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Pillar of the Community
United States
1590 Posts |
Angel, I'm curious, is your area influenced by NYC market? My area is mostly rural. Our largest market is Columbus, but it is hardly comparable to NYC.
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Valued Member
Canada
281 Posts |
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I am seeing way more people selling than buying That's funny because when I walked in at the kitco outlet here in Montreal, the very Friday and Monday as the pm's are plunging, I never ever saw so many people waiting in line and even in the hallway to buy gold and silver. I know this, for I asked the lovely lady at the counter if the people those 2 days were buyers or sellers. She said that nobody sold anything. They were all buyers |
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Pillar of the Community
United States
5870 Posts |
*sigh*
Well, I for one would really love to be buying silver right now, but the premiums are so high right now (assuming you can even find anything in stock) that I might as well have been buying when silver was at $26-27 (which, fortunately, I was).
I'm thrilled to see the prices drop, but right now I'm just afraid the prices will go back up before the premiums come down. Spot for silver has already rebounded nearly $1 since its low last week, so I'm a little nervous. Of course I want prices to go way up in the long term, but right now I'm hoping they stick around this level for a few weeks (or however long it takes for premiums to normalize).
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Pillar of the Community
United States
2168 Posts |
jmkendall, we are in the central part of the state and the dealer I have been going to is there as well. I can't imaging NYC affects him but I really don't know. He did over all the past 3 yrs or so always have junk silver at 3 % over spot. Just since the drop below $30 did he at fist change the premium to 5%, then 10% for dimes/quarter and no halves about 3 wks ago. Last Monday the premium for quarters and dimes was 15%, halves 20%. I don't recall the junk silver dollars price but I think around $28 per for peace. He said no gold bullion then. He seems to have a lot of business and has been in business for about 30 yrs so not just someone jumping on board since PMs have been rising in price. The only other time I recall him being a little short was back in 2011 when silver rose to almost $50/oz. Many buyers then too!
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Pillar of the Community
United States
1200 Posts |
Barry---the day is saved! I just got an email from Provident advising me they've got a 50oz J-M bar in stock and ready to go for a paltry $5/oz over spot!
WOW !! I'm breathless in anticipation of what the next offering will be!
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Pillar of the Community
United States
5870 Posts |
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Barry---the day is saved! I just got an email from Provident advising me they've got a 50oz J-M bar in stock and ready to go for a paltry $5/oz over spot! Yippee... Up until a few days ago, goldmart still had previously owned J&M 100-ounce bars at $0.89 over spot, but they are now out of stock and goldmart has no idea when they will be back in stock. Right now, though, I am just so glad I made numerous purchases ("buying the dips") as silver was dropping. Obviously, I'll feel differently if silver drops further and stays there long-term, but I'm still really not expecting that to happen. |
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Pillar of the Community
United States
2168 Posts |
Yes, you just can't worry and just be happy to have the PM. That's how I look at it. It just seems many online PM sellers are either out of PM or high premiums. So that either means they just took it off the market or not many selling to them
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Pillar of the Community
United States
1590 Posts |
Well, on friday, I had way more sellers than buyers. TODAY, I got flooded by buyers, though I still had sellers. But; when I say I got flooded, it wasn't quite like Noah and the Ark, but it was nuts. Most people said they saw that the prices were going up and wanted to buy silver before it went through the roof again. It was what I have been calling "panic buying". The other dealers in town were also sold out. Now....that was for 90%. I did NOT SELL ONE ASE. Not ONE! I, like most people, bought mine from the big boys at the OLD price. What was interesting was that another dealer I talked to said that his ASE's flew out the door at $27, while mine at $28, just sat there. Oh, and Gold? No one wanted any. NO ONE even asked me how much it was. The other two dealers said the same thing. One dealer said he had tenth ounce eagles for $150 that sold. Which kinda boggled my mind, as that was the same price he was selling them for when Gold was in the high 14's. Edited by jmkendall
04/22/2013 7:40 pm
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Pillar of the Community
United States
1590 Posts |
One thing I forgot to mention was that in comparing notes with two other dealers, we learned that about 2/3 of all my customers had been to the other dealers as well today. So while the numbers were good, it was probably about a dozen individuals that did the vast majority of the buying.
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Bedrock of the Community
13014 Posts |
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It was what I have been calling "panic buying". Exactly this. The dedicated buyers think it will soar any second are wiping out everything they can. Its just like when silver was climbing in the 40s everyone was buying heavy then it started to come down and not so much |
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Pillar of the Community
United States
3670 Posts |
Oh and Baseball you are right I may have jumped the gun with that bottom only one direction to go theory as 23 spot and 4 dollar spot are TWO WAY different things and your point would be WAY more logical of a buy in at that time a true NO BRAIN-ER....
Let me tell ya what would happen soothsayer style....
In 2000 the amount of humans wise enough to buy in at LARGE amounts (Like that guy on Pawn Stars that did just that and sold the 111K to Rick with that one huge bar he drilled via unusual under the radar company he didn't trust) was extremely LOW. Low being again the number of people wise enough to go ALL in at that time....
Now then this time around how many more of us WISER humans are gonna go ALL IN, this guy for one and I promise you many more will chime in on my side then the side who buys zero at that point....
What will happen this time when 100 times the sales begin to take place on that low silver at 4 bucks per oz., which I could be way wrong again but I HIGHLY doubt will ever happen again?
I tell ya what will happen, the price will rise way faster then it did before around perhaps 2007, but again I doubt we will ever see 4 dollar per oz. silver again....
Edited by Silverhawk74
04/22/2013 9:57 pm
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Pillar of the Community
United States
3670 Posts |
Funny that episiode about the 100k plus silver load from Pawn Stars just came on 10 O'clock eastern time, speak of the devil....
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Valued Member
Canada
470 Posts |
@ silverhawk
I quit watching the "social engineering box" years ago ...
- what did this investor/speculator get for barter?
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Pillar of the Community
 United States
3789 Posts |
For those keeping track at home.. gold manages to get into the gap. Question is,,, will it fill this gap and hold and base in terms of price?
I expect a fair amount of resistance, even with a retracement.
Silver continues in its range, chopping around. Interesting its lagging gold here price wise.
Again, I am talking on the technicals, price and volume. Please don't tell me about this and that, it doesn't matter and I tune it out all day on the desk.
IF the price is going to turn around in a hurry, these big gaps need to get filled soon. However, in a downtrend, demonstrated by heavy volume on the downside, this is not likely.
DO NOT BUY BECAUSE YOU FEEL THE PRICE IS RUNNING AWAY ON YOU. It is not. You have been warned.
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Bedrock of the Community
13014 Posts |
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What will happen this time when 100 times the sales begin to take place on that low silver at 4 bucks per oz. A lot will depend how it gets there. If it drops there in a week yes everyone and their pet will be buying. If it slowly comes down over a few months the panic buyers will probably be spent out by then. Not that many people were stockpiling in the 2000s because itd been about 20 years since it had done anything really worth wild and several years since a mini spike. I'm sure people were loading up when it came down in the 80s. People buy themselves out over time when its stagnant or lose interest. But yes I would expect to see a buying surge if we returned to those prices after a few years of really high prices. However I wouldnt expect that to be a surge sustained for months and years. The longer it sits there the more interest will subside. If it does get there though Ill be buying a decent amount, wont be selling anything to do it or betting the farm but will make regular purchases for sure since there really isn't a down side there. Edited by basebal21
04/22/2013 11:37 pm
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Replies: 5,643 / Views: 459,861 |
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Posted 04/22/2013 10:38 am
