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silver holders getting screwed

jclovescoinsjclovescoins Posts: 1,844 ✭✭✭✭✭

Yikes! My timing has been off this year. Every time I buy, it plummets the next few days. From a high of around 30 to 22 - that's a pretty steep drop. 27%...

It seems like the macroeconomic factors all point to a HIGHER silver price, not a lower. Getting a little frustrated with the recent price action.

Yeah, I'm sure the $4.00 per oz people will comment, but it's worth more than that.

I really thought we would see $50 this time around of the silver cycle, but looks to be going under $20 easily. Much to my disappointment.

Comments

  • derrybderryb Posts: 36,009 ✭✭✭✭✭

    @jclovescoins said:
    Yikes! My timing has been off this year. Every time I buy, it plummets the next few days. From a high of around 30 to 22 - that's a pretty steep drop. 27%...

    It seems like the macroeconomic factors all point to a HIGHER silver price, not a lower. Getting a little frustrated with the recent price action.

    Market fundamentals went out the window the moment the FED crawled thru the window. Good news: it's temporary. Bad news: For how long?

    One only consider the future of the currency to determine what to hold for the long term.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • OPAOPA Posts: 17,103 ✭✭✭✭✭

    @jclovescoins said:
    Yikes! My timing has been off this year. Every time I buy, it plummets the next few days. From a high of around 30 to 22 - that's a pretty steep drop. 27%...

    It seems like the macroeconomic factors all point to a HIGHER silver price, not a lower. Getting a little frustrated with the recent price action.

    Yeah, I'm sure the $4.00 per oz people will comment, but it's worth more than that.

    I really thought we would see $50 this time around of the silver cycle, but looks to be going under $20 easily. Much to my disappointment.

    You've been listening and reading to the wrong fortunetellers...All you have to do, review their previous forecasting history. It's an abysmal record and the few that hit the nail on the head are now incognito vacationing in the South Pacific. B)

    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • blitzdudeblitzdude Posts: 5,263 ✭✭✭✭✭

    @jclovescoins said:
    Yikes! My timing has been off this year. Every time I buy, it plummets the next few days. From a high of around 30 to 22 - that's a pretty steep drop. 27%...

    It seems like the macroeconomic factors all point to a HIGHER silver price, not a lower. Getting a little frustrated with the recent price action.

    Yeah, I'm sure the $4.00 per oz people will comment, but it's worth more than that.

    I really thought we would see $50 this time around of the silver cycle, but looks to be going under $20 easily. Much to my disappointment.

    As Aye hole rose once said "Welcome to the Gutter".

    The whole worlds off its rocker, buy Gold™.

  • TwoSides2aCoinTwoSides2aCoin Posts: 43,746 ✭✭✭✭✭
    edited September 18, 2021 5:18AM

    The stackers I sold silver to at $40 have disappeared. The stackers I sold silver to at $30 have, too.
    The stackers buying at $25-$28 are in abundance.
    Just ordered another 500 ounces yesterday and most of it is spoken for at $26.
    I don't know if there is a bottom or top. I know this ride down kinda sucks. And I feel for those who have none at all. . It's almost always too expensive for them.

  • rickoricko Posts: 98,724 ✭✭✭✭✭

    Silver holders are only screwed if they purchased high and are now selling.... Not screwed at all if still holding... And those that purchased at single digits are still laughing.... Cheers, RickO

  • thefinnthefinn Posts: 2,652 ✭✭✭✭✭

    By paying the current premium, yes, I think you are getting screwed.
    By the price going down compared to the FR Fiat currency, no. It is insurance. As long as you have the same number of ounces you haven't lost everything.
    Human nature says to buy when things are going up. You need to buy when it is going down. Now is a great buying time if you find someone is panicking and selling.

    thefinn
  • WCCWCC Posts: 2,326 ✭✭✭✭✭

    Prices do not move on news. News isn't doing the buying or selling. There is no consistent demonstrated causality between a news event and the price.

    Even with the Federal Reserve, it's only misplaced optimism that enables this agency to practice such reckless monetary policy without the consequences expected by metal advocates.

  • jmski52jmski52 Posts: 22,263 ✭✭✭✭✭

    You've been listening and reading to the wrong fortunetellers...

    He says that his timing is off and that his interpretation of current the macroeconomics led him to think that the price would be going up. I don't see where he says that he made his buying decisions based on anyone else's opinions.

    What seems apparent to me is that he is trying to time the market, and I happen to agree with derryb that "Market fundamentals went out the window the moment the FED crawled thru the window."

    Trying to time the silver market has never been that easy. Ask blitzie - he's still got a bee in his bonnet because he couldn't time it right either.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • pmh1nicpmh1nic Posts: 3,116 ✭✭✭✭✭

    Stacking is for the day the stuff really hits the fan. With that mindset these highs and lows don't matter. This money printing is going to catch up with us. When? I don't know but at some point lunacy has to come to an end.

    The longer I live the more convincing proofs I see of this truth, that God governs in the affairs of men. And if a sparrow cannot fall to the ground without His notice is it possible for an empire to rise without His aid? Benjamin Franklin
  • jmski52jmski52 Posts: 22,263 ✭✭✭✭✭

    Stacking is for the day the stuff really hits the fan. With that mindset these highs and lows don't matter. This money printing is going to catch up with us. When? I don't know but at some point lunacy has to come to an end.

    This

    +1

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • jdimmickjdimmick Posts: 9,573 ✭✭✭✭✭

    all the local buyers (mostly newbies) buying frantically at 28-30 6 months ago and paying huge premiums (at the majors , becuase I had very little coming in) have all but dissapeared, some have even came back and dumped, becuase they told me it wasnt doing anything but going down.

    Got few old timers that buy a little at current levels, but nothing like it was.

  • derrybderryb Posts: 36,009 ✭✭✭✭✭

    "silver holders getting screwed"

    silver buyers aren't.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • BaleyBaley Posts: 22,658 ✭✭✭✭✭

    I inherited my grandad's "emergency insurance" silver...
    And expect my grandbabies will eventually inherit mine.
    C'est la vie

    Liberty: Parent of Science & Industry

  • derrybderryb Posts: 36,009 ✭✭✭✭✭
    edited September 23, 2021 9:32AM

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • WCCWCC Posts: 2,326 ✭✭✭✭✭

    @jdimmick said:
    all the local buyers (mostly newbies) buying frantically at 28-30 6 months ago and paying huge premiums (at the majors , becuase I had very little coming in) have all but dissapeared, some have even came back and dumped, becuase they told me it wasnt doing anything but going down.

    Got few old timers that buy a little at current levels, but nothing like it was.

    Silver premiums at the source I check occasionally (golddealer.com) are the lowest I recall since March, 2020 except for 2021 ASE. About $31 a few days ago with spot less than $23. The others slightly less than $5 for 1oz.

  • jmski52jmski52 Posts: 22,263 ✭✭✭✭✭
    edited September 23, 2021 7:18AM

    31/23 = 1.378 = 34.78% premium - is that right? And that is the lowest since March 2020? whoa.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • WCCWCC Posts: 2,326 ✭✭✭✭✭

    @jmski52 said:
    31/23 = 1.378 = 34.78% premium - is that right? And that is the lowest since March 2020? whoa.

    Not the lowest on the ASE, but on all other 1oz. The 2021 ASE is about the same as before to my recollection, since March 2020.

  • jclovescoinsjclovescoins Posts: 1,844 ✭✭✭✭✭

    barely has any green days anymore and if it does, it just fades and drops huge the next day LOL

  • 3stars3stars Posts: 2,278 ✭✭✭✭✭

    I had no idea the price of silver fluctuated. Makes one think…

    Previous transactions: Wondercoin, goldman86, dmarks, Type2
  • metalmeistermetalmeister Posts: 4,584 ✭✭✭✭✭

    Got into SLV a little to early this time around. It will go back up.

    email: [email protected]

    100% Positive BST transactions
  • CoinHoarderCoinHoarder Posts: 2,368 ✭✭✭✭✭
    edited September 26, 2021 7:16AM

    I don't want the fiat currency. Like others have said, silver is insurance, as well as a hedge against the coming hyperinflation. I buy very little these days with the high premiums. I will continue to hold.

  • VanHalenVanHalen Posts: 3,763 ✭✭✭✭✭

    Normal market forces have been out the window for some time now. Years ago I got an MBA and very little they taught applies today. Some of the management principles and GAAP stuff still does but finance and economics? Forget it.

    The only rules are there are no rules.

  • TwoSides2aCoinTwoSides2aCoin Posts: 43,746 ✭✭✭✭✭

    Locked in price on purchase of another 500 oz. Expecting a drop, before delivery.

    In other news , I could get this in trade for precious metal. For tax purposes in reporting , that would be much less than his ask price. One owner , under 48000 miles.

    What to do ? It's nice to have options.

  • TwoSides2aCoinTwoSides2aCoin Posts: 43,746 ✭✭✭✭✭

    In ' 77 silver was about where it is today. That car was new during my first enlistment. Carter was president. The more things change, the more they remain the same. Kinda.

  • If things were the same as they were in "77 we would be getting 17-18 % on CD's.
    But of course mortgage rates would be about 22%--if you could even get one.

  • TwoSides2aCoinTwoSides2aCoin Posts: 43,746 ✭✭✭✭✭

    @Timsdad said:
    If things were the same as they were in "77 we would be getting 17-18 % on CD's.
    But of course mortgage rates would be about 22%--if you could even get one.

    Yeah and gold would be about $60 per ounce. But we're talking silver.

  • jmski52jmski52 Posts: 22,263 ✭✭✭✭✭
    edited September 27, 2021 7:36AM

    Some of the management principles and GAAP stuff still does but finance and economics? Forget it.

    The only rules are there are no rules.

    GAAP? TARP and FASAB 56 changed all that as well.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • @TwoSides2aCoin said:
    In ' 77 silver was about where it is today. That car was new during my first enlistment. Carter was president. The more things change, the more they remain the same. Kinda.

    Are you saying that silver was about $22 an ounce in '77?

  • TwoSides2aCoinTwoSides2aCoin Posts: 43,746 ✭✭✭✭✭
    edited September 28, 2021 12:01PM

    @Timsdad said:

    @TwoSides2aCoin said:
    In ' 77 silver was about where it is today. That car was new during my first enlistment. Carter was president. The more things change, the more they remain the same. Kinda.

    Are you saying that silver was about $22 an ounce in '77?

    In '73, Nixon released a GSA hoard and pretty much set silver at $15. By 1980 the silver bubble burst near $50. (Hunt Bros era). So yeah.... prices were being established since '64 after it (silver) disappeared from circulation. Give or take a couple bucks here and there.
    Morgan dollars have been about $20 since way back in the '80s Barring grades, of course. Better grades brought more. And we had no TPGs in them days.

    Does anyone remember being able to order as many CC dollars as they wanted , for $15 each, in 1973 ?

  • FishproFishpro Posts: 377 ✭✭✭

    Yes I do, still have the 20 that I picked up

  • JWPJWP Posts: 16,309 ✭✭✭✭✭

    I don't have the means to buy 500, but I buy as much as I can each month. I truly love Silver. Starting to buy a little gold when I can too.

    USN & USAF retired 1971-1993
    Successful Transactions with more than 100 Members

  • jmski52jmski52 Posts: 22,263 ✭✭✭✭✭

    Are you saying that silver was about $22 an ounce in '77?

    Silver didn't even come close to $22/oz in 1977.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • coinpalicecoinpalice Posts: 2,434 ✭✭✭✭✭

    silver is on fire

  • cohodkcohodk Posts: 18,488 ✭✭✭✭✭

    @coinpalice said:
    silver is on fire

    Back to where it was 1979. >:)

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • coinpalicecoinpalice Posts: 2,434 ✭✭✭✭✭

    going to go past 2011 levels in 18 months

  • cohodkcohodk Posts: 18,488 ✭✭✭✭✭

    @coinpalice said:
    going to go past 2011 levels in 18 months

    From your mouth to God's ears.

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • blitzdudeblitzdude Posts: 5,263 ✭✭✭✭✭

    Alert the Bulgarian trolls. Gutter to da moon. lol

    The whole worlds off its rocker, buy Gold™.

  • jmski52jmski52 Posts: 22,263 ✭✭✭✭✭

    Back to where it was 1979. >:)

    Actually, it's only halfway there.

    There is a big difference however. Back then, we had legitimate markets and silver premiums weren't anywhere close to 35% to 40% like they are now. That should be an indicator that there's more than meets the eye here. But, we all knew that.

    Maybe when the financial industry's manipulative house of cards implodes and the dollar collapses from lack of trust, we might see something in the way of a market based on physical metal instead of imaginary paper assets.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • cohodkcohodk Posts: 18,488 ✭✭✭✭✭
    edited October 15, 2021 10:56AM

    @jmski52 said:
    Back to where it was 1979. >:)

    Actually, it's only halfway there.

    There is a big difference however. Back then, we had legitimate markets and silver premiums weren't anywhere close to 35% to 40% like they are now. That should be an indicator that there's more than meets the eye here. But, we all knew that.

    Well, actually, silver was only over $22 for about a month in late Dec 79 to Jan 80 and 2 years later was trading under 7. A run from 5 to 40 and back to 7 in a 3 year time period is hardly a legitimate market.

    Perhaps the old timers see so much manipulation in silver is because thats how they were indoctrinated in the 70's?

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • jmski52jmski52 Posts: 22,263 ✭✭✭✭✭

    silver was only over $22 for about a month in late Dec 79 to Jan 80

    Silver hovered in the mid 30's for several months after the market peak blowoff, and then began a long slide for several years because of the the changes in margin requirements and Paul Volker's Fed raising rates dramatically.

    I doubt that the Fed will be raising rates dramatically any time soon,

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • OPAOPA Posts: 17,103 ✭✭✭✭✭

    .You should change your title to: Gold & Silver holders....... ;)

    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • derrybderryb Posts: 36,009 ✭✭✭✭✭

    @cohodk said:

    Well, actually, silver was only over $22 for about a month in late Dec 79 to Jan 80 and 2 years later was trading under 7. A run from 5 to 40 and back to 7 in a 3 year time period is hardly a legitimate market.

    Perhaps the old timers see so much manipulation in silver is because thats how they were indoctrinated in the 70's?

    sounds like you agree that the market that sets silver spot price (COMEX & LMBA) is "hardly a legitimate market."
    Next thing you know you will be calling it a manipulated market. The truth shall set you free. B)

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • cohodkcohodk Posts: 18,488 ✭✭✭✭✭

    @derryb said:

    The truth shall set you free. B)

    Said every cult member, ever. :)

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • TwoSides2aCoinTwoSides2aCoin Posts: 43,746 ✭✭✭✭✭

    @cohodk said:

    @derryb said:

    The truth shall set you free. B)

    Said every cult member, ever. :)

    Just because cults used the scriptures to "manipulate' minds and hearts doesn't make the TRUTH untrue.
    Back to silver ( and streets of gold) , from whence it came.

  • CoinnmoreCoinnmore Posts: 155 ✭✭✭
    edited October 24, 2021 3:16PM

    @TwoSides2aCoin said:
    The stackers I sold silver to at $40 have disappeared. The stackers I sold silver to at $30 have, too.
    The stackers buying at $25-$28 are in abundance.
    Just ordered another 500 ounces yesterday and most of it is spoken for at $26.
    I don't know if there is a bottom or top. I know this ride down kinda sucks. And I feel for those who have none at all. . It's almost always too expensive for them.

    Mind I ask who and where are you buying your silver. I started a post on melting silver very serious about buying that set up from Amazon. Now I just need to buy some silver not 500 ounces but maybe 50 ounces to start learning how to. Hopefully I won’t burn the house down or burn my toes. Can I wear tennis shoes while melting there very comfortable while working. TYIA

  • TwoSides2aCoinTwoSides2aCoin Posts: 43,746 ✭✭✭✭✭

    ^
    I buy from A-Mark, Dorado Trade Group, a few local dealers , and joe public, to answer your question: coinmore. ( and those bigger dealers vetted me, prior to dealing).

    Believe it. A vetting process to buy silver.

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