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Gold prices dropping

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  1. #1
    CarolinaEwaste started this thread.
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    Gold prices dropping

    I haven't been one to keep up with gold prices and I'm sure some time or another this is gonna come back and bite me. However I seen BR mention his prices were updated and they expect to see gold drop to $1500/ toz. Anyone watching the prices and see this happening? Kitco says around $1650 now but that is down $78 from the high in the past 30 days. Wondering what those who watch gold closely have to say. Feel free to PM if you would like

    According to this chart of the past 60 days we are on a downhill slope

    http://www.kitco.com/charts/popup/au0060lnb.html

    From what I see in the following 2 charts gold drops off at the beginning of winter and picks back up at the end of winter. Also drops at the beginning of summer and picks back up in the fall. Am I on track here?

    http://www.kitco.com/charts/popup/au0365nyb_.html

    http://www.kitco.com/charts/popup/au1825nyb_.html

    Last edited by CarolinaEwaste; 12-21-2012 at 02:26 AM. Reason: Charts added

  2. #2
    wannabemechanic's Avatar
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    From what I've been able to discern, gold is a VERY manipulated commodity, as is silver. Gold generally being over-inflated and silver prices being repressed artificially, but silver seems to be the steadiest in the last century through the inflation of our fiat currency...

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  4. #3
    NobleMetalWorks's Avatar
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    As an investment, silver is my favorite metal by far...

    Last year over 40% of all the silver used in manufacturing came from recycled sources. In our medical field, silver is truly the only thing we can rely on to kill super bacteria, as bacterial infections like MRSA become more resistant to antibiotics, silver will become one of the only ways to kill it off. Silver is used in industry at a 1:1 ration with gold, yet there is less silver in the world than gold, silver mining production is also less than gold production, check the figures you will be surprised. Silver conducts electricity better than any other metal known to man, and even in graphene applications for the conductivity of electricity in electronics, silver is made with the graphene. There are very few silver mines, for the most part it is recovered in mining operations for gold, platinum, lead and copper. As silver is used in more and more applications where it cannot be recovered, like clothing, cement, medical treatments, it is going to become more rare, and thus more expensive.

    By the way, if anyone has silver bearing scrap they are interested in selling, please let me know. =)

    Scott
    Last edited by NobleMetalWorks; 12-21-2012 at 04:54 AM.
    At the heart of science is an essential balance between two seemingly contradictory attitudes--an openness to new ideas, no matter how bizarre or counterintuitive they may be, and the most ruthless skeptical scrutiny of all ideas, old and new. This is how deep truths are winnowed from deep nonsense. -- Carl Sagan

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  6. #4
    wannabemechanic's Avatar
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    I've been noticing that/ learning more about it and it really does seem that silver will soon be substantially more valuable than it currently is... All I have for silver scrap is about a half pound of dirty contacts, most of the weight is copper, I'm just waiting until I get the ambition to figure out how to clean them off since some are sautered on and some are riveted

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  8. #5
    NobleMetalWorks's Avatar
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    If you decide to de-solder the contacts off, be aware that the larger silver contacts probably contain cadmium, and if heated will give off a gas as the cadmium burns, that is extremely unhealthy to breath. You might want to do it in a well ventilated area just to be safe.

    Scott

  9. #6
    etack's Avatar
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    Quote Originally Posted by NobleMetalWorks View Post
    If you decide to de-solder the contacts off, be aware that the larger silver contacts probably contain cadmium, and if heated will give off a gas as the cadmium burns, that is extremely unhealthy to breath. You might want to do it in a well ventilated area just to be safe.

    Scott

    Scott you have made this statement a few time as of late and its just not true. AgCdO/AgCd contacts are mainly used in small contacts. Like relays where the contact needs to be harder and last longer. Ice cube relays,router switch relays, dryer timers, things like that usually they are riveted in. Large contacts are going to be Ag, AGNi, AgCu. Also the waffle back ones will be Ag-Wc sinister pads. A way to test between the two types of larger contacts is that the AG-Wc will break when you try to bend them, and the other higher Ag content ones will bend.

    It is a good idea never to melt them for the rare possibility that you get a Cd or CdO and tin contact mixed into the batch . This is why most refinery's wont touch them the EPA hoops make it unprofitable.

    If you have info on the bigger ones let me know I have spent the better part of the hour tying to prove you right. I have never seen any over the size of a pencil eraser in real life. If I'm wrong I will amend my post to reflect it.

    Eric
    I buy Tantalum Capacitors and offer other services. Check out my thread for more info.

    http://www.scrapmetalforum.com/scrap...-cap-more.html

    http://recycletantalumcapacitors.com/

  10. #7
    jmurrow3 is offline Metal Recycling Entrepreneur
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    Quote Originally Posted by etack View Post
    Scott you have made this statement a few time as of late and its just not true. AgCdO/AgCd contacts are mainly used in small contacts. Like relays where the contact needs to be harder and last longer. Ice cube relays,router switch relays, dryer timers, things like that usually they are riveted in. Large contacts are going to be Ag, AGNi, AgCu. Also the waffle back ones will be Ag-Wc sinister pads. A way to test between the two types of larger contacts is that the AG-Wc will break when you try to bend them, and the other higher Ag content ones will bend.

    It is a good idea never to melt them for the rare possibility that you get a Cd or CdO and tin contact mixed into the batch . This is why most refinery's wont touch them the EPA hoops make it unprofitable.

    If you have info on the bigger ones let me know I have spent the better part of the hour tying to prove you right. I have never seen any over the size of a pencil eraser in real life. If I'm wrong I will amend my post to reflect it.

    Eric

    Hummm! Im still waiting on one of you smart Einstein's to post some pictures so us not so smart but hard working fellows know what your talking about.

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  12. #8
    jghilino's Avatar
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    check out the gold chart today, its going straight up The problem with commodities right now is the dollar is getting stronger. The problem is there is no fundamentals to back it up. Unemployment is getting higher, taxes are going up, retail sales are down, restaurants are down the list goes on and on. This will not last. We are in a bubble created by artificial news and market manipulation. This trend will fail dramatically and commodities prices will skyrocket, it is only a matter of time. Without the creation of tons of good paying jobs the market is not going anywhere but down. Busting the unions so that you can replace them with part time minimum wage employees is not the answer. Honestly how much do the retail/production line part time employees in the $10-$12 hour range contribute to the economy, on that pay you cant buy much more than the basics.
    I buy and sell all types of scrap and escrap. I buy specialty and hard to sell escrap. I buy resale items. PM me or contact me at jghilino@hotmail.com
    I AM ACTIVELY BUYING ESCRAP OF ALL TYPES. BOARDS, RAM, CPUS AND MUCH MORE

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  14. #9
    wannabemechanic's Avatar
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    All of my contacts aren't much bigger than a pencil eraser, and most of them came out of relay boxes and the rest from electric motors.... so they probably do have the Cadmium. I'll have to wait for a warm day and do it outside then, haha

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  16. #10
    EcoSafe's Avatar
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    hmmmm I see a couple of new SMF stars on the rise here. thanks guys. keep up the good work. mcw.

    side note: Kiln sitter switches have a very large silver button in them.
    "anyone who thinks scrappin is easy money ain't doin it right!"

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  18. #11
    EcoSafe's Avatar
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    time fo PM discussion to be a new perminint thread ?

  19. #12
    sledge's Avatar
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    Markets (such as Gold) are a traded commodity, price fluctuates at every given moment during the trading day. What you may be seeing is a slight re-trace (buyers taking profits) and yes, at the end of the year shops are tiding up their books and you tend to see profit taking. $78 is no cause for alarm.
    Aaron

  20. #13
    NobleMetalWorks's Avatar
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    Etack,

    I am travelling atm and using my phone. It is my understanding, and you can google this, that cadmium oxide is used in the larger contacts because applications with high voltage/amps tend to ark, the cadmium oxide prevents scoring.

    http://www.astm.org/Standards/B781.htm

    Here is a pdf I have in my dropbox that explains why cadmium oxide is used.

    http://db.tt/LlCRVjYV

    I am checking into a hotel later. When I get a chance I will post what information I have.

    Scott
    Last edited by NobleMetalWorks; 12-21-2012 at 10:36 AM.

  21. #14
    etack's Avatar
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    Quote Originally Posted by NobleMetalWorks View Post
    Etack,

    I am travelling atm and using my phone. It is my understanding, and you can google this, that cadmium oxide is used in the larger contacts because applications with high voltage/amps tend to ark, the cadmium oxide prevents scoring.

    ASTM B781 - 93a(2012) Standard Guide for Silver Cadmium Oxide Contact Material

    I am checking into a hotel later. When I get a chance I will post what information I have.

    Scott
    Thanks Scott Be safe on the road.

    The link that you provided made my point on size of the contacts being small and used in relay style applications.

    Eric

  22. #15
    NobleMetalWorks's Avatar
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    Thank you sir, will do. I will catch this post later

  23. #16
    EcoSafe's Avatar
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    when talking about falling gold prices don't say it too loud, the buyers here on the forum my hear you.

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  25. #17
    BarrenRealms007's Avatar
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    Gosh gee wizzz.. I didn't mean to start this, I really really didn't mean too. I'll go set in my corner and be quiet for a while.
    We buy electronic scrap, Gold Karat scrap, gold filled, refined gold, silver and many other item's.

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  27. #18
    CarolinaEwaste started this thread.
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    Hey no need to be sorry these discussions bring in some very knowledgeable members. I especially love reading the wealth of info that Nobel puts out here for all of us. Also I think it is very professional for you to share with your clients that we may be seeing changes in prices. Gives us time to decide if we should sell now or hold on to what we have until prices rise again.

    Also I looked in the similar threads box and seen that easy had posted about the drop last year about this same time. Also was down around 1600 then. Like I said I haven't really watched prices until now and just trying to figure out the patterns.
    Last edited by CarolinaEwaste; 12-22-2012 at 01:09 AM.

  28. #19
    ginofrater is offline Metal Recycling Entrepreneur
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    That is the news for today.

    Goldman Sachs Predicts $1,050 Gold by End of 2014
    By Rob Bates, Senior Editor JCK news
    Posted on June 25, 2013


    The days of reasonably priced gold may come back again, if Goldman Sachs is correct.

    The famed investment bank is forecasting that the yellow metal, which saw its price soar over the last 12 years to more than $1,900 an ounce, will fall to $1,050 by the end of 2014, according to The Guardian and other news sources.

    Goldman Sachs cut its year-end prediction for gold to $1,300 an ounce, down from the $1,435 originally forecast and close to its current price. At press time, gold was trading at $1,276 an ounce.

    “We expect that gold prices will decline further given our U.S. economists' forecast for improving economic activity and a less accommodative monetary policy stance," Goldman Sachs said, according to media reports.

    "We expect this decline in prices to coincide with rising jewelry/retail demand, which we view as price responsive and not price setting," it added.

    Goldman Sachs’ prediction is just one of many recent bearish predictions for gold, which has been down for the year.
    Last edited by ginofrater; 06-25-2013 at 11:16 AM.

  29. #20
    Sirscrapalot's Avatar
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    May I have an un filtered verision of this post pm'd to me...heh.

    ;p

    Sirscrapalot - Filter - off

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