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What a day


Tn21

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What an day for the metals. Huge drop in the prices of au and ag. Gains in the Indicies 

I just wanted to share my thoughts and how I now try and feel disconnected with the spot price. Yes some items I have currently are at a loss but I am not concerned or bothered.

Most of us here are buying for the long term and the long term picture still looks promising imo.

You win some, you lose some 

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Recently got into the stock market by means of a SIPP (private pension) 

mainly buying tracker funds but have bought some oil shares etc which have done well. In all honesty never looked at spot price of gold until now. Looks like my gains are balanced with losses overall. The advantage of diverse assets as they say. 

“Nowadays people know the price of everything and the value of nothing.” Oscillate Wildly

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13 minutes ago, Tn21 said:

I just wanted to share my thoughts and how I now try and feel disconnected with the spot price. Yes some items I have currently are at a loss but I am not concerned or bothered.

I found many years ago that the easiest way to do this is to not record the cost of individual items.

The cost of anything I buy now just gets added to the total for that particular category (I have a few silver categories and a few gold categories).

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15 minutes ago, Stu said:

Recently got into the stock market by means of a SIPP (private pension) 

mainly buying tracker funds but have bought some oil shares etc which have done well. In all honesty never looked at spot price of gold until now. Looks like my gains are balanced with losses overall. The advantage of diverse assets as they say. 

With a SIPP you get an almost instant 25% gain due to tax saving for a basic rate tax payer and higher still for higher earners.
How long would you need to wait for that in silver ?
I believe ( but haven't checked ) you can hold gold in a SIPP as well.

 

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Essentially we are back to where we were before the US election.  I think there was an expectation of more chaos than there was, and so last week money was pouring into the precious metals.  Today was the first day of trading after the apparent Biden victory, and added to this was the "news" of a possible vaccine, and so the stock market went up and quite a number of people that put money into gold last week, took it out.  Yes, when you see today's drop on the chart, it does look calamitous, but if gold holds at the current level (having accounted for the election and a possible vaccine), I think it will be good news.  The whiz kids in the City may then start to think about all the money printing that has gone on, possible inflation implications, the ballooning of corporate and government debt, de-dollarization, etc, etc...

Gold-9-11-20.JPG

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1 oz of Gold/Silver always be worth 1 oz Gold/Silver the physical weight of 1 troy oz did not change but the fiat price.

A comparison of gold's 50%+ correction during the Weimar hyperinflation https://www.youtube.com/watch?v=84Vatc3eaC4 puts into perspective although I don't believe hyperinflation coming a significant increase in inflation in the years to come will arrive.

$100 off the Gold price in a single day because vaccine news which removes the fear premium does not change the fact we are still in a bull market. May see further price declines over the next few months back to the $1700 depending how price action plays out and if this happens I will looking to buy. My initial target Gold price $2300 still stands even if Gold trades back to $1700.

Stay the course I welcome the vaccine news but what has not changed debt levels, coming insolvency, continual QE and increase risks of one of these to big to fail banks failing. Ever news hit the market that Deutsche Bank going down Lehman brothers route see $300 rise in the Gold price and several thousand points wipe off the Dow in single day.

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15 hours ago, Tn21 said:

What an day for the metals. Huge drop in the prices of au and ag. Gains in the Indicies 

I just wanted to share my thoughts and how I now try and feel disconnected with the spot price. Yes some items I have currently are at a loss but I am not concerned or bothered.

Most of us here are buying for the long term and the long term picture still looks promising imo.

You win some, you lose some 

Agreed long term this is a blip on the chart, just hold tight and keep buying. The amount of printing going on compared to 2008 is necessary/required madness, and it is entering circulation as is also necessary, the central banks are also telling everyone inflation is on its way - I believe them. You should too. (not advice) :D

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15 hours ago, Tn21 said:

What an day for the metals. Huge drop in the prices of au and ag. Gains in the Indicies 

I just wanted to share my thoughts and how I now try and feel disconnected with the spot price. Yes some items I have currently are at a loss but I am not concerned or bothered.

Most of us here are buying for the long term and the long term picture still looks promising imo.

You win some, you lose some 

It can be an emotional roller coaster mate. 

That said after being in the crypto space for a while now. These small peaks and troughs in the precious metals markets don't even registered  with me now.😂

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Just now, RacerCool said:

As for gold dropping, that just means we can buy more of it.

Very true but it also means that the gold you may already own has lost some of its value which isn't so good.

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1 hour ago, Pete said:

Very true but it also means that the gold you may already own has lost some of its value which isn't so good.

But if you didn't think it would rise in the future ( at least to keep up with inflation ) you would not have bought any

Right?

 

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I saw the drop - and I really didn't spend more than 5 seconds thinking about it.  

Corona plays a part in the price of PM's but to my simple mind, there is a much bigger driver in long term PM prices. Currency debasement.

Best

Dicker

Not my circus, not my monkeys

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