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Silver spot at 12.71!!! What is going on!!??

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!



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-Paul
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Comments

  • BarndogBarndog Posts: 20,453 ✭✭✭✭✭
  • I think this signifies the official bursting of the commodity bubble. Seems to me silver was just along for the ride, it wasn't actually rising due to supply problems, just because of options trading. Although this is a great buy price here, I wouldn't catch a falling knife and my guess is this isn't the bottom. Oil and other commodities such as wheat and corn have a ways to go yet.

    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.
  • MrEurekaMrEureka Posts: 23,865 ✭✭✭✭✭
    Silver spot at 12.71!!! What is going on!!??

    I bought a pile of silver this afternoon. The subsequent drop was inevitable.
    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • SanctionIISanctionII Posts: 11,643 ✭✭✭✭✭
    I wish it would o back to $4.00 and that gold would go back to $250.00. I would buy as mch of both as I could at those prices.
  • YaHaYaHa Posts: 4,220
    All I know is I dumped close to 600 ozs earlier this year when Silver hit a all time high. Got melt at $19 per OZ.image


  • << <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.
    Witty sig line currently under construction. Thank you for your patience.
  • storm888storm888 Posts: 11,701 ✭✭✭
    SHORT more of both GLD and SLV, on ANY strength.

    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.
    Folks Who Bite Get Bitten. Folks Who Don't Bite Get Eaten.
  • Silver is starting to finding support, it is on a steep rise now at $12.95.
    Witty sig line currently under construction. Thank you for your patience.
  • morgansforevermorgansforever Posts: 8,428 ✭✭✭✭✭
    Was going to pull the triger this morning on some AGEs, guess I'll wait.

    The coin geeks at the local B&M, were talking $750 gold, we'll see.

    Wonder if sales at the Mint are down?
    World coins FSHO Hundreds of successful BST transactions U.S. coins FSHO
  • seateddimeseateddime Posts: 6,169 ✭✭✭
    I am buying at these levels.

    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.
    I seldom check PM's but do check emails often [email protected]

    Buying top quality Seated Dimes in Gem BU and Proof.

    Buying great coins - monster eye appeal only.
  • No no no no no....

    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!
  • 7over87over8 Posts: 4,733 ✭✭✭
    BUY BUY BUY

    IMO this is unheard of price manipulation on the downside....

    which trader is it?.........which large bank ????
  • ebaytraderebaytrader Posts: 3,312 ✭✭✭


    << <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...
  • adamlaneusadamlaneus Posts: 6,969 ✭✭✭
    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.


    [edit] I'm terribly sorry! I forgot the little smiley face to indicate cynicism! imageimageimage

  • storm888storm888 Posts: 11,701 ✭✭✭
    I missed the rocket.

    $12.76
    Folks Who Bite Get Bitten. Folks Who Don't Bite Get Eaten.
  • coinkid855coinkid855 Posts: 5,012 ✭✭✭


    << <i>I missed the rocket.

    $12.76 >>




    Me too. lol



    -Paul
  • BAJJERFANBAJJERFAN Posts: 30,971 ✭✭✭✭✭


    << <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?
  • RampageRampage Posts: 9,412 ✭✭✭✭


    << <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...
  • AnkurJAnkurJ Posts: 11,366 ✭✭✭✭
    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. image
    All coins kept in bank vaults.
    PCGS Registries
    Box of 20
    SeaEagleCoins: 11/14/54-4/5/12. Miss you Larry!
  • Where is the best place to buy silver so that it will reflect the recent drop in price?

    I can tell for sure that it's not ebay, as bullion is still selling for at least $18/oz.
  • Damn I bought some for $14 image
  • storm888storm888 Posts: 11,701 ✭✭✭


    << <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. image >>



    //////////////////////////////

    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.

    Folks Who Bite Get Bitten. Folks Who Don't Bite Get Eaten.


  • << <i>BUY BUY BUY >>



    Don't you mean Bye Bye?image
  • it's possible to order 90% from APMEX at only 50-60 cents above spot, so it certainly is possible to get it at these prices. It's not possible to get silver eagles, but silver eagles are not the only form of silver out there. If you want bars/rounds, I suggest northwest territorial mint's website.

    BTW: back down to 12.77
  • BigEBigE Posts: 6,949 ✭✭✭
    This is excitingimage-----------------------BigE
    I'm glad I am a Tree
  • foodudefoodude Posts: 3,552 ✭✭✭
    Wow that's quite a meltdown; I bought and old a few pounds of silver last week or so when it was @$17.
    Greg Allen Coins, LLC Show Schedule: https://forums.collectors.com/discussion/573044/our-show-schedule-updated-10-2-16 Authorized dealer for NGC, PCGS, CAC, and QA. Member of PNG, RTT (Founding Platinum Member), FUN, MSNS, and NCBA (formerly ICTA); Life Member of ANA and CSNS. NCBA Board member. "GA3" on CCE.


  • << <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.
  • I sold afew ounces 2 weeks ago for about $18 or so.image


    No Im going to be buying. $12 an ounce is my buy price. Ill deal with $13.
    Looking for Au Classic Commems...
    Also looking for VF-EF Seated halves.

    Sell me your old auction catalogs...image
  • ARCOARCO Posts: 4,303 ✭✭✭✭✭
    Silver is getting crushed. It is down almost 10% in the Asian markets. That is the largest percentage point drop I have seen in the modern era (post 1980). I was hoping it would drop to $4.00 again so I could hoard it to my hearts content. I bought most of my silver in the $14.00 range and kept buying smaller amounts all the way up to $20.00 where I stopped. Luckily I only bought about 1000 ounces so a couple thousand paper loss is about what I spend drinking with buddies at the nightclubs on a weekend! image

    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
  • What a ridiculous drop in the silver price over the last 24 hours! The silver / gold ratio is 62 to 1. Time to convert a little gold to silver.
  • 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?
    Looking for Au Classic Commems...
    Also looking for VF-EF Seated halves.

    Sell me your old auction catalogs...image
  • OneCentOneCent Posts: 3,561


    << <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.
    imageimage
    Collector of Early 20th Century U.S. Coinage.
    ANA Member R-3147111
  • Im already in buy mode.image



    Ill be dumping alot of dupes this weekend...........
    Looking for Au Classic Commems...
    Also looking for VF-EF Seated halves.

    Sell me your old auction catalogs...image
  • RedTigerRedTiger Posts: 5,608


    << <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.
  • 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?

    image
    Looking for Au Classic Commems...
    Also looking for VF-EF Seated halves.

    Sell me your old auction catalogs...image
  • It's dropping by the minute now! $12.48 I, as well am gonna wait to buy. I still think it's got a little ways to go!
    SEE the BULL!! BUY the BULL!! BE the BULL!! Do your homework first. And, you will learn alot!!
  • ARCOARCO Posts: 4,303 ✭✭✭✭✭
    Tulving.com is completely sold out of silver in every single category they have. They don't have ANY silver whatsoever. Folks are loading up on this dip. Shouldn't you all too? (The bandwagon marketing approach).


    Tyler
  • RedTigerRedTiger Posts: 5,608


    << <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?

    image >>



    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 what you were saying.


    image



    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.
    Looking for Au Classic Commems...
    Also looking for VF-EF Seated halves.

    Sell me your old auction catalogs...image
  • CaptHenwayCaptHenway Posts: 31,470 ✭✭✭✭✭
    We sold a long-time customer 1000 ounces this afternoon, and then were unable to replace most of it. MTB in NY is out of silver eagles and cannot get more. The one guy we found with 100 ounce Englehards wasted spot plus $1.10 per ounce for them.

    HOWEVER, the gas station up at the corner jumped 20 cents per gallon today!!!! GO FIGGER!!!!!!!!

    TD
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • $3.43 here this afternoon.........image
    Looking for Au Classic Commems...
    Also looking for VF-EF Seated halves.

    Sell me your old auction catalogs...image


  • << <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 >>



    image

    Silver Market Manipulation
    Good deals with: goldman86 mkman123 Wingsrule wondercoin segoja Tccuga OKCC LindeDad and others.

    my early American coins & currency: -- http://yankeedoodlecoins.com/
  • TomohawkTomohawk Posts: 667 ✭✭
    Well, I can take comfort that I'm not the only one losing sleep tonight, although I wasn't originally losing sleep due to silver...

    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...
    ASE Addict...but oh so poor!
  • TomohawkTomohawk Posts: 667 ✭✭
    It's also interesting to note gold broke the $800 "support" level, and Palladium is below $300...seems the drops in the other PMs (other than silver) are much larger than normal on overseas markets...feels artificial to me.
    ASE Addict...but oh so poor!
  • TomohawkTomohawk Posts: 667 ✭✭
    Whoa...goin' after Platinum...hello, $1300s.

    Can't say it's my old friend...
    ASE Addict...but oh so poor!
  • TomohawkTomohawk Posts: 667 ✭✭
    Sorry for my prattling...but I'm fascinated to watch...as the dollar strengthens against all major currencies (except the Peso...I did say MAJOR currencies), PMs just get rocked. The trend I'm seeing, however, is not inversely proportional...the moves against, say the Chinese Yuan are very small... .002 or .003 or so, but full pennies and dollars come off silver/gold/platinum. Pretty amazing, and it leads me to believe there's an overreaction here...might see PMs really shoot up as soon as the dollar falls even a little.

    Getting quite the education here..
    ASE Addict...but oh so poor!
  • AnkurJAnkurJ Posts: 11,366 ✭✭✭✭
    Its inching back up in the Asia market. I am nervous to see what happens when the US market opens.

    Currently at 13.09

    Gold at $794
    All coins kept in bank vaults.
    PCGS Registries
    Box of 20
    SeaEagleCoins: 11/14/54-4/5/12. Miss you Larry!
  • tincuptincup Posts: 4,739 ✭✭✭✭✭
    Appears to be climbing out of the pit......
    ----- kj
  • SmittysSmittys Posts: 9,876 ✭✭✭✭✭
    I bought a bunch yesterday at 14.30 figured it would go down,
    But then I think Maybe I should buy more.....
    Is this a buying opportunity..?
  • BAJJERFANBAJJERFAN Posts: 30,971 ✭✭✭✭✭


    << <i>Appears to be climbing out of the pit...... >>



    Yup and an hour from now it could go deeper into the pit.
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