RE:RE:RE:RE:RE:RE:98 cents-Good for you Heywood! I should of waited a bit as well as I picked some more up at around 97 cents. But I'm just buying and dollar cost averaging on a monthly basis so it doesn't really matter for me LOL. I have built up a good position. We just have to be patient with this investment imho. We are right in the middle of the summer doldrums for the PMs so right now there is very little interest in this sector.
Also, I think the prevailing belief in the market is the FED is going to keep interests rates higher for longer. This is a headwind for PMs but imho I think the market is going to be VERY wrong about this expectation. Things are deteriorating in the financial markets RAPIDLY!. M2 and bank lending has just dropped off a cliff in the last couple months. Where bank lending and credit contracts always leads to a downturn in the economy. We've just had the largest collapse in credit EVER. The economy will follow very soon IMHO.
Look at what's happening in Commercial RE! I read just a few days ago that Wells Fargo, Bank of Amer. and another big bank just marked some of their commercial office properties down over 60% from what it sold for 2 years ago! This is a disaster in the making! The regional banks will take the biggest hit in the next few months when they realize their commercial RE portfollio takes a 50% haircut. More bank failures are in the pipeline!
Residential RE is also now starting to crash as well. When this gets going in earnest this will be systematic and will cause the FED to reverse policy regardless of inflation. Stay tunned - this will be all unravelling by fall imho. Fed pivot is comming and this is what the bond market is screaming loudly. The place you want to be is in PM's and their proxys - PM mining cos and developers that have proven resources! Our day will come soon imho.