Monday, August 26, 2013

Where to from here with Gold and Silver?

Ah yes, the crystal ball. If only life was so plainly obvious.

But what of gold and silver. In New Zealand dollars quite an upturn in price in the last two weeks. What's going on?

Over the past 7 years of following PMs, I notice there is a lot of internet based misfiring loudmouths that can easily lead you astray in your PM life.Guys that own huge PM funds that will always tell you that now is the best time to buy while secretly selling. Annoying. Annoying also having to try and filter out all that noise and discover good sound logic.

So who do I listen too and follow without hesitation? No one. Call me a cynic (many have) but no one has all the information necessary to make you wealthy with anything. You need to be the filter.

In hindsight, in the last 6 months PMs seem to have got a little overbought. Probably by hedgefunds. Was there manipulation of prices? Sure, there always is. Those big players always get their toes close to the legal line in order to make big.

What's happening now to make prices jump? Probably wars and the rumours of wars. Gold for safety and silver for the electronic parts needed for weapons?

Maybe India is frightfully close to chaos. Will this be the next Egypt? When people get hungry, they get desperate. They take to the streets.

Maybe it's the big fat Greek catastrophe rearing it's poseidon head once again. Thought Greece was fixed. No, of course not, it just wasn't a big enough story to make the headlines.

Maybe it is all about the Fed's "she tapers, she tapers not" idiocy. The markets don't seem to care about fundamentals (at least right now) and are a mixture of confusion and insanity.

I tend to think that PMs are weird and unknowable. Except that I wouldn't have my wealth anywhere else right now.

Will they go up to $100 silver and $5000 gold soon.

Not saying as I don't want to be the next spruiker on the internet.

Gold in New Zealand dollars: $1783.84 per oz
Previous all-time high: $2311.02 per oz (15 Nov, 2011)
Low since previous high: $1532.30 (28 June, 2013)

Silver in New Zealand dollars: $30.79 per oz
Previous all-time high: $59.19 per oz (30 Apr, 2011)
Low since previous high: $23.51 (28 June, 2013)

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