Boing!
I sold at 45 last time and feel like I need an exit plan this time. Been thinking about selling at half the stack at 35-40 if it ever gets there. And then hold the rest either to 45 or keep it as it goes back down.
patience. Silver shot up almost 10% in Hong Kong from Friday close before the big banks iced the rally overnight.
The spring is coiling! $30 shiny soon.
Is it a manipulator or somebody sitting on millions of ounces and looking for an exit.
We can't seem to get a straight story about the economy, whether it's really recovering or continuing to crater - so it's no surprise that silver can't decide which way to go......
If a major holder of silver were looking for an exit, it would imply that the economy really isn't recovering but cratering even worse instead - with little hope of a near term turnaround.
Q: Are You Printing Money? Bernanke: Not Literally
To our valued customers,
APMEX Statement On Current Market Conditions:
In the last week, we have seen a dramatic shift in Silver demand from our customers. For example, the ratio of ounces sold per day was running about two times earlier in the week and closer to four times the average demand by the end of the week. Once markets closed on Friday, we saw demand hit as much as six times a typical business day and more than 12 times a normal weekend day. Combined with the extremely high demand levels, we are also seeing a surge in new customers. On Saturday alone, we added as many new customers as we usually add in a week.
Any Precious Metal dealer will take a long position in the futures market to protect against spot price exposure when the markets open. We do this because it is our goal not to take a speculative position on metal. The weekends are unique as we are not able to real-time hedge our position. We took an aggressive position this weekend, but clearly could not have predicted the volumes that were seen. We have partnerships around to world that allowed us to cover these long positions, but only to a point. Once we exceeded our comfort levels, we had little choice but to stop the sale of Silver on our website. This was a difficult decision to make and unprecedented in our history.
As we evaluate the markets, it is difficult to know where Silver's price and demand will go in the coming day and weeks. APMEX is highly capitalized and has more than $150 million in inventory to support demand. We have made strategic decisions to procure additional metal, locking up any metal we can find in the market place. We suspect premiums will rise and rise quickly, as we are seeing significant increases in our costs, when we can even locate the metal. It is also highly likely that we will need an additional day or two to fill orders based on current order counts. The one guarantee we can make to our customers is that you will only be sold metal that is on-site, or we have procured the metal with a firm commitment date from our partners. In markets like this, we feel this is the best approach a retailer can take, as no one can predict product availability.
We want to thank our customers for their patience and understanding during these turbulent times. APMEX prides itself on best in class service and delivering on promises to our customers.
Sincerely,
Ken Lewis
CEO, APMEX
Who's buying at these levels? Hardly anything available at APMEX or JMBullion.
Does anyone know with absolute certainty what the future will be regarding PM's?
@morgansforever said:
Who's buying at these levels? Hardly anything available at APMEX or JMBullion.
Does anyone know with absolute certainty what the future will be regarding PM's?
You can only buy paper. I want to buy futures and take delivery. That would eff them up. I am here to collect my 10,000 Oz's. - ummm - we don't do that - umm yes you do.
What will this do to special ASE's, ie 2006 3 piece, 2011 5 piece set, etc. Still have 5 2006 sets sealed in the Mint box, wonder if they have toned at all, been 14 + years.
Silver always falls much harder than other PMs (exc Rhodium).
Whenever it falls over %4 in a given day it potentially sets up an easy bullish paper trade the next day.
I will now look for re-entry into AGQ sub $50.
This is not financial advise. I just like the metal.
"The direction of the next move—and its durability—now depends on retail buyers. If they keep buying, undeterred or even spurred on by this price drop, then silver metal will become more scarce in the global market. And the price will rise. And the speculators will likely jump in again, but perhaps be less twitchy to get out. Fear of Missing Out can be a powerful motivator. Then we could easily see a move to $40 or more. But if retail buyers have had their fill of volatility, and/or Reddit moves on to the next thing, then we are back to the silver market of mid-January."
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Comments
Holding...
It appears that silver at $25 was just a fleeting moment in 2020, with $30, a "long shot."
I honestly think we will see $2200-2300 gold and $30-35 silver in 2021 and $3000 gold and $50-60 silver in 2023!!! Book it!!!
Overdate, BestMR, Weather11AM, TDEC1000, Carew4me, BigMarty58, Coinsarefun, Golfer72, UnknownComic, DMarks, JFoot13, ElKevvo, Truthteller, Duxbutt, TwoSides2aCoin, PerryHall, mhammerman, Papabear, Wingsrule, WTCG, MillerJW, Ciccio, zrlevin, dantheman984, tee135, jdimmick, gsa1fan, jmski52, SUMORADA, guitarwes, bstat1020, pitboss, meltdown, Schmitz7, 30AnvZ28, pragmaticgoat, wondercoin & MkMan123
I'm almost hitting my head on the ceiling.
Buy high sell low. Merry New Year!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
It appears that silver at $25 was just a fleeting moment in 2020, with $30, a "long shot."
That $25 fleeting moment is back.
I knew it would happen.
Only time will tell for how long or if it's another "head fake"
That fleeting moment lasted for a few minutes.....fleeting indeed.
I knew it would happen.
10 4
$25.31
I knew if I baited silver to stay under $25, that it would play this game.
I knew it would happen.
Momentary unfleeting? Or is it defleeting?
Momentary unfleeting? Or is it defleeting?
I think it just undefleeted again. It blew back past $25 like it wasn't even there.
I knew it would happen.
Silver!
Boing!
I sold at 45 last time and feel like I need an exit plan this time. Been thinking about selling at half the stack at 35-40 if it ever gets there. And then hold the rest either to 45 or keep it as it goes back down.
ah!
the stimulus bill stimulated the PMs.
so long as everyone else is jumping off a bridge.
"it will establish a floor -- not a ceiling -- for stimulus in 2021."
Double boing!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
And here I was thinking we were going to see a 10% uptick in the next 2 weeks...
Successful transactions with: Lakesammman, jimineez1, Flackthat, PerryHall, bidask, bccox, TwistedArrow1962, free_spirit, alexerca, scooter25, FHC, tnspro, mcarney1173, moursund, and SurfinxHI (6 times)
patience. Silver shot up almost 10% in Hong Kong from Friday close before the big banks iced the rally overnight.
The spring is coiling! $30 shiny soon.
Loves me some shiny!
"Somebody" sure didn't want silver at over $27.
I knew it would happen.
Looks like the manipulators were pulled back to reality yet again. Almost makes one wish they never touched this gutter metal.
Oh well, groundhog day can't last forever. Thanks!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Is it a manipulator or somebody sitting on millions of ounces and looking for an exit.
Is it a manipulator or somebody sitting on millions of ounces and looking for an exit.
We can't seem to get a straight story about the economy, whether it's really recovering or continuing to crater - so it's no surprise that silver can't decide which way to go......
If a major holder of silver were looking for an exit, it would imply that the economy really isn't recovering but cratering even worse instead - with little hope of a near term turnaround.
I knew it would happen.
Oh the economy will be booming in a month. And for the next 4 years: the land of milk and honey and free ____, again.
How high will it go this time, and how quickly will it get beat back down? Questions I ask myself.
Well, we're back to fleeting and undoing the undefleeted
Groundhog day in the gutter. If/when it gets back to single digits I might consider.
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
You can just buy it from yourself at a discount and save on shipping to boot.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
yawn
ISO 1978 Topps Baseball in NM-MT High Grade Raw 3, 100, 103, 302, 347, 376, 416, 466, 481, 487, 509, 534, 540, 554, 579, 580, 622, 642, 673, 724__________________________________________________________________________________________________________________________________ISO 1978 O-Pee-Chee in NM-MT High Grade Raw12, 21, 29, 38, 49, 65, 69, 73, 74, 81, 95, 100, 104, 110, 115, 122, 132, 133, 135, 140, 142, 151, 153, 155, 160, 161, 167, 168, 172, 179, 181, 196, 200, 204, 210, 224, 231, 240
Silver currently up $1.48. $26.86 oz
Kitco shows silver is currently up $1.64 overseas. $28.72 oz
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Over $29 for a bit. Will we see $40 this month?
I was kinda hoping for $1,000 but was prepared to settle for $100.
Being that it is January 31 at 10:24 PM EST, not likely to see $40 silver in January
n the next month....possibly. Time to prepare to unload as the window to sell might be short lived like in 2011.
Just got this email from APMEX:
To our valued customers,
APMEX Statement On Current Market Conditions:
In the last week, we have seen a dramatic shift in Silver demand from our customers. For example, the ratio of ounces sold per day was running about two times earlier in the week and closer to four times the average demand by the end of the week. Once markets closed on Friday, we saw demand hit as much as six times a typical business day and more than 12 times a normal weekend day. Combined with the extremely high demand levels, we are also seeing a surge in new customers. On Saturday alone, we added as many new customers as we usually add in a week.
Any Precious Metal dealer will take a long position in the futures market to protect against spot price exposure when the markets open. We do this because it is our goal not to take a speculative position on metal. The weekends are unique as we are not able to real-time hedge our position. We took an aggressive position this weekend, but clearly could not have predicted the volumes that were seen. We have partnerships around to world that allowed us to cover these long positions, but only to a point. Once we exceeded our comfort levels, we had little choice but to stop the sale of Silver on our website. This was a difficult decision to make and unprecedented in our history.
As we evaluate the markets, it is difficult to know where Silver's price and demand will go in the coming day and weeks. APMEX is highly capitalized and has more than $150 million in inventory to support demand. We have made strategic decisions to procure additional metal, locking up any metal we can find in the market place. We suspect premiums will rise and rise quickly, as we are seeing significant increases in our costs, when we can even locate the metal. It is also highly likely that we will need an additional day or two to fill orders based on current order counts. The one guarantee we can make to our customers is that you will only be sold metal that is on-site, or we have procured the metal with a firm commitment date from our partners. In markets like this, we feel this is the best approach a retailer can take, as no one can predict product availability.
We want to thank our customers for their patience and understanding during these turbulent times. APMEX prides itself on best in class service and delivering on promises to our customers.
Sincerely,
Ken Lewis
CEO, APMEX
Here's a warning parable for coin collectors...
Silver currently at $30.31. Up $2.32.oz.
Who's buying at these levels? Hardly anything available at APMEX or JMBullion.
Does anyone know with absolute certainty what the future will be regarding PM's?
You can only buy paper. I want to buy futures and take delivery. That would eff them up. I am here to collect my 10,000 Oz's. - ummm - we don't do that - umm yes you do.
Well, there you go, buy price creeping up to $50 an ounce:
What will this do to special ASE's, ie 2006 3 piece, 2011 5 piece set, etc. Still have 5 2006 sets sealed in the Mint box, wonder if they have toned at all, been 14 + years.
Per Kitco: 12.55 EST
Silver 28.48 .... +1.50
Up to a more reasonable level....It only broke the $30.00 barrier for a brief moment.
I can tell you with absolute certainty that zeros can never be added to a PM; only to the dollars they are priced in.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Silver always falls much harder than other PMs (exc Rhodium).
Whenever it falls over %4 in a given day it potentially sets up an easy bullish paper trade the next day.
I will now look for re-entry into AGQ sub $50.
This is not financial advise. I just like the metal.
Loves me some shiny!
let volatility be your friend, especially with leveraged ETFs.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Here we go again.
I do not believe so. $30 silver is not in the immediate future.
ebay sellers and APMEX agree - premiums are slowly dropping.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Fixed it for ya.
Loves me some shiny!
Oh, oh.....Goldman Sachs sees silver price rising to $33 an ounce. However, they did not indicate a time frame.
Caveat emptor
Same way I have made my predictions for years now.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
ball is now in the court of the retail buyers
"The direction of the next move—and its durability—now depends on retail buyers. If they keep buying, undeterred or even spurred on by this price drop, then silver metal will become more scarce in the global market. And the price will rise. And the speculators will likely jump in again, but perhaps be less twitchy to get out. Fear of Missing Out can be a powerful motivator. Then we could easily see a move to $40 or more. But if retail buyers have had their fill of volatility, and/or Reddit moves on to the next thing, then we are back to the silver market of mid-January."
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong