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Silver & Gold

Discussion in 'Futures Trading' started by The Brontide, Jul 22, 2020.

  1. The Brontide

    The Brontide Active Member

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    Have held a few blocks of BTG and SLV for about a week.

    As the economy tries to reopen, you can see silver try to close the ratio to gold, but gold keeps inching up.

    Hoping to hold through the end of the month. Word I heard is the COMEX market for gold has a problem with this months contracts.

    The math doesn't add up, and it appears the amount of gold available may not be enough to cover contract owners that wish to take possession.

    And I read yesterday somewhere some investment company just filed to purchase about 8.8% of annual mined silver.

    Not very often can you witness a short squeeze in metals. If it happens, I hope to be in as the metals will command a premium on top of spot.
     
  2. The Brontide

    The Brontide Active Member

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    This morning I dropped SLV as it appeared to be topping out, and it did as the day progresses.

    Also dropped BTG as the miners seemed to be struggling. Selling when I did saved me from a 3% drop and preserved my 19% gains from the last couple of weeks.

    I feel silver has topped out for a bit before it resumes upward as economies try to open up. When silver finally gets its feet planted firmly, and economies open further, the silver rally may heat up.

    I took the proceeds of my morning sales and put it in a mix of GLD and UGL (just to pump any volatility).

    Yes, that was my metals and commodity changes for the day.

    I am fully in camp that gold still has some headroom, and also that if gold and silver keep improving, that there is likely going to be a nasty short squeeze as players are taking possession at contract close in higher numbers this month.

    And there may not be enough COMEX gold to hand out.
     
  3. internationalstocks

    internationalstocks Active Member

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    Buy and hold silver until you see $30-40 by October some time..
     
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  4. The Brontide

    The Brontide Active Member

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    I am in that camp, but I put a pause on it when I reallocated my gold shares.

    I fully plan to be back in in short order as I do not disagree with your numbers at all.
     
  5. internationalstocks

    internationalstocks Active Member

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    We will see
    AA2BFF73-093A-4D75-9F14-F3B45F2F1AF0.jpeg
     
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  6. The Brontide

    The Brontide Active Member

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    And we did. ;):thumbsup:

    I shoulda stayed pat for a bit longer. But it's all good. Gives me a nugget to chew on so I may learn from this.
     
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  7. Vdubman

    Vdubman Well-Known Member

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    I do not think there will be a pullback now for silver. It’s headed to the next resistance of $35ish levels. There may be profit taking but everyone wants a nibble right now.

    I have some bullion and am waiting until at least $30/oz before even thinking of selling. Local coin stores buy for about spot right now and are reselling for market premium averages. It’s a sellers market right now for sure.
     
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  8. The Brontide

    The Brontide Active Member

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    Well there is a pullback going on, but I expect 30 only after the factories worldwide are running.

    The silver gold ratio is still wacked up, but I do not see gold coming down anytime soon, short of the dollar becoming real popular again. But alas, zero rate yields kinda guarantee the dollar isn't much for safe haven anymore.
     
  9. Vdubman

    Vdubman Well-Known Member

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    Silver stackers are going for about $29.9/oz on eBay right now. Tossed one up to see if anyone bites around that level.
     
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  10. The Brontide

    The Brontide Active Member

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    Let us know what happens with it.

    I know metal bugs start to salivate just looking at the stuff.
     
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  11. Vdubman

    Vdubman Well-Known Member

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    Metals getting hammered today. Silver down 4.5%, platinum 6%, palladium 7%. Gold, copper, and aluminum only .5-1%.
     
  12. Bodacious

    Bodacious Active Member

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    Precious Metals Warn Of Increased Volatility

    Are the precious metals patterns predicting a big downside price event?

    Our trading team witnessed a big drop in Platinum and Palladium prices early this morning while Gold and Silver continued to push moderately higher. We began to question this move and investigate any historical relevance to previous patterns. Our research team pointed out that both Platinum and Palladium rolled lower just 3 to 4 days before the breakdown in the US stock markets on February 24, 2020, while Gold and Silver were reaching recent price peaks. Could the patterns in precious metals be a warning of another potential volatility spike and price decline in the near future?
    Read more at:
    https://www.ino.com/blog/2020/07/pr...eased-volatility/?id=36F18F&mktcode=blogclick

    I'm in a holding pattern for now.
     
  13. Vdubman

    Vdubman Well-Known Member

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    I only own physical so I suppose I really only can hold lol.

    eyeballing markets tomorrow I may enter equity shorts at eod 7/31
     
  14. The Brontide

    The Brontide Active Member

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    We'll both ended up at close, SLV took up a nice 9%+ which was unexpected by me.

    I like the old adage which can apply.

    What is up at close of week will likely continue thru Monday.

    That would be nice, but...
     
  15. The Brontide

    The Brontide Active Member

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  16. A55

    A55 Active Member

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    I'm with you. If I buy gold, I want gold. Not imaginary shares of gold that I only see on my cell phone screen. When I buy $BUD and $TAP , I want it in a can. I can chill it, drink it, and still recycle the aluminum.

    That being said, I have never invested in gold. Gold value is supply and demand. It doesn't produce as an asset. Gold for me is in jewelry. I need to get the use of it. I only own as much as I can wear. Watches, rings, necklaces, bracelets, and piercings.
     
  17. A55

    A55 Active Member

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    Screenshot_20200802-105603_kindlephoto-997439627.png
     
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  18. andyvds

    andyvds New Member

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  19. Vdubman

    Vdubman Well-Known Member

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    @Bodacious
    Looks like Platinum and Palladium are following that negative trend with gold/silver positive

    coupled with no stimulus talks and rising covid numbers, if we see a big selloff Monday then better hold onto your shorts
     
  20. Vdubman

    Vdubman Well-Known Member

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    Silver gapping up again. +7.3% today $26.34

    Gold up 2.5% To $2024
     

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