Home› Precious Metals

Visited my B&M today

WeissWeiss Posts: 9,941 ✭✭✭✭✭
in Precious Metals
Had a few minutes to spare.

Shot the breeze with the owner for a few minutes, then as usual I asked what he had that I needed.

He whipped out two prospectors and two libertads. Said I could have them for spot.

I checked my wallet. Plenty of cash. So I say: So how much, total?

He thinks for a second and says "$30 each, $120 total"

And it just struck me.

$30. Each.

I put my wallet away, thanked him, and walked out the door.
We are like children who look at print and see a serpent in the last letter but one, and a sword in the last.
--Severian the Lame

Comments

  • PreTurbPreTurb Posts: 1,193 ✭✭✭
    I once regretted buying some 100 oz Engelhard bars @ $8/oz, after the silver price did a quick dip to $7... It's a long game. As shocking as $30 an ounce is, it may not be so shocking in a few years...
  • MeltdownMeltdown Posts: 8,789 ✭✭✭✭✭
    I bought 7oz's today for $220 and it hurt in my gut a little bit. image

    Click on this link to see my ebay listings.

  • mhammermanmhammerman Posts: 3,769 ✭✭✭
    Called my b&m today...asked for some of those pucks. He said he's been getting a ton of calls about those but his order was put on hold by the mint. The mint is not sending out anything more and he didn't even get any. He was bummed but last time I was there, he was selling tubes of GAE's and a handful of pamps to a couple of young urban guys...life is good at the b&m. I'm going to drop by tomorrow to get some Christmas presents (Silver Christmas bars) and work on my walker dansco. Man, those walkers are getting really pricey, I might have to call of the hunt and settle for bullion.
  • CaptHenwayCaptHenway Posts: 32,119 ✭✭✭✭✭


    << <i>Had a few minutes to spare.

    Shot the breeze with the owner for a few minutes, then as usual I asked what he had that I needed.

    He whipped out two prospectors and two libertads. Said I could have them for spot.

    I checked my wallet. Plenty of cash. So I say: So how much, total?

    He thinks for a second and says "$30 each, $120 total"

    And it just struck me.

    $30. Each.

    I put my wallet away, thanked him, and walked out the door. >>



    As my old retired Marine Corps Sergeant poker friend Marvin used to say when drawing to an inside straight: "No guts, no glory!"
    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.
  • MetalsmanMetalsman Posts: 2,064 ✭✭✭


    << <i>Had a few minutes to spare.

    Shot the breeze with the owner for a few minutes, then as usual I asked what he had that I needed.

    He whipped out two prospectors and two libertads. Said I could have them for spot.

    I checked my wallet. Plenty of cash. So I say: So how much, total?

    He thinks for a second and says "$30 each, $120 total"

    And it just struck me.

    $30. Each.

    I put my wallet away, thanked him, and walked out the door.


    Did'nt you just brag about buying some silver bullion at $54 per ounce!



    image
  • DrBusterDrBuster Posts: 5,378 ✭✭✭✭✭
    I would have taken those for 30. You know you could get premium for the libs at least.
  • PerryHallPerryHall Posts: 46,115 ✭✭✭✭✭


    << <i>He whipped out two prospectors and two libertads. Said I could have them for spot. >>



    Sounds like a good deal to me. What did you expect him to sell them for?

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • gsa1fangsa1fan Posts: 5,566 ✭✭✭
    I'm guessing spot was below $30 at the time. Principle of the matter. Got keep folks to their word.
    Avid collector of GSA's.
  • gecko109gecko109 Posts: 8,231 ✭
    I have to confess.....its damn hard for me to buy at $30 these days. Mostly a mental block because the bulk of my silver holdings was aquired at $9-$14. I was lucky enough to have bought very aggressively at those levels, so I can afford to just sit on the sidelines for now. If I never bought another oz of silver, and the fiat system crashed, I will be lightyears ahead of 99% of the world's population, and thats good enough for me.
  • 1jester1jester Posts: 8,637 ✭✭✭


    << <i>I'm guessing spot was below $30 at the time. Principle of the matter. Got keep folks to their word. >>



    I didn't get that impression. Depending on the time he walked in, $30 each could have been below spot. I just think the fact that silver is that high sank in and gave him reason to reconsider buying at all.

    Weiss, am I right?

    imageimageimage
    .....GOD
    image

    "Ask, and it shall be given you; seek, and ye shall find; knock, and it shall be opened unto you." -Luke 11:9

    "Hear, O Israel: The LORD our God is one LORD: And thou shalt love the LORD thy God with all thine heart, and with all thy soul, and with all thy might." -Deut. 6:4-5

    "For the LORD is our judge, the LORD is our lawgiver, the LORD is our king; He will save us." -Isaiah 33:22
  • jmski52jmski52 Posts: 22,824 ✭✭✭✭✭
    Weiss, that doesn't sound like you. Are you feelin' ok?

    Seriously, that silver isn't any different than it's ever been. Take a closer look at those paper dollars.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • DrBusterDrBuster Posts: 5,378 ✭✭✭✭✭
    So basically $5 broke the deal. How out of the way is the shop? Gas to get there? If I hit the shop by me, 15 miles away, I'm buying something.
  • gsa1fangsa1fan Posts: 5,566 ✭✭✭
    You got a point there 1jester. I'm use to buying gold so $30 does not seem that bad to me. I jumped back in Ag at $21oz.

    I went to feed store yesterday. Feed was up $1 a fifty pound sack. Filled up my propane tank propane up .80 cents gallon.

    PM's, gas & grain a commodity so I'm feeling inflation pretty hard this week!

    Tighten your seat belts boys a lot rougher road ahead.
    Avid collector of GSA's.
  • nam812nam812 Posts: 10,579 ✭✭✭✭✭


    << <i>I didn't get that impression. Depending on the time he walked in, $30 each could have been below spot. I just think the fact that silver is that high sank in and gave him reason to reconsider buying at all.

    Weiss, am I right?

    imageimageimage >>



    That's how I read it as well.
  • PerryHallPerryHall Posts: 46,115 ✭✭✭✭✭
    Silver was over $30 yesterday for part of the day so the dealer may have actually been selling at spot.

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • keepdachangekeepdachange Posts: 1,374
    I got heavy into PM's starting in Sept 2009. I remember when it got up to about 19 thinking it was too high, glad I just kept stacking though. I'm with Gecko on this w/ the whole mental block thing with it at $30 as it seems harder to pull the trigger
    "If you hit a midget on the head with a stick, he turns into 40 gold coins." - Patty Oswalt
  • CaptHenwayCaptHenway Posts: 32,119 ✭✭✭✭✭
    Live in the day, folks. You can't buy/sell at last year's price or next year's price. If something is a good deal TODAY, buy it.
    MOO
    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.
  • gecko109gecko109 Posts: 8,231 ✭


    << <i>Weiss, that doesn't sound like you. Are you feelin' ok?

    Seriously, that silver isn't any different than it's ever been. Take a closer look at those paper dollars. >>




    This is wrong on many levels. If you are trying to imply that the price of silver is inversely proportional to the value of the USD as of late, you fail.

    24 months ago, an ounce of silver was just $10. That is a factor of 3x cheaper than today. Gas today is $3/gallon, it was the same price 24 months ago. A $30,000 car 24 months ago doesnt cost $90,000 today. A shopping cart full of groceries that cost $150 just 24 months ago does not cost $450 today. Homes are not 3x more expensive today than 24 months ago, neither are eggs, milk, energy, electronics, tuition, or ANYTHING you can think of.

    Put rather simply, the rise in silver prices over the past 24 months has NOTHING to do with the value of paper dollars, and EVERYTHING to do with speculation.
  • gsa1fangsa1fan Posts: 5,566 ✭✭✭
    I'd call it flight to safety/real $ than speculation.

    Like I pointed out above all commodities up up up
    Avid collector of GSA's.
  • INDIANJOEINDIANJOE Posts: 103
    on ebay , silver is selling from $39 to $42 a oz.
  • tydyetydye Posts: 3,894 ✭✭✭
    I bought 4 oz this past weekend just because is was Austrian Phils at spot 29.35 each. All I thought about on the ride home was damn that is not much silver for $120
  • WeissWeiss Posts: 9,941 ✭✭✭✭✭
    Silver was just about $30 at the time, so he was selling them at spot. I just couldn't see spending $30 on an ounce of silver.

    Like Gecko, I was fortunate to start this phase of my metals buying early (at around $6 and kept up through about $19).

    I'm good with my stash. I figured I'd keep adding slowly as the rest of my portfolio ebbs and flows.

    But $30 an ounce? It's one thing to see it on Kitco. It's another to walk into the very same shop, see the very same dealer, reach across the very same counter, and pick up an identical prospector and have it cost 3 times what it did just a short time ago.
    We are like children who look at print and see a serpent in the last letter but one, and a sword in the last.
    --Severian the Lame
  • gsa1fangsa1fan Posts: 5,566 ✭✭✭
    Weiss, since you do realastate. How much more land/house can you buy than a short time ago?
    Avid collector of GSA's.
  • WeissWeiss Posts: 9,941 ✭✭✭✭✭
    Our town has been virtually untouched by the general real estate slow down. What might have cost you $200,000 three years ago would probably still be right around there.
    We are like children who look at print and see a serpent in the last letter but one, and a sword in the last.
    --Severian the Lame
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    This is wrong on many levels. If you are trying to imply that the price of silver is inversely proportional to the value of the USD as of late, you fail.

    24 months ago, an ounce of silver was just $10. That is a factor of 3x cheaper than today. Gas today is $3/gallon, it was the same price 24 months ago. A $30,000 car 24 months ago doesnt cost $90,000 today. A shopping cart full of groceries that cost $150 just 24 months ago does not cost $450 today. Homes are not 3x more expensive today than 24 months ago, neither are eggs, milk, energy, electronics, tuition, or ANYTHING you can think of.

    Put rather simply, the rise in silver prices over the past 24 months has NOTHING to do with the value of paper dollars, and EVERYTHING to do with speculation.

    You're assuming that a relationship has to be linear or there cannot be one. How about an inverse exponential (cubic) relationship? That fit pretty well with the dollar fall from 2001 to 2008. How can one expect a linear relationship when there exists far more dollars in existence than gold? And on top of that the world's gold supply is only increasing at about 1.5 to 2% per year. Of course in the short term the dollar and gold can run together. But over the longer term is where it works. Dollars can be created instantly, but it often takes 2-8 yrs for the effects of monetary/credit expansion to show up in consumer prices. Fwiw as gold increased 25X and silver about 40X during the 1970's, consumer prices didn't increase anywhere near that much. And to understand why gold and silver went up so much in the 1970's you'd have to factor in the totality of paper money & promises created from 1960-1980.

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
Sign In or Register to comment.