I don't know what else to say other than maybe buy some. :
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don't worry, just keep buying. It was a good deal at $34 and is only getting better as it goes down. This is only a very temporary drop. It will be back over $40 before the end of the year.I blame me for this. It was on the way up and up until I bought some recently.
Sorry!
The spot price of precious metals is the price at a certain point in time to facilitate commercial transactions. That is what is meant by the London 1st and second "fixes". It means that the price is fixed or"set" at that value. It doesn't mean that the price has bee manipulated as in price-fixing.Keep in mind that PM prices are "fixed" by under half a dozen big banksters we also accuse of fiddling fiat currency. In London, that occurs on the premises of Rothschilds & Sons. So I wouldn't read terribly much science into it. The real measure isn't fix price, but what physical/street sells for at eBay, APMEX, your local coin dealer, etc.
I bought in at $29.33 today.
The spot price of precious metals is the price at a certain point in time to facilitate commercial transactions. That is what is meant by the London 1st and second "fixes". It means that the price is fixed or"set" at that value. It doesn't mean that the price has bee manipulated as in price-fixing.
http://en.wikipedia.org/wiki/Gold_fixing
"the five members of The London Gold Market Fixing Ltd, on the premises of N M Rothschild & Sons."
I suppose there is a difference between outright price-fixing through manipulation and spot-fixing by 5 very large financial concerns and the influence of their top clients (the case in London). It may be more of a semantic or legal difference. The average person can't do anything about it at all.
So the main thing we should look at is the street price, and street availability. I've often wondered, given that it is "fixed" about the possibility of supply/demand becoming a bit uncoupled from each other. What would happen if supply was strong, but prices high? Or supply for physical very low -- and prices low also? Both of those cases would be bad.
The first paragraph of the article you sited:http://en.wikipedia.org/wiki/Gold_fixing
"the five members of The London Gold Market Fixing Ltd, on the premises of N M Rothschild & Sons."
I suppose there is a difference between outright price-fixing through manipulation and spot-fixing by 5 very large financial concerns and the influence of their top clients (the case in London). It may be more of a semantic or legal difference. The average person can't do anything about it at all.
So the main thing we should look at is the street price, and street availability. I've often wondered, given that it is "fixed" about the possibility of supply/demand becoming a bit uncoupled from each other. What would happen if supply was strong, but prices high? Or supply for physical very low -- and prices low also? Both of those cases would be bad.
The first paragraph of the article you sited:
The London gold fixing or gold fix is the procedure by which the price of gold is determined twice each business day on the London market by the five members of The London Gold Market Fixing Ltd, on the premises of N M Rothschild & Sons. It is designed to fix a price for settling contracts between members of the London bullion market, but informally the gold fixing provides a recognized rate that is used as a benchmark for pricing the majority of gold products and derivatives throughout the world's markets. The gold fix is conducted in United States dollars (US$), Pound sterling (GBP), and the euro (€) daily at 10.30am and 3pm, London time, via a dedicated telephone conference facility.
This is not manipulation or price-fixing as you imply. Unless, these five guys have been fixing the prices for the last 200 years
Well, you tell me. Oil is a cartel-run industry and you could argue that barrel prices there are market-driven..... or you could argue that it's largely manipulated by a relatively small number of people's daily financial decisions and how they want to play their fortunes that day. I suppose one man's price-fixing is merely "fixing the price" for another.
You should aquire during a down trend. Not sell.Help a bro out please. Should I dump 15 morgans to buy silver eagles or junk silver or should I hold on to them all the way down??
Keep them. Money will be lost when sold and lost again when buying new items. The coins already have silver in them that will go up or down with the spot prices.Help a bro out please. Should I dump 15 morgans to buy silver eagles or junk silver or should I hold on to them all the way down??
Help a bro out please. Should I dump 15 morgans to buy silver eagles or junk silver or should I hold on to them all the way down??
What the other guys said, and look closely at what Sloth said. If you're long in silver, now is a great time to bring down your cost average (unless you are like some of the lucky who started at $8.00). Me? I'm long so this is a straight blessing of a buying opportunity for my stash.Help a bro out please. Should I dump 15 morgans to buy silver eagles or junk silver or should I hold on to them all the way down??