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Thread: Why such a drop in silver prices?

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  1. #16
    us
    Jul 2011
    PHOENIX, ARIZONA
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    All Types Of Treasure Hunting

    Re: Why such a drop in silver prices?

    Quote Originally Posted by Gilmore Happy
    Quote Originally Posted by apush
    Hello All,
    Any comments as to why we are seeing a dive in silver prices? I hope our finds pick up. Mine have been very slim as of late as compared to last year. When I checked coinflation.com a few minutes ago, silver had dropped to $36.35. Jim--what is your take? Greece?


    apush
    BTW, Im calling ALL the way down to $29.84 before price stablizes.
    Write it down.
    One more day and Happy nails the spot price? How does he do it?

  2. #17
    us
    Mr. FreedomUIC to you!

    Jan 2010
    NUNYA
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    Re: Why such a drop in silver prices?

    Quote Originally Posted by Gilmore Happy
    Quote Originally Posted by Gilmore Happy
    Quote Originally Posted by apush
    Hello All,
    Any comments as to why we are seeing a dive in silver prices? I hope our finds pick up. Mine have been very slim as of late as compared to last year. When I checked coinflation.com a few minutes ago, silver had dropped to $36.35. Jim--what is your take? Greece?


    apush
    BTW, Im calling ALL the way down to $29.84 before price stablizes.
    Write it down.
    One more day and Happy nails the spot price? How does he do it?
    You must have had a dream....
    [R.I.P. Rich Hartford - Champion CRH of All Time]

  3. #18

    Apr 2008
    3,124
    155 times

    Re: Why such a drop in silver prices?

    Hi Apush,

    There are many reasons for why PMs are correcting. But first I would like to say that a correction like we are having--and have had before, is totally healthy in a long term bull market. Nothing goes straight up for years without some corrections along the way.

    I believe that right now due to the big stock correction many of the hedge funds and other big institutions are unloading their formerly profitable positions (PMs) to make up the losses on their stocks so their annual returns will not look like crap. No matter what anyone says the paper markets control the prices now and will for a while until more big $$$$ dives into PMs. That will happen eventually because the shell game that has been going on in world economies (endless money creation) cannot go on forever. But it can go on for long periods but when it does crash it crashes big. That is just my opinion.

    Right now as I type this gold is at 1661 and is still over 28% over what is was a year ago. So if someone bought last Sept and sold today after this correction they still made a huge return.

    I have been calling for a correction for months (and was wrong each time until recently--even a broke clock is right twice a day ), and thus have purchased mostly gold and recently platinum for the past 8 months because I knew silver would get hammered more percentage wise. I did buy some mint and proof sets at spot in the 33-36 range but only trivial amounts.

    I believe if we get into the mid 20s silver is a screaming buy, but that is just my personal opinion.

    Jim
    R.I.P. Rich Hartford

  4. #19
    us
    Jun 2011
    Wisconsin
    678
    109 times
    Coin Roll Hunting

    Re: Why such a drop in silver prices?

    Quote Originally Posted by Gilmore Happy
    . . . Im calling ALL the way down to $29.84 before price stablizes.
    Write it down.
    I'm still calling it to go below $20 by end of year 2012.

    http://forum.treasurenet.com/index.p...tml#msg3011037
    [quote=madwest ]
    I know I'll get a lot of disagreement on this one, but it is my prediction that gold and silver will both crash within the next 15 months. I predict silver to go below $20 and gold to go below $1000. When it does, I'll buy junk 90% silver.
    A Penny Sorted is a Penny Earned

    Salute the LOOT

  5. #20
    Cappy Z.

    Re: Why such a drop in silver prices?

    [quote=madwest ]
    Quote Originally Posted by Gilmore Happy
    . . . Im calling ALL the way down to $29.84 before price stablizes.
    Write it down.
    I'm still calling it to go below $20 by end of year 2012.

    http://forum.treasurenet.com/index.p...tml#msg3011037
    Quote Originally Posted by madwest
    I know I'll get a lot of disagreement on this one, but it is my prediction that gold and silver will both crash within the next 15 months. I predict silver to go below $20 and gold to go below $1000. When it does, I'll buy junk 90% silver.

    Good call. The metals market is subject to the same supply and demand laws as other commodities. The world has an over abundance of silver. Period. Gold is continually being mined at a cost of approx. $1000 an ounce. But, since folks get gold fever every now and then, they feel it is a safe haven when the equities market drops big. However, much of the volatility is computer initiated trades on a large scale. Fund managers were just waiting for gold to hit a certain peak, then they sell sell sell, and reallocate later.
    Bottom line, one should always think in terms of supply and demand.

  6. #21
    us
    Jul 2011
    PHOENIX, ARIZONA
    1,080
    87 times
    All Types Of Treasure Hunting

    Re: Why such a drop in silver prices?

    Quote Originally Posted by FreedomUIC
    Quote Originally Posted by Gilmore Happy
    Quote Originally Posted by Gilmore Happy
    Quote Originally Posted by apush
    Hello All,
    Any comments as to why we are seeing a dive in silver prices? I hope our finds pick up. Mine have been very slim as of late as compared to last year. When I checked coinflation.com a few minutes ago, silver had dropped to $36.35. Jim--what is your take? Greece?


    apush
    BTW, Im calling ALL the way down to $29.84 before price stablizes.
    Write it down.
    One more day and Happy nails the spot price? How does he do it?
    You must have had a dream....
    For those you tracking my $29.84 prediction, it did in fact hit the $29-$30 today. Not many people would have called silver down from $40 to $29.84 in 2 days. 2nd prediction: the onslaught is done for now.

    Hope you got to buy some...recovery next week back into the $30's and then scared money for months, not breaking $40 until 2012.

    Prediction graciously brought to you by Gilmore Happy. How does he do that?

  7. #22
    us
    Filling in the missing pages of history, one dig at a time..

    May 2011
    Virginia
    AT Pro, Fisher F75
    313
    89 times
    Relic Hunting

    Re: Why such a drop in silver prices?

    Quote Originally Posted by Gilmore Happy
    Quote Originally Posted by FreedomUIC
    Quote Originally Posted by Gilmore Happy
    Quote Originally Posted by Gilmore Happy
    Quote Originally Posted by apush
    Hello All,
    Any comments as to why we are seeing a dive in silver prices? I hope our finds pick up. Mine have been very slim as of late as compared to last year. When I checked coinflation.com a few minutes ago, silver had dropped to $36.35. Jim--what is your take? Greece?


    apush
    BTW, Im calling ALL the way down to $29.84 before price stablizes.
    Write it down.
    One more day and Happy nails the spot price? How does he do it?
    You must have had a dream....
    For those you tracking my $29.84 prediction, it did in fact hit the $29-$30 today. Not many people would have called silver down from $40 to $29.84 in 2 days. 2nd prediction: the onslaught is done for now.

    Hope you got to buy some...recovery next week back into the $30's and then scared money for months, not breaking $40 until 2012.

    Prediction graciously brought to you by Gilmore Happy. How does he do that?
    I read your silver call while riding a train from dc to NYC. Made a mental note.
    Speechless when I was the close.

  8. #23
    us
    Jul 2008
    Santa Fe, New Mexico
    Whites, MXT.
    4,297
    995 times

    Re: Why such a drop in silver prices?


    Greetings Apush , I cant add anything factually to what Jim and others have already said ,
    - except to say, don't allow yourself to be distracted too much by this volatility . If you are
    pulling some silver at cost, you are doing very well indeed ! additionally , I would look at
    silver -under $30. an ounce , as a buying opportunity- same idea with gold under $1600.
    If I may get philosophical for a moment , What is wealth really ? perhaps excellent health,
    and the simple pleasures we find in our day - whether they be found metal detecting , CRH-ing,
    reading , playing guitar (ok - "these are a few of my favorite things") or whatever . Cheers !
    Argentium.
    WDW likes this.

  9. #24
    WDW
    WDW is offline

    Apr 2013
    1
    All Types Of Treasure Hunting

    Question Gold usage in products

    Quote Originally Posted by Straight_Flush89 View Post
    What you need to understand about silver, is there is far less above ground silver, than there is above ground gold. Eventually, the yearly demand for silver will reach more than we can mine out of the ground annually, this is when you will see silver skyrocket. That demand will exhaust all of the above ground silver, the people who sell silver bullion will be cleaned out for use in industrial applications. The price will only go up in the next couple decades.

    Gold however, is plentiful above ground, and has no industrial applications. Unless it is used to determine the value of currency, or is used to back up the USD again, it will drop steeply eventually. It's a huge bubble, because gold is not needed for anything. It's just valuable because that's how it's always been, since ancient Egypt.

    Silver derives it's value from it's use in industry. It would still be at $3 an oz if it was like gold, and only an investment metal. Save your silver, we'll exhaust our above ground supply of silver eventually, and it will be up at $300 an oz no problem. Probably more.
    In reply to this, I am new here, and curious about the statement that gold has no demand in usage? I refer to this site which seems to indicate differently. What do you think?
    Gold in the device: technical and medical applications > English > Gold facts. All about gold: facts about the metal and its impact worldwide.

    I own no gold to speak of, but have invested in some silver recently to prepare for the weakness of the dollar, and it's possible collapse, as in Greece's economy. Thanks for tolerating this new-be's inquiry, and good hunting for valuables!


  10. #25

    Dec 2012
    on the rocks - so cal county line
    Gold bug pro / Whites coin master II
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    All Types Of Treasure Hunting

  11. #26
    us
    Dec 2009
    U.S.A.
    ACE 250; Lone Star
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    195 times
    All Types Of Treasure Hunting
    Now, that is an old thread! Guess I could ask the same question again!
    apush

 

 
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