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Silver is down. Will we ever see $10 silver again?
Batman23
Posts: 4,999 ✭✭✭✭✭
Been gone quite awhile. I see that silver dropped greatly since I last looked. I am curious to see what your thoughts are... Will silver make it back below $10 or is $17 a new base?
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Too many positive BST transactions with too many members to list.
Last I had really looked at silver it was holding steady about $30. Now I see it holding around $17. With the state of economy I am a bit surprised at the drop in PM.
I guess what I am wanting to know is if this is be the new base, kinda like $5 silver was for the 90s? Are people generally holding, buying or selling right now?
<< <i>Been gone quite awhile. I see that silver dropped greatly since I last looked. I am curious to see what your thoughts are... Will silver make it back below $10 or is $17 a new base? >>
Even odds on seeing $10 silver again. With what's happened over the past decade, seeing $10 again wouldn't surprise too many.
It was just over 6 years ago Ag was under $10, spot was anyways.
Gold, silver and copper will head lower if that happens. Deflation here we come.
I know what you mean about the $30 silver. I thought that was the new bottom at the time, so it was surprising to see it fall to $17. But again, its difficult to predict these things.
There is no doubt the economy has not recovered. But silver does not always obey economic reality. I think the biggest problem in the economy is the spending power of the consumer. Wages have declined or stagnated while inflation on necessities has gone up. Now that the unemployment numbers look good on paper, that still does not mean the average consumer has any spending power. Since the USA is consumption driven, I do not see good new on the horizon. Wages will not rise as there is too much resistance to that and companies will simply raise prices or reduce staff even if it happens, so that it does not help the consumer at all.
Looking back, it was naïve to think that $30 was the new base for silver since historically, corrections of a recent peak is usually a larger chunk of the close $50 that it reached just a few years ago. If silver is $10, I think there will be a buying frenzy, so the price won't be sustained. Last year, the sale of silver coins (American Eagle and Maple Leaf) was up, so the demand is still very strong. The demand for gold eagles and maple leafs is down. Let us see what 2015 will bring.
BST: Tennessebanker, Downtown1974, LarkinCollector, nendee
Gold price has nothing to do with the dollar index price fall or what ever that means...