I've thrown in the towel on silver
Yukoncornelius1
Posts: 654 ✭
I have been a huge supporter of silver the past 12 years but I have gotten so upset and dismayed at it's recent price action that I have decided to heed cohodk's advice and sell all of my silver for $5 an oz. less than spot. No use to have 7,000 oz. of this useless stuff cluttering up my safety deposit boxes when I could invest in some wonderful fiat dollar bills so out with the old and in with the new!!!!
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7000.... holy smokes.
I knew it would happen.
However, with the imminent collapse of COMEX next week, I would wait until then
<< <i>I have been a huge supporter of silver the past 12 years but I have gotten so upset and dismayed at it's recent price action that I have decided to heed cohodk's advice and sell all of my silver for $5 an oz. less than spot. No use to have 7,000 oz. of this useless stuff cluttering up my safety deposit boxes when I could invest in some wonderful fiat dollar bills so out with the old and in with the new!!!!
because those are the only two choices? Silver or dollar bills?
Liberty: Parent of Science & Industry
Being in the bizz for 30 years, I saw so many silver bugs gutted repeatedly that I figure it can cut your guts out quicker than almost anything.
Do I own any? Yep, but WAY less than gold.
Gold is the "money" metal. Always.
Although the "tunnel vision" of silver bulls is always amusing.
<< <i>I have been a huge supporter of silver the past 12 years but I have gotten so upset and dismayed at it's recent price action that I have decided to heed cohodk's advice and sell all of my silver for $5 an oz. less than spot. No use to have 7,000 oz. of this useless stuff cluttering up my safety deposit boxes when I could invest in some wonderful fiat dollar bills so out with the old and in with the new!!!!
I threw in the towel 2 years ago. But I'll go towel shopping again.
But I am glad to see you finally realize that silver at $35 does not protect you from anything- except the burden of $100,000
Knowledge is the enemy of fear
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<< <i>I have been a huge supporter of silver the past 12 years but I have gotten so upset and dismayed at it's recent price action that I have decided to heed cohodk's advice and sell all of my silver for $5 an oz. less than spot. No use to have 7,000 oz. of this useless stuff cluttering up my safety deposit boxes when I could invest in some wonderful fiat dollar bills so out with the old and in with the new!!!!
because those are the only two choices? Silver or dollar bills? >>
where do you get a box that holds 7000 oz?
So the decline from $48 to $23 involves ($25 x 7000) but that's only a paper loss of a previous paper gain, and the dough might come back
The box rental fees, transportation cost of the metal, and time involved in handling, and possibly insurance, those are sunk costs,
but stacking is a fun hobby, and still cheaper than golf!
Liberty: Parent of Science & Industry
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<< <i>I have been a huge supporter of silver the past 12 years but I have gotten so upset and dismayed at it's recent price action that I have decided to heed cohodk's advice and sell all of my silver for $5 an oz. less than spot. No use to have 7,000 oz. of this useless stuff cluttering up my safety deposit boxes when I could invest in some wonderful fiat dollar bills so out with the old and in with the new!!!!
because those are the only two choices? Silver or dollar bills? >>
where do you get a box that holds 7000 oz? >>
When my silver stack was at it's largest I had close to 700ozs of silver in my SDB. It was funny to watch the cute little tellers trying to move it!
The large 10" x 10" x 21" boxes can hold 3,000 ozs of silver. Good luck lifting that up on the counter!
Liberty: Parent of Science & Industry
<< <i>I have been a huge supporter of silver the past 12 years but I have gotten so upset and dismayed at it's recent price action that I have decided to heed cohodk's advice and sell all of my silver for $5 an oz. less than spot. No use to have 7,000 oz. of this useless stuff cluttering up my safety deposit boxes when I could invest in some wonderful fiat dollar bills so out with the old and in with the new!!!!
A similar thing happened once to a man named Saul as he journeyed the road to Damascus.
Ah, clarity!!
<< <i>((3000 * 31.1) / 28.35)/16 = 205.7 lbs >>
205.7 * 0.453592 = 93.3039 Kgs
Still thinking in metric...
When the demand goes up and supply goes down, the price is supposed to go up - but the price ain't goin' up!
Are we lookin' at the price bein' elastic or inelastic, or what the in the sam hill? I sure as heck can't figger it out.
Looks like some kinda reverse super duper elasticity to me!??!!!
Maybe it's them danged commies running gold prices down agin over there in the guvmint.
If the price is goin' down, don't that mean thet somebody's sellin? But there ain't nobody sellin, fur as I kin tell.
'Scuse me, I gotta run back down there to Baleyville and pick me up soem vittles and some cold beer.
An maybe see if'n Baley kin 'splain it to me. He's a purdy smart feller.
I knew it would happen.
Spot is the only price reflector PMs have to use.
To imagine a likely message, for a member that isn't here anymore: "I tried to tell you months ago, it was flat and not going anywhere."
PS. Can one throw in the towel on Silver and not at the same time Gold? Because they run the same....
"’Friday was a 4.88 standard deviation move in the price of gold. For simplicity’s sake let’s call it a five standard deviation move. Statistically we get a five standard deviation move approximately once every 4,776 years. So we should not expect another move like this out of the price of gold until May 17, 6789. … Currently the two-day price change in GLD is 16.65, which can be converted to just over eight standard deviations. I wanted to share what this comes to, but the table I use only goes up to seven standard deviations. Let’s just say the sun is expected to burn out first.’"
Yup, 100% legitimate, price discovery market action.
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<< <i>I have been a huge supporter of silver the past 12 years but I have gotten so upset and dismayed at it's recent price action that I have decided to heed cohodk's advice and sell all of my silver for $5 an oz. less than spot. No use to have 7,000 oz. of this useless stuff cluttering up my safety deposit boxes when I could invest in some wonderful fiat dollar bills so out with the old and in with the new!!!!
because those are the only two choices? Silver or dollar bills? >>
where do you get a box that holds 7000 oz?[/
I have 4 boxes plump full, 1 large and 3 medium. Also have some in a safe at my girlfriends house mingled in with her 600 oz. of silver.
<< <i>I have 4 boxes plump full, 1 large and 3 medium. Also have some in a safe at my girlfriends house mingled in with her 600 oz. of silver. >>
I wish my girlfriend had 600 ozs of silver! That's my kind of woman.
How many ounces are listed on Ebay right now?
And who says demand is so strong? Seems it was strongest when the mint was setting records. And I think several board members indicated this to be a bad thing.
Knowledge is the enemy of fear
Neat! Where can I find some put options for that date?
My Adolph A. Weinman signature
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<< <i>I have 4 boxes plump full, 1 large and 3 medium. Also have some in a safe at my girlfriends house mingled in with her 600 oz. of silver. >>
I wish my girlfriend had 600 ozs of silver! That's my kind of woman.
Great post, and I agree.
Successful card BST transactions with cbcnow, brogurt, gstarling, Bravesfan 007, and rajah 424.
Let’s just say the sun is expected to burn out first.
Black Swan? Nah, just the usual everyday manipulation. Or something.
I knew it would happen.
Will report when I can get them for $10.
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<< <i>I have 4 boxes plump full, 1 large and 3 medium. Also have some in a safe at my girlfriends house mingled in with her 600 oz. of silver. >>
I wish my girlfriend had 600 ozs of silver! That's my kind of woman.
Great post, and I agree. >>
She really is a great woman, as you know Yukoncornelius loves silver and gold, silver and gold but he also loves his woman!!!!
<< <i>Bought 34 Morgan dollars for $17 each.
Will report when I can get them for $10. >>
You did good to get them for $17, you should be able to sell them right away for $25 each.