New silver speculators coming in by the truckload

jdimmick

This has been discussed here on earlier threads, but everyday , there are more and more silver speculators coming in the shop frantically looking to buy silver. I must have had 4-5 new people today that have never been in before chasing silver. Friday, 5-6 newbies as well. I bought 80 rolls of eagles on Thursday, and the last coin form those rolls sold today. 70% of them going to new blood.

I talked to a friend of mine who is a dealer at a show about 100 miles form here and he said there was a barage of people coming in this am, buying every silver eagle , bar in the show, By 12:00, there were no eagles to be found anywhere at the show.

Baley

Cabbies, caddies, bellhops, and doormen? Buying their first silver because they herd it's going up?

uh oh..

OPA

<< <i>This has been discussed here on earlier threads, but everyday , there are more and more silver speculators coming in the shop frantically looking to buy silver. I must have had 4-5 new people today that have never been in before chasing silver. Friday, 5-6 newbies as well. I bought 80 rolls of eagles on Thursday, and the last coin form those rolls sold today. 70% of them going to new blood.

I talked to a friend of mine who is a dealer at a show about 100 miles form here and he said there was a barage of people coming in this am, buying every silver eagle , bar in the show, By 12:00, there were no eagles to be found anywhere at the show. >>



Not a good sign ... As in the past when J6P scrambles for bullion ... are we close to a major correction?

derryb

when your hair stylist tells you to buy, it's time to sell.

themaster

Too late to get a boarding pass! JMO

Have a Great Day!
Louis

derryb

<< <i>Too late to get a boarding pass! JMO

Have a Great Day!
Louis >>


Seems people were telling me that at $16, then $22, then $27. Glad I ignored them.

derryb

<< <i>Not a good sign ... As in the past when J6P scrambles for bullion ... are we close to a major correction? >>


Normally yes, but with the supply issue on silver I believe it's a firm no.

ksammut

Purchase a few thousand dollars more of silver today. Not concerned that silver will go down. Glad to see more are opening their eyes to the economic problems our country faces. Even with the newcomers, less than 2 or 3 percent of the US population is investing in gold and silver.

The trillion dollars the Treasury will have to create out of thin air to pay for the deficit means QE is not about to end. Add all the sadness in Japan and the fact that they will be forced to sell a lot of our debt they purchased just hastens the dollar's fall.

More will come to understand this and hundreds of thousands and possibly millions of newcomers will get into PMs. Even then it may not be the time to sell. Time will give us the answer to whether or not we slash our spending and begin to work at reducing our national debt. If that does not happen, then staying in PMs will be the right decision.

Bear

Methinks that I shall just relax and watch a frenzied world rush by my window seeking

what ever financial gain ones heart may desire. Its a rigged game and one can only win

by sheer chance, blind luck or long term patience AND IRON SELF CONTROL." Stay thirsty my friends

and when you drink a beer, make it Sam Adams."

OnlyGoldIsMoney

My local dealer talks about many first time buyers starting with $5,000 silver purchases. What was a coin shop has morphed into a precious metals store.

I doubt if any more than 1 in 300 persons is stacking silver. Most have none at all while others are converting their long hoarded 90% and family sterling dinner services for cash. It seems to me that relatively few are doing the bulk of the buying.

I don't care if my barber starts talking up the virtues of silver. IMO we have a long way to go before silver can be called a bubble. That of course won't stop the talking head paperbugs from claiming it is.

CaptHenway

<< <i>Methinks that I shall just relax and watch a frenzied world rush by my window seeking

what ever financial gain ones heart may desire. Its a rigged game and one can only win

by sheer chance, blind luck or long term patience AND IRON SELF CONTROL." Stay thirsty my friends

and when you drink a beer, make it Sam Adams." >>



I love ol' Sam, but they want $4.75 a bottle now at Appleby's, and I don't like drinking alone at home. Afraid I might like it too much.

jmski52

Even on BST, there seems to be a rush of new movers & shakers that seem to go awol when the price direction reverses. That may say more about the economy than it does about the precious metals market.

roadrunner

I doubt if any more than 1 in 300 persons is stacking silver. Most have none at all while others are converting their long hoarded 90% and family sterling dinner services for cash. It seems to me that relatively few are doing the bulk of the buying.

Yup, and that's probably been true since silver was $4+/oz. You can probably also say that less than 1 in 300 people were buying Microsoft stock in the early 1980's. How did that work out for the contrarian 1 in 300?

1 in 300 is nothing. When 10 or 30 out of 300 are stacking silver then you need to be alarmed. Remember, the US is not the entire world and our disdain for PM's is easily counterbalanced by the huge demand in Europe and Asia. I would however place the US demand for silver in 2nd to last place, just above Antartica's. Can "paper" silver see a short term
crash back to the low $20's? Sure, anything is possible. But it won't change the fundamentals for physical silver and other commodities that are experiencing rising world demand.

roadrunner