Silver spot at 12.71!!! What is going on!!??
coinkid855
Posts: 5,012 ✭✭✭
According to Kitco's 24 hour chart, silver is now 12.71 an ounce! How low could it go??? Seems like a great time to buy!
-Paul
-Paul
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I'm convinced more then ever we will see credit deflation continue and this will continue to pressure commodity prices. I'll go out on a limb and say that we'll see gas at $2.50 per gallon again sometime in the future. I've been known to be wrong though, like everyone.
My advice.. hold off on all big ticket purchases except new trucks.. take advantage of the cheap prices due to gas prices now if you want.
I bought a pile of silver this afternoon. The subsequent drop was inevitable.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
<< <i>Silver spot at 12.71!!! What is going on!!??
I bought a pile of silver this afternoon. The subsequent drop was inevitable. >>
I bought yesterday. I had the same feeling when I saw the drop.
BOTH are headed into the toilet, but may have some
silly bounces on the way.
Silver will see about $6+, soon.
Gold will fall far below $600, by February.
Forget "inflation and technicals" and all the pump
and dump TV advertising and bogus "newsletters."
Americans have run out of cash; those who still
have any better HOLD onto it.
The coin geeks at the local B&M, were talking $750 gold, we'll see.
Wonder if sales at the Mint are down?
I do feel bad I got 50 ounces for a friend as a favor at ANA for $18.50 an ounce. I am guessing he is not too happy.
Buying top quality Seated Dimes in Gem BU and Proof.
Buying great coins - monster eye appeal only.
What you are seeing is nothing other than the commercial traders exploiting what is usually a relatively calm hour(s) of trading - running right through the stops and most likely creating the rebound spot right here. There is a physical shortage of silver - try to find a dealer right now who has any quantity of 2008 American Silver Eagles - good luck. Most other forms of silver bullion are extremely low in supply - the most seen in years - many years.
The few large shorts (we know they are a few but legally we aren't able to find out who they are - check the COT) might be finally throwing the towel in - maybe we'll see some news soon about a default or something...
Silver is irresistable here!
IMO this is unheard of price manipulation on the downside....
which trader is it?.........which large bank ????
<< <i>Silver spot at 12.71!!! What is going on!!??
I bought a pile of silver this afternoon. The subsequent drop was inevitable. >>
I'm suprised that you were able to take delivery. We couldn't buy any quantity of silver today at anything close to spot.
The supply seems to have dried up yet the paper market is crashing. Probably from a credit crunch hidden by a stronger $ vs. the Euro.
Very strange...
The price of silver has absolutely skyrocketed since this thread was written.
Maybe later, it will fall off of a cliff.
[edit] I'm terribly sorry! I forgot the little smiley face to indicate cynicism!
$12.76
<< <i>I missed the rocket.
$12.76 >>
Me too. lol
-Paul
<< <i>Will someone please edit the title of this thread so that it keeps up with the current value of silver?
The price of silver has absolutely skyrocketed since this thread was written.
Maybe later, it will fall off of a cliff. >>
You call 7 cents skyrocketing?
<< <i>Will someone please edit the title of this thread so that it keeps up with the current value of silver?
The price of silver has absolutely skyrocketed since this thread was written.
Maybe later, it will fall off of a cliff. >>
Where do you see the prices have skyrocketed? I still see $12.80 on Kitco...
PCGS Registries
Box of 20
SeaEagleCoins: 11/14/54-4/5/12. Miss you Larry!
I can tell for sure that it's not ebay, as bullion is still selling for at least $18/oz.
<< <i>I bought 90% of my gold when it was at $600, and silver when it was around $12. I will probably sell a little bit of both before they go lower. I expect both to sky rocket shortly after I sell, so keep an eye out.
//////////////////////////////
Consider keeping the physical silver.
SHORT some SLV against the box.
Your number is locked on the downside, and you can buy more
physical with your SLV profits when it hits $6.
IF it should "skyrocket," your SLV is a paper-loss if you don't
buy to cover. You can then SHORT more at the higher price
and cover when it finally tanks.
Constantly buying/selling physical metals is a PITA.
..........
Obviously, you can make the same play on GLD.
<< <i>BUY BUY BUY >>
Don't you mean Bye Bye?
BTW: back down to 12.77
<< <i> If you want bars/rounds, I suggest northwest territorial mint's website. >>
Thanks for the suggestion.
Their prices are pretty reasonable compared to ebay for 1 ounce of silver.
I'll probably order some in the next few days.
No Im going to be buying. $12 an ounce is my buy price. Ill deal with $13.
Also looking for VF-EF Seated halves.
Sell me your old auction catalogs...
It is my gold that worries me.
I was sure that there would be a summer dollar rally, but now I am wondering if it will turn into a permanent route with the assistance of the European central banks working in concert to devalue the euro relative to the dollar.
Interesting times!
Tyler
Also looking for VF-EF Seated halves.
Sell me your old auction catalogs...
<< <i>Kitco is currently out of stock regarding the ASE's. They have the Canadian Maple Leafs priced at $15.09, Buy? Or wait for the bigger drop? >>
No question this is a waiting situation. We could be looking at $12 silver tomorrow.
Collector of Early 20th Century U.S. Coinage.
ANA Member R-3147111
Ill be dumping alot of dupes this weekend...........
Also looking for VF-EF Seated halves.
Sell me your old auction catalogs...
<< <i>Kitco is currently out of stock regarding the ASE's. They have the Canadian Maple Leafs priced at $15.09, Buy? Or wait for the bigger drop? >>
What's the rush? Do you think it will be a very rare V-shaped bottom? Even if the price rebounds, it will have to get to $16 for a buyer at $15 to make anything on physical silver. Fast markets with wide spreads are not for novices. As always, for the average person, it is best to buy in small increments and get an average price instead of trying to call bottom or top.
Yes, someone will buy the bottom, and a thousand more will say they did in hindsight, usually only a few novices do so. It is much more common for newbies to SELL at the bottom. Wait for those sell messages on the BST forum from newbies dumping their bullion that they bought this year at much higher prices to pay their normal bills, and the odds will be much better.
Im not sure I know what you mean when you say, Do you think it will be a very rare V-shaped bottom?
Also looking for VF-EF Seated halves.
Sell me your old auction catalogs...
Tyler
<< <i>No rush really, just that when I bought at $10 last year and sold the most of it at $20, I felt like I did ok. I then figured when it went back to $12 and under, buy more.
Im not sure I know what you mean when you say, Do you think it will be a very rare V-shaped bottom?
V-shaped on a price chart, meaning a sharp drop followed by an equally sharp rally, so the price chart looks like the letter V. These are rare, and 90% of the time when there is a steep drop, there is plenty of opportunity to load up. Many times prices keep going, and a lot of folks get crushed as prices keep dropping.
I see it dropping abit more, but here is where I start to buy. Ill take it slow for afew days, then start loading up. I dont mind sitting on it for awhile either. Not looking to "flip" it. Itd be nice to "flip" it, but not my primary intention.
Also looking for VF-EF Seated halves.
Sell me your old auction catalogs...
HOWEVER, the gas station up at the corner jumped 20 cents per gallon today!!!! GO FIGGER!!!!!!!!
TD
Also looking for VF-EF Seated halves.
Sell me your old auction catalogs...
<< <i>What you are seeing is nothing other than the commercial traders exploiting what is usually a relatively calm hour(s) of trading - running right through the stops and most likely creating the rebound spot right here. There is a physical shortage of silver - try to find a dealer right now who has any quantity of 2008 American Silver Eagles - good luck. Most other forms of silver bullion are extremely low in supply - the most seen in years - many years. The few large shorts (we know they are a few but legally we aren't able to find out who they are - check the COT) might be finally throwing the towel in >>
Silver Market Manipulation
my early American coins & currency: -- http://yankeedoodlecoins.com/
Boy, that sure changed.
I gotta toss in my $0.02 here, FWIW. This drop is WAY uncool; if it continues, I don't think silver will be hard to find...there will be tons of panicked sellers who wake up tomorrow going: "Frick! I gotta get out while I can!" and will put further downward pressure on the price. Ebay might be high right now, but I think this huge move will force alot of people's hands. We'll see.
I gotta believe, though, that some major manipulation is going on...the supply and demand worksheet seems to be upside down: If there really isn't any silver to be bought, the price should be going up...it ain't, so I buy the argument that folks weren't willing to take the hit with a $3 or $4 drop from when they purchased at the "golden opportunity" that "white hot" silver presented to the average investor. Now that it's a $10 DOLLAR drop from it's high, people will be gettin' out while the gettin's good.
I'm betting on even lower prices at an accelerated pace (maybe as low as $10 or even $9) before some sanity returns and prices start going back up. I'm going to be buying there, and will hold until next spring/summer when the inevitable oil spike builds again and drags silver along for the ride. I'll bet the high next summer will be higher than this one's.
FWIW...
Can't say it's my old friend...
Getting quite the education here..
Currently at 13.09
Gold at $794
PCGS Registries
Box of 20
SeaEagleCoins: 11/14/54-4/5/12. Miss you Larry!
But then I think Maybe I should buy more.....
Is this a buying opportunity..?
<< <i>Appears to be climbing out of the pit...... >>
Yup and an hour from now it could go deeper into the pit.