Gold, Silver, and Oil prices are crashing today.... and I love it!

[scheming daemons]

1. The big run up on Gold and Silver the past several months has been the "fear" trade pushed by the likes of Glenn Beck ad nauseum. That was a bubble just waiting to be popped and it will disproportionately hurt the teabaggers who bought into the fear that was being sold in Beck-istan.

2. Oil prices dropping means that gas prices will drop in a week or so.... taking one of the GOP's main anti-Obama talking points off the table .... and... making life a little less scary for the poor and middle class this summer.



But really... seeing all the teabaggers panicking right now and trying to unload their gold and silver while they can is hilarious.


It will drag the overall market down a little bit, but it will strengthen the dollar and that will be worth it.

[LynneSin]

1. You know the gas prices are now the new right-wing MEME

No more questioning about Osama Bin Laden or the Birth Certificate.

Hell, we have a budget surplus here in Delaware and the idiots are ragging about the gas prices.

[Armstead]

69. Gas prices are everyone's meme

We're getting screwed, doesn't matter if one is left, right or center.

[phantom power]

2. link?

[scheming daemons]

5. cnbc.com or money.cnn,com.... both show commodity prices

[A HERETIC I AM]

24. Here ya go;

http://www.bloomberg.com/markets/commodities/futures/

[mmonk]

3. I'd like to see some of them get soaked.

[roamer65]

62. I made a decent amount. Bought at $4/oz, sold at $46.

Buy low, sell high.

[virgogal]

4. A lot of ordinary folks may also be hurt by the drop in gold and

silver prices.I feel for them.

[hobbit709]

6. I don't know any ORDINARY folk who could afforded to buy at those prices.

[Elwood P Dowd]

12. I own some 1902 - 1906 era one ounce Gold Liberty coins.

I'm barely living above poverty level these days, but then I purchased them back in the 1990s when they were under $400.00 each. Sold all the silver coins a few weeks ago.

[tridim]

17. Sell them now. What are you waiting for?

[Elwood P Dowd]

23. I just sold one last week for almost $1,600.

Will put some more on eBay this week. Wish I had sold them all last week. :(

[tridim]

26. The CNBC whackjobs are freaking out.

I think the pin has been inserted in the commodities bubble.

[virgogal]

52. A lot of ordinary folks bought when gold was cheap. They may be

"ordinary" but they are not stupid.

[Elwood P Dowd]

61. So true. I bought some, as did my mother, 16 years ago when it was under $400.00 an ounce.

Purchased some silver when it was under $7.00. Been selling some of it recently just to pay bills and pay off credit card balances. The silver went for 6 times what I paid for it, and the gold almost 5 times. I'm trying to survive on Social Security and a small rental income, so I definitely qualify as "ordinary".

[hobbit709]

74. You will note I said those prices-i.e. the sky high ones.

[IndyPragmatist]

117. I lost a bunch of money in silver this week

What is the difference between $45/oz for silver and $45/share for a publicly traded company? My grandfather bought me $2,000 in silver when I graduated from college. I added to that over the last few years and got it up to $5,000.

"Ordinary folk" have a lot invested in these commodities. There are a lot of retirement plans that are fairly heavy on precious metals. Even with the recent drop, they have still seen a HUGE profit over the last few years.

[Warren DeMontague]

14. You mean ordinary folks who have been stockpiling canned goods for the Glenn Beck apocalypse?

Sorry, that's the way it goes. I'm sure they weren't terribly sympathetic when equity-based mutual funds sank due to panic and fear-mongering.

[Marrah_G]

106. Hey now... I have a stockpile of canned goods!!!

I buy when its on sale, can some of my own and have enough in storage to feed a half dozen folks for 6 months or so :)

[slackmaster]

33. I have empathy for people who made desperate gambles on precious metals, but no sorrow

This will be a valuable lesson for them.

I sold my silver at just over $18, but don't regret not holding out for the peak because I paid just over $6 per ounce for most of it.

[MineralMan]

36. Really. I got lucky. I was waiting for gold to go up even higher

before getting into the market. I like to buy just before a peak, you know. That's what the gold bug people want me to do, and I always listen to them.

[quiller4]

37. Few "ordinary people" invest in precious metals but all those

with pension plans of any kind are hurt when the stock market drops. Why? Pension plans whether they are union plans or municiple plans invest in the market and market earnings help keep emloyee benefits up and reduce the amount that employees and employers must contribute.

[Ikonoklast]

42. That's why it's called 'speculation'.

Not 'guaranteed return'.

[Cali_Democrat]

56. Sell now while you still can

[Zynx]

82. Ordinary people don't speculate in commodity markets.

They just don't.

[REP]

7. Finally! Still high, but better (I make jewelry)

[quaker bill]

70. Agreed, and so do I.

[Sonoman]

8. I wouldn't count on a sharp drop in gas prices.

They will drop, just not by much.

If they get too low, the economy will spike and that is bad news for speculators (and Republicans).

Sonoman

[BeHereNow]

9. You need to look at the big picture and, as always, ask yourself, "Cui Bono?"

Make no mistake- this is a BUYING opportunity for those
who stand to benefit the most.

http://blogs.forbes.com/robertlenzner/2011/05/05/mexican-central-bank-buys-4-5-billion-gold/

Don't believe me?
Go do some research on who will be buying while these prices are low.

BHN

[Warren DeMontague]

16. "while these prices are low"

:rofl:

[BeHereNow]

22. It's not really funny at all Warren-

Many people, small investors, will ultimately be
hurt by this manufactured panic.

They will rush to sell what little they have for
dollars backed by nothing.

The Fed keeps printing magical money from thin air.

The dollars panicked investors are trading their PMs
for will be worth nothing.

Meanwhile the big boys are sitting back, laughing their
asses off and waiting for the take.

Wait and see. Wait and see.
The big investors liquidate while prices are high and
then swoop back in to buy MORE when the prices drop.
That's the game and it's rigged.

BHN

[Warren DeMontague]

31. No, see, Gold prices are HIGH because of "manufactured panic"

It's called a BUBBLE, and it's gonna burst.

If you have a vested interest in doomsday peddling, find another line of work. If you're heavily invested in gold, now might be a good tine to sell.



Just a little friendly advice to you all. :hi:

[girl gone mad]

65. Gold prices are high because Obama and Bernanke pumped too much money into the banks.

It has nothing to do with Glen Beck or manufactured panic. Equities fell sharply today, too.

This is what happens when you give financial parasites endless access to cheap money, allow them to cook their books and continually roll back the rules and regulations. They pump and dump, over and over again.

Once again, people rush to blame the victims while Wall Street crooks are making off with the loot.

Blame the President and his economic team. Blame Bernanke and the Federal Reserve. Blame the investment banks and top hedge funds. Don't blame the little old lady buying American Eagles with her retirement savings and the low-information radio listener scared that the few dollars he has will decline to nothing because he doesn't understand how fiat currency works. This is actually rational behavior in the face of several decades of steady dollar devaluation, and the President doesn't seem to understand how fiat currency works, either.

[BeHereNow]

76. One more point to add, if that's all right.

The shills didn't start telling people to buy until
far past the optimum investing window.
This is a correction, not a pop.

People who came to the game late will lose- that is part of the plan.
Those who bought years ago, sold high recently, are now just
drooling as they wait for the bottom when they will buy again
and make a fortune in the long run.

It's the people who were scared into investing at high prices by people
like Beck who will panic,sell and suffer in the long run.

If any one is holding any PMs and can afford to wait out this
correction, in five years, maybe less, you will not be sorry.

BHN

[girl gone mad]

84. I think there could be some buying opportunities soon.

I went short SLV Friday, but took profits at the end of today.

I am concerned, however, that this sudden reversion to "risk-off" could morph into another full blown crisis. Our banks are not healthy and the financial system has grown much too interconnected as a result of the bad policy choices made after the last meltdown. China has been looking very weak recently and Japan is struggling. Europe's PIIGS problem is largely unresolved and austerity is causing more pain. I'm not rooting for a strong dollar right now with our own recovery looking so tepid.

There is no indication that our political leadership will take the steps necessary to restore economic balance, and, in light of that, metals will retain value over the long term.

[Warren DeMontague]

91. "BUY GOLD!!!! BUY GOLD!!!"

"please?...."

...

:rofl:

[girl gone mad]

110. It sounds as if you've been on the wrong side of this trade.

I don't personally own gold, as I've said repeatedly, but it has outperformed this year. All of the people here who argued for years now that goldbugs were stupid and that gold would have no value were simply wrong. Even after the drop, gold gained 7% this year while the dollar lost almost 8%.



It's never wise to let political biases cloud your financial perspective.

[Warren DeMontague]

113. No, actually, I don't have a dog in the hunt either way.

The folks who bought gold, say, 5-8 years ago are doing GREAT. More power to 'em. I've got at least one relative who has made out like a bandit, I know that.

But I find the desperation of the folks who seem to be frantically insisting that "it's still a good deal"... well, let's just say I don't get the feeling they're acting out of pure altruism and public interest.

[BeHereNow]

95. Long term is the key...

Unfortunately many are selling to pay bills and debt.
The bastards have rigged the game once again.
BHN

[Warren DeMontague]

90. I'm not blaming the doomsayers, survivalists, and little old ladies with gold in their basement

What I am doing is telling them that gold is coming down, the world isn't ending, and mebbe they better consider renting out that basement bunker on craigslist as a one bedroom.

[Mira]

83. Your comments are recommended for they contain lots of truth n/t

[quaker bill]

71. prices aren't low yet.

give it a few days.

[BeHereNow]

77. That's EXACTLY what I am doing quaker bill.

And then I will buy MORE.
BHN

[quaker bill]

99. Through most of time

metals have been really poor investments. Like the 1980s, recently there has been a speculative price spike that is currently undergoing a correction. Usually these cycles are followed by very long periods of price stability within a narrow trading range.

I will purchase soon because these metals are the raw material for my business (jewelry), not because I expect gains. Spikes like this generally drive speculators into other asset classes, for good cause. The bottom line with silver is that supply (new mined metal) exceeds demand. It is not a good long investment.

[bobbolink]

10. It isn't just Beck.... I have been very uncomfortable with the likes of Hartmann pushing gold.

I hope you are right about the gas prices, but I'm not holding my breath.

We know it has nothing to do with the old "supply and demand" song and dance.

[dkf]

11. If oil prices are going down because people think our economy is weak that would be bad.

[tridim]

13. It's just beautiful to watch

The graphs look like the edge of a cliff.

I hope oil falls another 10-20% tomorrow.

[yellowcanine]

15. Beck, Hannity and Limbaugh listeners lose money.......a good thing.

They push the gold investment schemes on their shows. One more bad idea their listeners should consider.

It's Obama's fault for killing OBL!

[bobbolink]

19. Those same schemes are pushed on Hartmann and others. Rachel used to do them, too.

Always seemed sleezy to me.

Maybe its just because I can't afford gold. :)

[cbdo2007]

30. Is it ironic that there is an ad for Gold.net showing on this OP for me???

hahahaha

I love how people here claim Beck and people are the only ones pushing gold when liberal shows and even our own sacred DU are doing it as well. These people all just take advertisements for whoever pays for them, they don't care who they are. Just as many democrats get burned when gold plunges as repubes.

[Warren DeMontague]

18. What about elk jerky? GOOD GOD MAN, don't tell me elk jerky futures are crashing!!!!!

What the FUCK am I going to do with all this god-damn elk jerky???

[Pigheaded]

27. Sell it to the survivalists

for Doomsday.

Pigheaded

[Warren DeMontague]

28. Yeah, but that's like 2 weeks away.

Maybe I should say it's part of Jesus's dinosaur saddle, and sell it outside the creation museum?

[ItNerd4life]

41. I'll have some. Oh wait, I thought you said moose jerky.

Nvm, elk jerky isn't as good as moose jerky.

Loved the post.

[Ikonoklast]

44. I'll give you a hundred tulip bulbs for a hundred pounds of jerky.

Deal?

[Warren DeMontague]

45. You're Dutch, aren't you?

Knew it.

[Ikonoklast]

46. What of it?

You some sort of anti-Netherlands weirdo, you...you elk murderer, you.

[Warren DeMontague]

88. I'll tell you, there are some valuable, ah, bulbs in the Netherlands...

but they aint tulips.

[fredamae]

20. That's, in Part b/c WE Stopped/Slowed Buying

[cbdo2007]

21. This is just an adjustment - silver and gold will still recover and have hefty gains this year.

[the other one]

25. Yep

[Warren DeMontague]

32. They were always popular with Burl Ives. n/t

[Poll_Blind]

86. Monthly Island of Misfit Toys reference quota for DU has been MET!

:rofl:

PB

[Warren DeMontague]

92. Know what's sad? Probably 60% of America is too young to know what the hell I'm talking about.

Sigh.

[Art_from_Ark]

64. Gold and silver usually start to go down in May

The old adage is "Sell in May, and stay away (until August)"
Summer is almost always slow for precious metals.

One thing I can't understand is why some hee-hawing jackasses feel the need to gloat when precious metals go down-- as if that really makes any difference in their lives. "Glenn Beck is fer it, so Ah'm agin' it" seems to be their only "knowledge" about the precious metals markets.

[galileoreloaded]

29. You really don't understand what your looking at. Sorry.

Global asset liquidation=credit squeeze=no more FED bullets.

We lose. Crack-up boom commence.

[Warren DeMontague]

34. Good economic news, Obama's numbers are up, OBL is dead.

....Small subset of DU wails like an injured marmot.

[girl gone mad]

55. The economic news has been horrible, and that's why everyone's running to the other side..

of the trade.

Today we learned that unemployment is spiking and growth slowed pretty dramatically. People can't afford the high prices in commodities and oil. Now traders will move on to the next scheme.

How this gets interpreted as good news is beyond me. We are still facing a government hell bent on austerity and deficit reduction, an ongoing housing collapse and a massive crisis in jobs.

[Art_from_Ark]

68. One thing to take into account

is that precious metals almost always take a dive starting in May and often remain in the "summer doldrums" until September.

This current downturn is being interpreted as "good news" by people who think that all precious metals investors are "survivalist foaming-at-the-mouth Glenn Beck wannabes" and they "have it coming" because they are of the wrong political persuasion, without considering even for a moment that precious metals investors can be found on both sides of the political spectrum.

[MineralMan]

35. Aw...man...I was waiting for gold to go up before I bought some.

Another plan dashed to pieces. Bummer...

[Zanzoobar]

38. "but it will strengthen the dollar"

The price of gold is a function of the strength of the dollar, not the other way around.

Gold is dropping because the dollar is looking stronger.

It should be remembered that one bright day does not make the summer, and conversely, one cloudy day does not ruin it.

[Xicano]

39. Sorry to disappoint you, but, this pull-back isn't a trend reversal.

This pull back is just a result of paper trading making a correction. The general trend of massive dollar inflation, and, with regard to the industrial side of silver, the supply deficit is still there. Based on these fundamentals the general trend line for gold and silver will remain on the bull side.

To see pull backs such as this is just the normal part of the market correcting itself, especially when you have as much paper trading as we're seeing in these markets right now.

Also, the quick rise in the dollar we're seeing. Again, based on the fundamentals of massive printing being done, and massive buying of US securities by the FED with that inflationary money. The general downward trend of the dollar will not change. Mark my words, this quick rise in the dollar is only a "dead-cat-bounce."

I hate to say it, but, those are the facts as I see them.

[BeHereNow]

40. EXCELLENT summation of the FACTS. Thank you.

I feel nothing but empathy for those who have no choice
but to cash in their meager stock piles of PMs right now.

This IS a correction and the dollar is a dead cat bounce.

BHN

[Xicano]

47. Thanks BeHereNow..

I too feel bad for those who have no choice but to sell off their PM holdings right now.

As far as the numbers are concerned, sentimentals (a little bit of panic selling) might also play a small role in the short term, but, as long as the fundamentals remain in the trend they're in. I hate to say it because its not good news for a lot people who can't afford to store their wealth in PM's. But the reality based on the fundamentals is the general trend will remain with the bulls kicking the bears butts in the physical PM market.

[cbdo2007]

48. I don't feel too bad for them. They're higher now than they have been in decades.

People selling gold and silver now are probably doing very well unless they bought it last month.

[Xicano]

51. Very good point..

But I believe they'll still miss out on what they still could potentially gain in an inflationary period such as we're currently in. Also, say if gold went to one million dollars an ounce. Sounds wonderful for someone who bought at just a couple hundred dollars. However if a cup of coffee cost one hundred thousand dollars, then, not so wonderful selling at a million dollars an ounce. Of course I'm just making an extreme example.

But the point is they still risk seeing the gains they have made evaporate due to inflation. In my opinion the time to liquidate your PM's is when we see a DOW to PM ratio of 1 to 1 or close to it. We're not there yet. Still have a ways to go and if the printing of massive amounts of dollars and buying U.S. securities with them (aka paying off credit card debt with more credit cards), then, its only a matter of time before we DO see a DOW to PM ratio of 1 to 1.

Or selling when the fundamentals no longer support an upward trend and only holding cash long enough to buy some other hard asset with it which is undervalued at that time.

Thanks cbdo2007 and take care.

[Warren DeMontague]

93. "they'll still miss out on what they still could potentially gain" - God DAMN.

How many Gold Hawkers ARE there on this thread, anyway?


..Oh, I know, you're just doing a public service.





Too friggin' funny.

[Xicano]

103. So you prefer the evaporating dollar value to benefit the banksters?

Because right now that's where the value of your labor is going if you hold cash right now. So are you for the working man protecting his hard earned wealth, and, maybe take a small gain off of it FROM the banksters? Or are you for the banksters sucking a working man's hard earned wealth through all this inflation currently?

:shrug:

[Warren DeMontague]

111. I just like full disclosure from people as to exactly who- or what- they're working for.

Personally? I'm an old school balanced portfolio man, but I don't really have a dog in this hunt, either way.

[rucky]

43. Could also be pump & dump

:shrug:

[Mira]

85. This along with that a correction in the metals was overdue and expected is

precisely why it happened now. They will resume their upward trend shortly, if they haven't already. As I type Gold is up 12 dollars in overnight trading.

[KharmaTrain]

102. Time To Profit Take...

...another term for a "correction". Sounds less greedy.

This is definitely a dead cat bounce and the prices will fall for a bit then either stabilize or begin to climb again.

The markets thrive on bubbles and with real estate and money markets being stagnant the action moved to commodities such as gold and oil. This bubble is bursting and those who came in on the high yet again getting the losing end of the bet.

[On the Road]

49. I Took a Double-Short Position on Gold (DZZ)

Only $1000 in a retirement account. Gained 5.4% today.

May look for a short on oil, too. It's too high.

[thelordofhell]

50. Winthorp and Valentine win again

Bad day for the Dukes

http://www.youtube.com/watch?v=_gekaEzqj5g&NR=1

[girl gone mad]

53. Uh, you do understand that they are crashing because our economy is in the toilet?

I've argued for months that speculation was driving the run up - speculation caused in large part by the godawful bank bailouts and monetary policies this administration pursued. This speculation has done enormous, catastrophic damage to the real economy. The bailouts and Bernanke's QE were extremely destructive measures. Now we have hard evidence on just how much that gambit to keep the casino open has hurt the rest of us, and the traders are now rushing for the exits.

Please don't pretend that this is good news. Equities are also falling hard. Pensions will get hurt badly, since they were some of the last to pile into this trade.

Open your eyes and understand that Obama's decision to continue Bushonomics and Reaganomics was an absolutely disastrous one. If you have wisdom, you will join the rest of us in pushing this administration to take a step back and move in a new direction. If they choose to continue propping up Wall Street, kiss it all goodbye.

[tridim]

54. Our economy is/was crashing because of commodity speculation.

It's fabulous news.

Happy New Year!



I'm looking forward to being able to afford basic necessities again. Fuck the rich.

[girl gone mad]

57. No, our economy was not crashing because of commodity speculation.

Our economy was crashing because the bubble in housing collapsed, fueling massive debt deflation. In addition, we've exported our jobs base and allowed the rent-seeking financial class to take control of our government. It doesn't matter whether you can personally afford to buy more things. The reality is that millions of people can't afford these things at any price and there is no driver for growth in wages or employment. The rich will find new ways to extract their rents at your expense. Unless Obama has a sudden and dramatic change of heart, he will continue to fight for their cause, not yours.

[tridim]

58. Have you been to the grocery store lately?

I'm talking about real shit that is dragging down our economy, right now, not a bubble burst that happened in 2007. Sure it is still affecting things, but the recovery was showing real improvement (see the bikini graph) until the oil companies decided to steal ALL of our money.

[girl gone mad]

67. Our economy never showed significant improvement.

It's been a lot of smoke and mirrors. The banks were allowed to paper over their insolvencies. We got some gains from the economic stimulus, but it wasn't nearly enough, and mostly it amounted to pulling demand forward a bit (see the precipitous drop in housing sales when the tax credit ended). Higher prices at the grocery store aren't what's hurting people, it's the stagnant incomes, the lack of good jobs, the collapse in housing prices and the crushing debt levels that have really destroyed family finances.

Forget the "bikini graph". Does this look like a healthy economy to you?




A small drop in the price of oil and commodities is not going to fix this mess.

[pecwae]

98. Holy shit!

What a complete mess.

[yellowcanine]

59. Forget gold and silver. Stock up on soap.

[mountainlion55]

60. Wait a minute

So if everything goes to shit and I'm assuming thats why people buy gold. WTF good is it going to do to have gold or silver when 200 million americans have guns? You going to make those coins into bullets? You can't eat pm's.If I got bread and you got gold and thats all there is, well fuck you I'm keeping the bread.:smoke:

[madmom]

63. A friend of mine took some of her gold jewelry to the

local pawn shop last week, got $750 for stuff she no longer wore.:thumbsup:

[Poll_Blind]

66. Are they? This is great if so!

PB

[earthlight101]

72. STOCKMARKET IS DOWN BECAUSE OBL DEATH MEANS THE WAR IS OVER SOON

AND A HUGE PART OF THE REVENUES FOR WALL ST IS SELLING THE WAR MACHINE TO THE AMERICAN GOVT.
WITH OBL DEAD, THE PEOPLE WILL APPROVE EVEN LESS OF THE WAR, AND OBAMA WILL BE ABLE TO STOP IT. THAT MEANS THAT WALL ST WILL HAVE LESS REVENUE.

[cbdo2007]

73. um......no.

[earthlight101]

75. NICE LOGIC THERE

SPOCK

[virgogal]

78. Stop with the caps.

[Xicano]

79. "um......no." unfortunately is correct.

In summary, OBL being dead will affect no change in the fact that if the FED stops printing mass amounts of money at this point it will send us into a depression, war or no war. We're well over $14 trillion in debt, we've lost millions of manufacturing jobs. Can't cover the interest on our debts even while at 0% interest without continuing QE (inflating). What's gonna happen if the FED stops inflating the money supply and using it to buy US securities? Interest rates will skyrocket and the dollar will collapse - a depression will happen that's what.

That's why they're not going to stop inflating and using it to pay on our debts. As a result we are on a road to hyper inflation. OBL being dead will not change the level of debt we're in, nor bring back the millions of lost manufacturing jobs. So either way the dollar at this point is a sinking ship. If they stop QE its a fast sinking ship. It they continue QE (as they are doing) its a slow sinking ship. Either way, the dollar is a sinking ship.

[girl gone mad]

80. The Fed is inflating the monetary base, not the money supply.

Also, they aren't inflating anything except the banks' spreadsheets. There will be no hyperinflation. Inflation can be controlled via tax increases, but there is no real danger of inflation on the immediate horizon.

Interest rates aren't going to skyrocket.

[Mira]

87. The dollar is on the way of losing the world reserve currency status. That means

we cannot keep gas prices low (compared to the rest of the industrialized Western world they are low) because they are paid for in dollars which we can and do still print at will.

When we start having to pay for our gas in a new world currency that we cannot produce by printing it, gas prices will eat us alive in the economy we have without alternatives to cars and planes.

Combine that with hyper inflation and we go into a depression.

The reason Gold and Silver have risen in such incredible ways (silver up 50 percent so far this year as the poor man's gold) is because people are realizing their dollars lose value when they only look at them, and they are trying to preserve buying power with precious metals.
None of that has changed, and the metals will come back and resume the uptrend.

[Warren DeMontague]

94. The fact is, it's been excessively over-capitalized.

I don't mean the market, I mean your post.

[Marrah_G]

107. Typing in caps is annoying to others- please stop

[distantearlywarning]

114. Ummmm....

[earthlight101]

116. please be more specific

[Zynx]

81. I love it because I bought June put options on SLV first thing Monday morning.

I've closed 2 of my three contracts at close to 300% gains. The third is out there as gravy.

[Hugabear]

89. Buying gold is a fucking SCAM

Unless you get actual, physical possession of gold, then buying gold is a damned scam. The pitch is that if all hell breaks loose, if the dollar suddenly collapses, if the apocalypse were to occur, you would be safe if you had purchased gold. But unless you actually have possession of that gold, then what good does it do you?

[WCGreen]

96. We got rid of a while mess of odd silver left over from my mom, MrsWCGreen's mom

and my aunt for a good chunck of change a few months back and it turns out we sold them at the high.

Since then, silver has dropped by more than 30%.

[Warren DeMontague]

97. Good call.

The unpoppable bubble just don't exist.

[Liberal In Texas]

100. If you keep inflating a bubble, it will eventually pop.

Be it tulips or crude oil or gold.

[JustABozoOnThisBus]

101. Sweet! So the airlines will drop their ticket prices! WooHoo!

or maybe not ...

[Shagbark Hickory]

104. The beginning of the Double Dip has commenced. nt

[joeybee12]

105. And a few people...like Beck...got rich on that bubble...nt

[dionysus]

108. no! my stockpile of bullion!!!11!!

:cry:

[Shagbark Hickory]

109. Um, I just checked the prices of good and silver. If you think dropping $10 is an oz is crashing...

then fine. But I'd hardly consider that crashing.

As a policy, I unrec posts with deceptive titles.

[distantearlywarning]

112. You know what I love?

The fact that I bought a bunch of oz of silver at around $10 each a couple of years ago, despite all the naysayers on DU telling me that metals were only for paranoid right-wing nutjobs and I would be in danger of losing my shirt at any moment yada yada yada...

...and last week I sold them all for $48 each.

:headbang:

[distantearlywarning]

115. Also, I'm with the peeps on this thread who say it's a correction

IMHO, the fundamentals for a bull market in metals are still present in a general sense (dollar getting weaker, rising inflation, a general sense of uneasiness about the economy). So I'll probably be buying back in after it drops a bit more.

[uponit7771]

118. Looks like big money moving out of commodities into bonds, good time to refie

[EstimatedProphet]

119. I got out of my gold and silver a couple of weeks ago

Made a good profit, and I'm done. Looks like it was the right time to do so.