Watch silver go under 10.00

[Dman]

I applaud your accuracy in calling the markets. Hopefully you utilized your wisdom and shorted silver and gold and made a bunch of money while us PM bugs are losing our a$$e$ (on paper as they say).

If you didn't make any money off the call, then I am not so impressed.

Just my opinion.

Jim

Sounds like I may have hurt your feelings a little. I didn't mean to step on your toes. I have been buying and selling silver since 1970 so I do have some experience. I am just giving my opinion and I do not care if I impress anyone or not. I am not always right but it was obvious to me that silver was going to tumble when it reached over $40 and I just gave my opinion here. If you can't attack the message attack the messenger.

 

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[Backstrap80]

Bring it back! It was a panic that drove it so high. I saw it with firearms after Sandy hook. We dictate the price. We keep paying $20 an ounce it will stay there. If we stop it will drop like a rock. $17 and dropping...

 

[jim4silver]

Bring it back! It was a panic that drove it so high. I saw it with firearms after Sandy hook. We dictate the price. We keep paying $20 an ounce it will stay there. If we stop it will drop like a rock. $17 and dropping...

I would have to respectfully dissent. The firearms industry and bullion industries are quite different. As far as I know, there is no futures (paper) market for firearms. In other words, there is no "paper" market driving the price of guns. People don't buy a paper version of a gun and wait for the price to go up or down, they actually have to hold the gun which thus takes one off the market and makes that gun model, one unit more scarce after a purchase. Whereas, in the paper bullion markets (take your pick), players with cash can buy, hold, then sell millions and millions of paper ounces without ever seeing or touching the actual bullion. For now, this paper market sets the price in bullion even though said paper market is completely fictitious with respect to whether or not there is enough physical to satisfy every contract should everyone demand delivery (we know almost all never demand delivery so the paper charade goes on day after day). When times occur where the local supply at the coin store gets low the paper price is offset by the jacking up the "premium" which can be quite high on a silver coin ($3 or more for ASEs locally). So we can all pretend silver sells for say $17 per ounce but the local coin store charges $20 or more.

Based on data, the investor segment of silver bullion buying is lower than almost all other areas where physical demand is measured (industrial, etc). Someday this will change, but for now I don't think local buying as any impact on the price you see quoted on Kitco, etc., but instead will only dictate the level of premium you get charged day to day.

Just my opinion.

Jim

 

[Mackaydon]

The IP suggests $9 or $10 as the bottom.
As for me, count me in again when it hits $12.
Don.......

 

[pronghorn]

The IP suggests $9 or $10 as the bottom.
As for me, count me in again when it hits $12.
Don.......

color me ignorant, what is the IP?

 

[Mackaydon]

Initial poster

 

[lockster99]

Not taking any chances....buying small amounts now (silver). Hoping to see $12.00/oz some day. I'll sell some toys and buy all I can. Gotta have enough to throw on the floor and roll around in it and make silver angels in it.

 

[pronghorn]

silver angels, love it!

I guess my brain is on vacation, didn't realize what IP was, thx Don.

I just buy what I can every other month or so, closing in on my goal.
If it gets low enough my goal just goes higher. I have reached my goal
on lead and gun powder but things change, goals change too. Hard to believe
silver can go lower than cost of production?

 

[Mackaydon]

You're welcome.
Demand for a product, not its cost to produce, is what drives the price of the product.Without demand, there is no price. An oversupply can also depresses prices. Combining little demand and an oversupply can easily result in a value less than the cost to produce. Production then ceases until the oversupply is purchased and the demand is sufficient to warrant the resumption of production. It's 'old school' thinking, but I believe it still applies.
Don....

 

[pronghorn]

You're welcome.
Demand for a product, not its cost to produce, is what drives the price of the product.Without demand, there is no price. An oversupply can also depresses prices. Combining little demand and an oversupply can easily result in a value less than the cost to produce. Production then ceases until the oversupply is purchased and the demand is sufficient to warrant the resumption of production. It's 'old school' thinking, but I believe it still applies.
Don....

If the majority of silver production is a byproduct of other mining, gold, copper, lead, and zinc, (or am I wrong?)
wouldn't that mean that production most likely will not cease or go down despite demand
unless mining for those minerals also goes down? Or are there a lot of strictly silver mining operations?
Is mining for the other metals slowing, I guess it makes sense if the price is dropping.
Just seems to me that silver would be a bad investment if demand is low, I thought demand was increasing?? Shows you what I know! Still stackin here.

 

[Wahoo]

Complete amateur here, so pardon me while I demonstrate my ignorance with a few questions. First what is different from trading in PM shares from trading in say Bitcoin? If a value for an item can be established by its rarity, then value can be established out of thin air for any reason, yes? I'm asking because of a pet theory I have about our future. I believe we will see an integration of Our Identities and our wealth as well as many other aspects of our persons. Abstracted into a national Database where we would purchase or sell using something like our hand or eye prints as proof of identity.

 

[Mackaydon]

Welcome to Treasure Net !
I don't buy into your premise that "value for an item can be established by its rarity". No matter how rare, even unique, an item is does not, per se, create value. 'Demand' is necessary to create value. Without demand, there is no value.
Don.......

 

[Bigheed]

interesting that silver barely budged 3 cents and the dow slid 260

 

[jim4silver]

interesting that silver barely budged 3 cents and the dow slid 260

Also Bigheed, considering how much the US dollar has gone up over the past 6 months, silver has held up well. Check out this chart of the dollar.

http://www.marketwatch.com/investing/index/dxy/charts


Jim

 

[Dman]

Wow! Thanks for bringing this old post back up. I havn't thought about this one for a long time and I appreciate every ones thoughts on the subject.

 

[Dman]

Your prediction has not materialized yet. You might in fact turn out to be correct (I doubt there will be any phys at that price if it is a quick price drop), but that remains to be seen.

Jim

Looks like it may materialize. I believe if the democrats win on Tuesday the price of PM's will go back up but if the republicans win then the price of PM's will go down even more. Just my opinion and keep on stacking.

 

[jeff of pa]

Looks like it may materialize. I believe if the democrats win on Tuesday the price of PM's will go back up but if the republicans win then the price of PM's will go down even more. Just my opinion and keep on stacking.

I believe no matter Who wins Prices will shoot Up on everything,
food , Gas , PM's Etc
after the Elections.

Then we lose until close to next elections

 

[Dman]

I believe no matter Who wins Prices will shoot Up on everything,
food , Gas , PM's Etc
after the Elections.

Then we lose until close to next elections

I like the way you think. We should have elections every 6 months.

 

[Marchas45]

Well check out this link, then you better get prepared for what will be coming next. We stackers have been talking about this for years and now it's starting to happen. Keep Stacking everything.

"The Most Important Chart For Investors" Flashback, And Why USDJPY 120 Is Now Coming Fast | Zero Hedge

 

[Mackaydon]

Silver still falling; now at $15.93. I hope all of you that starting stacking in the 20s (or 30s) are continuing to buy more and thereby 'average down' your loss--should you need to sell. I'll stay on the sidelines and wait for $12, then continue to buy as it goes even lower.
Don,.......