$17? Really?

jclovescoins

Can't believe silver keeps relentlessly dropping. $17? Really?
Anyone else feel the same?
Don't ever tell me that silver is an inflation hedge...it surely is not.
And also don't say that physical is still priced the same, it clearly is not. Premiums are high, but they haven't increased much since April when silver was $26.

Meltdown

I found a neat 100oz bar yesterday at a local shop and was quoted $2300. That's their "generic round" price.
No thanks.

jclovescoins

@Meltdown said:
I found a neat 100oz bar yesterday at a local shop and was quoted $2300. That's their "generic round" price.
No thanks.

It seems like just a few weeks ago silver was $21-$23/oz though....because it was.
I'm certainly not offering my silver for sale with a $17/oz starting point!

Meltdown

True enough.
I'm sitting on the sidelines for now. Not too long ago, 100oz bars were the average Joe's way to buy silver with the smallest premium.

jclovescoins

Me too. Not adding or selling at these prices.

TwoSides2aCoin

It was $13 back in 2020.

TwoSides2aCoin

Or:
When does opportunity present itself ?

Answer: every day.

ricko

I am neither buying nor selling at this time. I have no idea what the next few months will bring pricewise. Though I do expect a general upward trend next year. Cheers, RickO

Weiss

Buying and selling like always. Paying ridiculous premiums for pieces that I think are cool.

tincup

For the most part... doing very little buying, except when an opportunity presents itself that is too good to pass up. (but not too many of those... and not too often)

ShadyDave

@jclovescoins said:
Can't believe silver keeps relentlessly dropping. $17? Really?
Anyone else feel the same?
Don't ever tell me that silver is an inflation hedge...it surely is not.
And also don't say that physical is still priced the same, it clearly is not. Premiums are high, but they haven't increased much since April when silver was $26.

As I've said in other posts in the PM forums, silver (and gold) will continue to drop as long as the Fed continues to raise rates. General market sentiment shows that odds are that the fed will raise rates by another 75bps in September 2022, see here: https://www.cmegroup.com/trading/interest-rates/countdown-to-fomc.html

I think we will see silver hovering around $16.00 spot price after that next fed meeting and subsequent rate increase during 9,20 and 9.21. Hold on cause its going to be a bumpy ride...

asheland

I’m doing numismatic these days.

TwoSides2aCoin

@asheland said:
I’m doing numismatic these days.

Me too. The joy of numismatics is decidedly different from the highs and lows of the business in the bullion field.

coastaljerseyguy

Doubt the Mint will drop their prices even if silver hits $16.

Baley

They mine and refine it for $11.
Of course there's variables premium for further manufacturing costs to make it pretty, and of course shipping, handling, and sometimes profits 📈

derryb

Last ditch effort to destroy demand by the COMEX and LBMA bullion banks as they watch their vaults get emptied. Their rule over physical prices nears its end.

blitzdude

@TwoSides2aCoin said:
It was $13 back in 2020.

Looks like it will be $13 again in 2022. As the saying goes; "The gutter never disappoints".

DNADave

It’s hard to know what to do. I just had an unexpected call that ended in a $1500 deal w/in an hour of the call.

I paid $25 each for a handful of ASE mixed dates.
$22 each for Morgan’s and peace, and 19x face for a few rolls of 90%.

I think I was fair and maybe a little too strong on the 90%. Happy to add to the stack and would rather have silver than FRNs or electrons.

On a side note. Does every collection in the world include a crown royal bag? I think it’s at least 50%

cohodk

Not much buying enthusiasm here. Hmmmm.

crazyhounddog

Not buying nor am I selling. I’m watching. This economy really sucks these days, that’s for sure. Maybe after the midterm elections things will get better. At least that’s what I’m hoping for.

derryb

@cohodk said:
Not much buying enthusiasm here. Hmmmm.

part of the reason i'm getting such great deals! lol

cohodk

@derryb said:

@cohodk said:
Not much buying enthusiasm here. Hmmmm.

part of the reason i'm getting such great deals! lol

Indeed. 🙂

cohodk

@crazyhounddog said:
This economy really sucks these days.

Serious question... What are you seeing that leads you to this observation?

derryb

@cohodk said:

@crazyhounddog said:
This economy really sucks these days.

Serious question... What are you seeing that leads you to this observation?

Purchasing power of what you like to call a "strong" dollar? A FED that really doesn't know what to do next as it attempts to put out a fire that it started?

The Decline and Fall of the American Empire

"The U.S. reached its peak relative to the world, and in some ways its absolute peak, as early as the 1950s. In 1950 this country produced 50% of the world’s GNP and 80% of its vehicles. Now it’s about 21% of world GNP and 5% of its vehicles. It owned two-thirds of the world’s gold reserves; now it holds one-fourth. It was, by a huge margin, the world’s biggest creditor, whereas now it’s the biggest debtor by a huge margin. The income of the average American was by far the highest in the world; today it ranks about eighth, and it’s slipping."

blitzdude

@cohodk said:

@derryb said:

@cohodk said:
Not much buying enthusiasm here. Hmmmm.

part of the reason i'm getting such great deals! lol

Indeed. 🙂

The deal making machine. Times everything absolutely perfectly and tells us all about it well after the fact. Crazy world.. RGDS!

Soldi

@derryb said:

@cohodk said:

@crazyhounddog said:
This economy really sucks these days.

Serious question... What are you seeing that leads you to this observation?

Purchasing power of what you like to call a "strong" dollar? A FED that really doesn't know what to do next as it attempts to put out a fire that it started?

The Decline and Fall of the American Empire

"The U.S. reached its peak relative to the world, and in some ways its absolute peak, as early as the 1950s. In 1950 this country produced 50% of the world’s GNP and 80% of its vehicles. Now it’s about 21% of world GNP and 5% of its vehicles. It owned two-thirds of the world’s gold reserves; now it holds one-fourth. It was, by a huge margin, the world’s biggest creditor, whereas now it’s the biggest debtor by a huge margin. The income of the average American was by far the highest in the world; today it ranks about eighth, and it’s slipping."

The Dollar is very strong compared to all other world currencies and required for use to pay debts by other countries.
People have no time or money for speculating in a ubiquitous by product of zinc mining

The rest of the end of the USA storyline is hyperbole.

If it were true ; I'd run down the hill and throw myself into the river. .

derryb

@blitzdude said:

@cohodk said:

@derryb said:

@cohodk said:
Not much buying enthusiasm here. Hmmmm.

part of the reason i'm getting such great deals! lol

Indeed. 🙂

The deal making machine. Times everything absolutely perfectly and tells us all about it well after the fact. Crazy world.. RGDS!

You musta missed the profiting from recent ETH volatility. Seems like you are always just behind the curve. Got gutter? lol

cohodk

@derryb said:

@cohodk said:

@crazyhounddog said:
This economy really sucks these days.

Serious question... What are you seeing that leads you to this observation?

Purchasing power of what you like to call a "strong" dollar? A FED that really doesn't know what to do next as it attempts to put out a fire that it started?

The Decline and Fall of the American Empire

"The U.S. reached its peak relative to the world, and in some ways its absolute peak, as early as the 1950s. In 1950 this country produced 50% of the world’s GNP and 80% of its vehicles. Now it’s about 21% of world GNP and 5% of its vehicles. It owned two-thirds of the world’s gold reserves; now it holds one-fourth. It was, by a huge margin, the world’s biggest creditor, whereas now it’s the biggest debtor by a huge margin. The income of the average American was by far the highest in the world; today it ranks about eighth, and it’s slipping."

Wow, the last 70 years has really sucked. Lol

Mike59

Still buying a little when the premiums aren’t Crazy.

derryb

@cohodk said:

@derryb said:

@cohodk said:

@crazyhounddog said:
This economy really sucks these days.

Serious question... What are you seeing that leads you to this observation?

Purchasing power of what you like to call a "strong" dollar? A FED that really doesn't know what to do next as it attempts to put out a fire that it started?

The Decline and Fall of the American Empire

"The U.S. reached its peak relative to the world, and in some ways its absolute peak, as early as the 1950s. In 1950 this country produced 50% of the world’s GNP and 80% of its vehicles. Now it’s about 21% of world GNP and 5% of its vehicles. It owned two-thirds of the world’s gold reserves; now it holds one-fourth. It was, by a huge margin, the world’s biggest creditor, whereas now it’s the biggest debtor by a huge margin. The income of the average American was by far the highest in the world; today it ranks about eighth, and it’s slipping."

Wow, the last 70 years has really sucked. Lol

yes, when compared to earlier years. You would know this if you were not brainwashed into believing you are one of the 1% simply because you own a fishing boat and a truck to pull it (both likely financed). What made the earlier economic years more fruitful was the lack of personal debt and little desire to keep up with the neighbors at all costs.

Times are so "good" now that it takes personal debt for many to just to pay for the necessities. LOL

Average Credit-Card Debt Soars By 13%, Largest Increase Since 1999

CoinHoarder

As low as the price of silver is, I will probably continue to add some hand picked 90% to my stack..

Cakes

@derryb said:
Last ditch effort to destroy demand by the COMEX and LBMA bullion banks as they watch their vaults get emptied. Their rule over physical prices nears its end.

How long do you expect this effort to last?

derryb

@Cakes said:

@derryb said:
Last ditch effort to destroy demand by the COMEX and LBMA bullion banks as they watch their vaults get emptied. Their rule over physical prices nears its end.

How long do you expect this effort to last?

til reduction in physical demand brings premiums back down to earth and when their vaults start seeing a net gain in inventory. How long? They don't even know.

Cakes

@derryb said:

@Cakes said:

@derryb said:
Last ditch effort to destroy demand by the COMEX and LBMA bullion banks as they watch their vaults get emptied. Their rule over physical prices nears its end.

How long do you expect this effort to last?

til reduction in physical demand brings premiums back down to earth and when their vaults start seeing a net gain in inventory. How long? They don't even know.

Thanks. I should have sold 1/2 my stacks of silver when it was around 26 - 28. There is no way I would sell now.

blitzdude

@Cakes said:

@derryb said:
Last ditch effort to destroy demand by the COMEX and LBMA bullion banks as they watch their vaults get emptied. Their rule over physical prices nears its end.

How long do you expect this effort to last?

He's been preaching it here since at least 2006. lol

Soldi

Inflation killed your buying power?
True.
The STRONG DOLLAR is a world currency problem. This causes foreign nations to require more and more of their paper currency in order to pay back in DOLLARS.

NOWHERE do I disagree with the American citizen plight of Inflation.

This and these thoughts require much study to grasp.

National debt? Owed to ?

22 trillion to American people

11 trillion to foreign countries too deeply entrenched in the world fiat system.

Wats scary? Debt over GDP percentage.

WW II used as an example, but that figure is debt over GNP.
entirely different equation.

Too much too say about nothing and soon it may just be nothing.

cohodk

@derryb said:

@cohodk said:

@derryb said:

@cohodk said:

@crazyhounddog said:
This economy really sucks these days.

Serious question... What are you seeing that leads you to this observation?

Purchasing power of what you like to call a "strong" dollar? A FED that really doesn't know what to do next as it attempts to put out a fire that it started?

The Decline and Fall of the American Empire

"The U.S. reached its peak relative to the world, and in some ways its absolute peak, as early as the 1950s. In 1950 this country produced 50% of the world’s GNP and 80% of its vehicles. Now it’s about 21% of world GNP and 5% of its vehicles. It owned two-thirds of the world’s gold reserves; now it holds one-fourth. It was, by a huge margin, the world’s biggest creditor, whereas now it’s the biggest debtor by a huge margin. The income of the average American was by far the highest in the world; today it ranks about eighth, and it’s slipping."

Wow, the last 70 years has really sucked. Lol

yes, when compared to earlier years.

Yup..that dang horse died Bessie, what we gonna do now?

You would know this if you were not brainwashed into believing you are one of the 1% simply because you own a fishing boat and a truck to pull it (both likely financed).

Yup... could use my cash earning 10% or the banks and pay 3%. Let's see, 10 is more than 3, so I'll take 10. Whoohoo!!!

What made the earlier economic years more fruitful was the lack of personal debt and little desire to keep up with the neighbors at all costs.

No neighbors desiring to keep up with me, or you.

Times are so "good" now that it takes personal debt for many to just to pay for the necessities. LOL

Average Credit-Card Debt Soars By 13%, Largest Increase Since 1999

Wow...credit card debt went up by 46 billion. You know Anericans spend 80 billion on tobacco and 240 billion on alcohol each year. Stop yer drinkin' and smokin'!!!! Do it for just 3 years and credit card debt wiped out. And 100s of billions saved in healthcare and insurance costs.

cohodk

@hvellente said:

@jclovescoins said:
Can't believe silver keeps relentlessly dropping. $17? Really?
Anyone else feel the same?
Don't ever tell me that silver is an inflation hedge...it surely is not.
And also don't say that physical is still priced the same, it clearly is not. Premiums are high, but they haven't increased much since April when silver was $26.

This thread has gone awry (again). Where are our manners?

OP expressed frustration at the dip in silver price and asked if anyone else feels the same. Well, do you?

The dip doesnt surprise me at all, but would love to hear your opinions on the current dip. Should OP worry? Any advice for OP? Anyone?

What should he worry about? Asset prices fluctuate all the time. If one is worried about the price of their silver then they probably have too much. PMs are non-productive assets that rely on outside influences which are volatile and difficult to predict. That inheritantly translates into risk. And risk tolerance is personal responsibility.

Soldi

https://youtu.be/5h_ND1h5gfU

It's not my STRONG dollar.

asheland

Given the current price of silver, I feel like a genius having traded 485 ounces for this:

Seemingly, ever since the trade, the price of the coin has gone up, and the price of silver has gone down…

cohodk

Very, very nice Asheland

Bayard1908

@ShadyDave said:

As I've said in other posts in the PM forums, silver (and gold) will continue to drop as long as the Fed continues to raise rates. General market sentiment shows that odds are that the fed will raise rates by another 75bps in September 2022, see here: https://www.cmegroup.com/trading/interest-rates/countdown-to-fomc.html

I think we will see silver hovering around $16.00 spot price after that next fed meeting and subsequent rate increase during 9,20 and 9.21. Hold on cause its going to be a bumpy ride...

Real interest rates (the nominal interest rate minus inflation) are negative and will likely remain negative for the foreseeable future. If you remember the 1970s, precious metals went up in the 1970s despite high nominal interest rates because real rates were negative. When real interest rates are negative, you're better off in hard assets than in cash.

derryb

the FED is raising the Feds Fund Rate only. This is the rate banks charge each other over night in order to meet minimum cash reserve requirements established by the FED. This rate is irrelevant because banks are awash in cash (thanks to the FED) and currently don't need overnight loans. The only reason retail and consumer rates are going up in tandem is greed on the part of lenders. There is no other reason for these rates to be rising.

cohodk

@derryb said:
the FED is raising the Feds Fund Rate only. This is the rate banks charge each other over night in order to meet minimum cash reserve requirements established by the FED. This rate is irrelevant because banks are awash in cash (thanks to the FED) and currently don't need overnight loans. The only reason retail and consumer rates are going up in tandem is greed on the part of lenders. There is no other reason for these rates to be rising.

The reason is to get back to a more normalized rate environment. Isnt that what you've been wanting for the last 15 years?

3% yield on a 10 year treasury is still far below the average 4.4% yield over the last 100 years.

These higher rates are stimulative....oh boy...here come the Haha's and Lol's now. But it's pretty easy to explain. There is $22 Trillion in M2. Pay that money 3% interest and we've just created a $660 billion stimulus package. This is interest that gets spent.
It is money that continues the turning of economic wheels. And that $600 billion is recurring every year. Finally savers get paid.

Now your going to complain about those with debt. But remember, 70% of that debt is at very low fixed rates in the form of mortgages. The net result is more interest collected by J6P than collected by the evil banksters. Ironically, this interest stimulus extends the battle on inflation.

rte592

15 years.... more like 40.

My grandmother gave every niece and nephew $1000 for graduation.
Back in 1982 that got put in the bank savings account at 7% interest.
The interest rate then dropped off to just about 0%

cohodk

Rates in 1980 were more out of norm than the 0-2% rates of the last decade.

TwoSides2aCoin

@cohodk said:
Not much buying enthusiasm here. Hmmmm.

I agree. It's as close to dead here, as one will find. You need to go to a real store. Not a pawn or jewelry joint.