Silver below $37/oz

[tenseventyfive]

Dangit...

With the Westchester coins how this weekend, I was hoping to swap out my 40% for some fat discs of .999..... oh well, maybe Ill buy some eagles...

[Gilmore Happy]

Finally!

I'd like to see it at $8.00 quite frankly.

[Generic_Lad]

The weird thing about this decline is I can't tell if it is just people selling off their silver/gold to compensate for stock losses or if this is part of a bigger movement

[hombre_de_plata_flaco]

This seems to happen every time I get ready to sell some.

I think it will level out then creep back up and hang around the $40 range within the next two weeks but that's just a guess.

[tenseventyfive]

i think it's the general bad feelings about the world economy overall - we could be in for some slide over the next year but I have faith in the metals, so while I might not be selling, Ill be buying - sloooooowly

[Gilmore Happy]

This seems to happen every time I get ready to sell some.

I think it will level out then creep back up and hang around the $40 range within the next two weeks but that's just a guess.

I have it down to $29.84.

[azlegends]

I wonder how far it would have to drop for cherry picking tellers and half hearted hunters to give up. Maybe just wishful thinking.

[madwest]

Dangit...

With the Westchester coins how this weekend, I was hoping to swap out my 40% for some fat discs of .999..... oh well, maybe Ill buy some eagles...

The arbitrary price of Ag doesn't affect your plan to exchange 40% for fine. Your 40% coins lost 10% of their buying power, but the cost of fine bullion rounds also dropped 10%. There is no net change.

[ivan salis]

mix of tax the rich (by obama) and switch with short term vs long term debt is causing foreign folks pulling out of USA investments plus the palestine national movement issues --USA veto in the UN will spark mid east crisis with muslims (oil producing countries)-- causing crude oil to spike in price - big money is shifting markets (from gold to oil futures) to get ready for the "spike" in oil prices due to unrest in the middle east and to take advantage of it.

[Piledriver]

The arbitrary price of Ag doesn't affect your plan to exchange 40% for fine. Your 40% coins lost 10% of their buying power, but the cost of fine bullion rounds also dropped 10%. There is no net change.

+1

I've wrestled with the same idea. The exchange rate is better on Xbay.

I think that when the whole world goes silver-crazy, the exchange rate will be much, much better, even on the street.

Keep on Rollin' !

[tenseventyfive]

[
[/quote]

The arbitrary price of Ag doesn't affect your plan to exchange 40% for fine. Your 40% coins lost 10% of their buying power, but the cost of fine bullion rounds also dropped 10%. There is no net change.
[/quote]

Yes, thank you, I understand basic math - point being I can usually negotiate a better swap ratio when pirces are high - it isn't an exact exchange, since they try to profit on both sides, what they'll pay (even in trade) for the 40% and what they'll give you the eagles for. My experience has been you can get tighter spreads when the markets are flush and they're feeling good.

[db23]

Dangit...

With the Westchester coins how this weekend, I was hoping to swap out my 40% for some fat discs of .999..... oh well, maybe Ill buy some eagles...

What does it matter?

The cost of your silver halves should go down in relative proportion to the cost of the .999 rounds you wanted to trade them for...

[ivan salis]

as you said should * but as we all know due to the extra work involved in refining 40% silver coins over 90% silver into 999 fine silver --the refiners do not give dealers as high a % of value for 40%ers --so the dealers give less for 40%ers --40% halves do not fetch close to their full silver worth like 90 % type coins do --and a drop in silver value often effect the selling value of 40% coins more than when one is trying to get rid of 90%ers to up grade their silver holdings into 999 fine.

[Silver Surfer]

What I can't wrap my head around is that PM's always rise when stocks fall, and vice versa.. So I am befuddled as to why both are tanking...
Just as my wife was wanting me to post some silver bullion (things are so tight) here to sell, then this?
I told her we have to figure something else out until it goes back to at least $40... I was also going to sell that nice gold/ice ring to my jeweler, but not now that gold tanked...
Can you imagine those retired folks (like my poor Mom) that have their small retirements in the market, and unlike many of us, depend on them for their monthly living?

[hombre_de_plata_flaco]

Well, technically Gold and Silver haven't "tanked", they are just taking a "dip" IMO.

And PM's did fall along with stocks back in '08.

A while back a friend of mine said we would see another stocks/PM decline followed by an upswing in the PM's while stocks continued to fall. This might be what we are seeing.

[madwest]

Yes, thank you, I understand basic math - point being I can usually negotiate a better swap ratio when pirces are high - it isn't an exact exchange, since they try to profit on both sides, what they'll pay (even in trade) for the 40% and what they'll give you the eagles for. My experience has been you can get tighter spreads when the markets are flush and they're feeling good.

Yeah, I know it is an oversimplification. I'm sure that there are a number of extraneous factors (besides the spot price) for small scale dealers. For big dealers, most of those extraneous factors flush out. As someone mentioned, there is a fixed cost in refining 40% junk. The higher the spot, the less of a factor that fixed cost is.

In any event, I never sell junk and I only rarely buy fine. Whatever spot does, it doesn't change my strategy (which is to buy silver at face).

[jim4silver]

Since the technical chart support has broken my best guess is silver will bottom between 26-33 before any real push upwards again.

I believe that the big institutions like hedge funds, mutual funds, etc are selling their profitable positions from the past few months (PMs) to make up for stock losses so they can report decent returns for their investors instead of big losses.

All just a guess.

Jim

[hombre_de_plata_flaco]

This sucks.