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 Replies: 16 / Views: 3,865 |
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Pillar of the Community
United States
850 Posts |
http://www.kitco.com/scripts/hist_c...y_graphs.plxWithin the past two months (April and May) silver has rose 12 dollars in a month and fallen 12 dollars in 5 days. This is just insane. Any thoughts to where silver will go from here. I feel sorry for anyone who bought silver when it was around 48 dollars an ounce. ***Moved by Staff to the PM Forum***
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Pillar of the Community
United States
2651 Posts |
coincollector- I don't feel bad for anyone that bought it for $48 dollars a ounce unless they were doing it to make a quick buck. Silver will get back to that amount and surpass it. Precious metals always go up in the long run. It might take a year or so to get back up there but it will. With the federal reserves policy of printing money in record amounts it is driving silver prices up. Silver dropped in the last five days after Bin Laden was killed and speculators said the dollar is/will get stronger in the near future. IMO Weaker dollar drives prices up....stonger dollar drives them down...
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Pillar of the Community
 United States
850 Posts |
Well that is true. It will eventually get back to where it was at. At my local antique mall most people were buying all the silver coins and I guess they wanted to make a quick buck. Its just sad that all the silver quarters are gone.
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Pillar of the Community
United States
1150 Posts |
Agreed.
It is only an opinion, but I believe that if you are in it for a quick buck and are going to get queezy after losing some money, you shouldn't be in silver.
It will go back up (anyone saying it has 'crashed' is stating an opinion, which is probably just as valid as my opinion that silver will hit over $100 an ounce).
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Pillar of the Community
United States
4008 Posts |
Silver is volatile for sure and it will be all over the place over the coming weeks and months. I agree that its long term fundamentals and price trend is upwards.
It seems to be finding some support around $35/oz. today but when the CME raises the reserve fees on Monday, as people are saying they will, we could see another round of speculator shake-out.
The good news for most of us on here is that we are not speculators. We are collectors. Buying more when prices drop is our nature, so we tend not to be overly concerned about short-term price fluctuations.
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Pillar of the Community
United States
3670 Posts |
Just keep saying, like most of the wise say, unless you are in it for a quick buck, you are good for the long run.... To me the constant flux of spot price is IRRELEVANT, compared to the money silver is bringing on ebay, and the direct testimony from Mitch and CC123 that there local shops are bottom barrel on silver. No more nice old quarters or dimes, this speaks huge to me of the silver shortage and the future of silver still yet. And many know it and are still buying, and are not selling.... My local shop silver selection is bare to say the least as well. Say around 40 Morgans of different ages and conditions. A pathetic plate of about 25 old scuffed up rounds, like the boring APMEX logo round or some other unappealing examples. A couple scratched prospectors, and like 10 nice ASE graded examples or first strikes, and that is it, and that was a week ago.... Edited by Silverhawk74
05/06/2011 2:50 pm
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Pillar of the Community
United States
648 Posts |
I don't feel sorry for myself and I bought some silver over 40. My 25 year plan is still in affect and these fluctuations are only an opportunity to average down and get closer to my goal of 1000 oz's of silver.
I will post the same question in this forum when I am 65 years old lol.
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Pillar of the Community
United States
2335 Posts |
Quote:
It seems to be finding some support around $35/oz. today but when the CME raises the reserve fees on Monday, as people are saying they will, we could see another round of speculator shake-out. It's my understanding the CME announced yesterday(5th) that they would raise the margin rate effective Monday the 9th. I would assume that news has been digested & factored into the market. Do you think the market hasn't reacted to that announcement or are you talking about other news I'm not aware of? |
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New Member
United States
34 Posts |
yes I agree with tripncoins same thing iim dooing this is my retirement and yes in 25 yrs I like to have 1000 oz as well it will go up and down but in the long run you win if you buy right
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Pillar of the Community
 United States
2448 Posts |
The speculators caused silver to go parabolic. the Shorters caused it to suddenly drop. Wait until June. This whole exercise was just a momentum move. The support is around 35 and the resistance level is still 50 IMHO.
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Pillar of the Community
1283 Posts |
LOL, my number is 1000 oz to. Maybe one of those 1000 oz bars will come to market after I win the lotto tonight. I would also like to own a 1 kilo bar of gold at some point in my life, only need about $50K.
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New Member
United States
15 Posts |
I'm in it for the long haul as well. Don't feel sorry for me...I'm not trying to turn profits on cyclic moves. I've bought some at 47, 41, and 36 now. My cost average is about 42. I'll buy more at 33, 25, if it goes that low. Twenty years from now, hopefully it will be worth more than I paid for it. More than likely, my two daughters will some day inherit some nice silver and gold bullion coins.
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Pillar of the Community
United States
4008 Posts |
Quote:
I would assume that news has been digested & factored into the market. Do you think the market hasn't reacted to that announcement or are you talking about other news I'm not aware of? I would not assume that. Assuming that implies that the market is rational and, from what we have seen recently, that may or may not be the case. No, I have no special knowledge about silver prices today or on Monday. In spite of the CME telegraphing their intent to raise silver reserves, they may or may not actually do it. They may or may not do it in the amount mentioned so far. This could be a feint to see what the market will do. We'll see on Monday whether or not CME actually does what they say they will do and how that fact affects the market. |
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Pillar of the Community
United States
1150 Posts |
CTUS,
I myself have two daughters (well one, and one on the way). My stash of goodies is going to them also. I figure the paper dollar will be worthless in 50 years or so (if it isn't already), thats why I'm putting a sizeable chunk of the inheritence in solid assets the government can't try and tax again.
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Pillar of the Community
United States
2335 Posts |
Quote:
I would not assume that. Assuming that implies that the market is rational and, from what we have seen recently, that may or may not be the case.
No, I have no special knowledge about silver prices today or on Monday.
In spite of the CME telegraphing their intent to raise silver reserves, they may or may not actually do it. They may or may not do it in the amount mentioned so far. This could be a feint to see what the market will do. We'll see on Monday whether or not CME actually does what they say they will do and how that fact affects the market. I've never made the assumption that the market is rational. However, I have been investing long enough to know that in the event of news like this the entities with large sums on the table will have taken whatever steps they feel are necessary to isolate themselves from loss. That doesn't mean I know which direction (if any) the silver price will go on Monday. It means the market movers have put in place their plan of action & we will see it play out then. On a side note, it's pretty rare for a governing body to make an announcement of that type & not follow through. They don't like to do that because it makes them look bad. It's much easier on their ego to come back in a few weeks or months & reverse themselves, justifying it by saying market conditions have changed. |
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Valued Member
Cyprus
349 Posts |
with silver it depends on what you buy. If you can get nice silver proof coins for spot price then they would surely be more popular than straight silver rounds
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Replies: 16 / Views: 3,865 |
Posted 05/06/2011 12:15 pm
