metal prices

**jghilino** · 06-20-2013, 10:37 AM

fed ending easy money is having a big impact on metals, precious and base metals down sharply, copper spot is at $3.06, gold $1,298. Might be a good day to go to the yard before prices drop further. Escrap is basically going to get shut down if gold continues to drop, there comes a point when its not worth it to ship anything or buy anything and we are getting closer to that point. Or are we on the brink of a market crash and massive inflation pushing up metals, the weak economy and high unemployment make it look that way?

I am sure the yards are trying to dump inventory right now while it still has some value.

thoughts?

**ginofrater** · 06-20-2013, 12:04 PM

My hope is that the winter will get things going again.

**41haikuwarriors** · 06-20-2013, 12:11 PM

I have a full time job with 10 hours over time per week and a fully matching 401k. So for me when metals are up my scrap money goes up and my 401k gains go down, when metals are down, my gains skyrocket. I like getting close to $3 per pound on bare bright, but I prefer to see huge gains in my retirement. I will take a good economy and lots of overtime over $1800 gold. That said, I have already lowered my escrap purchase prices and if it gets worse I may have to stop buying all together and just scrap the tiny amount of free stuff i get. I really enjoy scrapping and the extra money, but if it gets to where i cant at least double my investment i will look for other ways to make money.

**hobo finds** · 06-20-2013, 01:29 PM

Ouch!

Kitco - Aluminum Charts and Graphs - Aluminum Prices - Aluminum Quotes, Al, Industrial metals

**sledge** · 06-20-2013, 04:10 PM

Originally Posted by hobo finds

Ouch!

Kitco - Aluminum Charts and Graphs - Aluminum Prices - Aluminum Quotes, Al, Industrial metals

It's a penny a pound.. No worries there man.. Now if you pull a spot chart that it goes from .79 to .69 in a 24 hr period.. then we are worried.

**hobo finds** · 06-20-2013, 05:22 PM

Originally Posted by sledge42

It's a penny a pound.. No worries there man.. Now if you pull a spot chart that it goes from .79 to .69 in a 24 hr period.. then we are worried.

Yea but alum has not been under .80 in a long time...

**BRASSCATCHER** · 06-21-2013, 09:30 AM

Get ready for the roller coaster ride...gold and silver back up a bit from yesterdays close. I think we are not going to get a true feel for how things play out until July 1. Thats the date when some federal loans interest rates are supposed to double. If or when that happens we will know where the markets are going to be for a while. My feeling is that the big players who are heavily invested in metals aren't going to stand for the bottom dropping out on them. But what do I know.

**EcoSafe** · 06-21-2013, 10:14 AM

I say to the super dudes, ok you won this monopoly game, so lets redeal and start a new one.

**jghilino** · 06-24-2013, 10:31 AM

Scrapping/escrap makes up about 10% of my income so it really does not directly affect me, my bills remain paid reguardless of what happens and i have multiple retirement accounts 401k's, pension ,annuity, social security, and so on not to mention the insurance i am carrying.

The market is crashing, its time to either ride it to the bottom or bail out. I am just going to ride it down, and cash out investments and buy metals when it bottoms. And by investments i mean cash positions and stock, i will just file losses on the stock to offset my income.

Like i said before and will say again the fundamentals for 15,000 dow do not exist, as bad as the fundamentals are the market should be around 10,000.