Today gold slipped past the $1270 mark to top out for the day at just below $1276 at one point, while silver closed at an asking price of $20.50. With so many indicators that confidence in the greenback is faltering investors both foreign and domestic are making an exodus from the market resulting in the dollar hitting a 15-year low against the yen and a nine-month low versus the Swiss franc today. The latest motivator for traders to seek the shelter of commodities was the grim economic data out of Germany which also caused the euro to fall versus the dollar. This coupled with the growing collection of expert opinions that economic recovery is not as strong as initially hoped resulted in the value of precious metals climbing to these current highs.
For the trader watching the market, it may be tempting to ask when the right time to exit will be. For those who are actually trading privately, the fruits of their efforts and creativity still hold considerable value and they currently enjoy growing recognition that they were right all along. As those who claim to be in the know scramble to pull in hard commodities such as silver, the traders are laughing all the way to market where they enjoy increased buying power versus their paper-bearing brethren.
Finding a way to enter this marketplace is not nearly as daunting as it may seem with new Community Trade Coordinators initiating networks nationwide at an increasing rate. The biggest barrier most run into is taking the first step. That can be as simple as finding out who the local CTC is for your area and engaging them in conversation to learn who is active and who has the best deals today. For others it may be as simple as scouring the AOCS Marketplace listings for what they need at the moment and that will soon be as easy as clicking a link. When the new AOCS Marketplace site opens it promises to be a center of activity where almost anything needed is available and any individual can offer their wares and/or shop for what they need from the comfort of home knowing they are starting to escape the turmoil being felt by those still holding too much green.
In the meantime, talk to your local Community Trade Coordinator to learn about what is available now and where the best deals are being offered in your area and let them know what you have to offer. Soon, you could be laughing right along with the rest of us.
Of course, we’ll all be down at the market stocking up on the good stuff that they can’t afford.