Refining Views - The Market

Posted on 27 Sep 2017

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Nobody knows what the markets are going to do. They’re like an elevator; the markets are going to go up, and they’re going to go down. I keep an eye on it every day. I watch CNBC, I look at KITCO and Bullion Desk, I talk to fellow coin guys and jewelers and pawnbrokers. Overall, I try to keep a realistic view of the markets. When I first started in the refining business 17 years ago, gold was at $256 an ounce. If it moved five dollars, I would call my clients and say “Hey, gold’s up five bucks, sell it all!” Now, it will move fifty dollars at $1,217 an ounce, and people say “Let’s see what it does tomorrow.” In the span of 17 years, things have really changed.

The bottom line is that you have to price and scrap your metal – whether it’s gold, silver, platinum, palladium – when it’s right for you. When you need the money, then it’s the right time. If you keep trying to figure out when the market’s going to go up or down, you'll just end up spinning your wheels. The markets will move on the fed talks, on the strength or weakness of the dollar, on what’s going on overseas. Sometimes they’ll move for what seems like no reason at all. At the time of this writing, the markets are on a downward trend. I can’t do anything about it, you can’t do anything about it. But if it’s the right time for you to scrap and to price, then you do it. Take your money and you get it back out on the street. Buy your building. Pay your taxes. Heck, take a vacation! Whatever it may be, when you feel it's time to make a move, make a move. I can't foresee what the markets are going to do, but I can help you decide the best course of action for you and your business. 

Peter B. Spector

Written by Peter B. Spector

I have a true passion for my work and for the clients I am grateful to have represented throughout the United States for almost 17 years in the Precious Metal Refining Industry. I am always in search of clients looking for the extraordinary customer service I provide on behalf of my company, GEIB Refining. My Best is what you'll get every day, every transaction. Always.

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