When silver goes back down to $12 I'm going to buy it

[coinbug]

Just kidding.

Hop onboard if you're not already!

 

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[PetesPockets55]

When silver goes back down to $12 I'm going to buy it
________________________________________________
Just kidding. Hop onboard if you're not already!

Not me. With my luck at timing anything, I'll probably be selling when it's at $12.

 

[Johnnybravo300]

Haha that's funny!

Chugga Chugga Choo Choo!

 

[DeepseekerADS]

I used to be heavy in the stock market, lost thousands.

An old co-worker K. C. Hsu once to told me:

"Waja, we like you. We gunna watch you and do the opposite....."

 

[jeff of pa]

I'll wait for $3.an oz

 

[jim4silver]

I have been holding silver and watching its price daily since 2005 or thereabouts. I feel that what is going on with these Wallstreetsilver type buyers and such is that silver is going to finally "break free" from its bondage. I am currently not buying due to the higher prices and lack of local physical silver, but I have the silver I picked up between 14-18 or so during the past 5-6 years and don't plan on selling ANY until we hit 100, then I'll dump 1/3 of the stash and hopefully sell the rest before it crashes someday.

What makes it different this time? The fact that silver is being taken off the market at such a fast pace. The "manipulators" can't manipulate the same way without access to loads of physical to dump when they need to.

I guess we'll have to wait and see. Meanwhile, SLV has recently changed its prospectus again based on what is going on with the silver buying frenzy.

PS The fact that the MSM isn't really talking about silver right now tells me there is something there.

https://www.bullionstar.com/blogs/r...slv-warns-of-limited-available-silver-supply/

 

[DeepseekerADS]

I'll wait for $3.an oz

Jeff, where you at? You lookin at buying? Where you at?

 

[ArfieBoy]

Back a few years ago, when silver was high, I gathered up a bunch of spare silver coins and scrap silver I had dug up. When I went into my local silver dealer the spot price of the day was $49.25/oz.. I sold him my silver, took the money and ran! The next day the price dropped, and continued to drop! It never went up again until recently. I just totally lucked out that day... and I never luck out! I couldn't have timed it any better if I had been the world's most educated broker in precious metals! I don't dare go back 'cause I think Karma is lurking in the wings to strike for "payback!"

 

[fistfulladirt]

What makes it different this time? The fact that silver is being taken off the market at such a fast pace. The "manipulators" can't manipulate the same way without access to loads of physical to dump when they need to.

Jim I thought the crooks were dumping paper on the market, not physical?

 

[Xraywolf]

Jim I thought the crooks were dumping paper on the market, not physical?

I am not very sophisticated/educated on market trends but I have been "stacking" silver for years, just like the stuff.
Basically, hoards of guys on reddit, the same crowd that sent gamestop shares ridiculously high and crumbled the portfolios of alot of investors are, and have been for weeks, trying to do the same thing with silver - Drive up the spot price against those who have "bet" [with big $$] that it will/would go low.
This has created unprecedented demand, the monster box [500 oz of silver] I bought about 5 months ago for around $13k now sells for nearly $20k [actually went over that mark, has lately been trending down a bit] ,, But the demand has never been higher, the supply is finite, so "stackers" are trying a brute force squeeze to drive it up by taking it off the market, browse here for much much much [too much] more info and perspective and get an idea of the frenzy going on

https://www.reddit.com/r/Wallstreetsilver/

https://www.reddit.com/r/Silverbugs/

 

[jim4silver]

Jim I thought the crooks were dumping paper on the market, not physical?

FFD,

The folks who are long on Comex can stand for delivery if they wish. When that happens, the "short" (person on other side of the transaction) has to go and find the silver to satisfy the contract. In the past, there have not been enough "longs" wishing to stand for delivery to affect supply, so the "shorts" could keep selling (shorting) invisible paper ounces on the Comex as much as they want.

This right to stand for delivery is the only thing that will have any effect on curtailing the excessive shorting going on in silver (and gold) if supply ever gets low.

There are some silver pundits falsely claiming that the Comex longs are either coerced or bribed to take a cash settlement with some type of "bonus" thrown in, instead of getting their silver or gold delivered. Such utter and complete rubbish. I won't name the pundits who say this but they have a decent following who like to quote them from time to time.

If the paper price drops too low I predict more buyers (longs) will get Comex contracts and stand for delivery. Each standard Comex contract involves 5000 ounces of silver.

Here is a charts showing Comex gold deliveries. Look how much is being delivered recently. I can't find the silver chart but it looks similar if I remember correctly.

https://seekingalpha.com/article/4360530-why-physical-gold-delivery-on-comex-in-new-york-is-elevated

 

[Johnnybravo300]

You go in the Reddit chat now and they call you a government shill and report you to get banned haha.
The Reddit crowd is imploding on themselves now.
They all sit there and stare at spot all day and wonder what happened.

 

[DeepseekerADS]

I just checked and spot silver right now is at $25.22.....

I'm comfortable just sitting and watching. Did some paper silver back during the Hunt Brother's days - lost my butt.

I no longer believe in paper silver....

 

[jim4silver]

You go in the Reddit chat now and they call you a government shill and report you to get banned haha.
The Reddit crowd is imploding on themselves now.
They all sit there and stare at spot all day and wonder what happened.

The Reddit site WallStreetSilver is responsible getting more attention on the silver market than anything I've seen since I've been "stacking". Like all other blog sites there will be some fools on there but the effect they are having creating new stackers is beyond dispute. It has come at a time when everything seems to be lining up for PM prices to gain. My local stores are sold out as soon as new inventory comes in. I've never seen anything like this in my area. They even have raised thousands of dollars from average Joes for billboards and such to educate the masses. Several large national bullion dealers have been donating as well.

It takes time for things to materialize in markets, especially when there has been long-standing mega institutions shorting the crap out of it for years. For the time I've watched silver I mostly saw tepid silver stackers mostly whining about manipulation over and over. I believe we will see $50 or higher silver this year. It's not wishful thinking because I wish it would be sub 20 again so I can keep buying more.

I would opine that silver now is like when Bitcoin was at $1000 or thereabouts (with respect to growing interest and acceptance, etc).

 

[Johnnybravo300]

Yeah it was probably just some jerk, seems like it's mostly kids there.
I'd love a nice pullback but I'm not counting on it. I've noticed my buying style has changed some but I'm getting more what I like these days with premiums so high on everything.
I've also been sitting the fence more than before.

 

[marjam]

The spot price has fell but the online retailers are still wanting 5 to 6 bucks over spot. If memory serves correctly it used to be about 3 or 4 over spot. I have a local dealer that used to be 2 over spot but since the craze his spot price has went up as well. If it comes down to where I can get it for about 25 an ounce (or less hopefully) I will start buying again. Right now I don't see paying 30 bucks an ounce. I might regret that decision in the future, but its a guessing game as to which way the price is going.

 

[Johnnybravo300]

Yep the market manipulation is obvious at times like these. They wont let fair price discovery take affect at all. It all needs smashed down for now.

 

[Duckshot]

Do you suppose anybody getting their third IRS covid relief check might spend it on silver, if they could spare it.

When they steal a bunch of money from the treasury, it's like robbing your bank without a gun.

 

[Johnnybravo300]

Yeah they say, with a gun you can rob a bank but with a bank you can rob a nation....