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 Replies: 743 / Views: 51,995 |
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Pillar of the Community
United States
593 Posts |
Silver just took a NOSE DIVE through $27.
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Pillar of the Community
United States
5862 Posts |
Yow, I blinked and totally missed that...
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Valued Member
United States
142 Posts |
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Valued Member
United States
458 Posts |
^Hopefully. If it stays on this rate, probably.
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Pillar of the Community
Canada
590 Posts |
Yup, silver got raped today. Under $26 by Friday, maybe. Have a feeling tomorrow will be an up day.
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Pillar of the Community
Mexico
1304 Posts |
Its amazing, I keep sweating that it'll recover and start back on the uptick. Today looks like a false start...then it just came crashing down. Amazing...  |
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Valued Member
United States
264 Posts |
Watching the EURO play out this week has me thinking we have a 3 month window of buying opportunity. Let's not forget that the US government is hiding their debt problems too. Social reforms in the USA are causing the same long-term debt problems that will surface after the GAO releases more financial reports. The difference between USA and Europe is that we can sit on these issues. A weekend at $25 would be a great way to clear out all those pesky, overpriced ebay auctions.  Looking forward to scoring some of the leftover ATB bullion from the US Treasury next week or at the very least from auctions in panic mode. Edited by rgathright
05/16/2012 3:02 pm
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Pillar of the Community
United States
593 Posts |
I'm looking to pick up some 90% sets when it drops to $20. If silver tanks to $15 like I predict, it will bounce back and there may be some REAL bargains on ebay from shell-shocked buyers! So far the price drop hasn't brought down ebay closing prices on 90% sets, but it looks like 40% Ikes are coming down a bit. I may do better on the rebound, but if it gets anywhere close to $20 I'm going to start placing bids for what I'm willing to pay and hopefully get lucky. |
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Pillar of the Community
United States
5862 Posts |
Of course, that's assuming there is any silver to buy if the price drops that low. I seem to remember last year how many dealers either had nothing in stock when prices dropped dramatically or else raised the premiums significantly.
Edited by barryg
05/16/2012 3:36 pm
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Pillar of the Community
 United States
1454 Posts |
barryg,
You're right. Silver will not only have to drop but stay low for a few weeks for the sellers to accept the new paradigm. Kinda like when oil falls and gasoline prices don't drop at the same rate.
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Pillar of the Community
United States
511 Posts |
Silver at $15? That's fantasyland as long as fiat money is being printed in record amounts. There may be a little more room on the downside in this dip, but current prices look mighty good from a long-term perspective.
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Pillar of the Community
Canada
590 Posts |
Quote:
Silver at $15? That's fantasyland as long as fiat money is being printed in record amounts. There may be a little more room on the downside in this dip, but current prices look mighty good from a long-term perspective. I'm with you on this one. Bought $6000 worth of stocks today. When They go up I plan to use the profits to buy some silver at a discount. |
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Pillar of the Community
United States
2764 Posts |
Waiting as long as you want.... just make sure you don't wait too long to back up the truck into an empty warehouse.... All the low hanging fruit (preferred coins that have low premium w/ high demand like Canadian wildlife, ATB 5oz, etc) are started being picked.... A quick glance of Providentmetal, Gainsville, Goldmart shown the trend: They are selling out some of their preferred inventories w/in the last couple days (talking about 1K-2K troy oz that's no longer there).... Any price is possible but $15/oz for 1-2 weeks will be tough to find any good inventory to buy.... all the major dealer will pretty much run dry and they will need to replenish their supplies to back fill those order on the waiting list (ie: their big customer, not PM lowlife like us). I read this article yesterday ( http://www.numismaster.com/ta/numis...id=2197220), one may need to take a grain of salt with it but the fact is many of us either jump in too early or holding out until it's too late, while the Asian buyers continuously scoop up deals at constant paces.... Lastly, a change in spot price of $1, $2, or even $3 will not make a significant different if you are purchasing say like a roll of ASE (talking about $20, $40, or $60 change in price). Buying at APMEX and the $20 shipping would erode the $1 price drop; the same thing with ebay. Unless you are dedicating a lot of your times to search for each small deal. The emotional reward is good but is it worth it vs your time spent? SO, unless you are planning to spend in the $1K+, I suggest one should start looking to buy locally whenever and where ever you can buy at or below spot. Ideally, I would want to make a purchase of around $1K+ at every every time the spot price drop $3-$5 from my previous purchase, that would be a great dollar cost average strategy. Realistically, I can't do that yet..... so we'll see what I can come up with. Note: For those with larger bank account ($5K+), what I've said above probably wont matter and not apply..... Edited by SA4H
05/16/2012 7:33 pm
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Pillar of the Community
United States
4008 Posts |
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I think it is all based on the strength of the US Dollar. When the dollar loses value people jump into pm's. When the dollar goes up in value people buy dollars. Right now the dollar is rising in value. There are other variables but the value of the dollar is the key. I would not say that it ALL depends on the dollar but the dollar strength or weakness does play a significant role in PM prices. My problem with this is that the dollar is not deserving of this "strength" that it is showing. US fundamentals have not changed one whit in the past year, so there is no fundamental reason for the dollar to be worth more. The weakness in the euro is making the dollar LOOK a little stronger but that is about the extent of it. I have seen this many times and it is usually short lived. People DO come to their senses at some point and I suspect that this will not be all that long in coming. Another thing I find interesting is that all those people who are poo-pooing PMs and buying them and who are happy about the current price drop are not shorting PMs. The courage of their convictions, it seems, does not extend all the way down to their wallets.  Quote:
Of course, that's assuming there is any silver to buy if the price drops that low. I seem to remember last year how many dealers either had nothing in stock when prices dropped dramatically or else raised the premiums significantly. Exactly right, Barry. Just because the paper pushers have forced the "price" of PMs lower does not mean that anyone will necessarily be willing to part with their PMs at that price. |
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Pillar of the Community
United States
593 Posts |
If silver drops to $15 for just ONE DAY that will be all I need to get the '59 to '64 mint sets I want at the lowest possible price because I should be able to purchase before it climbs back up through $20. I'm hoping to pay $20 melt plus the numismatic value. I'm talking about a TOTAL of $200, and pre-'65 mint sets are a fairly common commodity. The drop to $15 will be enough of a shock to lower expectations just long enough to get a good price. At $30 per ounce these set would cost about $275. At $20 I'm hoping for a little over $200. Not a big score, but it would be fun to know that I saved a few bucks by recognizing a market trend. I'm not in the market for any other PMs other than a VERY limited number of 40% silver coins for my collection, so this is more of an intellectual exercise for me.
For long term investment, I have my money in the stock market. For end-of-the-world scenarios, the most precious metal is lead.
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Replies: 743 / Views: 51,995 |
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Posted 05/16/2012 1:40 pm
