Silver down

it does

@Morgan White said:
More people were selling compared to buying.

Can you sell something if there isn't a buyer?

Seems like silver being as much as it is has stopped people buying of coins on eBay, at least for me.

If something goes straight up it’s bound to go down. If I knew it was a correction or a pop in the bubble I’d give up my day job.

Man! I missed selling at the highs AGAIN! Going back to Maryland next week and was planning on selling.

But what is the new bottom? I don't think it will go back down as low as 45...maybe 65? And true, it probably will spike higher again.
"What goes up must come down
Spinning Wheel got to go 'round
Talkin' 'bout your troubles
It's a cryin' sin
Ride a painted pony
Let the Spinning Wheel spin"
.....Blood, Sweat, & Tears

Yesterday, I stopped at two coin shops: one relatively new owner in his 30s was frozen with yesterday's purchases, waiting for the metals to go back up. The second, a dealer who has been in the business for decades did not change his buy/sells much based on current metal prices and did well over $40k.

I believe that the Precious Metals market, at least for Gold and Silver, is manipulated. It is driven and controlled by wealthy speculators to their advantage and they profit by millions/billions when there are swings like this.

I first started to think this way when I worked in a shop for a dealer who did a lot with PM’s. I gained insight into how “the game” was played. The best example was when Gold was struggling to get past the magical barrier of $1,000/ozt. It would slowly get up to $980-$990 and cause a frenzy, only to fall back quickly to around $870. I worked the counter and watched the cash flow in: people would buy like crazy as it was going up and “panic sell” on the drop.

Then it would hover around $870 for a short while before rinse and repeat!! It actually made it over $1,000 for a brief while on a few trips to the top. Eventually the dam burst and there was that years long period where it crept up/down between $1,200 and $1,900.

Silver did the same as it fluctuated for a long time between $15-$20.

I may be wrong and all that’s happened and happening may be natural market conditions at work. I just see the huge investors, the ones I believe know about and control the top and bottom, selling at the peak and then turning around to buy at the bottom.

Expect a "dead cat bounce" followed by another slow but steady decline. The insiders who were in a position to make big money on the run-up are probably out by now. It's time for the little people to take the losses.

I believe in HISTORY when dealing in silver. But then again no crystal ball here

@Davideo said:
A few days ago while waiting in line, I overheard a guy, after stating that he was fired from the grocery store, declare that he was "backing up the truck" to load up on silver. Then after it hit $200 or $300 in the summer he was going to cash out and use his profits to purchase an entry in the World Series of Poker tournament in Vegas.

I still remember when the "death of superman" comic came out in the 1980s. They printed millions of them. People lined up to buy them. CNN was in an Atlanta store interviewing people in line.

I remember this one woman who had 3 or 4 of them in her hand. She held one up and b said, "This is going to pay my mortgage." Held another one up and said, "this is going to send my son to college." I forget what the others were for. It simply never dawned on her that all those people in line were not going to get rich on something they were all speculating on.

@Davideo said:
A few days ago while waiting in line, I overheard a guy, after stating that he was fired from the grocery store, declare that he was "backing up the truck" to load up on silver. Then after it hit $200 or $300 in the summer he was going to cash out and use his profits to purchase an entry in the World Series of Poker tournament in Vegas.

Did he used to work as a shoeshine man?

There may be only a single buyer for every ten sellers yet if that buyer is purchasing thousands and the sellers are only selling hundreds, the math works out.

Not many gutter buyers these days. RGDS!

@Cougar1978 said:
About $30 down at this time. What happened? Currently $80.50

To put a little perspective on the scenario, silver was $70 thirty days ago and $35 just six months prior.

Silver tripled in 1979 and then again in early-1980. Eventually, we retraced each move.

And in both cases, the supply/demand fundamentals were completely different.

@RedneckHB said:

I tried to tell them this a year ago. They laughed. Now I laugh.

@jmlanzaf said:

Regardless, there is never a buyer without a seller

I was selling silver all weekend, including foreign silver that was 0.640 fine. There are still a LOT of buyers.

Laugh all you want, coho. This is just an example of the way you love to twist the meaning of what people say.

@RedneckHB said:

@jmski52 said:
@RedneckHB said:

I tried to tell them this a year ago. They laughed. Now I laugh.

@jmlanzaf said:

Regardless, there is never a buyer without a seller

I was selling silver all weekend, including foreign silver that was 0.640 fine. There are still a LOT of buyers.

Laugh all you want, coho. This is just an example of the way you love to twist the meaning of what people say.

The stuff some of you guys say is so weak and malleable its like a wet noodle in a hurricane. Much harder to twist fact than unsubstantiated opinion. Stick with the facts jmski. Life is easier and more enjoyable.

"The reports of my death are greatly exaggerated"

@jmski52 said:
I have to laugh when I look at today's price chart. Longterm holders of silver know what's going on. Wash, Rinse, Repeat.

Lighten the load when the prices are high, anchor yourself back in the gutter when it goes on sale. Just stay away from anything not .999 ASE. BOOMIN!™ THKS!