Seems to be a buyers strike going on

piecesofme · June 25, 2011 9:23AM

Where are the buyers?

goingbroke · June 25, 2011 9:33AM

As for me I am sitting on piles of cash waiting for another 30-40% drop in Gold and Silver prices!. But dont worry, from what I have heard we wont have long to wait.

piecesofme · June 25, 2011 9:39AM

What's the best refiner to sell to currently? NWT is offering $23.40 x face for a $1000 bag. Anyone know of anything better? tia
Looking for a smooth quick turnaround.

OPA · June 25, 2011 10:04AM

Lots of buyers...if the price is right and not overpriced.

piecesofme · June 25, 2011 1:05PM

$23.50 x face for quality 90% is overpriced? Are you out your damn mind? LOL

pragmaticgoat · June 25, 2011 11:16PM

I think tulving is buying at about 23.7x for a $1K bag

goingbroke · June 25, 2011 11:34PM

<< $23.50 x face for quality 90% is overpriced? Are you out your damn mind? LOL

>>

The way the PM market seems to be headed $23.50 may well be way over priced soon!. I have a suspicion that the PM prices will soon be dropping and quite possibly be dropping far farther than many think JMO. I will sit with my cash for a while and see where things might be headed.

OPA · June 26, 2011 12:10AM

<< $23.50 x face for quality 90% is overpriced? Are you out your damn mind? LOL

>>

You bet your sweet bippy....Reality check 101...In a down market, your smart investor or bullion dealer will not pay you spot for 90% silver coinage. In an up market, yes.

Banemorth · June 26, 2011 12:39AM

I love buying 90% coinage but not for spot in a market like this. It's going down, down, DOWN.

goingbroke · June 26, 2011 1:02AM

I know I wouldn't buy 90% at anywhere near spot these days! I think soon 90% will be far lower in price!. Will I buy? SURE but at far less than todays price! . I suspect that prices on the BST will soon be dropping.

streeter · June 26, 2011 1:37AM

BUYING AND SELLING ON THE WAY DOWN,

is a lot harder than buying and selling on the way up.

If people are experiencing this for the first time, take notes for your second go around cause they call this experience....

EDUCATION.

mrearlygold · June 26, 2011 2:47AM

We had a good month but then again I don't do bullion

piecesofme · June 26, 2011 3:00AM

$1.50 below melt is not near or at melt...It's a steal, but I guess no one wants to buy in quantity, which is fine, it just gives the opportunity to keep adding

no worries here.
But if I do find a refiner to beat NWT's current buy price and know that it will be a quick turnaround, i'd sell it all. Thanks for the input folks.

Wingsrule · June 26, 2011 3:27AM

There was a higher buy price than NWT stated six or seven posts above.

cone10 · June 26, 2011 3:34AM

APMEX 23.90 $10,000 min.

goingbroke · June 26, 2011 3:46AM

<< APMEX 23.90 $10,000 min. >>

THATS A GOOD ONE! LOL

OPA · June 26, 2011 4:24AM

<< 

<< APMEX 23.90 $10,000 min. >>

THATS A GOOD ONE! LOL >>

The op wants to sell $1000 face..I don't see a LOL with what APMEX is offering. I suspect it will be lower on Monday though.

scotty1419 · June 26, 2011 6:24AM

I just bought a big lot of 90% but only because it was at about 21.7x shipped. I think buyers are holding off a lot more right now unless something is priced VERY competitively.

Everything that was previously said - I would agree with. If you want to sell an item and it's not moving for quite a while at your price, obviously you need to rethink your price or your marketing.

Wingsrule · June 26, 2011 6:40AM

And even 'delivered', spot plus $3.50 for a generic 10 ozer is way too much. I wouldn't buy an Engelhard or JM at that premium, even in 'the good old days'.

streeter · June 26, 2011 7:42AM

People who are selling bullion in this market need to understand whether they are a retail seller or a wholesale seller. Retail sales transactions need to be watched just as carefully as ever.

Wholesale sales, to a dealer..... are getting into a period ...where it seems to me right now.....since there is a weak market .......that some wholesale buyers may leave some people hanging out to dry. Maybe not but I think we will hear some pretty good horror stories after the dust settles.

In an up market, the market will bail you out of a bad transaction and your cashflow will be replenished just by waiting out the time lag for prices to escalate. Delay, delay delay and eventually you're solvent.

In this market, bad decision making creates insolvency..and along with it-- POOF goes your check. Know your wholesale buyers financial position at all times. Your check depends on it.

The sharpest tack I know in L.A. underprices the market by 5-10%--in this type of market-- and doesn't care if you sell to him or not. He knows that in a period of pullback, a lot of lambs will get slaughtered. He will always be around to buy because his first priority is to stay solvent and not get you the highest price. He doesn't care whether the market place likes him or not. He's been through this before and learned his lesson.

I couldn't believe it when silver hit 35 and I was actually loosing sleep about whether to hang on or bail. I got rid of my cull silver at that price and sold off the better stuff at a little higher. I did miss the tops cuzz I am a gutless wonder on predicting tops. Awhile back I thought that possibly silver would hit 20 on the slide and if it can maintain that support for 6 months to a year, it will slide a little lower. Now I would bet on it. And I am.

halfhunter · June 26, 2011 7:43AM

I'm buying . . . Throw some Coke 75th Anniv bars up ! ! !

HH

pitboss · June 26, 2011 9:12AM

I sold 300 eagles when it was around $45 and am not at all sorry.

If it gets low enough I will buy back in.

RedHerring · June 26, 2011 10:09AM

Summer is always a tough time. Along about September things should start to pick up and by November you'll feel like you're in a tank of hungry piranhas.

piecesofme · June 26, 2011 10:09AM

Funny how people turn on ya. They defend others who set the price of what they want to sell, but critisize when I do it at a fair price. Oh well, I guess I deserve it having done it a time or two. It's just that it's kind of amusing the grudges that get held here even after an apology.
Anyway, it all ended well in the end. Sold it all except for the Halves for $23.40 to a local buyer who has some common sense to realize it isn't going to go down much more and this was an opportunity to get in at a still reasonable level.

Let it go down, i'm into what I still have dirt cheap and I can always add to the pile.

BigE · June 26, 2011 12:03PM

<< Summer is always a tough time. Along about September things should start to pick up and by November you'll feel like you're in a tank of hungry piranhas.

>>

I agree with this, personally, if I can get ase's for 600.00 a roll, I'm backing up the truck. I bet they are to 50.00 again this year-----------BigE

Wingsrule · June 26, 2011 6:28PM

Look at the bright side. That 28% donation to the Obama crew will keep the govt running for 0.02 seconds!

pitboss · June 26, 2011 9:47PM

<< Look at the bright side. That 28% donation to the Obama crew will keep the govt running for 0.02 seconds! >>

Yea, if the 28% donation is made by a billionaire.

OPA · June 26, 2011 10:12PM

<< Sold it all except for the Halves for $23.40 to a local buyer who has some common sense to realize it isn't going to go down much more and this was an opportunity to get in at a still reasonable level >>

Good move on your part...but a risky one on his part. Who's to say what is a reasonable level whan the price of PM's are tanking.

goingbroke · June 27, 2011 8:32AM

If only we could be as lucky as the unnamed member who bought a 1 ounce gold coin from a unaware dealer for only $10.00!. Then we wouldnt have to worry about PM prices tanking like they have.

piecesofme · June 27, 2011 8:57AM

tanking? Seems to me like it's just stuck in a tight range ($32-38) the last month or so. It's not like there isn't some opportunities for a flip if timed right. Just have to be willing to work on a smaller % than when it was riding the wave up to $50. I guess it's just all how one wants to approach it.
I will tell ya though, I slept good last night unloading over $500 face of 90% basically at wanted I wanted out of it lol.
I kept $200 face in Halves for the heck of it because i'm into that cheap. If Spot goes below $31-32 and shows that it is trending lower after reaching that, then I might get a little concerned, because after that the next support is $25ish imo.

derryb · June 27, 2011 9:08AM

<< Where are the buyers? >>

Smart ones are building cash.

piecesofme · June 27, 2011 9:13AM

Comments like that crack me up...like if you aren't you're dumb LMAO!

It's all how one wants to approach it. Some of us still own what we bought when Spot was $5. Am I dumb for not selling it when it peaked at $49? Hindsight is real easy...I'm just sayin.

TheBigB · June 27, 2011 9:18AM

My bullion positions are for the long term, if I want short term I use an ETF like GLD or SLV.

OPA · June 27, 2011 10:07AM

<< 

<< Where are the buyers? >>

Smart ones are building cash. >>

and selling some of their gains to build up cash.

OPA · June 27, 2011 10:08AM

<< My bullion positions are for the long term, if I want short term I use an ETF like GLD or SLV. >>

Don't make it to long...after all, you can't take it with you.

Bear · June 27, 2011 10:11AM

Silver has always been much more cyclic then gold. It rushes up and it rushes down.

It seems to me, that the various Governments, in concert with Huge financial institutions,

have tag teamed to crush PMs and oil, for a short term improvement in the strength of

the dollar. I do not believe that this downward pressure, can continue indefinitely. All is

not lost, although serious gastric distress, has been caused by the sudden drop in price.

TheBigB · June 27, 2011 10:14AM

<< 

<< My bullion positions are for the long term, if I want short term I use an ETF like GLD or SLV. >>

Don't make it to long...after all, you can't take it with you.

>>

Tell that to Tutankhamun.

Bochiman · June 27, 2011 12:36PM

A question is posed asking where the buyers are.
Answers are given on why folks are likely not buying (downward trend and smart buyers....which a lot of the board members are....are more cautious and not as likely to buy).

Then, because no one is buying, even if it is a "great deal" (which, it really isn't that great in a down market), people are "turning" on the OP.

Sheesh!

Silver went down another $1+ since the OP (and today was the 1st business day) so it decidely wasn't a stellar deal.

Nothing wrong with buying and selling, but to whine about folks not wanting to buy, and make you a profit, is just not that cool, imho.

Lot of good wisdom in this thread from some of the members that have been around for awhile. Of course, they were largely ignored as I think this thread was just a "barely" veiled BST type of thread

OPA · June 27, 2011 12:47PM

<< 

<< 

<< My bullion positions are for the long term, if I want short term I use an ETF like GLD or SLV. >>

Don't make it to long...after all, you can't take it with you.

>>

Tell that to Tutankhamun. >>

Yeah & look who ended up with his stash