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Keep an eye on the metals markets my friends. We have had weakness in the stock markets the last couple of weeks. We get a liquidity crunch and people start flocking to dollars.....the metals will go down as well. If you are sitting on big positions.....keep an eye on the charts and start taking some profits. Things are starting to get interesting to say the least......
Agreed. Copper is off 0.20 (approx 5%) in five days. But - It will come back.
Thanks for the info. I noticed last week my prices were up by about 15 cents on copper and brass anyways. Hadnt seen that in a while.
Yeah, It is fixin' to get scary.
I keep my eye on gold like people keep an eye on a hot chick....
gold is capping out..I think its going to drop so I am unloading some items now before it drops out.
Going to be holding on for a good ride..lets see what happens!
looks like all precious and semi presious metals droped a substancial ammount today.
I don't know what to do. I am sitting on about 15,000 lbs of misc scrap.
Dow is down 513 today, my retirement fund is probably down $2,000 from today alone. Hope it goes back up tomorrow. You guys notice silver is down almost $2 today? Bad news.
sell some of it now encase prices drop hard an fast.Quote:
Originally Posted by IdahoScrapper
You can also hedge against a price drop by shorting the commodities that you hold the most of. So if you're holding X amount worth of gold rather then dumping it you can hedge by short selling the same value of gold futures.Quote:
Originally Posted by easyrecycle
That way you get to hold your product until you have large quanties to move and you protect your margin/profit from prices drops. You wont make more if the price rises but you won't lose anything if the price drops.
As an example today I purchased 15,000 pounds of misc copper cables. If I wasn't planning to move it right away I would short sell an equivalent amount of copper on the open market and protect my profit margin from any price movements.
"futures" Are these the same as the prospects that are killing us on gas prices?
Crude oil peaked at over $115 in May and at the current price under $86 is down over 25%.Quote:
Originally Posted by injunjoe
http://bigcharts.marketwatch.com/default.asp is a well know financial website with quotes and charts for almost everything that trades.
Debt is going up, which means the Fed will likely monetize more of it (i.e. buying back the country's IOUs with newly printed dollars). The influx of new currency will devalue the dollar causing a sharp increase in inflation. And we all know what happens to gold during high inflation....Quote:
Originally Posted by easyrecycle
Gold-to-hit-2000-before-year-end.html
Sorry about the link I posted, not the big charts one. Injun Joe went off topic and kinda walked into it.
Stuff happens. Gave me something to do this morning. Now back to the topic.
Well if the scrap prices do take a crap like they did a few years ago, maybe I can get some decent scrap without all the scavengers circling. Hang onto it and take it in when it gets high again. I notice that when the price is low there is an abundance of scrap, when its high however, everybody with a pickup, van, or hatchback is picking up scrap. I have a lot of land, a decent garage so storing it isnt that hard for me.
Just to revisit.....Stay frosty. The copper chart is looking like somebody shot it. Full on crash mode. This is not a good tape at all. We are going to get some bounces but if this thing doesn't firm up in the 2.75 thru 3.00 spot price range.....where it's got strong support.....we got major issues. The aluminum chart looks sick as well and the 5 year chart is starting to roll over. You guys buying.....plan accordingly and don't get broke off. This thing keeps up and you can get trapped in positions easy and get skinned. Watch the copper charts.
1525-35 is the price to watch for gold as its the 200day moving average. Gold hasn't gone below that in 11 years. Even in the financial crisis when it dropped it bounced right off it and ended up +ve for the year. If you see a daily close below the MA is when it will drop a big chunk more.