Is Rhodium falling back to earth?

[DutchSilver]

There is no reason for this to keep going down every day like the way it is. Especially when others assets are starting to stabilise and see some gains.

I have to question some of the holders for being so dam stupid because it would be better to hold on than take any profit.

RH is not something that you day trade and if they held on it would have shown that it has support. This would have enabled it to sit around for a while in readiness for the next level

Now we have another mountain to climb.

Kitco has not helped at all and they have not answered my email.

I don't get their logic for the pool account - see the current spread

Buy Rhodium Pool $5,000.00
Sell Rhodium Pool $2,500.00

I feel for ya...dangg! $2500 spot now.
My LCS does the same but then with silver

[midiman]

I don't at all. They had plenty of time to sell, and they should know things like this happen with Rh, not the first time. It is the nature of Rh, nobody who has been around a few years and could read charts should not know this. They are lucky they could buy at $2,500, I would not touch it anywhere over $1,000, and also need it to cost less then platinum. It is really an ugly industrial metal, in bullion bar form it is a joke (and you can't sell bars for as much as sponges), and the price is heavily influenced by a very few middle men/refinsers. If I do get, I'll need to find in ETF form -- anyone has bought such digital platinum? I hope Kitco ends their Rhodium business, they really should, it makes them look bad (such as when they would not buy the bars they sold back due to refiners not accepting them).

Sounds like someone got burnt

[midiman]

I feel for ya...dangg! $2500 spot now.
My LCS does the same but then with silver

Yeah, but it's still out of most peoples hand so I should count myself lucky there.

I would never touch Silver again and you would be far better putting your money into digital silver right now.

These are unprecedented times and most of Europe and my country are under lock down until further notice.

[motocat]

Sounds like someone got burnt

You seem only on Rhodium. I do Gold, Silver, and Platinum, and I even sold my last Rhodium higher than you could now get for yours. We know who got "burnt", that's why the "feel sorry" E-mails, even though you were warned. If you are in the Rhodium game, you need to be a skilled and fast trader, this is more true than with any other of the 5 metals Kitco deals with.

I dont want any fellow "stacker" getting disillusioned because of Rhodium (as you did with silver) they need to know what it is about: very high and changing premiums, and very drastic and quick up and downs, and only a few buyers/refiners. Don't like it, stay away.

[darkseid1998]

I predicted this would happen. The risk outweighed the reward and you can see that in my post on the other thread. I also warned that kitco lost their source to see rhodium so I quoted other sources to sell Rhodium. I got out at $9500 spot Rhodium getting $8500 each. Kitco bought my first 2 bars at $5600 and $7000 but couldn't buy the rest of my bars. But I don't hold that against them. You need a buyer as well as a seller to make a sale. It is okay to buy at this $2000 or lower level just wait for the next shortage to sell and have some powder ready.

[DutchSilver]

Dangggggggggggggggggggggggg...................$2K now

[midiman]

I predicted this would happen. The risk outweighed the reward and you can see that in my post on the other thread. I also warned that kitco lost their source to see rhodium so I quoted other sources to sell Rhodium. I got out at $9500 spot Rhodium getting $8500 each. Kitco bought my first 2 bars at $5600 and $7000 but couldn't buy the rest of my bars. But I don't hold that against them. You need a buyer as well as a seller to make a sale. It is okay to buy at this level just wait for the next shortage to sell and have some powder ready.

No you could never predict that this would happen!!!

This is unprecedented and people are selling Rhodium to save their lives.

There is nothing wrong with Rhodium at all, what you have to remember is that it will suffer in times of crisis because it is not looked upon as a long term source of safety like Gold.

We have just heard that all bars, clubs, gyms, restaurants, and social gathering places in the entire country are to close from midnight, and the decision to re-open them will be reviewed on a month by month basis.

Our government is going to pay 80% of everyones wages for people that are going to have to to work from home.
We can't go out of the house.
We are the 5th largest economy in the world.
This is the biggest thing we have ever seen since the WW2.
We even have war time measures coming into force.

People are panicking.
People are panic buying food.
Shops are selling goods at inflated prices.
Shops supplies are low.

Things are changing and moving dramatically by the day.

What good is a bar of RH right now?

Cash is what they want.

But like I said this is not 2008!!!! This may no cause a prolonged worldwide depression like we witnessed before.

Businesses are being supported and staff are still getting paid throughout all of this.

[rwh63]

didn't want to say anything. how low can it go, and why? is it mainly used in automotive emissions applications?

[midiman]

didn't want to say anything. how low can it go, and why? is it mainly used in automotive emissions applications?

Yes and who knows but that's only the bid price.

It will cost you a lot to buy.

[Jibron85]

didn't want to say anything. how low can it go, and why? is it mainly used in automotive emissions applications?

It could go to around $1000 usd but the premiums are extremely high as they are for the rest of the previous metals, right now your looking at $3000-$5000 premium on rhodium depending on where you look. If ur from the USA it is cheaper than from someone outside USA because the USD is strong right now.