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PRECIOUS METALS: Gold Up In Asia; Silver Nears 31-Year High
WSJ ^ | March 01, 2011 | James Campbell

Posted on 03/01/2011 5:13:29 AM PST by Jet Jaguar

Gold was up in Asia Tuesday while silver pushed above the $34 dollar level and is getting close to the 31-year high of $34.33 a troy ounce it hit on Feb. 22.

After a volatile session Monday in which precious metals were supported by the ongoing political unrest in the Middle East, the focus is switching back to monetary policy concerns and the U.S. dollar, with Federal Reserve Chairman Ben Bernanke due to start two days of testimony to the U.S. Congress later Tuesday.

"The U.S. is unlikely to exit quantitative easing soon. Monetary policy will be loose compared to other central banks (like the European Central Bank) who may turn hawkish to combat inflation. This coupled with high oil prices could be negative on the dollar and positive for gold," Phillip Futures said in a note.

At 0635 GMT, spot gold was at $1,415 a troy ounce, up $3.80 since Monday's New York close, with Tocom February 2012 gold at Y3,748 a gram, up Y25.

Spot silver was up 12 cents at $34.10/oz. Technical analysts are expecting new highs soon after a rally of 20% in February due to a combination of short covering, Middle East-related safe-haven buying, and industrial demand.

Spot platinum was up $12 at $1805/oz, clawing back yesterday's losses, while spot palladium was down $1 at $795/oz after China's purchasing managers index data for February showed a slowdown in manufacturing output growth.

(Excerpt) Read more at online.wsj.com ...


TOPICS: Business/Economy
KEYWORDS: gold; silver
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1 posted on 03/01/2011 5:13:31 AM PST by Jet Jaguar
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To: jiggyboy; PA Engineer; blam; TigerLikesRooster; Cheap_Hessian; CJinVA; Jet Jaguar; ...

Goldbug ping


2 posted on 03/01/2011 5:14:58 AM PST by Jet Jaguar
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To: Jet Jaguar

Making me glad that I swapped out some of those flimsy paper things for shiny stuff a couple years ago.

:)


3 posted on 03/01/2011 5:16:55 AM PST by Daisyjane69 (Michael Reagan: "Welcome back, Dad, even if you're wearing a dress and bearing children this time)
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To: Jet Jaguar

I think silver can go to 40+....it’s that kind of economy right now.


4 posted on 03/01/2011 5:20:13 AM PST by oust the louse (Mr. Obama is a left-wing ideologue who believes in the greatness of Fedzilla.)
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To: Jet Jaguar

5 posted on 03/01/2011 5:21:14 AM PST by Perdogg (What Would Aqua Buddha do?)
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To: Jet Jaguar
Gold Ping theme music
6 posted on 03/01/2011 5:23:05 AM PST by Perdogg (What Would Aqua Buddha do?)
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To: Jet Jaguar

Inflation? What inflation?


7 posted on 03/01/2011 5:23:36 AM PST by fhayek
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To: Jet Jaguar

Gold is at its all-time high this morning. On Nov 9, 2010 gold set a high of $1424.

If gold closes above $1424, we should see gold hit $1500 soon thereafter.

Silver is also strong this morning.


8 posted on 03/01/2011 5:26:28 AM PST by Presbyterian Reporter
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To: Presbyterian Reporter

I didn’t realize $ 1424 was the all time high. For some odd reason, I thought it was almost $ 2,000.

Bad memory must be catching up to me.


9 posted on 03/01/2011 5:27:46 AM PST by Daisyjane69 (Michael Reagan: "Welcome back, Dad, even if you're wearing a dress and bearing children this time)
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To: Jet Jaguar; blam; dennisw
Nothing but sky above now. Prepare for blast-off? Maybe.


10 posted on 03/01/2011 5:34:11 AM PST by Travis McGee (www.EnemiesForeignAndDomestic.com)
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To: fhayek

I view it as devaluation. The US$ is steadily declining in value relative to real stuff.


11 posted on 03/01/2011 5:36:56 AM PST by bert (K.E. N.P. N.C. D.E. +12 ....( History is a process, not an event ))
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To: Jet Jaguar
Meanwhile, pre-packaged "precious metals" are back in full supply:

- Brass
- Copper
- Lead

12 posted on 03/01/2011 5:41:35 AM PST by DTogo (High time to bring back the Sons of Liberty !!)
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To: Jet Jaguar

Thanks for the ping, Jag.

How’d you like to have found this treasure last week?

http://timesofindia.indiatimes.com/india/17-tonnes-of-silver-found-hidden-at-Puri-Math/articleshow/7583713.cms


13 posted on 03/01/2011 5:41:44 AM PST by panaxanax (*Memo to Jim DeMint: Check your mail. Your DRAFT NOTICE will be arriving soon!)
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To: Daisyjane69

You’ve probably seen $2000/oz so many times the number has imprinted itself in your mind. It, or numbers near it, are the inflation-adjusted high of the 1979 peak ($850) adjusted to current dollars. Using the government’s own (understated) inflation numbers, no less! If you use more realistic inflation numbers, you get more like $5000-$6000/oz. This, to some of us, makes it still a buy here at $1400.


14 posted on 03/01/2011 5:41:49 AM PST by coloradan (The US has become a banana republic, except without the bananas - or the republic.)
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To: Daisyjane69
You are correct. The all time high in real terms is around $2000. However, some people believe that the price of gold is “fixed” therefore the value of currency fluctuates to accommodate the “fixed” price.
15 posted on 03/01/2011 5:43:38 AM PST by Perdogg (What Would Aqua Buddha do?)
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To: coloradan; Perdogg

I think you’re both right.

Least I knew I got that number from someplace! (see, there is always hope...lol)


16 posted on 03/01/2011 5:47:33 AM PST by Daisyjane69 (Michael Reagan: "Welcome back, Dad, even if you're wearing a dress and bearing children this time)
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To: coloradan

In the early ‘50s you could buy a gallon of gas for two silver dimes. Today you can still buy a gallon of gas for two silver dimes and get back change. If you take the change in copper pennies, you really make out.


17 posted on 03/01/2011 5:53:48 AM PST by Gadsden1st
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To: Gadsden1st

With silver at $34.00 today am I correct in saying that one silver dime is worth $2.50?


18 posted on 03/01/2011 6:12:36 AM PST by Presbyterian Reporter
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To: Gadsden1st

That’s a great idea, but copper pennies are getting rare. I think I’ll ask for the change in nickels, which are also worth more than their face value. They have more copper in them than today’s pennies do, being made of 75% copper, 25% nickel.


19 posted on 03/01/2011 6:25:41 AM PST by coloradan (The US has become a banana republic, except without the bananas - or the republic.)
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To: Presbyterian Reporter

Handy site:

http://www.coinflation.com/coins/silver_calc.php

Bid/Ask Spread:

In the past, most “junk silver” coins on eBay often sell between a +/- 5% spread of the melt value. For example, if you have a silver coin that has a $1.00 melt value, you should be able to find someone who’s willing to buy/sell it between $0.95 - $1.05. However, the recent spike in the silver price has caused premiums to fluctuate wildly.

If you’re planning to buy/sell 1 Roosevelt dime(s) when silver is priced at $34.31 / ounce, the final total may fall between $2.36 - $2.61 on eBay.


20 posted on 03/01/2011 6:28:16 AM PST by Gadsden1st
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To: Perdogg; Daisyjane69; Gadsden1st

In 1930, one could buy a brand new car for about 15 oz. of gold.

Today, one can still buy a brand new car for about 15 oz. of gold.

;^D


21 posted on 03/01/2011 6:29:27 AM PST by RebelTex (Freedom!! It's not just another word.)
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To: coloradan

Copper pennies are about 20% of a $50.00 random “bag”, actually box of rolls from a bank. Wheat pennies are really getting hard to find.


22 posted on 03/01/2011 6:31:43 AM PST by Gadsden1st
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To: DTogo

That’s the “first level” of precious metals one should buy.

1) Preconfigured brass & lead - personal, family, and property defense

2) Silver - for trading

3) Gold - wealth preservation


23 posted on 03/01/2011 6:35:07 AM PST by MrB (The difference between a Humanist and a Satanist - the latter knows whom he's working for)
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To: Presbyterian Reporter

That’s really close. As another poster said, the coinflation site is very handy.

Notice that the 90% silver coins, be they dimes, quarters, halves or dollars,
all are worth around 25 (24.58) times “face”.

If the SHTF tomorrow, remember what your $2.50 would buy today, and that’s what you should be able to buy with a silver dime post-SHTF.


24 posted on 03/01/2011 6:40:00 AM PST by MrB (The difference between a Humanist and a Satanist - the latter knows whom he's working for)
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To: anyone

Does anyone expect silver to test the $30 floor again anytime this year? If no, what’s a reasonable floor to expect on a pullback this year.


25 posted on 03/01/2011 6:51:18 AM PST by OB1kNOb (If all the economists were laid end to end, they would still never reach a conclusion.)
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To: Gadsden1st

Thanks,

I simply had not given thought to the value of one silver dime today.

It puts into perspective how damaging the Federal Reserve and or Federal Government have been.

If a person hoarded a “paper” dollar bill in 1960, that person would have $1.00 today.

If a person hoarded ten silver dimes in 1960, that person would have $25.00 today.

And Obama is submitting budgets that require even more printing of paper dollars.

We are so screwed!!!!


26 posted on 03/01/2011 6:54:35 AM PST by Presbyterian Reporter
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To: Presbyterian Reporter

From Obama’s election in Nov 2008 until today silver prices are up 245%, gold prices are up 95%,and oil prices are up 50%.

How is that Hope and “lack of” Change in your pockets feeling to those who voted for the ObaMao?

And Obama has the audacity to tell the Senior Citizens on Social Security there has been zero inflation and as a result the Senior Citizens are not going to get a boost in their Social Security check.


27 posted on 03/01/2011 7:15:58 AM PST by Presbyterian Reporter
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To: Gadsden1st

Based on your numbers, I wonder which is the better deal. We could say pennies are, then, on average 20% copper and 80% zinc, while nickels are 75% Cu and 25% Ni. Given the weights of a dollar’s worth of pennies and of nickels, we could calculate based on the metals prices what the relative values actually are. One thing I know right now: both pennies and nickels are worth more in metals content than in face value. And given the actions of our sage leaders in Washington, this is likely to continue. At least with nickels, you don’t have to sort them ... unless you’re looking for silver wartime nickels, which the tarnish however makes most of them really easy to spot.


28 posted on 03/01/2011 7:18:12 AM PST by coloradan (The US has become a banana republic, except without the bananas - or the republic.)
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To: Presbyterian Reporter

One correction—oil prices on Nov. 21, 2008 were about $ 49.00/bbl.

So they have gone up 100% since then, not 50%.

Higher oil prices will only stall the economy, if not stop it in its tracks.

Think Zero cares?

BTW—in December 2008, oil went down to a little over $ 30.00/bbl. So, the price as gone up over 200% if you use that as the starting point.

Oh, and the Dems were in power all that time except for the last two months.


29 posted on 03/01/2011 7:24:06 AM PST by exit82 (Democrats are the enemy of freedom. Sarah Palin is our Esther.)
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To: coloradan

BE VERY CAREFUL!! It is a slippery slope you are attempting to explore!!! It starts with just real copper pennies, then you save ALL nickles, then you read about a few State quarters that are rare, like Delaware, Pennsylvania, and Georgia,...Then you figure might as well check for mint errors.......THAT WAY LIES MADNESS.....


30 posted on 03/01/2011 7:33:00 AM PST by Gadsden1st
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To: Travis McGee
But, but wait.

Everything is okay now:

It's Official: Personal Income Is At A Record, And Americans Are Returning To Work

31 posted on 03/01/2011 7:43:28 AM PST by blam
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To: Gadsden1st
"Copper pennies are about 20% of a $50.00 random “bag”, actually box of rolls from a bank. Wheat pennies are really getting hard to find."

I saw Wheat Pennies at my local coin shop (about a month ago) selling for $4.25 per 100 coin bag. (That's four and a half cents each)

32 posted on 03/01/2011 7:47:49 AM PST by blam
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To: Presbyterian Reporter

Silver closed at $33.98/oz yesterday, making one silver dime worth $ 2.458.

It will be worth more today. See link for worth of precious metals in coinage:

http://www.coinflation.com


33 posted on 03/01/2011 7:56:14 AM PST by exit82 (Democrats are the enemy of freedom. Sarah Palin is our Esther.)
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To: blam

Just bought a roll of Mercs for $136 (w/ ship) and don’t feel a damn bit bad about it. Mercs are my fave.


34 posted on 03/01/2011 8:25:05 AM PST by misanthrope (Liberals just plain suck!!)
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To: fhayek

“Inflation? What inflation?”

Actually, it’s deflation. Many grocery product volumes are decreasing while the prices stay the same.


35 posted on 03/01/2011 8:46:36 AM PST by Rebelbase
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To: Jet Jaguar

There’s a shortage of silver bullion on my area. Between 3 coin shops last Saturday there was a total of 35 ounces to be found. All of the shops said they had several hundred ounces in earlier in the day and had already sold it.


36 posted on 03/01/2011 8:50:54 AM PST by Rebelbase
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To: panaxanax
I learned a valuable lesson ten years ago. Never keep your slabs of silver in a dilapidated Math. Never, ever.
37 posted on 03/01/2011 8:58:16 AM PST by Sawdring
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To: Jet Jaguar
Some fun past links from here

Goldman Defuses The 'Religion' Of Gold: It Is Not An Inflation Hedge & The Rally Is Fading

Gold Prices Tank to 3-Month Lows

Gold hits two-month low as haven appeal wanes

Some coin collectors fear a 'gold bubble'

Gold Prices Getting Slammed


38 posted on 03/01/2011 10:22:44 AM PST by qam1 (There's been a huge party. All plates and the bottles are empty, all that's left is the bill to pay)
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To: Rebelbase

The “silver shortage” reflects a lack of small sellers, and shops unwilling to buy at actual market price. Tulving.com, and nwtmint.com have plenty at normal market rates


39 posted on 03/01/2011 11:45:34 AM PST by Atlas Sneezed ("If you touch my junk, I'm gonna have you arrested.")
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To: Beelzebubba

From Tulving.com

” 2011 Sealed Boxes Of Silver Maples For $1.99 A Coin Over Spot”

$2.00 and lower is what the small guys around here are charging over spot, and $2/under is what they buy it at, unless you have a hundred ounces or more then they cut a deal.

Bought a few eagles at $1 over spot this past weekend.

The run is on....


40 posted on 03/01/2011 12:13:57 PM PST by Rebelbase
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To: Daisyjane69

Yep.


41 posted on 03/01/2011 2:33:02 PM PST by Jet Jaguar
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To: Rebelbase

Looks like tulving.com has a $0.49-0.70 per ounce buy/sell spread on silver. That’s 1.5-2.0% for large quantities and low overhead, while your local shop guys have a $4 spread, which is about 12% spread (plausible, though not attractive).

These numbers have been this way for years, so saying “the run is on” is not really correct.


42 posted on 03/01/2011 3:03:17 PM PST by Atlas Sneezed ("If you touch my junk, I'm gonna have you arrested.")
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To: Rebelbase
Actually, it’s deflation. Many grocery product volumes are decreasing while the prices stay the same.

What you have described is inflation. It is a price increase, a hidden one, but a price increase all the same.

43 posted on 03/01/2011 3:04:01 PM PST by fhayek
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To: fhayek

Er yeah. I guess the sarcasm tag got left off that one.


44 posted on 03/01/2011 3:10:38 PM PST by Rebelbase
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To: Beelzebubba

Local guys around here are selling at $2 over spot, unless it’s a premium coin. $1.50 over spot if you’re buying 100 or more. It’s hit or miss. If they get a boatload in the morning, it’s gone in the afternoon.


45 posted on 03/01/2011 3:12:52 PM PST by Rebelbase
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To: Rebelbase

I was hoping you were trying to be funny (good one!), but in this day and age, you never know. I guess I should give your average freeper more credit too. ;^)


46 posted on 03/01/2011 3:18:38 PM PST by fhayek
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To: Presbyterian Reporter

I have a torn $2 from 1928. Then it was worth about a tenth ounce of gold. Today it is worth $2.


47 posted on 03/01/2011 5:43:39 PM PST by DeaconBenjamin (A trillion here, a trillion there, soon you're NOT talking real money)
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To: Rebelbase

Local shop said they sold 3 bags ($1000 face) this morning. Not much junk left.


48 posted on 03/01/2011 5:46:08 PM PST by DeaconBenjamin (A trillion here, a trillion there, soon you're NOT talking real money)
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To: Beelzebubba

And what’s their minimum? 500 ounces?


49 posted on 03/01/2011 5:46:58 PM PST by DeaconBenjamin (A trillion here, a trillion there, soon you're NOT talking real money)
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To: Travis McGee

Happy I went all-in on PM’s in early 2009. Not so happy what this spells for the future of my kids and my country.


50 posted on 03/01/2011 5:53:49 PM PST by WhistlingPastTheGraveyard (Some men just want to watch the world burn.)
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