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People who bought at or near 50

1Mike11Mike1 Posts: 4,416 ✭✭✭✭✭
in Precious Metals
Do you think there are enough people out there to cause a plunge in price? I'm talking about the people still holding silver from the 80's who are waiting to dump their silver at $50 and break even.
"May the silver waves that bear you heavenward be filled with love’s whisperings"

"A dog breaks your heart only one time and that is when they pass on". Unknown

Comments

  • mashmash Posts: 207 ✭✭✭
    imageimage
    Buying uncut sheets and 1914 stars! message me
  • derrybderryb Posts: 36,793 ✭✭✭✭✭
    All of "that" silver now resides in your mom's china cabinet.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • 1Mike11Mike1 Posts: 4,416 ✭✭✭✭✭


    << <i>All of "that" silver now resides in your mom's china cabinet. >>



    Or the stuff I keep buying at the antique auctions. image
    "May the silver waves that bear you heavenward be filled with love’s whisperings"

    "A dog breaks your heart only one time and that is when they pass on". Unknown
  • PerryHallPerryHall Posts: 46,113 ✭✭✭✭✭


    << <i>Do you think there are enough people out there to cause a plunge in price? I'm talking about the people still holding silver from the 80's who are waiting to dump their silver at $50 and break even. >>



    If they sell at $50, they are still far from breaking even.

    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

  • cladkingcladking Posts: 28,637 ✭✭✭✭✭
    No.

    Everyone was selling silver and a mere handful was buying. I know of no one at all who
    bought over $38 though CaptHenway mentioned a buyer at $39. Virtually all the sales
    over $38 were to the Hunt's or to people who owed the Hunts silver. That silver is gone
    now so there is no more resistance.

    The futures got up to $70 par ounce and there might be a trader or two still stinging from
    that so it's not impossible this can show up.

    Silver didn't trade long above $38 anyway so even if there were resistance it would be
    nominal.
    Tempus fugit.
  • cladkingcladking Posts: 28,637 ✭✭✭✭✭
    ...Or to put it another way; anyone with even an ounce of common sense stopped buying about $38. Even me.
    Tempus fugit.
  • mikeygmikeyg Posts: 1,002 ✭




    I would expect that after 30 years,that most of that silver was sold back at a loss.The mindset in the 1980 s wasnt about stacking,it was about making a profit and a quick turnaround.When the price dropped so did the interest in silver.
  • jmski52jmski52 Posts: 22,824 ✭✭✭✭✭
    Everyone was selling silver and a mere handful was buying. I know of no one at all who
    bought over $38 though CaptHenway mentioned a buyer at $39. Virtually all the sales
    over $38 were to the Hunt's or to people who owed the Hunts silver. That silver is gone
    now so there is no more resistance.

    cladking puts it into some perspective. The way I remember it, silver kept climbing and climbing into the mid 30s and even into the low 40s. Then one day, it spiked - but there was really no opportunity to buy or sell - the price was reported as having hit $50, but nobody had a position at that level. At that point, the price "dropped" back to the mid-30s, even though it hadn't really established a trading range at $50. I think it did trade into the 40s for a few days on the way up, but by then the price wasn't really very stable. On the way down, there was plenty of opportunity to buy or sell around $35 and $30. That's about what I remember.

    We haven't seen anything like that silver market yet. Not at all.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
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