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I just checked spot Silver at CoinInfo.com and am in shock!!

keetskeets Posts: 22,442 ✭✭✭✭✭

Silver is currently at $14.85 and heading down. When I worked at the Coin Shop I always told people that if you don't sell you don't lose any money, but the "stackers" have to be anxious right now. I knew a lot of buyers who held Silver as a hedge or just somewhere to hold cash till needed, so this could be that time. I can sort of hear the wailing and gnashing of teeth.

I hope everyone who "stacked" can hold on and ride this out because it would really, really suck to take a hit.

Al H.

--- George Carlin RIP, he'd have a lot of fresh material if he was alive today!!
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Comments

  • PokermandudePokermandude Posts: 2,659 ✭✭✭

    I have experienced that stackers are buying more this week, and at a higher premium than before the drop. Spot price is set by paper/futures traders, not by real metal trading hands.

    http://stores.ebay.ca/Mattscoin - Canadian coins, World Coins, Silver, Gold, Coin lots, Modern Mint Products & Collections
  • johnny9434johnny9434 Posts: 20,724 ✭✭✭✭✭

    I really don't need the cash right now so im holding. fwiw

  • Tom147Tom147 Posts: 134 ✭✭✭

    Heck, I'm waiting for it to drop more, so I can " stack "

  • OuthaulOuthaul Posts: 7,055 ✭✭✭✭✭

    @TurtleCat said:
    I don’t want anyone to lose money but I hope gold goes lower so I can buy some bigger denom gold coins at a cheaper cost.

    It doesn't always work that way. But if it does, it'll all be...

    Never take a front row seat at a Bris.
    Proud recipient and founding member of the "YOU SUCK" Club since 8/31/04 - USAF Retired: 1974 - 1994

  • jmlanzafjmlanzaf Posts: 11,973 ✭✭✭✭✭

    Silver has been trying to go down for a couple months now.

    This is a perfect illustration of what I've said before about gold/silver not serving as disaster insurance as they once did. A similar thing happened in 2008/2009 although in 2010 and 2011 metals moved up. When the proverbial trouble hits, gold/silver tend to sell-off just like every other asset class.

  • jwittenjwitten Posts: 4,093 ✭✭✭✭✭

    These are strange days, for sure

  • ChrisH821ChrisH821 Posts: 3,492 ✭✭✭✭✭

    100+ GSR, not that that means anything.

    Collector, occasional seller

  • jmlanzafjmlanzaf Posts: 11,973 ✭✭✭✭✭

    @ChrisH821 said:
    100+ GSR, not that that means anything.

    I think that somewhat reflects the emotional appeal of gold. Silver is the more industrial metal, it should sell off harder in a slowdown.

    I don't hear the Palladium crowd cheering that metal anymore either. Again, a largely industrial metal that has just been hammered lately: down close to $1300 in the last 15 days.

  • bearcavebearcave Posts: 1,765 ✭✭✭✭

    @ChrisH821 said:
    100+ GSR, not that that means anything.

    GSR=Gun Shot Residue?

    Ken
  • PerryHallPerryHall Posts: 37,726 ✭✭✭✭✭

    @bearcave said:

    @ChrisH821 said:
    100+ GSR, not that that means anything.

    GSR=Gun Shot Residue?

    GSR is Gold Silver Ratio in case you are serious.

  • shorecollshorecoll Posts: 5,099 ✭✭✭✭

    Unless we talk Saudi and Russia into postponing their oil war, the rumor is they are planning to tank (pun) the market for 2 years to take out most of the shale guys.

    ANA-LM, NBS, EAC
  • BuffaloIronTailBuffaloIronTail Posts: 4,273 ✭✭✭✭✭

    @jwitten said:
    These are strange days, for sure

    Agreed. Doesn't Gold and Silver usually go up when things go screwy?

    Pete

    "I tell them there's no problems.....only solutions" - John Lennon
  • TurtleCatTurtleCat Posts: 601 ✭✭✭✭

    I should add that I’m glad I sold most of my 90% in jan for 11.8x. I’m sure it will be back up before much longer.

  • bearcavebearcave Posts: 1,765 ✭✭✭✭

    @PerryHall said:

    @bearcave said:

    @ChrisH821 said:
    100+ GSR, not that that means anything.

    GSR=Gun Shot Residue?

    GSR is Gold Silver Ratio in case you are serious.

    i am serious, Didn't know what GSR was, been around the other too long. :)

    Ken
  • SmudgeSmudge Posts: 5,049 ✭✭✭✭✭

    Waiting to buy gold at bottom, but when I think it cannot go any lower, it does. So I wait.

  • 1Mike11Mike1 Posts: 3,731 ✭✭✭✭✭

    This from JM Bullion site:

    NOTE: Due to extreme order volumes, please expect shipping delays of 5-10+ business days. We also have a temporary $299 order min. Click to learn more.

    "May the silver waves that bear you heavenward be filled with love’s whisperings"

    "A dog breaks your heart only one time and that is when they pass on". Unknown
  • JimnightJimnight Posts: 4,139 ✭✭✭✭✭

    Something is just not right.

  • ARCOARCO Posts: 4,124 ✭✭✭✭✭

    Silver seems to always disappoint. I sold out years ago and will never go back.

  • thebigengthebigeng Posts: 5,955 ✭✭✭✭✭

    The stackers are buying as far as I know!!

    “Remember that sometimes not getting what you want is a wonderful stroke of luck.” ~ Dalai Lama
  • keetskeets Posts: 22,442 ✭✭✭✭✭

    to anyone who might have misunderstood the OP, I'm not in any way suggesting anyone should sell now. my sole point was that if things go as the "pundits" are saying and we're in for a couple of very tough months some people holding Silver may be forced to sell.

    --- George Carlin RIP, he'd have a lot of fresh material if he was alive today!!
  • yspsalesyspsales Posts: 589 ✭✭✭✭
    edited March 13, 2020 2:03PM

    Seems counter productive.

    It's not like the shale producers cannot be replaced.

    Somebody will just buy up all the bankrupt companies, their leases, and their wells and keep pumping and keep drilling at an even lower break even point.

    Buy the book!

  • shorecollshorecoll Posts: 5,099 ✭✭✭✭

    My overall theory on PM's is that you are playing chicken with billionaires. Knock yourself out. :)

    ANA-LM, NBS, EAC
  • erwindocerwindoc Posts: 3,171 ✭✭✭✭✭

    I bought some silver yesterday and would buy more today if I had more money!

  • DIMEMANDIMEMAN Posts: 21,993 ✭✭✭✭✭

    @TurtleCat said:
    I should add that I’m glad I sold most of my 90% in jan for 11.8x. I’m sure it will be back up before much longer.

    I sold my silver @ 42. B)

    Canadian Dimes Set
    Seated Dimes Fortin Top 100
    RIP image Rebecca 2004-2018...If love could have saved you - you would have lived forever
  • BAJJERFANBAJJERFAN Posts: 30,036 ✭✭✭✭✭

    @ErrorsOnCoins said:
    Metals are down because people are liquidated to cover shorts or buy stocks.

    One AP is sold out of all ASEs and 1 ounce gold AGEs. They are paying $2 over for sealed MB quantities of all ASEs. PMs are in hot demand now. Did you miss the bulletin from JMBullion?

  • yspsalesyspsales Posts: 589 ✭✭✭✭
    edited March 13, 2020 3:54PM

    I have always believed in being liquid.

    Stacking goes against that premise (IMHO)

    ETF's... maybe. But they are just paper. The bank is the trustee and owns the gold... not the shareholder of the ETF (unless the prospectus has changed)

    When the Bush Admin targeted HBSC(?) and another market maker bank for manipulation... it had to be bad.

    The PM ETF's have a market cap of a large mid cap company. No transparency, no PM's backing the ETF's, and ripe for manipulation.

    Just some observations from a cloudy decades old memory of the last crash.

    Buy the book!

  • DIMEMANDIMEMAN Posts: 21,993 ✭✭✭✭✭
    edited March 16, 2020 12:29PM

    @shorecoll said:
    Unless we talk Saudi and Russia into postponing their oil war, the rumor is they are planning to tank (pun) the market for 2 years to take out most of the shale guys.

    I like cheap gas. I just filled up for 1.93 a gal. First time it has been under 2.00 in a long time.

    Canadian Dimes Set
    Seated Dimes Fortin Top 100
    RIP image Rebecca 2004-2018...If love could have saved you - you would have lived forever
  • WeissWeiss Posts: 8,408 ✭✭✭✭✭

    Only $14.85 an ounce? So if I sold now I'd only double or triple my money?

    Only $14.85 an ounce? Wish I had more to offset my losses in the stock market.

    Only $14.85 an ounce? So buyers are only paying a $2 per ounce premium?

    Kinda depends on when you bought, why you're holding, and what you expect the market to do. I suspect there are more than a few folks who wish they'd taken money off the table a month ago and sunk it into silver (or gold).

    We are like children who look at print and see a serpent in the last letter but one, and a sword in the last.
    --Severian the Lame
  • TurtleCatTurtleCat Posts: 601 ✭✭✭✭

    @DIMEMAN said:

    @TurtleCat said:
    I should add that I’m glad I sold most of my 90% in jan for 11.8x. I’m sure it will be back up before much longer.

    I sold my silver @ 42. B)

    What helped me is I got my silver for free. :)

  • JustacommemanJustacommeman Posts: 19,595 ✭✭✭✭✭
    edited March 13, 2020 2:53PM

    @ErrorsOnCoins said:
    Metals are down because people are liquidated to cover shorts or buy stocks.

    I need to revisit as I misread what you wrote

    mark

    Walker Proof Digital Album
    Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
  • blitzdudeblitzdude Posts: 2,367 ✭✭✭✭✭

    @keets said:
    Silver is currently at $14.85 and heading down. When I worked at the Coin Shop I always told people that if you don't sell you don't lose any money, but the "stackers" have to be anxious right now. I knew a lot of buyers who held Silver as a hedge or just somewhere to hold cash till needed, so this could be that time. I can sort of hear the wailing and gnashing of teeth.

    I hope everyone who "stacked" can hold on and ride this out because it would really, really suck to take a hit.

    Al H.

    Finally getting back in my buy range (Wasn't planning to be accumulating but those paper puppets leave not much of a choice). Long live the shiny gutter metal!

  • mark_dakmark_dak Posts: 202 ✭✭✭
    edited March 13, 2020 3:21PM

    @Cougar1978 said:

    Yes it is surprising gold and silver going down. A real bummer. Many have mixed investment in both bullion and numismatic coins and this hurts.

    Canadian Reserve is a nice whisky that sells for around $15 the oil price crash substitute for Crown Royal. I like mix 1 part with around 2-3 parts cola. Like mixed drink while watch trains roll....mrr layout.

    Huge moves in the dollar probably best explains gold price. Silver is being looked at more as an industrial metal

  • Namvet69Namvet69 Posts: 3,285 ✭✭✭✭✭

    Honey...where's my crazy eight ball? Peace Roy

  • logger7logger7 Posts: 4,699 ✭✭✭✭✭

    Silver can be more volatile in price than gold. Give it a couple business days in these wild market swings and we will be back at recent highs.

  • My lcs owner told me that the silver mines cost to get silver out of the ground is $14.50 an ounce so if it goes lower than that they shut down, if that’s true it won’t stay below $14.50 for long if at all. Us mint is sold out of a lot of stuff right now and wholesalers are raising their premiums to remedy that problem, short term, I hope....

  • rickoricko Posts: 72,550 ✭✭✭✭✭

    My stacks of PM's are fine...Not bothering anyone...and still above - acquisition prices. Cheers, RickO

  • air4mdcair4mdc Posts: 437 ✭✭✭

    @Paradisefound said:
    In so many ways .... be safe everyone <3

    BTW this IS the time to get in the stock market ..... wished I can double down on the bear

    Give it a few weeks when all hell breaks lose....Market turmoil is from other countries....wait until UPS, FEDEX and USPS quit delivering. Why would the CEO of UPS step down and the board put a first time woman in charge. Fall-girl??? DOW will be 7000pts. 4/06/20 at 0831 CST.

    I’m one of two that predicted something really bad was coming in the end of 2019 to 2nd quarter or 2020. Hope we are wrong. The Federal Govt being UNITED and we the people being UNITED are the only ones that can fix this curse coming. May the good Lord be with us!

  • topstuftopstuf Posts: 14,130 ✭✭✭✭✭

    I've seen and heard this so many times.
    In my experience I've found that the people " hoping" for lower prices so THEY can buy generally are pure BS !
    "If" the market sells off, they dither and stammer and MAYBE buy a smidgen of metal.
    It's far different from those who "buy dips."

    W.A.S.P.

  • cladkingcladking Posts: 26,624 ✭✭✭✭

    Watch the bond market. At the first sign of recession it could take a massive hit and destroy everything but gold.

    Gold has always been insurance and it has never been cheaper as insurance.

    Tempus fugit.
  • SimpleCollectorSimpleCollector Posts: 233 ✭✭✭✭

    Agree that this is likely paper trading driven. Every LCS I visited was sold out of gold and most silver, so physical assets are being bought.

    For long term investors, start buying into the stock market, however next few months will be rocky as the impact of the inevitable job losses has not been truly factored and understood yet.

    Aviation, tourism, and the support companies around those industries will have a lot of headwind for the foreseeable future leading to job losses and financial struggles.

  • tincuptincup Posts: 3,368 ✭✭✭

    Yep... cash is king in times like this. As long as government remains functional, somewhat trustworthy, and inflation is not rampant... otherwise gold may be useful.

    ----- kj
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