went under $10, and I would assume gold would be in line with silver price. Thanks for the reply

[Dakine10 5,452]

Ok you gold and silver experts, give me your opinion.

If one wanted to buy some gold/silver bars/coins at what price do you buy?

First question to ask is why are you buying them? When to buy depends on that reason.

[MarkPerry 488]

First question to ask is why are you buying them? When to buy depends on that reason.

I want to buy and sell them for double or more what I paid. I bought $20 St. Guardians from Heritage in Dallas back around 2000, I paid around $400 for them, I sold them for $700 plus in 2007 ish.

[Dakine10 5,452]

I believe part of the reason we don't have the gold standard anymore is because now it is alot easier for them to "control the supply" of money. They can print it, they can do whatever they want with it, and we can all wipe our ### with it. The problem with metals being tied to currency before was that they had no control over our money this way, because they have very little control over the price of metals. It is much easier to control fiat money.

Agreed about silver, definitely think it could continue moving lower, especially if we see another deflationary bout reflected in equities. Once the inflation the Federal Reserve has been trying so hard to create, to no avail, over the past 8 years actually takes hold which it eventually will once the cycle is complete, then I expect to see metals and commodities move up again. But yes there are definitely better things to look at, and even within metals, copper for example would be a much better indicator of economic activity than silver.

I always thought that was the only reason. It definitely was a major one.

Interestingly enough, Trump has apparently expressed interest in returning to the gold standard. I know it's thrown around a bit on the GOP side from time to time, but I'm not sure there's a snowballs chance in hell of that really happening of course.

[Dakine10 5,452]

I want to buy and sell them for double or more what I paid. I bought $20 St. Guardians from Heritage in Dallas back around 2000, I paid around $400 for them, I sold them for $700 plus in 2007 ish.

As an investment, I think there's better ways to make money. I'm not the expert in that area obviously but just my opinion. The 28% capital gains rate (for collectibles) takes a big bite of your earnings for physical bullion too, so factor that in.

I would still watch it myself if the price drops low enough. I haven't bough silver since it was around $7/OZ.

[OriZ 3,157]

I always thought that was the only reason. It definitely was a major one.

Interestingly enough, Trump has apparently expressed interest in returning to the gold standard. I know it's thrown around a bit on the GOP side from time to time, but I'm not sure there's a snowballs chance in hell of that really happening of course.

Well another reason was also the fear of simply running out of gold, especially in England as people just wanted to turn in their money for gold. There were some other minor factors but yes, the major one is controlling the supply of money.

I would not bet my money on going back to the gold standard anytime soon.

[Teddy B 17,251]

On a bit of a different note, the currency exchange from US to the Canadian dollar is super high right now. $1.00 US = (approx) $1.28 Canadian. I scored when exchanging some cash in Canada last week and Wifey was kinda happy with the exchange rate as well, she got to spend a few extra loonie & toonies.

[OriZ 3,157]

On a bit of a different note, the currency exchange from US to the Canadian dollar is super high right now. $1.00 US = (approx) $1.28 Canadian. I scored when exchanging some cash in Canada last week and Wifey was kinda happy with the exchange rate as well, she got to spend a few extra loonie & toonies.

Awesome!!

[Dakine10 5,452]

On 12/29/2016 at 9:34 AM, Teddy B said:

On a bit of a different note, the currency exchange from US to the Canadian dollar is super high right now. $1.00 US = (approx) $1.28 Canadian. I scored when exchanging some cash in Canada last week and Wifey was kinda happy with the exchange rate as well, she got to spend a few extra loonie & toonies.

   I have the opposite problem. I want to close a Canadian bank account just because it's a nuisance to deal with, but the exchange rate is going the wrong way for me. Makes visiting fun though.