Never thought I'd see $23 silver again

[vacuum]

Even when it was at $24 something I didn't think it would break into the $23s.

It's $23.45 currently and dropping.


I know metals prices are supposed to be a hedge against inflation, but they're in actuality closer to being a hedge against political and financial instability. So I can understand the reason for prices going up when they do, but I don't understand all the reasons it might be going down.

[woodman]

I'm looking to buy but I can't find junk silver for any less than $29 an ounce. Part of what we are seeing is paper price only.

[joboo]

This is a such a gift for those that just sold off their bitcoins at $200+ a pop...holy.

[chad]

i just pulled the trigger on apmex 5 ounce bars for $132. already going back up since i bought. :D

[osoab]

i just pulled the trigger on apmex 5 ounce bars for $132. already going back up since i bought. :D

I think we go lower. Like to 21. :o

[chad]

probably, but inventory is selling out al over here at 24 and change. i wouldn't expect to be able to buy 100s of ounce at 21.

[osoab]

Never said that you could buy for 21. Just assuming the same premium spread at a lower paper price.

[chad]

spread is insane on numi right now. ms 64 morgans are $80 all day long. i figured i might be able to find a cheap one or 2, nope.

[midnight rambler]

90% silver selling for $30+/oz on feebay.

[JDRock]

blah blah blah....they can "fix" any # they want but the street price is what matters.

[iOWNme]

2 local shops are selling generic for $3 over spot. Eagles are $4 over......

[Sparky]

...
I know metals prices are supposed to be a hedge against inflation, but they're in actuality closer to being a hedge against political and financial instability. So I can understand the reason for prices going up when they do, but I don't understand all the reasons it might be going down.

Vacuum, you must mean fundamental reasons.

[mamboni]

I'm sitting tight for now. We may not be done. Anything is possible with markets, especially concerning the metals. But the trigger finger is very itchy about now.

[madfranks]

I have no dry powder, so I'm SOL.

[Sparky]

I'm sitting tight for now. We may not be done. Anything is possible with markets, especially concerning the metals. But the trigger finger is very itchy about now.

I've been looking at the HUI and GDX with respect to a mining stock bottom. The most severe Fib correction is .786. That would correspond to HUI 255, and GDX $26.78. Today's lows (so far) have been 275 and $29.39 respectively. Thinking about pulling the trigger as well today, but these super high volume days are either not the bottom, or are the bottom that will be re-tested on lighter volume. If it stays low throughout the day, I may consider a half-purchase, and save the remaining half for these lower numbers.

[mamboni]

I've been looking at the HUI and GDX with respect to a mining stock bottom. The most severe Fib correction is .786. That would correspond to HUI 255, and GDX $26.78. Today's lows (so far) have been 275 and $29.39 respectively. Thinking about pulling the trigger as well today, but these super high volume days are either not the bottom, or are the bottom that will be re-tested on lighter volume. If it stays low throughout the day, I may consider a half-purchase, and save the remaining half for these lower numbers.

Thanks Sparky - as always good info and wise council.

[joboo]

I imagine JPM has slithered out of their "predicament" by now. Probably timed it to the minute, and had an office party to celebrate.

Calling Max Keiser...

[Silver Rocket Bitches!]

Just got back from the LCS. Generics that were selling last week for $1.50 over spot are now $2 over spot. 1/10 eagles are $155. Very exciting times and I hope no one is forced to sell any time soon.

[Ponce]

You got it bitches......now because silver is low that does not mean that you have to buy, remember that payment for your mortgage, or rent, will be due in 15 days......what will you do? sell again?........don't buy unless you know THAT YOU CAN HOLD otherwise you will be loosing money when going in and coming out......unless is with a beautifull girl.

Firt post of the day..........good moring to one and all.

V

[mamboni]

You got it bitches......now because silver is low that does not mean that you have to buy, remember that payment for your mortgage, or rent, will be due in 15 days......what will you do? sell again?........don't buy unless you know THAT YOU CAN HOLD otherwise you will be loosing money when going in and coming out......unless is with a beautifull girl.

Firt post of the day..........good moring to one and all.

V

I don't understand. Are you saying that you use silver during sex? Is this a Cuban thing?;D

[vacuum]

Here's something I read in an article on cnbc:

"I think it would be unfair to force the Cypriots to sell [gold] and not to have others do exactly the same thing," he argued. "I expect Spain and Portugal, Italy will also be rumored to do it, and that's weighing on prices."

[Son-of-Liberty]

I have no dry powder, so I'm SOL.

I am in the same boat. Have been in hold mode for the last few years. These market antics and manipulations are getting annoying. I think these price drops are going to flush the speculators out of the market and we will find a bottom. Who knows how long that will take.

If the bankers can tank the markets and get everyone to swear off ever investing in PM's then they can buy up all the miners and physical for cheap. Then once they have most of the PM market they will offer to fix the banking problems by going back to gold standard but they own everything so average guy gets the shaft again.

Crafty bastards.

[JohnQPublic]

probably, but inventory is selling out al over here at 24 and change. i wouldn't expect to be able to buy 100s of ounce at 21.

378 @ 100 ozt. bars at APMEX, now.

http://gold-silver.us/forum/showthread.php?27317-GSUS-APMEX-Precious-Metals-Retail-Supply-Index&p=626152&viewfull=1#post626152

[Ponce]

I don't understand. Are you saying that you use silver during sex? Is this a Cuban thing?;D

Shhhhhhhhh don't give away my secret.......remember my story about the one oz rounds that I used to give away at the nudie club in CA?.....what many guys paid hundred of dollars to get it only cost me a "donation" of $6.50 :) ......... is not money that attracts women but the illusion of money.....like using a worm to cach a fish.

V

[ximmy]

I love it!


http://www.youtube.com/watch?v=ppMQ2Jvekfg

[milehi]

I was the first one in line at the coin shop this morning. I picked up the only seven rounds he had. Generics for a buck over spot.

[Spectrism]

Shhhhhhhhh don't give away my secret.......remember my story about the one oz rounds that I used to give away at the nudie club in CA?.....what many guys paid hundred of dollars to get it only cost me a "donation" of $6.50 :) ......... is not money that attracts women but the illusion of money.....like using a worm to cach a fish.

V

Ponce- did you really want to say that you used your worm to attract women? I always thought they liked a little more substance to their ...uhh... bait.

[mick silver]

just wait till silver hits 10 bucks an oz .

[Ponce]

Grrrrrrrrrrrrrrrrrr spect, that really hurts............the good old days :(

V

[Spectrism]

If silver gets down to $10, we are in a world of hurt real soon. Two things I don't want to see happen real fast- PMs go to the moon and PMs go to the toilet.

PMs go high = the dollar is crashed, dead and toasted = new world currency is next

PMs go into the crapper = there won't be any available and the banksters have complete control over commodities




Grrrrrrrrrrrrrrrrrr spect, that really hurts............the good old days :(

V

Yeah, you devil. I suspect you were a real player. If I knew then what I know now, a few years back I probably would have gotten into a whole lot more trouble myself.... but my ignorance and inability saved me some.

[mick silver]

there won't be any available and the banksters have complete control over commodities .......... dont they already have control

[JDRock]

My dealer, cant get anything right now.....so much for people selling.

[ximmy]

My dealer, cant get anything right now.....so much for people selling.

Current ebay prices:
$50 gold eagle @ $1500.00+
$1.00 silver eagle @ $31.50

[Shami-Amourae]

Sorta playing devil's advocate. (Like I did here which people seem to have forgotten because it's a "politically incorrect" opinion to have here (http://gold-silver.us/forum/showthread.php?66639-Apple-shuts-down-production-IMACS-(No-SILVER-LEFT!!!)-WOW!!!!!&p=605118&viewfull=1#post605118).) I'm not sure anymore:

I'm unsure if dealer shortage has anything to do with an overall shortage. Whenever the price drops, a dealer's Just-In-Time inventory becomes unprofitable. It may become smarter to just close shop and say "SOLD OUT" rather than jacking up premiums (which pisses off repeat customers) until new, cheaper inventory comes in from the bullion banks. After some time the market becomes more liquid at lower prices and they will get their inventory, and you'll see Silver fully in stock again even if the prices are $20-23.

I'm unsure if there are any real Silver shortages at all. Consider how few people actually have Silver these days, or even know what the fuck it is (http://www.youtube.com/watch?v=z7usCHnZ-8c). It's just a few Liberty forum members, YouTubers, Ron Paul supporters, and a fraction of Rush Limbaugh's audience or something like that. The bullion banks have tons and tons of supplies and there are always broke people selling into the market.

There may never be any shortages since there's so much Silver out there and so few people investing in it. Only TEMPORARY ones since of the Just-In-Time system. The only shortages I for sure see are in junk silver which is something with a very limited supply and being gobbled up, which is clearly reflected in premium prices. I'm glad I was sharp enough to figure that one out a long time ago and hold almost all my Silver in that, since I knew there was a limited supply of CHEAP Silver.

A lot of people get advice about Gold/Silver from people who are SELLING it to them. That's a red flag.

I'm completely unsure if any of the above I said is true, or how things really are. I hope my suspicions are wrong since I'm heavily invested in both Gold/Silver.


By the way, look at the prices of Bitcoins and Litecoins on E-bay. They have even higher premiums than Gold/Silver do. I don't think that's a fair price indicator. It's just smart people selling to dumb (or ignorant) people.