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Thoughts On The Silver Boom?
Timidpenny
Posts: 31 ✭
What are your thoughts on the rising price of silver? I notoced it dropped about a buck since yesterday but it has been steadily climbing! Personally I believe it is going to break $40 an oz again like in 2011 where I believe silver topped $49! I've just started grabbing up all the silver i can find thats close to spot price. Im hoping i didn't start buying to late!
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It could just as easily plummet as it has done before. It is a speculative purchase in times of turmoil.
And what happened the following week?
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look what happened to Kodak stock. all these markets are manipulated.
If you bought a year ago at $12 or $15 per ounce and you decided to sell today, you'll make a relatively good return for one year.
But you'll make considerably less buying today at $27 and hoping silver rises to $40. Especially in light of where premiums are currently. And assuming silver continues to rise. It could just as easily collapse.
If someone came to me in confidence and asked me today if they should grab up all the silver they can at $27+ per ounce, I'd tell them no.
--Severian the Lame
I just found 28 ounces of silver in my closet yesterday so I hope the price can break $40 again. Last time I sold silver, it was also above $40, actually close to $45. Now I need to find the 5-10 Rolls of 1964 half dollars (from roll searching) that are somewhere. Hmm
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It's gambling. No one knows where the price will settle. I'm holding not increasing my stash at these levels.
I am holding.... No need to sell and have a lot of silver purchased and very low prices.....Same with gold....Cheers, RickO
Agree!
And that's assuming you can find it anywhere near spot these days.
I had buyer's remorse buying a roll of ASE's for $400 in Feb, but since most of the funding was coming via a trade I was making for something I had even worse remorse for buying, and I was getting full price for it, I took it. Looks like a good move now, but I had been buying 'junk silver' last year at 12x face so this seemed outrageous paying $20 ea for ASEs.
In my Summer FUN report last year, I pointed out that I saw dealers turning down common date gold, even when offered at well below spot. "There's no market for it, there's a glut coming in from Europe, etc." was the mantra.
The worm can turn quickly!
Of course, Modern Monetary Theory was mostly being practiced overseas back then - now that its become entrenched in our economic foundation, this metals craze may last awhile.
This sell off is to be expected.
I think your buying at the top, but time will tell.
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Never a slave to one plastic brand will I ever be.
Disclaimer: I've only been hunting for 7 or so months...
When i took the plunge and started buying at 15.50 or so, i thought that was high! The coin dealer said based on the gold/silver ratio silver should be at about $45 so i thought I was getting a deal. The premium at the time was $5+spot/.712 = $1 FV. So the premium was high, but i remember them dumping bags and bags of junk silver on trays. I so wish I would've bought more but I was (and still am) a noobie. But hey, i'm only missing 16 silver quarters now!
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Since silver is down $3 today, you definitely aren't buying at the top
I have a strong feeling it’ll continue to rise. Precious metals are a reflection of the economy, good or bad. We are going through some tough times along with it being an election year. People are now speculating that precious metals will go up and are preparing themselves for the unknown. With that said I think the price of these precious metals will continue to rise. Depending on who our next president will be, will dictate the future.
It has more room to to go up than to go down. At least this is my belief.
🗣 Happy stacking
Still holding due to fact P.M's a small part of my net worth. If I had a huge percentage I would be selling a little at $2000. GLTA
100% Positive BST transactions
On $ilver. Watch copper production. As silver is a by product of copper mining. My crystal ball show silver going higher to end of year.
100% Positive BST transactions
Where is the best place to sell off your silver if I was to decide to sell off my stash? Anyone have a good source? It’s a large volume of silver. I’m not trying to sell my gold, yet.
I had good luck selling at a local Coins and Bullion dealer in the City a few towns away. The drive was worth it as the But / Sell spread was tighter with a high volume dealer.
100% Positive BST transactions
This rise is nothing compared to the one in 1980 when silver hit $50 per ounce. Converting that $50 into today's dollars, thanks to inflation, it would need to rise to $150. Today's $40 silver is equal to about $12.50 in 1980 dollars.
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I would call shops(Coin/Pawn/Jewelry etc) in your area, tell them what you have and ask what they are paying. It's pretty basic to see who is paying the best. This avoids shipping costs/hassle and the chance of it getting lost/stolen etc. For bullion, I always try to just buy/sell local. Unless you have some rare and highly desirable bars of course.
Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners.
I do have some highly desirable bars . My problem is we have no B&M in my area. I’d have to drive an hour or so, north or south, to make that happen.
Of course you’re right about the shipping but I’d LOVE to be able to cash in on what people are paying on eBay but I’m not thrilled about paying up 15% in fees. Maybe the next coin show in Sacramento would be the way to go.
Thank you for the great help brother @keyman64
Much appreciated 😊
That was the work of the ,Hunt bro’s, if I remember right. Yes my dad and I along with a friend REALLY cashed in on that one🤑
Ahhh, a local coin show with at least a half dozen bullion buyers/sellers would be good but that removes market timing. Sometimes it works out though. I have certainly sold at larger shows. As you said, I would not take the eBay hit, that's for sure! The BST is good but then you just have to sort out the shipping and if you can work out a feeless PayPal arrangement or check/money order. Don't sell to anyone on the BST that you don't fully recognize as being around for at least a few years would be my advice. Get good photos of the special bars etc too. If you are not certain of how to price them, post pics on the Precious Metals forum for advice. All the best.
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I'm reminded of when the price was coming down from $50, a decade or so ago. I asked a dealer at a show if he had any older junk silver for sale. He said he wasn’t selling any because he was in too much for it and was waiting for the price to recover. I thought it a very interesting business model, being a speculator and not a reseller/retailer. Clearly, he made a poor decision in this case.
On the flip side it turned out to be a good decision for you as you would have been buried (might still be buried) had you bought.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
That was fun while it lasted.
fun just starting
Keep an open mind, or get financially repressed -Zoltan Pozsar
There could be a "dead cat bounce" tomorrow to offset some of the dip today.
Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners.
My friend thinks the shorters are trying to scare everyone out of the market.
CRASH INBOUND!
Have a little to sell....but want my cake and eat it too.
Precious metals are speculative purchases any time & have gone either way in times of turmoil.
Silver .... $24.76 ... -$4.38
And what happens to PM's if the US or EU have a proven vaccine for cv19?
WOW!! It sure took a hit today. Must be a massive sell of that caused it, or sompin 🤪
The fundamental upward momentum drivers are still there:
1) Dollar weakness will continue with unbridled spending and money printing. Precious metals act as currency hedge.
2) Forward looking wall street geniuses will push increasing industrial production happening as the pandemic subsides, higher use of Silver in electronic appliances consumer goods, EV production, photovoltaics etc.
3) Yearly silver consumption according to experts is still higher than mining production.
I'm thinking sell off. Actually I was waiting for it.
When selling bullion I suggest only accepting PPFS, Venmo, or cash as payment. I don’t want someone changing their mind a few days later if the market reverses. Forget about eBay with high fees and buyers getting preferential treatment with returns.
Upgrading just costs more.
@Weiss said:
If someone came to me in confidence and asked me today if they should grab up all the silver they can at $27+ per ounce, I'd tell them no.
Well, it's been a month. 30 day is a small window for investing, but not for speculating. Silver has been essentially flat @ $27 per ounce.
--Severian the Lame
For every positive stock market outcome prediction you can find a negative one. Same for the general economy. Too much volatility and uncertainty out there right now. There is buying in the silver market but plenty are liquidating because of the uncertainty.
I don't think we will see much movement in the near term. There has to be an inflection point driver before the election, and I don't see one.
Its going to bounce around between 26-29 till the election, then either collapse or jet upwards depending on outcome
...And we're at two months. Kitco shows silver trading at $25.25 per ounce as I type (8:50 pm central). Silver was about $27 per ounce the day this thread appeared. If you'd "grabbed up all the silver you could" at $27, you'd have lost somewhere between 7% and 10% of your investment in the last 60 days.
Past performance is no indication of future results, silver could hit $60 an ounce tomorrow. But it seems unlikely.
--Severian the Lame
https://forums.collectors.com/categories/precious-metals
just like anything in the real world who knows what silver will do from one day to the next, for me, it's not much of an issue as I'm not invested heavy in silver
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Now we're at 3 months since this post was made. At the time, silver was trading at about $27 per ounce. As of this evening, Kitco shows silver at $24.40 per ounce or a loss of about 10% in 3 months.
By comparison, the S&P was at 3333.69 on August 11th. Today it closed at 3545.53, or just about 6.5% gain.
I understand the enthusiasm that those new to the coin/bullion fields experience. And I think precious metal ownership is a good thing--in a mixed portfolio. But there is a risk to "grabbing up all the silver I can find" in a rising market, especially if you are relatively new to metals--or any market.
--Severian the Lame
like many have said above, its all speculative, but here's how I've been looking at it [how I've been speculating about it 😄]
silver price 1990-today:
while there are some irregularities and overall growth from the mid-oughts onward, I've imagined a couple possible high-level long-term trends [i am NOT an economist, this is just my mostly uninformed speculation]
I see a long-term flatline in the 90s at $5/oz [my god, I still remember riding my bike to our local coin shop and picking up ingots for a fiver - halcyon days]
and then, I see basically - through all the disruption through the 2000s - another hidden flatline of approx $15/oz - obv, sometimes less, sometimes much more, but always kind of oscillating about the $15/oz line
one could then guess well find our way back down to that $15/oz plateau:
or maybe that we've leveled up, as it were to a new oscillation point of $25/oz:
personally, my moneys on us leveling back out towards $15 over the next year, but who knows!
The boom has been over for sometime. I was able retail my silver bullion coins cost plus 50 pct. But now it’s slid back down....my raw ones sold out.
The new frontier is graded world paper money.
How much did the first ASE cost from the mint way back in '86?
World paper money has been hot for a while. Interestingly, it got hot just as U.S. nationals were tanking. I guess they were meeting in the middle.
I was just happy to unload 47 silver dollars last weekend. Now I can sit tight for a while and see what happens. Maybe offload some walkers and mercs. Most of which were acquired when silver was around $10 or less.
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I remember buying one from a local jewelry store in 86 for $5 or $6.