Looking for sub 10 dollar silver soon, why catch a falling knife?

lseecon · September 30, 2014 1:27AM

There is absolutely no catalyst anytime soon for silver to reverse its downtrend. We need serious mine closures and reductions in production before silver stops going down. Why buy at 16' when you can buy at 15 in October or 14 in November or 13 in December. Just be patient, it's not like they aren't making any more of it.
Now you know why it's called the poor mans gold. If you want to be poor buy silver. I like silver eagles and will enjoy buying 20 count tubes for under 200 very soon to enjoy and collect but certainly not as an investment. Stocks are for investing silver is for collecting and a hobby.

lcoopie · September 30, 2014 1:30AM

Good to know you can predict the price of silver.

lseecon · September 30, 2014 1:38AM

Yes I can predict the price of silver. Even a monkey can. It's going down and will continue to do so for the foreseeable future.

nutz4coinz · September 30, 2014 1:44AM

Are you comparing yourself to a monkey? (sorry, couldn't help it, you laid it right there out in the open!)

Now, seriously....are you THAT certain it will be $15 in Oct, $14 in Nov? I'll have to agree with lcoopie...it IS nice to know you can predict the price of silver.

Next thing you'll tell us is that you haven't bought any in 4 years, since it straddled $50 more than 3 years ago, because you knew it would drop to $10 oz and that you'd be buying rolls of ASE's for $200 sometime in 2015.....??

(edited to correct the year, 2015)

michiganboy · September 30, 2014 2:02AM

What I can tell you guys is I got rid of all mine when in 38 to 40 range, bought most when is was 17. I have none and kept saying 18 was coming back, as all the dealers thought I was crazy to think it would get back down that low after reaching such highs. Well I don't know if we'll see sub $10 But $15 even $14 is a given for sure.

I remember all the crazy articles calling for $500 silver and what ever astronomical prices they where predicting. All that was was hype to try to keep people on a buying frenzy to prop up there positions in silver and gold. Well the money done went some where else. I feel bad for the people who bought into at the $40 something level. Hell I watched one lady wheel out 5,500 ounces one day from my B & M man I would hate to that kinda beating anywhere especially the pocketbook.

Anyway Rant off!

Icollecteverything · September 30, 2014 2:08AM

I don't think we are going to $500 anytime soon but I don't believe $10 either. We spent a long time trading between 18 and 22 so I think it's starting to look cheap to a lot of people. I will back up the truck way before $10.

jmski52 · September 30, 2014 2:08AM

Iseecon

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greghansen · September 30, 2014 2:11AM

Since, unlike the OP, I can't predict the timing of silver prices, I have been adding incrementally every $2 lower since it broke $22. So far, every purchase has been wrong. Since I invest the same amount at each price point, I'm getting more silver every time it goes down $2. If OP is correct and it goes down to $10, I'll be getting twice as much as I did when it first hit $20. Next level for me is $16. I don't know any other way of doing it with discipline. I just don't have the ego to say, 'its going to X and when it gets to X I'm all in'.

I agree there does not appear to be any short term catalyst for a reversal in the price action. Of course when it is apparent that there is a catalyst for reversal, it will be too late to catch the bottom...it will already be in.

jmski52 · September 30, 2014 2:16AM

I just don't have the ego to say, 'its going to X and when it gets to X I'm all in'.

You and I, both!

when it is apparent that there is a catalyst for reversal, it will be too late to catch the bottom...it will already be in.

Yep, it's funny how that works.

derryb · September 30, 2014 2:18AM

Mining costs will set the floor of metal prices.

rawteam1 · September 30, 2014 2:20AM

<< <i>Mining costs will set the floor of metal prices. >>

Lol, yea just like real estate in Texas ...

jmski52 · September 30, 2014 2:20AM

Mining costs will set the floor of metal prices.

Mining costs won't be the catalyst for a price runup, in my opinion.

BAJJERFAN · September 30, 2014 2:23AM

Does anybody have any idea of the average cost of the silver that the Mint has in their possession?

MGLICKER · September 30, 2014 2:23AM

We need serious mine closures and reductions in production before silver stops going down.

Kindly discuss the overproduction vs demand situation. That of course would take some logic and research.

I will wait.

Barndog · September 30, 2014 2:24AM

<< <i>Iseecon

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modify your search parameters

michiganboy · September 30, 2014 2:49AM

The biggest thing I don't see people talk about when they mention mining costs. Is that its not just silver these mines are pulling out of the ground and making money off of.

morgansforever · September 30, 2014 8:28AM

Like I've said before, I don't think I have any option but to keep buying as it falls, in to deep what else do you do?
It's scary when you bought stuff @25, I have to hold.

nutz4coinz · September 30, 2014 9:27AM

<< <i>Iseecon

There was an error processing your search request:
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I found him searching for member lseecon (L see con, lower case 'L')

piecesofme · September 30, 2014 9:36AM

I'm cost avgd. somewhere in the $21-22 range with my non-collectible portion. I probably will not add much more until if it does go to $10. I am seriously considering getting back into...coins of all things. Go figure. The old interests are becoming new once again

jmski52 · September 30, 2014 9:49AM

I found him searching for member lseecon (L see con, lower case 'L')

Thanks, nutz4coinz. I didn't realize it was a small case L.

VanHalen · September 30, 2014 11:20AM

While there is gnashing of teeth and weeping we should be buying at these levels. The USD has been a powerhouse lately and commodities are getting hammered while equities are still near all-time highs.

As a side note on mining costs: Corn is already below production cost in many areas. It is down 65% too!

cohodk · September 30, 2014 12:59PM

<< <i>We need serious mine closures and reductions in production before silver stops going down.

Kindly discuss the overproduction vs demand situation. That of course would take some logic and research.

I will wait. >>

According to everything i've read here, demand had exceeded supply, like forever.

dragon · October 2, 2014 11:48AM

If someone was 100% certain that silver was going to drop $1.00 per oz. per month for the foreseeable future, they should be selling every asset they own and borrow to the max to purchase DSLV on margin IMO as well as trading silver futures. Obviously, in reality no one knows where silver will trade down the road.

ARCO · October 2, 2014 11:10PM

The next market downturn will bring silver down to the single digits. The world economies are fighting deflationary forces. Big market corrections are hugely deflationary as are collapsing debt. Anybody agree there is way too much debt? Metals won't rise until after the next big crash, and then only because central bank stimulus (QEsupernova) is going to shock and awe.

With QE winding down, a strong dollar and interest rates more likely to rise than to stay low, there is little to push metals higher.

Sentiment is bad, but wait until people absolutely HATE the metals...and they will. Then go and buy. I am hoarding dollars now, and then i will use those dollars to buy when asset prices have collapsed.

tyler

Looking for sub 10 dollar silver soon, why catch a falling knife?

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