Tongue twisters aside, I’ve never been happier to *not* be a platinum owner.  The white metal called PT lost an astounding $125 in value today, to close at $1039.  It’s getting dangerously close to becoming a three-digit metal.  The not so distant days of $2200-$2300 Platinum seem awfully far away indeed.

To round things up, gold lost a couple bucks, and silver dropped a nickel.  Palladium gained a single buck.  

One more tough day in metals could bring $900 PT, $9 AG, and $190 PD.  Of course, it will be awfully hard to resist buying at those prices, if any physical metal can be found.  No paper metals for me, please.

Gold gained $16 for the day – it’s first up day in awhile.  Silver managed to eak out a quarter gain, while the "other" white metals stole the spotlight.  Platinum managed to gain $59 on the day – and inched toward $1200.  Palladium rounded up the good news with a $15 gain.

I don’t think it will be all roses and unicorns from here on out, but it’s nice to have a good day in the midst of a downturn.  In fact, this may mark a turning point of sorts, with the major bad news behind us.  That doesn’t mean that we won’t see rough days, but hopefully a slow upward trend from here.  If you’re sitting on some cash, it might be time to part with some.  Silver looks particularly attractive, if you can get ahold of some without absurd premiums.  Don’t spend it all, mind you – silver is of course, extremely volatile.  Further downside is possible, if not terribly likely.  Only invest what you can afford to lose, as always.

As for me, I’ll be on the lookout for some reasonably priced Mexican Libertads.  They’re gorgeous, and one troy ounce of fine silver.  What more could an investor want?

Only Palladium managed to come through the day unscathed.  Gold did close under $750 for the first time in, well, a long time.  Platinum inched ever so slowly closer to breaking below $1100.  I don’t know where the bottom is in metals, but apparently we’re not quite there yet.  The fundamentals say we should be going higher, and they haven’t changed.  Long term I’m very bullish – all four metals will see new highs.  When will they start tracking upward again?  Your guess is as good as mine.  I’d lay money ( or metal ) on the fact that it won’t happen before the US elections.

• Gold: $751
• Silver: $10.65
• Platinum: $1161
• Palladium: $225

Wow, just wow.  Silver is back in the $10′s – will it fall to the single digits again?  Just when we thought $25 was almost set in stone, we’re facing the very real possibility of single digit silver. 

Gold hasn’t done much better – losing $25 in a single day.  Who would’ve thought we’d see $750 gold again? 

The Platinum group metals have had a terrible time of it too… with Platinum itself dropping to $1161.  It’s not so long again that PT sold for well over $2k per ounce.  How the mighty have fallen.

Just two more days in this bloody week.  Will the metals rally?  Will they continue to falter?  All we can do is watch, and try to time our buying / selling decisions as best we can.

• Gold: $777
• Silver: $11.26
• Platinum: $1216
• Palladium: $230

Quite the opposite of when I was expecting.  At this point one has to ask – how low can they go?  It isn’t too far-fetched to say we’ll see gold dip into the low 700 range this week.  Silver could dip well into the $10′s.  Platinum has mid $1000′s written all over it – and Pallladium could be a sub $200 metal very soon.

The last few weeks have been brutal for holders of precious metals – worse than I’ve seen since becoming an investor.  If your hands are strong, hold on – but hold on tight.  The ride will be bumpy.

Who knows how the day will end up, but it’s an absolute bloodbath right now.  Platinum is down $75 bucks so far – sitting at $1248.  Palladium cruised downward through $250, and sits at $241.  Not so long ago Platinum’s cousin was a $450 metal all day long.

I’ll keep an eye on the charts throughout the day, and offer up my closing thoughts.  If you hold paper metals, I feel for you.  Unfortunately, I own just a bit.  The rest is in physical metal – and I don’t feel quite so bad about that.

I’m going to call a different story tomorrow.  I’ll go out on a limb and say we’ll see gold top $800 by the close, Silver top $13, and Platinum top $1400.  Palladium will probably stay about flat, but may scare $300.

Often Fridays aren’t good days in the metal markets, for some reason.  We’ll see what tomorrow brings.

Though we may see some more downside in the near future, Silver is a screaming buy.  If you can purchase silver at anywhere near spot prices, now is the time to buy.  The big question is "if".  Remember, silver was going for $20+ just a few short months ago.  Has anything really changed since then?

Do you still have the same number of ounces?

Go to your safe, safety deposit box, or hole in the backyard.  Count the number of ounces in your posession.  Do you have any less ounces than you did at a higher spot price?  Of course you don’t.  That’s part of the beauty of precious metals.  Sure, the dollar value can be confounding at times.  But your holdings haven’t changed a bit.  If you had 100 ounces of silver at $19 per ounce, you still have the same 100 ounces in your posession – even though silver is at $13 per ounce.  Rest easy knowing your stack is safe and sound.  You are in this for the long haul, aren’t you?