Who has backed up the truck??

keets

Many years ago, maybe 5-6, lots of guys were saying that when Silver got under $15/ozt. they'd be "backing up the truck" and buying. Just a short while ago I did a sale at $13.67, went to our storage room to move a few cars and when I came back the price had fallen off a cliff at close, down to $13.12.



Has anyone loaded up yet or at least filled the tank(at under $1.60/gallon to make a haul??



Al H.

OnlyGoldIsMoney

You may want to ask that question at the Precious Metals board

CaptHenway

$13.12? WHere is that reported?

Manorcourtman

Originally posted by: CaptHenway

$13.12? WHere is that reported?

THIS

TwoSides2aCoin

Traded my truck in for a wagon that I'm still pulling.

Stuart

According to KITCO at 17:20 (CST) current Silver price spread is between $13.68 (Bid) & $13.77 (Ask).

georgiacop50

OK, Keets' numbers possibly in error, but the point of his post remains the same, and no one has responded appropriately.

Anybody filling up their silver quota at these seemingly bargain basement prices?

Manorcourtman

I'm holding out for $10. Then I fire up the truck! Could be sooner than later in the coming months!

drwstr123

Walkerfan

Honestly, I haven't but I know that I probably should.



I've been too busy collecting rare coins whose numismatic value far exceeds their silver content.

winky

Originally posted by: OnlyGoldIsMoney
You may want to ask that question at the Precious Metals board

Yes my thoughts also!!!!!!

TwoSides2aCoin

Got me a '46 DDR Walker at junk prices. Have learned the art of loving junk at any price.

BAJJERFAN

Originally posted by: CaptHenway

$13.12? WHere is that reported?

It was down $.77 an ounce for awhile.

GRANDAM

Originally posted by: drwstr123

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"Our most valuable resource sits 63' ahead"

pennyannie

I am thinking about getting 40k. Have not done the math but I doubt it will fill the bed of my power stroke. I don't see it doing much for a while but it will be more interesting that my CD's for sure

hchcoin

I have been buying a little lately

BAJJERFAN

Originally posted by: pennyannie

I am thinking about getting 40k. Have not done the math but I doubt it will fill the bed of my power stroke. I don't see it doing much for a while but it will be more interesting that my CD's for sure

$40K will get you about 5 monster boxes. Might fill a wheelbarrow!

bolivarshagnasty

Silver war nickels, ASE's, and Morgans. Making a conscious effort to accumulate.

keets

well, checking back at the site we reference you can see it's posted at $13.73, but if you look at the chart around 5-5:30 you'll see the dip I was talking about. perhaps it was some kind of glitch but it really freaked me out.



returning to the original question, has anyone backed up the truck yet??

TwoSides2aCoin

I'm not giving names, but YES, the trucks being backed up. You will just have to believe it. One dealer to another

TopographicOceans

I think you were looking at next weeks chart.
It will be $13.12 by then

BAJJERFAN

Originally posted by: keets

well, checking back at the site we reference you can see it's posted at $13.73, but if you look at the chart around 5-5:30 you'll see the dip I was talking about. perhaps it was some kind of glitch but it really freaked me out.



returning to the original question, has anyone backed up the truck yet??

Not here!

jessewvu

hmmm.. maybe it's time to stack a few ounces on top of a pile accumulated at 2 to 4 times the cost...

Lakesammman

Sticking my toes into the shallow end of the pool and buying some gold and silver lately - why not?? It's on sale. Prefer gold as silver gets bulky pretty fast.



Funny how much more popular it is when rising in price.

chumley

been buying 90% silver lately although not $40k worth

ctf_error_coins

yes the truck is being backed up but it ain't silver nor gold ....... it was almost GPRO but instead is being put into error coins

TwoSides2aCoin

When is a good time to start collecting ? I think the sooner it gets in a holder, the better.

WildIdea

To me, buying a roll of silver eagles is backing up the truck and I can't remember the last time I did that! I do make a habit of at least buying a few silver oz with lunch money when I hit my LCS. It's amazing how fast a shoe box will fill up. Plus it's all averaged out to be between 4-30 bucks, so I guess I buy at all levels. As it falls I guess I'm likely to buy an extra round or two when I'm standing in front of it.



I'd say this is a legit dip, even if it drops further. I'm not the one to call the floor. I guess buying some low covers the amount one is underwater in. Not buying doesn't cover anything.

TopographicOceans

Not only do I believe you, I've seen it happen myself.
On May 4th, 2006 to be exact.

I used to trade commodities futures and I got some of Warren Buffets money from him when silver took off.
They used to let him trade contracts based on the 100 million ounces of silver he owned.
When silver rose, he would sell short and when prices fell, he'd buy it back again pocketing the difference. Until one day even he couldn't control it and lost all his silver. He controlled the silver market for years. Now they say the Chinese are doing the same thing with gold.


A silver contract is for 5,000 ounces. Futures work by putting a deposit down on a contract to either buy of sell 5,000 oz. for future delivery from days to months away.


What happened today is the same thing that happened back in 2006 from this chart.
Somebody dumped a lot silver on the market, sending the price way down. Here it dropped from $14.25 to $13.10 in a matter of minutes. A stop loss order would have done nothing, since it just goes to the market and if there are no buyers you just have to wait until they come back in - at a much lower price.

Here each 5,000 oz contract would have lost $5,750 per contract.
You can make and lose fortunes in the futures market very quickly.

I keep this chart as a reminder that I should stay away from futures markets (at least I try to.)


You can read about Buffet losing his silver here

SoCalBigMark

I would be backing up much more if the premiums were lower.

cladking

Frankly, it's hard for me to believe the ease with which it's dropped below $14.



This level was immensely strong resistance at one point so should be strong support. It seems these markets are all being manipulated but now fear is driving everyone into equities and it's no longer necessary for government to hold metals or commodities lower because everything's in free fall.



Inflation is a horrible thing and destroys by warping markets and causing individuals to make very poor decisions. But whatewver this is is likely far more destructive as business gets increasingly efficient at producing waste and destroying resources. This waste is the only game in town so it is what's attracting investment dollars as the last vestiges of capitalism are exported and ever more debt is imported.



Every year it gets harder and harder to make good predictions about the economy and every year it becomes ever more apparent that our entire economic structure is unsustainable. Now the leaders want to waste ever vaster amounts to create ever more CO2 in order to combat global warming. This is just another elephant to be juggled by an overworked and insufficient infrastructure. Rather than increasing efficiency to unburden the taxpayer and debtors we are giving them an ever greater weight.



I suppose at some point gold will shoot up to two billion dollars an ounce before plummeting to essentially worthless as the markets are "realigned" in a few minutes.



There's an ancient Chinese curse; "may you live in interesting times". It appears they've managed to not only counterfeit everything that isn't nailed down but to also give us some genuine interesting times.

ScarsdaleCoin

drwstr123 That picture was take. Right down the street from me. Common problem of trucks hitting low bridges around here. On a threat related note should silver rose to only half its previous high you would make 60% on your investment. I would be one to recommend to but silver even if it does continue to drop its only a matter of time

BAJJERFAN

Originally posted by: SoCalBigMark

I would be backing up much more if the premiums were lower.

Do you expect people to sell at cost? In order to be in business, you have to be able to stay in business. You can't stay in business if you don't cover costs and make a fair profit.

CuKevin

I won't be backing up a truck anytime soon, but I am considering beginning to buy some silver here and there.

66Tbird

After selling lots of my PM stash to go full solar I've been taking what would of gone to the power company and have been buying PMs back regularly, cheaper than I sold it for. As I clear out and sell my shop machinery I'll try and catch that knife. So, yes the truck is running and I'm calmly reading the paper in the cab.

TwoSides2aCoin

The best opportunity is never behind me. They only get better when they're capitalized on.



Bought more silver today. Had to borrow more of the banker's money but hey… his works just as hard for me as I work for his.

RareBronzeCollector

Originally posted by: drwstr123

Great photo..

SaorAlba

The Canopener Bridge

keets

although I work in a shop and routinely buy/sell Gold and Silver I don't hold very much at all or participate in the game. it is intriguing to watch how the market works, though, especially how it works differently today than it has in the past --- almost independent of itself. there are a variety of customers who stand across the counter running the gamut of entry level asking questions and starting small to "veterans" who have a strategy of buying/selling that they stick with over the long haul. the latter all seem to watch what is going on and how it is going on, to a man believing as me that the market is 100% manipulated.



when I worked for my boss back in 2008-2009 there was a period when Gold was stuck between $870 and $1,000, an almost 2-3 week cycle that would go up to around $1,000 before it slid back under $900 for the next round. buy low and sell high!!! with Silver at close to what it is now the ratio was about 66:1 and no one said anything. when Silver peaked at about $50 that ratio was 34:1, but it didn't stay there for long and started the slow creep. at close yesterday it about 77:1 which to me is outrageous. if Gold were the same and the ratio were at only 50:1 the price of Silver would be over $21. I think 50:1 is about as realistic as those in control will allow and I would ask which is more likely to achieve that, Silver going up or Gold going down??



these are some of the reasons why I collect Numismatically.

ricko

Nice coin Al.... predictions are made - and acted on - all the time. Those who lose, bemoan

the manipulation, those who win, strut in pride at their own imagined genius.

Cheers, RickO

topstuf

Anyone backing up a truck for SILVER must have good insurance.



I have some left. Unfortunately.



Will never buy again at any price over 4 bucks.



It is NOT a "monetary" asset.



I might be willing to put some in the oven to see if I could make some pie in the sky.



Silver will ALWAYS collapse.



In my very very very ...humble.... opinion.

derryb

Originally posted by: topstuf
Anyone backing up a truck for SILVER must have good insurance.

I have some left. Unfortunately.

Will never buy again at any price over 4 bucks.

It is NOT a "monetary" asset.

I might be willing to put some in the oven to see if I could make some pie in the sky.

Silver will ALWAYS collapse.

In my very very very ...humble.... opinion.

Could it be that at these prices silver is good insurance?

IrishMikey

Put me down as another "fortune teller" that thinks silver will drop below $10. I have no idea where the bottom is, but if silver dropped below $5 (very unlikely) I would definitely go on a buying spree. The last time silver was below $5 I did great! Didn't sell at the top, but going from $5 to $35 was OK with me.



For those with a "doomsday" mentality, one possibility is to buy bags of 40% silver half dollars. They are bulkier, but if silver collapses entirely you can spend them. Unfortunately, if the U.S. economy

collapses, a Kennedy half dollar may go with it. Oh well...

wooglout

Originally posted by: SaorAlba

The Canopener Bridge

I love their videos. That bridge is right across the street (sorta) from my alma mater.



I have driven under it numerous times and the roof of my then subcompact Ford Focus remained firmly intact!

VanHalen

When Monster boxes are under $5k then we're talking. 2005 was the last year prices were that cheap.

unclebob

Over the next 10-20 years there is nothing keeping Silver from $4 or $40....

If it's a windfall of say $40,000 then dollar cost average over 24 months would be my advice.

Boosibri

Owning precious metals today in dollar terms is a losing affair. Now a trade in yen terms I can get behind. My trades are usually buy one metal while shorting the other in the most structurally weak currency which exists.

Type2

Looking for $5.60 to $6.50 before I back up the truck. It will get there but may take a year or so.

jdimmick

I don't have much faith in the gold or silver market, still have a few customers hoping for the turn around , as they are sitting on a pile, still waiting for the 3k gold and 100 dollars silver



I sold mine as I bought it, so I'm good.



Now, I did spend quite a few dollars on higher end collector coins, which if now I had to sell, would most likely loose $, but I can enjoy looking and owning these, unlike bullion which I hate.

19Lyds

I don't own a truck so........no backing up for me.

bolivarshagnasty

"Those who lose, bemoan the manipulation, those who win, strut in pride at their own imagined genius."

Cheers, RickO









That's a classic RickO. Smiled when I read it.