Silver, silver everywhere ...
291fifth
Posts: 24,336 ✭✭✭✭✭
... and not a buyer in sight.
I just returned from a local show. I can't remember a show with this much silver on display in dealer's cases.
Unfortunately, buyers seemed to be absent. Market top?
I just returned from a local show. I can't remember a show with this much silver on display in dealer's cases.
Unfortunately, buyers seemed to be absent. Market top?
All glory is fleeting.
0
Comments
<< <i>What was the premium asking price over spot? >>
Posted asking prices for ASEs were $26 and silver rounds $24-24.50.
I don't take this as a market top The silver price took a couple of drops late this last week; I think perhaps buyers are just waiting to see if it has stabilized or will take some more drops early this coming week. If the price holds, the buyers will continue.
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<< <i>What was the premium asking price over spot? >>
Posted asking prices for ASEs were $26 and silver rounds $24-24.50. >>
Not unreasonable prices....I'm with the temporary market top group. We need consolidation or even a 20%+ pull back. Nothing goes up forever & silver has had a nice run.
Tops occur are when there are a relative maximum number of buyers, relatively few sellers.
What is described in the first post isn't what happens at major tops. If the story was all the silver at the show was being snatched up at big premiums over melt, with many buyers using credit cards--that's the story when there is a significant market top.
it's way too late to get in. A top happens when common wisdom is that it's a sure thing.
A top happens right after your brother in law buys. (you know the one)
Every indication is that silver has a very long way to go. There is real resistance at 24$
but it's not massive resistence. If the fundamentals remain in place it will fall like like a
domino.
Tops occur are when there are a relative maximum number of buyers, relatively few sellers.
What is described in the first post isn't what happens at major tops. If the story was all the silver at the show was being snatched up at big premiums over melt, with many buyers using
credit cards--that's the story when there is a significant market top
From my little perch the "public" silver bullion market as seen from a coin collector's perspective seems to defy the norms mentioned above. Even during big downturns you don't see a large number of new people getting on board since they are fearful it will only go lower, if not to zero. The collapse from 1980 always weighs heavily on their minds. During each move up it seems there are only Joe and Jane Six Pack unloading the family dowry and relatively few buying. I'd venture that silver is being unloaded by the common man on each upmove and transferred overseas or to wealthy individuals, private investment funds, etc. Trying to gauge bullion sentiment from our little niche world of coin shows and B&M shops might give a very wrong impression of the bigger picture in world supply and demand. American buyers of silver are probably relatively few, but those few are buying in very large quantities, in other words 95-99% of the public is not involved, at least not on the buy side.
roadrunner
Myself, I sold 2,000 worth of silver, but did spend 520.00 on two 10 oz. kookaburra's. What it all means I have no idea. I feel a correction to 20-21 range by March.
Long term it will hit 50.00 for sure.
No way.
Just a nice self deserved 'rest' for the price of silver.
Might even drop to $17 to 20 an ounce, but who cares?
It'll be much higher than $25 in three years from now.
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
It is psychological, I remember when I could buy a roll of ASE for $300...and it was only last year!
Am I missing the train? Maybe but I am still on time for the big run to $50. (if ever happen)
PS: for the time being, I just want to buy the canadian wolves and waiting to see how the hockey pucks look like. Let's hope that silver will drop a little...
MANY positive BST Transactions
<< <i>How much would it cost for a 100 ounce Englehard bar today ? I want to know for marketing purposes. >>
The cheapest I found is $2480 (spot is now 24.10)