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Which Precious Metals Seller Do You Use?

Hey guys, I was just wondering which company you are using.  I use APMEX, and have found them to be fairly reliable.  I have been able to find cheaper prices, but I was wondering if you guys had any suggestions on who you are using and why?

05/18/2012 Update

By Virginia Harrison and Claudia Assis, MarketWatch

SAN FRANCISCO (MarketWatch) — Gold futures traded higher Friday as the U.S. dollar lost some steam and weakened in relation to other major currencies.

Gold for June delivery GCM2 +1.30%  advanced $18.20, or 1.2%, to $1,593.30 an ounce on the Comex division of the New York Mercantile Exchange.

The contract had jumped 2.5% in Thursday’s North American session, finding some support around $1,550 an ounce in a reversal from heavy selling seen earlier this week. Read more on Thursday’s relief rally.

Investors remained skittish about investments considered riskier such as commodity and equity markets, as fears of a run on banks moved to Spain and hurt confidence worldwide.

The fear has rendered many commodities futures “severely oversold, and nowhere is this more evident than in silver,” said Edward Meir, with INTL FCStone

July silver SIN2 +2.87%  also it turned around, recently gaining 62 cents, or 2.2%, to $28.64 an ounce.

Copper for the same month’s delivery HGN2 +0.43%   added 2 cents, or 0.6%, to $3.50 per pound.

Against a backdrop of escalating Europe worries, the dollar had extended a recent string of strength in early trading, but it lately let that advantage slip. The dollar index DXY -0.19% , which measures the U.S. unit against a basket of six currencies, declined to 81.388, off from 81.454 late Thursday. Read more in Currencies.

A stronger greenback can pressure dollar-priced commodities including metals as it makes them more expensive to holders of other currencies.

Also Friday, July platinum PLN2 +0.55% , advanced $4.90, or 0.3%, to $1,458.30 an ounce, while June palladium PAM2 +0.85%  rose 80 cents, or 0.1%, to $606.50 an ounce.

 

Also, check out this link about Q1 gold sales

http://www.marketwatch.com/story/q1-2012-global-gold-sales-up-16-2012-05-18

05/17/2012 Update

By Chris Oliver, MarketWatch

HONG KONG (MarketWatch) — Gold prices rose in Thursday afternoon trade in East Asia, gaining for the first time in five days, with focus squarely on Greece and upcoming elections that could decide whether it leaves the euro zone.

Comex gold for June delivery GCM2 +1.10% rose $10.40, or 0.7%, to $1,547.00 per ounce.

The action followed weakness in the regular U.S. session where gold futures ended at $1,536.60, a drop of $20.50, or 1.3%, marking the metal’s lowest settlement level since July.

Credit Agricle CIB analysts said the ongoing rally in the U.S. dollar index DXY +0.06%   was a sign markets remain in risk-off mode, although they also said conditions were lining up for a rebound in risk assets the days ahead.

“The ‘Grexit’ has been partly priced in, suggesting a reduction in near-term uncertainties,” Credit Agricole analysts said, adding that fresh Greek elections set for June 17 had helped to give markets some breathing room.

Wednesday’s decline in gold futures saw it fall into a bear market territory, by totalling a drop of more than 20% from their all-time nominal high seen last summer.

Silver futures also traded higher, partially rebounding from losses in the regular U.S. session that saw July contract end at $27.20 an ounce, a decline of 88 cents, or 3.2%, for the session.

In Comex electronic trade Thursday, July silver SIN2 +1.89%   was up 35 cents or 1.3% to $27.56 an ounce.

European Central Banks Stops Operation with Greek Banks

(Reuters) – The European Central Bank has stopped providing liquidity to some Greek banks as they have not been successfully recapitalized, the ECB said on Wednesday, confirming news earlier reported exclusively by Reuters.

The news sent the euro lower against the dollar, fanning concerns among investors and in Greece that the country may have to leave the euro zone.

The development highlights the weak state of the banking sector in Greece, where Greeks are pulling euros out of the banks in fear that their country may exit the European single currency despite the declared determination of EU powers Germany and France to keep Athens in the monetary union.

“As recapitalization wasn’t in place, the ECB stopped monetary policy operations,” a euro zone central bank source told Reuters, declining to be identified. “They are now in the ELA of the Greek central bank.”

The ECB only conducts its refinancing operations with solvent banks. Banks which fail to meet strict ECB rules but are deemed solvent by the national central bank (NCB) concerned can nonetheless go to their NCB for emergency liquidity assistance (ELA).

The sources did not name the banks concerned.

An ECB official later added: “Pending the recapitalization of Greek banks that are severely undercapitalized as a result of the recent PSI (debt restructuring) operation, some of the Greek banks have been moved to Emergency Liquidity Assistance.”

“Once the recapitalization process is finalized, and we expect this to be finalized soon, the banks will regain access to standard Eurosystem refinancing operations,” the official added. “The ECB/Eurosystem (of euro zone central banks) continues to support Greek banks.”

It was unclear exactly how many lenders were affected but the development marked a increase in the number of Greek banks depending on emergency borrowing from the Bank of Greece.

One person familiar with the matter said four Greek banks’ capital was so depleted they were operating with negative equity capital. According to its own rules, the ECB cannot provide liquidity to banks in such a situation.

ECB policymaker Luc Coene told the Financial Times in an interview released earlier this week Greek banks on ELA were still solvent.

Greece’s cabinet on April 27 agreed a state bank support fund (HFSF) would provide the country’s four big banks with 18 billion euros worth of European bonds as an interim solution until they are recapitalized later in the year.

The fund will allocate the 18 billion euros by next week to the country’s four biggest lenders as an interim recapitalization, its chief said on Wednesday.

“Procedures to allocate the funds should be concluded by next week,” the head of the Hellenic Financial Stability Fund (HFSF), Panagiotis Thomopoulos, told Reuters.

Athens is working with EU/IMF officials on technical aspects of a recapitalization plan for its banks, likely to be unveiled after the national election.

About 50 billion euros ($66 billion) have been earmarked in Greece’s second bailout to prop up its struggling banking sector.

ECB President Mario Draghi said earlier the central bank wanted Greece to remain in the currency bloc.

“I want to state that our strong preference is that Greece will continue to stay in the euro zone,” he said in a speech, adding: “Since the treaty does not foresee anything on exit (from euro), this is not a matter for the ECB to decide.”

Jim Rogers on 2012-2015

Hey, check out this video from Jim Rogers that is him explaining what he thinks is coming in the near future.  Its definitely worth the time.  Let me know what you guys think about it.

Which way is up in Europe?

So here is something that I think you should read: http://www.marketwatch.com/story/germany-will-blink-and-wont-let-greece-exit-euro-2012-05-16?link=MW_story_popular.

I think that this thing could go either way, but honestly neither option will go over very well.  In Greece, there was a run on the banks yesterday.  The Greek people don’t know what is going on, and they don’t want their money anymore in banks.  This is bad for banks, and is going to make liquidity completely nonexistent.  Greece is going to collapse whether or not they get bailed out by the Germans.  It just depends on when it is going to happen at this point, and honestly everyone knows this already so I don’t want to get into it.  What I do know though is that this is going to temporarily give our dollar a boost, as is already being seen.  This will temporarily push our problems down the road, and help our economy a bit.  Which means that we have a window of opportunity to get in on precious metals.  If you think that it was too late, you can now get in before the next meteoric rise happens when the dollar is no longer seen as a safe haven.  It is going to happen because the fundamentals of the US economy are completely out of whack will reality.  If there is some interest we could go into the fundamentals and what a correct macroeconomics view should be for the next decade. Personally, I think it is important, so I still might do it even if no one else wants it.  So just know that this temporary slip in the price of gold and silver are eventually going to turn around in a big way, so make sure you pick some more up, like I have been doing.

 

05/16/2012 Update

By Chris Oliver, MarketWatch

HONG KONG (MarketWatch) — Gold fell for a fourth day Wednesday, as concerns about political deadlock in Greece drained investors’ appetite for risk, helping to push the U.S. dollar higher.

Comex gold for June delivery GCM2 -0.58%   traded down $22.60, or 1.5%, to $1,534.50 an ounce in electronic trading.

The action extended weakness in the regular U.S. session Tuesday, where the gold contract settled at its lowest level since Dec. 29. See report on Tuesday’s gold moves.

Among other metals futures, July silver SIN2 -0.96%  tumbled 2.8% to $27.29 an ounce, while July copper HGN2 -0.53%  lost 1.4% to trade at $3.47 a pound.

Greenback extends run

The moves came as the U.S. dollar extended its string of gains, with the dollar index DXY -0.05%  rising to 81.369 from 81.286 in North American trade Tuesday. See Currencies.

Attention was focused on key meetings in Athens due later Wednesday to discuss the formation of a caretaker government, while U.K. data on inflation looked likely to set the tone for its monetary policy, according to analysts.

Credit Agricole CIB strategists said the Greek talks could set the stage for new elections. The vote would need to take place before the end of June in order for Greece to get further bailout tranches in time to meet its debt commitments, they said.

Meanwhile, data widely reported in the financial press Tuesday showed Greek depositors withdrew €700 million ($890 million) from the nation’s banks Monday, which could make Greek financial institutions more dependent on funding from the European Central Bank.

The Credit Agricole analysts said they expected the quarterly inflation report due out from the Bank of England later Wednesday to “signal a broadly balanced view regarding the risks over inflation in the medium term,” and that a benign view of consumer inflation would help clear the way for new rounds of monetary easing.

05/15/2012 Update

By Myra P. Saefong, MarketWatch

SAN FRANCISCO (MarketWatch) — Gold futures aimed for their third losing session in a row Tuesday as concerns over Greece’s political impasse fueled further gains in the U.S. dollar, which in turn pulled dollar-denominated gold below $1,560 an ounce.

Gold for June delivery GCM2 -0.22%  was off $5.60, or 0.4%, to trade at $1,555.40 an ounce on the Comex division of the New York Mercantile Exchange. Futures prices on Monday fell 1.5% to settle at their lowest level since Dec. 29.

July silver SIN2 -0.79%  also shed 21 cents, or 0.7%, to $28.15 an ounce. Prices lost 1.9% Monday to finish at their lowest since Dec. 30.

“The commodity sector is being hit with massive liquidation of funds as investors’ fears regarding a slowing global economy and potential European sovereign issues trump all else,” said Tom Essaye, editor of the 7:00’s Report, a daily commentary on equity and commodity markets and the economy.

“Gold is getting to that critical level of support at $1,550, and if you can stand the risk, taking a shot there on the long side probably makes sense,” he said in his latest report.

“As Europe continues to unravel, the prospect of a full blown crisis will increase, and I think you’ll see gold start to absorb some of that money looking for a safe haven beyond the U.S. dollar,” he said. “So, from a risk/reward stand-point, getting long gold here has a decent case.”

Losses among the precious metals came as the ICE dollar index DXY +0.41% , which measures the U.S. unit against a basket of six other currencies, lately traded at 80.916, up from 80.612 late Monday. The index logged an 11-session wining streak on Monday.

A stronger greenback tends to weigh on dollar-priced commodities such as gold, as it makes them more expensive for holders of other currencies.

“The strengthening of the U.S. dollar is something to be concerned about,” said Richard Hastings, a macro strategist at Global Hunter Securities. “It triggers an increase in inflation in many trading nations.” and we are seeing its effects already in a bunch of currencies from Mexico to India.

“Although German leaders suggest they would work with Greece just like the U.S. worked with delinquent mortgages, then the timetable for a rubber stamped default would be prolonged, yet along the way, the euro would continue to drift much lower, triggering higher inflation in the euro area,” he said.

In Greece Tuesday, Greek Socialist leader Evangelos Venizelos said the country was heading for new elections after talks between parties to form a government failed, The Wall Street Journal reported.

Weighing the data

Metals traders also digested fresh data on the U.S. economy.

Consumer prices were unchanged in April as a drop in gasoline offset rising food, apparel and car prices, according to the Labor Department. Data were in line with a MarketWatch-compiled consensus forecast. Read more on CPI.

Sales at U.S. retailers increased by a seasonally adjusted 0.1% in April, the Commerce Department said. Economists were expecting no change. Read more on retail sales.

Meanwhile, the Empire State manufacturing index rebounded to 17.1 in May, the New York Federal Reserve Bank said Tuesday. The gain in March was larger than expected.

Against that backdrop, copper for July delivery HGN2 -0.99%  fell 2 cents, or 0.7%, to $3.53 a pound.

After a loss of 2% in the previous session, July platinum PLN2 +0.13%  traded up $6.40, or 0.4%, to $1,449 an ounce, while the June contract for sister metal palladium PAM2 +0.57%  added $4.95, or 0.8%, to $599.80 an ounce.

U.S. Concerned Netanyahu, Mofaz May Attack Iran

This is a could be a big thing to hit the markets if this happen, though I thought I would share it.

 

http://www.israelnationalnews.com/News/News.aspx/155690#.T6x7ScXRpCI

Update 05/10/2012

Gold Today – New York closed at $1,591.00. Asia lifted the price up to $1,594 early in London’s morning. The euro stood at €1: $1.2965 leaving gold in the euro at €1,229.46. The Fixing in London today was set at $1,590.00 up $8 and in the euro at €1,228.368 up €7. Ahead of New York’s opening it started to slip again and stood at $1,587.65 and in the euro, which also continued to slip, €1,227.41 while the euro was at €1: $1.2935.

 

Silver Today – Silver closed at $29.20 in New York, the recovered slightly to $29.30 in early London time. Ahead of New York’s opening it stood at $29.00.

 

Gold _{(very short-term)}

 

Gold will again prove volatile again and look for a ‘floor,’ level either way, today in New York.

 

Silver _{(very short-term)}

 

Silver will again prove volatile again and look for a ‘floor,’ level either way, in New York today.

 

Price Drivers

Gold – Short-term traders still held control of the gold price, but there is evidence that investors, be it central banks, or Chinese demand came in to pick up bargain offerings at prices below $1,600. As these investors are not price chasers, prices did not bounce vigorously. This is the changed shape of strong demand now.

 

As 10-year Spanish bonds remain at unsustainable interest rates above 6% we hear that a leading Spanish Bank has been partially nationalized as it is overwhelmed by bad debts and a stagnant property portfolio. We expect Regional governments to also, in time, report excessive debt that could precipitate requests for bailouts from the E.U.

 

New elections are now expected in June in Greece, as a new government remains out of reach there. Tranches of bailout funds are expected to be withheld until the way forward is clarified. A shift of power from creditor to debtor may occur shortly, as the creditors stand to lose so much if Greek defaults and walks away from the E.U. So expect some precipitous negotiations in June!

Without inter-central bank support for the euro we would have expected the euro to be closer to the €1: $1.20 level than the current €1: $1.30 level now.

 

Silver – The silver price recovered in London to $29.15 but has not bounced enough to inspire confidence yet.

 

Now for the short-term still, both metals are showing a downward direction. Has silver found a floor? Is it in danger of collapsing?

Gold Today – New York closed at $1,591.00. Asia lifted the price up to $1,594 early in London’s morning. The euro stood at €1: $1.2965 leaving gold in the euro at €1,229.46. The Fixing in London today was set at $1,590.00 up $8 and in the euro at €1,228.368 up €7. Ahead of New York’s opening it started to slip again and stood at $1,587.65 and in the euro, which also continued to slip, €1,227.41 while the euro was at €1: $1.2935.

 

Silver Today – Silver closed at $29.20 in New York, the recovered slightly to $29.30 in early London time. Ahead of New York’s opening it stood at $29.00.

 

Gold _{(very short-term)}

 

Gold will again prove volatile again and look for a ‘floor,’ level either way, today in New York.

 

Silver _{(very short-term)}

 

Silver will again prove volatile again and look for a ‘floor,’ level either way, in New York today.

 

Price Drivers

Gold – Short-term traders still held control of the gold price, but there is evidence that investors, be it central banks, or Chinese demand came in to pick up bargain offerings at prices below $1,600. As these investors are not price chasers, prices did not bounce vigorously. This is the changed shape of strong demand now.

 

As 10-year Spanish bonds remain at unsustainable interest rates above 6% we hear that a leading Spanish Bank has been partially nationalized as it is overwhelmed by bad debts and a stagnant property portfolio. We expect Regional governments to also, in time, report excessive debt that could precipitate requests for bailouts from the E.U.

 

New elections are now expected in June in Greece, as a new government remains out of reach there. Tranches of bailout funds are expected to be withheld until the way forward is clarified. A shift of power from creditor to debtor may occur shortly, as the creditors stand to lose so much if Greek defaults and walks away from the E.U. So expect some precipitous negotiations in June!

Without inter-central bank support for the euro we would have expected the euro to be closer to the €1: $1.20 level than the current €1: $1.30 level now.

 

Silver – The silver price recovered in London to $29.15 but has not bounced enough to inspire confidence yet.

 

Now for the short-term still, both metals are showing a downward direction. Has silver found a floor? Is it in danger of collapsing?

http://www.parkavenumis.com/park-ave-news/

Thanks to Park Avenue Numismatics.