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I just checked spot Silver at CoinInfo.com and am in shock!!
keets
Posts: 25,351 ✭✭✭✭✭
Silver is currently at $14.85 and heading down. When I worked at the Coin Shop I always told people that if you don't sell you don't lose any money, but the "stackers" have to be anxious right now. I knew a lot of buyers who held Silver as a hedge or just somewhere to hold cash till needed, so this could be that time. I can sort of hear the wailing and gnashing of teeth.
I hope everyone who "stacked" can hold on and ride this out because it would really, really suck to take a hit.
Al H.
7
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I don’t want anyone to lose money but I hope gold goes lower so I can buy some bigger denom gold coins at a cheaper cost.
TurtleCat Gold Dollars
Metals are down because people are liquidated to cover shorts, margin calls, or buy stocks.
I have experienced that stackers are buying more this week, and at a higher premium than before the drop. Spot price is set by paper/futures traders, not by real metal trading hands.
I really don't need the cash right now so im holding. fwiw
Heck, I'm waiting for it to drop more, so I can " stack "
The oil will only be on sale until opec and Russia think they have destroyed the business in the United States. They're finding it difficult to control the cost and flow of oil with the pesky Americans Increasing flow when they slow down. I feel bad for them NOT. Metals will rise when oil does and I can't imagine it will be long.
"A dog breaks your heart only one time and that is when they pass on". Unknown
Just a head fake.
Keep calm and chive on.
It doesn't always work that way. But if it does, it'll all be...
https://youtu.be/RKMNPQ35OUc
In so many ways .... be safe everyone
BTW this IS the time to get in the stock market ..... wished I can double down on the bear
Totally agree.....this is the time to buy NOT sell.
Silver has been trying to go down for a couple months now.
This is a perfect illustration of what I've said before about gold/silver not serving as disaster insurance as they once did. A similar thing happened in 2008/2009 although in 2010 and 2011 metals moved up. When the proverbial trouble hits, gold/silver tend to sell-off just like every other asset class.
These are strange days, for sure
100+ GSR, not that that means anything.
Collector, occasional seller
I think that somewhat reflects the emotional appeal of gold. Silver is the more industrial metal, it should sell off harder in a slowdown.
I don't hear the Palladium crowd cheering that metal anymore either. Again, a largely industrial metal that has just been hammered lately: down close to $1300 in the last 15 days.
GSR=Gun Shot Residue?
GSR is Gold Silver Ratio in case you are serious.
Worry is the interest you pay on a debt you may not owe.
Unless we talk Saudi and Russia into postponing their oil war, the rumor is they are planning to tank (pun) the market for 2 years to take out most of the shale guys.
Agreed. Doesn't Gold and Silver usually go up when things go screwy?
Pete
I should add that I’m glad I sold most of my 90% in jan for 11.8x. I’m sure it will be back up before much longer.
TurtleCat Gold Dollars
i am serious, Didn't know what GSR was, been around the other too long.
Waiting to buy gold at bottom, but when I think it cannot go any lower, it does. So I wait.
This from JM Bullion site:
NOTE: Due to extreme order volumes, please expect shipping delays of 5-10+ business days. We also have a temporary $299 order min. Click to learn more.
"A dog breaks your heart only one time and that is when they pass on". Unknown
Something is just not right.
Silver seems to always disappoint. I sold out years ago and will never go back.
The stackers are buying as far as I know!!
to anyone who might have misunderstood the OP, I'm not in any way suggesting anyone should sell now. my sole point was that if things go as the "pundits" are saying and we're in for a couple of very tough months some people holding Silver may be forced to sell.
Seems counter productive.
It's not like the shale producers cannot be replaced.
Somebody will just buy up all the bankrupt companies, their leases, and their wells and keep pumping and keep drilling at an even lower break even point.
BST: KindaNewish (3/21/21), WQuarterFreddie (3/30/21), Meltdown (4/6/21), DBSTrader2 (5/5/21) AKA- unclemonkey on Blow Out
My overall theory on PM's is that you are playing chicken with billionaires. Knock yourself out.
I bought some silver yesterday and would buy more today if I had more money!
I sold my silver @ 42.
One AP is sold out of all ASEs and 1 ounce gold AGEs. They are paying $2 over for sealed MB quantities of all ASEs. PMs are in hot demand now. Did you miss the bulletin from JMBullion?
MY COINS FOR SALE AT https://www.pcgs.com/setregistry/collectors-showcase/other/bajjerfans-coins-sale/3876
I have always believed in being liquid.
Stacking goes against that premise (IMHO)
ETF's... maybe. But they are just paper. The bank is the trustee and owns the gold... not the shareholder of the ETF (unless the prospectus has changed)
When the Bush Admin targeted HBSC(?) and another market maker bank for manipulation... it had to be bad.
The PM ETF's have a market cap of a large mid cap company. No transparency, no PM's backing the ETF's, and ripe for manipulation.
Just some observations from a cloudy decades old memory of the last crash.
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I like cheap gas. I just filled up for 1.93 a gal. First time it has been under 2.00 in a long time.
Only $14.85 an ounce? So if I sold now I'd only double or triple my money?
Only $14.85 an ounce? Wish I had more to offset my losses in the stock market.
Only $14.85 an ounce? So buyers are only paying a $2 per ounce premium?
Kinda depends on when you bought, why you're holding, and what you expect the market to do. I suspect there are more than a few folks who wish they'd taken money off the table a month ago and sunk it into silver (or gold).
--Severian the Lame
What helped me is I got my silver for free.
TurtleCat Gold Dollars
I need to revisit as I misread what you wrote
mark
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
Yes it is surprising gold and silver going down. A real bummer. Many have mixed investment in both bullion and numismatic coins and this hurts.
Canadian Reserve is a nice whisky that sells for around $15 the oil price crash substitute for Crown Royal. I like mix 1 part with around 2-3 parts cola. Like mixed drink while watch trains roll....mrr layout.
Gold, Silver, Stocks, Real Estate.
Our investing strategy has been the NOTHING needs to be sold for at least 5 years. Does not mean that stuff is not sold if the conditions are right, for example, sold a lot as the stock market went up, sold silver pretty high, but bought back in in the low $30's, Oh well.
So nothing that is going on FORCES us to do anything. The BOSS last night had a good cry looking at her 401K for the last 39 days or so, but is still way ahead.
I checked with my experts. We have 2 Collies and nesting hawks out back. Collies are protectors and empathetic, and they are still happy, so no clouds on the horizon. The hawks have a birds eye view of the world, and they are not panicking, so all OK there.
I am reminded of Admiral Nelson, while during a battle, was signaled to retreat. He had already lost 1 eye, held the telescope up to the empty socket, and remarked that he saw no signal to retreat, and went on to win a significant victory.
Finally getting back in my buy range (Wasn't planning to be accumulating but those paper puppets leave not much of a choice). Long live the shiny gutter metal!
The whole worlds off its rocker, buy Gold™.
Huge moves in the dollar probably best explains gold price. Silver is being looked at more as an industrial metal
Honey...where's my crazy eight ball? Peace Roy
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Silver can be more volatile in price than gold. Give it a couple business days in these wild market swings and we will be back at recent highs.
My lcs owner told me that the silver mines cost to get silver out of the ground is $14.50 an ounce so if it goes lower than that they shut down, if that’s true it won’t stay below $14.50 for long if at all. Us mint is sold out of a lot of stuff right now and wholesalers are raising their premiums to remedy that problem, short term, I hope....
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My stacks of PM's are fine...Not bothering anyone...and still above - acquisition prices. Cheers, RickO
I’m one of two that predicted something really bad was coming in the end of 2019 to 2nd quarter or 2020. Hope we are wrong. The Federal Govt being UNITED and we the people being UNITED are the only ones that can fix this curse coming. May the good Lord be with us!
I've seen and heard this so many times.
In my experience I've found that the people " hoping" for lower prices so THEY can buy generally are pure BS !
"If" the market sells off, they dither and stammer and MAYBE buy a smidgen of metal.
It's far different from those who "buy dips."
Watch the bond market. At the first sign of recession it could take a massive hit and destroy everything but gold.
Gold has always been insurance and it has never been cheaper as insurance.
Agree that this is likely paper trading driven. Every LCS I visited was sold out of gold and most silver, so physical assets are being bought.
For long term investors, start buying into the stock market, however next few months will be rocky as the impact of the inevitable job losses has not been truly factored and understood yet.
Aviation, tourism, and the support companies around those industries will have a lot of headwind for the foreseeable future leading to job losses and financial struggles.
Cash is king...not gold...not silver....not numismatic coins, ....not bitcoin....not stocks...not bonds, not commodities, not real estate.
There is a reason they say CASH IS KING1
I give away money. I collect money.
I don’t love money . I do love the Lord God.
Yep... cash is king in times like this. As long as government remains functional, somewhat trustworthy, and inflation is not rampant... otherwise gold may be useful.