Did anyone notice the price drop in gold and silver yesterday?

Gold price dropped about $20 dollars yesterday and silver took a hit too. I look at the gold and silver prices daily and am used to seeing fluctuation. I just thought it was interesting that gold took such a hit the day after elections. They may not be related at all but I thought it was interesting.

Do you think that the precious metal prices will continue to decline? There seems to be some pessimism in the market right now.

Ewasted did!

So gold hoarders lean slightly Republican maybe? Companies buy gold for chemical processes, people buy it out of emotional reasons. People get emotional over elections and buy or dump gold depending on if their party wins or loses (yea like it makes any difference to the 99.9%).

Where, oh where it stops, nobody knows! - If they do they are not telling.

Wait...it's not still at 1600 a Toz?

I really need to refresh my app more often.

Sirscrapalot - Just strolling by.

Metalbestos...GM stock only rebounded after the bankruptcy restructuring that rendered all common shares worthless and left the shareholders holding the bag. I learned about that the hard way. I didn't lose a large amount, just all of what I had put in it.

I do wish gold and silver would stay up. It is tough telling people who I buy escrap from that I can't pay what I did before or not at all on some items.

While gold dropped quite a bit since the peak silver took a nose dive of over half its peak of $34 to $15.10 (glad I ditched most of my bullion at the peak).

Originally Posted by Pnutfarmer

Metalbestos...GM stock only rebounded after the bankruptcy restructuring that rendered all common shares worthless and left the shareholders holding the bag. I learned about that the hard way. I didn't lose a large amount, just all of what I had put in it.

I do wish gold and silver would stay up. It is tough telling people who I buy escrap from that I can't pay what I did before or not at all on some items.

GM was a decent bet if they didn't go bankrupt, people made a killing on Chrysler in the 80's (I think it was the 80's) when it was circling the drain but came back.

I do not really want to get into any political argument here over my viewpoint, but the question was asked. I think that the election of Republicans and Tea Party candidates have given people hope that the free money faucet will be shut off and we may head towards a more responsible fiscal direction. They think there may be hope we can rein in the disaster I believe we are in for. The problem as I see it is that fiscal responsibility will result in great pain and I think we are too far gone to pull out of this nose dive with any kind of easy landing. I don't know if Americans have the fortitude to tolerate the pain that is coming until there is nothing but rock bottom with no other alternative.

That said, I cannot explain why PM prices have been dropping all the time economic conditions tell me it should be rising. Countries (other than western democracies) are vacuuming up silver and gold by the TONS. I think prices are manipulated.

Gold Chart - Last 5 year

If you look at the five year gold chart ... there's usually a drop in the price of gold in November. Might have to wait till after the new year to see prices going back up again.

Not to Hijack your thread >> But as a car guy that depends on the Catalytic Convertors >> Platinum is having the same problems

Platinum has dropped some $250.00 an ounce just since aug 2014
Lowest price in the last 5 years
http://www.kitco.com/charts/popup/pt0182nyb.html

Thats interesting. I didn't even think about the platinum in catalytic converters. I am hoping that the PM market is nearing the bottom and will stabilize. I would hate to see silver in the single digits. I am hoping it will bounce back a little and smooth out. I don't think we will see huge gains in the next few years but who knows.

I rode this wave 7 years ago before I ever dreamed of being a scrapper. My father, a finacial guru for a living, made me invest all my military severence pay into PM and Ford Motor in 2007...needless to say I made quite a bit of money. The irony of this threads timing is this morning he called and told me to hoard PM for the next 6-8 months and buy as much as I can. Take that as you want, but I am dumping as much as I can into PM until instructed otherwise. Just my .02.

I would be very cautious about PM's. By my best guess estimate "The Fed" nearly doubled the amount of dollars out in circulation for the big bank bailout. That money was loaned. As it is gradually paid back & taken out of circulation the dollar will strengthen.

The value of PM's is inversely proportional to the dollar.

As the dollar trends up PM's will drop. No telling exactly where the bottom will be but gold could conceivably return to pre- Y2K levels with good fiscal management.

When silver gets to or bellow 10 I will be buying as much as I can get a hold of, that's a fact.