Will silver price drop this coming week?

[jim4silver]

Just for fun I was reading posts on some of the gold and silver blogs on the internet this weekend, and it looks like many there are proclaiming that silver is gonna keep going south. Many are even saying that they are selling all their PMs. I imagine many of these people were waving the PM flag quite a bit before the recent drop in prices. It seems many people don't have the ball$ to invest in PMs (or maybe stupidity, if the PMs really do tank for good). Those that did take out profits at the top were smart though, in that they can now buy back in at cheaper levels.

I think these corrections are good for shaking out the weak hands, and it appears that in this one it seems to be working. It seems that back in the 80s, before the highs were met, there was a correction that took PMs down about 50%. From there gold shot up to mid- 800s. Hopefully history will repeat today.

I saw a good quote attributed to Warren Buffet: "Be greedy when others are fearful, and be fearful when others are greedy", or something to that effect.

Anyone here still buying at these prices?

Jim

 

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[BBcardsRI]

I'd buy if I had the spare money my friend. Silver dipped some earlier today and is down to its lowest in some time.

With the recent BIG news about Freddie and Fannie and the possible bank fallout therein, the dollar certainly isn't looking any better.

I don't see how silver can keep on the down for too much longer.

~Dave

 

[nyiangelo]

my thought on this is that someone is back there manipulating everything to get the price to go down. it defies all logic that silver and gold are lower in the worst times.either our world is not totally dependant on precious metals anymore or everyone will open there eyes one day and it will shoot through the roof. you cannot buy it hardly at spot anymore around here or ebay. people are paying what they think its worth which is way above what spot should be. if it goes down this week in the midst of fannie and freddie than i defiantely think someone is pulling strings. which would only confirm for me to keep buying because they cannot gain from sending it so low unless at some point they send it so high.but we'll see if it works out for us . i havnt seen anyone saying no dont buy yet.

 

[bradyboy]

Can you say HUNT BROTHERS"
you cant look at the price of silver and compare it to the 80's
the market back then was badly manipulated by the huts of TX
they went to jail for it

 

[Copperhead]

Can you say HUNT BROTHERS"
you cant look at the price of silver and compare it to the 80's
the market back then was badly manipulated by the huts of TX
they went to jail for it

I know they paid a hefty fine...and lost a ton of money...but don't remember anybody going to jail...

 

[jim4silver]

Can you say HUNT BROTHERS"
you cant look at the price of silver and compare it to the 80's
the market back then was badly manipulated by the huts of TX
they went to jail for it

Bradyboy,

The rise in gold in the early 80s was not tied to the Hunt brothers. It was a time of high inflation and high oil prices, etc. For the past 7 or so years silver seems to follow gold pretty evenly on gains and losses, although recently there has been some disconnet. With respect to why silver may do better than gold in the future is the issue of supply. Depending on who you believe, there is less above ground silver now than in the days of the Hunts. Also, with the rise in technology silver is being used more and more, which from what I have read also offsets any loss in use due to the change in photography due to digital.

Not that it is in any way relevant to anything, but I do not believe either of the Hunt brothers went to jail. There were monetary settlements thru the commodity markets plus IRS tax issues. But no jail time from what I have read. If you have a link that shows otherwise, please provide.

Jim

 

[Silver Stripe]

I'm back to HUNTing as it were- and buying what I can find that I like. I sold something near and dear to ME on Friday, told myself I would buy PMs with the proceeds- spent a third yesterday at apmex, decided to add 1/3 to my hunt, and the last third I've saved to see what happens the next few days- I will either try to negotiate an equitable deal with my local on some form of "yella" ounce or add it to the HUNT. HH all, Mark

 

[jim4silver]

I'm back to HUNTing as it were- and buying what I can find that I like. I sold something near and dear to ME on Friday, told myself I would buy PMs with the proceeds- spent a third yesterday at apmex, decided to add 1/3 to my hunt, and the last third I've saved to see what happens the next few days- I will either try to negotiate an equitable deal with my local on some form of "yella" ounce or add it to the HUNT. HH all, Mark

Stripe,

As crazy as it sounds, I think that the feds taking over fannie and freddie (which by all accounts should be very inflationary down the road thus good for PMs) will hurt silver and gold initially while stocks take off. This may be the last good opportunity to buy at these levels. How low they will go before they take off is the big question?

I don't understand how the gov backing companies can be good, especially if you are a stock holder in either company.

Jim

 

[Silver Stripe]

I don't know about the F&F thing on PMs but I know they are trying to boost the $$$ and stock market for the election (make everyone feel warm and fuzzy, life is good, etc.). If silver goes much lower you may not even be able to find 90% to buy or the premiums will have it in the $13-14 range anyways. I only buy .999, and try to find the 90%. HH Mark

 

[jim4silver]

I don't know about the F&F thing on PMs but I know they are trying to boost the $$$ and stock market for the election (make everyone feel warm and fuzzy, life is good, etc.). If silver goes much lower you may not even be able to find 90% to buy or the premiums will have it in the $13-14 range anyways. I only buy .999, and try to find the 90%. HH Mark

Up till recently I too only bought .999 silver. But where I live they want about 2 bucks over spot for rounds and bars, 3.50 for ASEs. I don't think that is worth it, when I can get junk (90%) halves for 9X face (when silver was 12.25 per ounce). I can just add what I buy to what I have found CRHing. The premiums on gold have been high too, unless you want Mexican peso gold or 100 coronas, etc.

Jim

 

[Silver Stripe]

$$$ lookin like Superman today- too bad its a mirage. Back to Asians buying and holding and US selling- them Asians gotta love it, buy when the market opens and next day US beats it back down so they can buy more the next day cheaper than before. HH Mark

 

[jim4silver]

$$$ lookin like Superman today- too bad its a mirage. Back to Asians buying and holding and US selling- them Asians gotta love it, buy when the market opens and next day US beats it back down so they can buy more the next day cheaper than before. HH Mark

It is kinda amazing how an act such as the gov taking over a company and being on the hook for its debt is seen as a dollar positive event.

I plan to go shopping tomorrow for some silver if the price stays the same overnight. Hopefully it will drop a bit in the morning before I go.

What's even sadder than the gov taking over fannie and freddie is the fact that the average joe on the street has no clue as to what that means in any way. A few of the sheeple I spoke with today who are not into PMs were all excited about it because they think it is good for the economy. I didnt even want to debate with them. I just said "yeah, I need to call me broker and get some stocks before they go to the moon". They though I was serious. It may keep things going a bit longer, but sooner or later the inflation will be much worse than now. It has to in my opinion.

Jim

 

[Silver Stripe]

Remember the Asian market runs the price up all night- gold was at 803 all weekend and when I got up this morn it was 813, by noon it was back to 803. Better to go shopping after noon ME thinks. I'm gonna wait a few days, my local guy pisses ME off cause his "spot" is always .50 over what I've seen on silver- then add the massive prem ontop of that. I will get there in a few days and have a gold talk with him- I've already bought all the reasonable priced silver that I like. Happy shoppin, Mark

 

[nyiangelo]

has anyone looked at the bullion on ebay lately. tonight 1 oz was going for $16 min and average of $20. not including shipping. thats
crazy. if i knew how to sell and someone was sellin close to spot around here i wouldnt even have to wait for the price to go up i could
make my money now and make it later.man that sounds like a good idea to me.... or am i missing something here....but remember you heard it here first.

 

[jim4silver]

Remember the Asian market runs the price up all night- gold was at 803 all weekend and when I got up this morn it was 813, by noon it was back to 803. Better to go shopping after noon ME thinks. I'm gonna wait a few days, my local guy pisses ME off cause his "spot" is always .50 over what I've seen on silver- then add the massive prem ontop of that. I will get there in a few days and have a gold talk with him- I've already bought all the reasonable priced silver that I like. Happy shoppin, Mark

Mark,

I bought some Walkers today for 8.5X face. I hate to say it but I am actually glad when I see silver drop lately. I have been cost averaging in every couple of days. If silver never goes up again I will be a bit screwed. But if it goes back even to 20 bucks, I will be kicking a$$.

Jim

 

[Silver Stripe]

Remember the Asian market runs the price up all night- gold was at 803 all weekend and when I got up this morn it was 813, by noon it was back to 803. Better to go shopping after noon ME thinks. I'm gonna wait a few days, my local guy pisses ME off cause his "spot" is always .50 over what I've seen on silver- then add the massive prem ontop of that. I will get there in a few days and have a gold talk with him- I've already bought all the reasonable priced silver that I like. Happy shoppin, Mark

Mark,

I bought some Walkers today for 8.5X face. I hate to say it but I am actually glad when I see silver drop lately. I have been cost averaging in every couple of days. If silver never goes up again I will be a bit screwed. But if it goes back even to 20 bucks, I will be kicking a$$.

Jim

I hear ya. I'm going to play the watch and see game for awhile, while I run the silver mine for FV. My local guy doesn't have anything of interest to ME anyways and I've already paid the salaries at apmex for the last month. I wanted to get another yella oz but I will use the $$$ for the hunt till I can't resist anymore. HH Mark