OUCH !!!
Mike59
Posts: 315 ✭✭✭
Even though I thought that PM needed to correct a bit before the next leg up, I didnt think it would do it in 6 hours. Amazing how fast everything happens these days.
MIKE B.
1
Mike59
Posts: 315 ✭✭✭
Mike59
Posts: 315 ✭✭✭
Comments
Haven't seen this kind of daily drop, percentage wise, since 2011...
still have hefty premiums on ASE...
Glad I swapped for potato chips. Hard to store metric tonnes though.
Gold down $110+ today.
Collector, occasional seller
Gold Ask$1,922.86$-116.33
Silver Ask$25.42$-3.90
Platinum Ask$945.39$-58.47
Palladium Ask$2,176.40$-146.93
As of 2:50 PM
MIKE B.
My backside hurts, feels like 2011 all over again. Oh well, maybe in another decade. lol
The whole worlds off its rocker, buy Gold™.
Hang in there everyone. Im thinking some big banks PM divisions needed to back up the truck. Im betting that we will recover and hit $30 or above by end of the year.
MIKE B.
Unreal 🤑
did anyone out there actually reduce their ASE's by $4 today?
new day lows! this is painful.
I can't remember the last time it took such an ugly daily hit
Silver..... 24.76..... -4.38
I find it interesting you think its done after a few hours. Not a good sign breaking 25 support, need to see which support level holds, was a good time to shake off the weak holders. My slv puts did over a 100% return in one day, lol. Should've done gld puts too but figured there was more in silver to be had as usual.
Doesn’t bother me a bit. Just like I didn’t get excited when it was going up to the moon.
MY GOLD TYPE SET https://pcgs.com/setregistry/type-sets/complete-type-sets/gold-type-set-12-piece-circulation-strikes-1839-1933/publishedset/321940
I still own the same in ounces.
No bother here.
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
Deep breath’s. Maybe some yoga led by Mark.
That stung a little
Wouldnt it be nice to insure your insurance?
Knowledge is the enemy of fear
i want to buy but the premiums are too high
Tiggs2012 hope u bought those puts cause if u sold them u didn’t have a good day!!
I used today to buy 1500 shares of PSLV a Sprott Silver ETF and then went to LCS and picked up $5 liberty and $10 liberty. Just love pre-33 US gold
MIKE B.
You might get a buy point tomorrow if this continues. I think weak hands dumped today. If PM form up tomorrow I think premiums will hold but if fear takes hold you’ll get your chance.
IMHO,
Mike
MIKE B.
Yeeow
Many successful BST transactions with dozens of board members, references on request.
A lot of people, including dealers rely on the PCGS price list for saints & it is totally wrecked.
They have 10-D gems $675 lower that 11-D and several other mistakes.
Dealer prices are in chaos & TPG's are still having problems agreeing on what exactly a gem looks like.
Pure comedic gold.
My Saint Set
Then buy the paper. That way you can trade it, hedge it, and create an income stream.
Knowledge is the enemy of fear
So is this a dip or a 2011 style crash?
Early American Copper, Bust and Seated.
low gets lower
This wild volatility is an aspect of the times. Saddle up, ride it through, and stay faithful to what is truly important in life.
Here's a warning parable for coin collectors...
Wait and watch. You might see a good buying opportunity real soon.
The train wreck in Washington, D.C. is a disaster in motion. About that there is no doubt.
Breathe deep, the gathering gloom ...
Dave
Good buying opportunity.
Still hefty premiums on AGE and auctions ending at 245 or more and buy it now selling at 250, unphased by the change in spot. Just like silver is doing it's own thing. This is awesome.
I've been selling off all the modern stuff I bought back in Feb/Mar. Just got done on Sunday. All the quarter eagles I've invested the funds in are largely unchanged by the spot price of gold. So uh, I what, pulled a sexy profit, every piece was an upgrade, got free tubes of silver, uh, oh all those Canada and UK commems are free, have a few grand left and pulled some maples out of it, some gifts for the wife.
I am the first to admit this is luck and unplanned and I walked into it without paying attention. Just like when we dumped crypto in Mar, got back in, murdered it again, and then we got back in again and are presently murdering it.
This is super nice, and not even just digit wise, number of shinies, or the size of someone's wallet. But jesus it just feels good to win one now again. Honestly I think I'd be almost this happy about it if I walked away with a fraction of this.
My man right here!!
Volatility !!
It's all about what the people want...
These moves are just little blips on the radar screen. Larger than normal blips, but blips nevertheless.
I knew it would happen.
I have now been forbidden from buying silver by the other half.
It seems to be slowing heading up again... silver: 25.82
My YouTube Channel
AGQ and ZSL, when properly executed, can erase the physical pain.
Disclaimer: Trade at your own risk.
"How many times can a man turn his head and pretend he just doesn’t see?” - Bob Dylan
Aug 12 2020 11:29AM NY Time
Bid/Ask 25.69 25.79
Low/High 23.54 26.35
Put a little gold around her neck and all will be forgiven.
FWIW----bought SLV yest at 23.66..sold this weeks 24 call for 90c this morn. If its over 24 on Friday close i make 5%. Not bad for a few days work. How much is that annualized? If its under 24 then i keep SLV and the 90c, in effect lowering cost to 22.76. Repeat weekly.
The call essentially creates an income stream and a bit of a hedge against price decline. Thats an advantage physical cant match.
Knowledge is the enemy of fear
well, that's the one thing. I'd do paper but I am a little iffy on that because I'd hold it for maybe a year or more with the idea it'll take some time for this debt creation to fully get out to J6P.
one side no premium, other side counter-party risk. (a term I hope does not get discussed in other terms here.)
Name of the game IMHO.
I moved some AU at 2029.
I think if the current dip holds into next week or so it'll be time to buy small amounts. I stick with 1oz coins.
no paper for me.
Counterparty??!! Haha
Seriously though, that risk is very, very negligible. Even some here who see the risk as much greater trade paper.
Knowledge is the enemy of fear
I bought then closed/sold them, netted about 100% intraday. Who doesn't like doubling your investment in a matter of hours? Bought some more physical silver ironically from some of the profits
Tiggs2012,
Nice move, Glad it worked for you. Not a bad day's pay! Put options are a very advanced strategy and not many people should be playing with them. You obviously have the experience and knowledge necessary to trade them, but I think the forum members should be careful. I have seen people lose hundreds of thousands of dollars selling naked puts. They should NOT be played with unless you are an experienced investor.
IMHO,
Mike
MIKE B.
I agree, the risk is pretty negligible. If we actually get to the point of the GLD/SLV funds becoming insolvent, we will most likely have much bigger issues than that to deal with. I also prefer clicking a button to sell instead of having to take pictures and post to a forum or bringing it to a LCS to negotiate a sell price. (I have both a brokerage account with silver holdings and actual physical silver)
I like physical and paper.
Risk with physical is when it’s time to sell you have to drop what you’re doing (e.g. take a break from the 10 Zoom conference calls each day), haul a stash to a buyer, negotiate...what a hassle.
Paper: log in, hit sell, done.
For me physical is long term, paper is shorter horizon. Counterparty risk with paper is negligible and can be managed.
A risk for physical that people don’t think about much is not being able to sell seamlessly. It could be called “schlepping risk”
He who knows he has enough is rich.
anyone want to get married?
Silver is rebounding nicely...guess it is building some support. It was surprising how much it dropped in a single day on Tuesday (not that it dropped...knew it would go down, but not $4+ in 8 hours). Nice to see it is now recovering from that drop and not continuing to plummet.
Silver.... 27.56.... +2.11