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Originally posted by jude11
GLD and SLV are still only pretty little things with GLD having less value as a use. IMO, GLD has and always be a vanity choice whereas SLV has medical and Tech production value among others.
2 yrs ago, it was relatively easy to make a few bucks as we could move with certain TRENDS.
Mexican central bank buys 100 tonnes of gold
Source: Financial Times, 4th May 2011
The central bank of Mexico bought nearly 100 tonnes of gold in February and March, the latest emerging market country to turn to bullion as a means of diversifying away from the faltering dollar. - Link
The purchase, reported on the Bank of Mexico’s website in the International Monetary Fund’s statistics on international reserves, is one of the largest gold purchases by a central bank in recent history. The gold, worth $4.6bn at current prices, is equivalent to about 3.5 per cent of annual mined output.
Mexico follows other booming emerging market economies, including China, India and Russia, which have all made large additions to their gold reserves in recent years.
Matthew Turner, precious metals strategist at Mitsubishi, the Japanese trading house, said the purchase “seems to confirm there’s an appetite now among emerging economies with large forex reserves to add to their gold reserves. Gold is seen as one way in which to diversify away from the dollar- or euro-denominated assets.”
The dollar has plunged 10 per cent since January against the world’s major currencies and is trading near an all-time low. Robert Zoellick, president of the World Bank, has suggested that gold should form part of a new international monetary system.
China announced in 2009 that it had bought 454 tonnes of gold over the previous six years; India bought 200 tonnes of gold directly from the International Monetary Fund in October 2009; and Russia has bought just less than 400 tonnes on the open market over the past five years.
However Mexico’s buying in February and March, which amounted to 93.3 tonnes of gold, is one of the most rapid programmes of accumulation on record. Apart from India’s off-market purchase in 2009, the 78.5 tonnes bought in March is the largest monthly purchase by a central bank in at least a decade, according to data from the World Gold Council.
Originally posted by camaro68ss
when do you think we will hit bottom in this down leg? we getting close. i want to buy more
Originally posted by sligtlyskeptical
The margin changes brought about large selling rather than large buying.
Here are some data points:
* Silver’s fall over the past three days is its fourth largest since 1980.
* This is only the 11th time since then that the commodity has seen a decline of more than 15% (on a closing basis) over three trading days.
But history does provide a bit of hope. Trends favor a rebound over the next week following a three-day skid.
Silver suffers a bear market-like plunge
Silver suffers a bear market-like plunge
Published Wednesday, May. 04, 2011
A 5 per cent tumble in silver Wednesday marked its biggest three-day loss in five years, and dragging gold down, as speculators continued to dump long positions after margins requirements were hiked early this week.
Silver (SI-FT39.06-0.33-0.83%) has now lost 20 per cent, the conventional criteria for a bear market, since it rallied to a record high near $50 (U.S.) an ounce last Thursday. Gold also notched its worst three-day decline since January despite a broad dollar drop and a ramping up of gold reserves by Mexico. - Full Text
edit on 4-5-2011 by OBE1 because: (no reason given)edit on 4-5-2011 by OBE1 because: (no reason given)edit on 4-5-2011 by OBE1 because: fat finger rescues
if they continue to be right then it won't matter if you saved the dollar here and there
it will matter if you took delivery
edit on 4-5-2011 by Danbones because: (no reason given)
Originally posted by Dance4Life
reply to post by Skerrako
I think far too much is being put on this paper and physical schema. Not at any one time would buying or selling SLV or buying and selling futures (SI) do any worse than physical holdings.
You also pay a massive markup for buying physical, the taxes are outrageous, and there are many tax advantages of purchasing futures contracts ( 60 / 40 rule ).
I personally do NOT see the advantage at all buying physical silver. It is like agreeing to get ripped off - and like it.
Have you seen the volume in SLV? There are going to be fireworks at the end of this contract.