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I'm new here so if I'm doing anything wrong...please be gentle
I've been following gold & silver for over 20 years. I'm no expert on metals but the prices have been clearly manipulated downwards all this time.
But I think the manipulators have lost control. The floor for gold seems to be a firm $2,300 and when it goes a few dollars below that price it just pops up again in a day or less.
If I'm correct and the manipulators have lost control...I LOVE IT! However, it could mean massive trouble in the derivatives markets. And that would not be goodly!
I have 18% of my portfolio in Gold ETF's most of which is held in my IRA accounts. I have seen people complaining about manipulation however as Mathjak points out there is (or was) a strong correlation to the Dollar. Lately, it seems the correlation is breaking down seeing as we have a new all-time high in Gold while the dollar is above 104.
I listen to a really good precious metals podcast called the McAlvany Weekly Commentary. https://mcalvanyweeklycommentary.com/ I think it is well worth the hour per week to listen.
been more then two decades now that gold has out performed bonds .
while it has beaten equities the last 20-24 years it really hasn’t most of the time frames in between .
but it goes with equities and shouldn’t be an either or situation.
on the other hand since gold became a main stream investment over the last two decades a mix of equities and gold has beaten the old classic of equities and bonds over almost all time frames
Last edited by mathjak107; 05-17-2024 at 06:30 AM..
Beginning in the early 1970s, Nelson Bunker Hunt and his brothers William Herbert and Lamar began accumulating large amounts of silver on Comex through Brodsky and Associates. By 1979, they had nearly cornered the global market. In the last nine months of 1979, the brothers profited by an estimated $2–4 billion in silver speculation, with estimated silver holdings of 100 million troy ounces.
Primarily because of the Hunt brothers' accumulation of the precious metal, prices of silver futures contracts and silver bullion rose from $11 an ounce in September 1979 to $50 an ounce in January 1980. Silver prices ultimately collapsed to below $11 an ounce two months later. The largest single-day drop in the price of silver occurred on "Silver Thursday". In February 1985 the Hunt brothers were charged "with manipulating and attempting to manipulate the prices of silver futures contracts and silver bullion during 1979 and 1980" by the United States Commodity Futures Trading Commission (CFTC).
In September 1988 the Hunt brothers filed for bankruptcy under Chapter 11 of the Federal Bankruptcy Code largely due to lawsuits incurred as a result of their silver speculation.
I remember the Hunt brothers. As the price of silver soared, people started selling their heirloom silverware, candlesticks, etc. As a result, the silver market was flooded. The high price of silver was not sustainable.
I remember the Hunt brothers. As the price of silver soared, people started selling their heirloom silverware, candlesticks, etc. As a result, the silver market was flooded. The high price of silver was not sustainable.
there were other reasons also involved that silver soared and collapsed besides the hunt brothers trying to buy it up.
You can't eat it and crypto is kewl. Nothing to see here, pay no attention to the man behind the curtain.
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