Anyone else buying silver now?

[jim4silver]

Just wondering if anyone else here is still buying, or waiting (hoping) for a correction instead? I have been buying a little here and there as extra funds allow. I was talking to one of my coin dealer acquaintances today and he said he has had a couple of large buyers in the past couple of weeks ($1 million plus in silver- ASEs).

Jim

 

[mts]

I've stopped buying again. I was buying a little at the $30 mark but I think I'll wait and see how this recent run shakes out. I'm now less inclined to believe that we are heading back to the low $20's anytime soon. But I still think it could happen in the next couple of years. But who knows? Certainly not me!

 

[Goose-0]

I've been buying small amounts every few weeks. I just talked to a son in Montana and the coin store owner where he lives said he would pay $2.60 per Merc dime. I then asked him if the coin guy was serious and my son said yes. Do I save my Mercs for better times or dump a large amout of them on him? Silver melt is now 24.6 X melt. (Been hoarding for 50+ yrs).

 

[clovis97]

I wish that I could have been buying during the recent pullback.

We are self employed, and have had some wonderful buying opportunities recently, so all of my funds are tied up, creating cash flow problems.

The good thing is that we'll enjoy decent margins on the stuff we bought, but I've missed out on the silver sale.

I think I might buy a small amount...but my typical buys are very small compared to the heavy hitters that post on this forum.

 

[Stymie]

I am comfortable exchanging my fiat currency for real money.
I think it will be volatile on the plus side for a few years and settle at over $55-$60/oz.
This stuff has bee used as currency since the stone age, and if we go all Mad Max stone age, your paper will be trumped by rock and stone.
If we don't go Mad Max, still a safer bet than quantitive easing!?

 

[mikeg10]

Well I went against what I think and bought some more last weekend. A few morgans a bit below spot and some scrap sterling and 2 pieces of old french .950 that I might just keep. Not much but it sure doesn't fit my plan of selling Probably going to send off some scrap this week and maybe hold that cash to buy if we do have a dip back to around 27-29. If not then I'll still be holding a good amount in case of a runup. I don't think we'll get over about 38-40. This runup was just too rapid and based on historical silver charts it doesn't seem sustainable until we have a pullback. I also don't think we have the buyers to keep a rally going. So many got burnt not very long ago and I doubt they'll be interested in jumping back into such a volatile market.

Long term I really worry about the economic state of europe and it's affect on the global economy. Will the worry of inflation and economic instability outweigh those who say that silver is an industrial metal? If we look back at history in 1973 during the period of rapid inflation and the oil embargo silver had a massive rally in a very short time. It held up during the stockmarket crash of 73'-74'. If you look at the 80s recession it's the same story and looking back at charts and timelines of the 2008 crash you'll see that silver rallied on the uncertainty. Would high silver prices be sustainable during a depression? Maybe not, but short term it'd rally during an economic collapse. I'm a cynic when it comes to europe, Italian bond rates are past 7% which most economists consider the point of no return. An estimate is 1.4 trillion euros to bail out Italy. I think the EU would dissolve before that happened. The European Central Bank will collapse in the event of an Italian default and EU breakup. This is going to hurt the US in alot of ways. It isn't just our export market which would suffer. Many US banks have been pressured to buy european debt that wont be repaid. It will lead to the failure of many of these institutions and major banks such as Morgan Stanley, BofA, and Goldman Sachs would bear the brunt of a default. US banks as of Nov held $36.8 billion of Italian debt. If Italy defaults then it's likely that France may have serious problems because of their banks holding so much Italian debt. If the EU breaks then Greece, Spain, Portugal, and Ireland are in a dire situation. How much of these countries debt is held by US banks? Too much. Think bank collapses substantially more severe then 2008. We're in trouble and it can only be good for silver prices long term if the trend during recessions repeats. All just my guess and opinion tho...

 

[Marchas45]

I'm buying, buying, buying, when I can scrape the money together and I see the dollar devaluing pretty shortly also, which is only going to help the PM's in my opinion. As for Europe I hope they can hold together but I doubt it.
I only buy 90% coins, AE's, Bars and Rounds but will buy 40% if I get them cheap and resell them to get the money to buy 90%'s.

 

[jim4silver]

I'm a cynic when it comes to europe, Italian bond rates are past 7% which most economists consider the point of no return. An estimate is 1.4 trillion euros to bail out Italy. I think the EU would dissolve before that happened. The European Central Bank will collapse in the event of an Italian default and EU breakup.

I would not call you a cynic, I would say you are a realist. They can only kick the can down the road for so long. Printing money and buying debt just extends the problems and makes them worse. Nobody can argue that makes for healthy economies as it is being done these days both in euroland and here.

I cannot explain why, but I have a "feeling" that silver will blast past 50 this year. I don't base my opinion on anything tangible other than the current state of things. In fact, if things crap out with the euro situation or here based on the debt situations, that should technically be bad for PMs at least at first. This is because such an event would cause a sell off in stocks which would cause large traders to liquidate their PM paper positions to make up for the losses in stocks.

Having said that, I don't think we will see a collapse in the Euro or here for a while, in that it has been made known that they will do what they can to prevent a "depression" by printing, easing, etc, as much as possible. If this occurs it should favor stocks and PMs, like it did after the 2008 crash till spring of last year (for PMs). They will come up with some way to prevent a default for the near to mid term. That should include adding liquidity from thin air. I believe they will announce a "fix" to the Greek situation soon, it may not really fix things, but they will say it does and the stock market will rally more. If the "fix" looks inflationary as far as a future consequence, it should cause PMs to rally more too, although the PM market is probably due for a small pull back soon. I watched silver go from the low 20's to near 50 and kept thinking we were going to have a correction that didn't happen until we almost hit 50. I stopped buying then in the low 20s because we were "due for a correction". Nobody knows for sure and as they say, the market is never wrong.

Just my opinion.

Jim

 

[fistfulladirt]

Well, I'm kinda miffed that my buddy found a small ebait consignment shop that sold him some colorful ASE's last week for $32 ea. Miffed that I didn't find em first

 

[diggummup]

I bought a 100 oz's a few weeks back when it was around $30, i'm only buying a piece here or there right now when I can get it at under spot price (usually in the form of junk silver/sterling). I think it will gradually keep creeping up all year long.

 

[Marchas45]

I'm actually in the proccess of selling $3000.00 worth which I bought in the low twenties to get some money for the push up and NO I'm not selling below spot.

 

[cyberdan]

I'm actually in the proccess of selling $3000.00 worth which I bought in the low twenties to get some money for the push up and NO I'm not selling below spot

I think it is time again to sell only because my daughter's university will be sending me a bill for spring quarter in two weeks and same as Marchas not selling below spot. BUT, not selling over spot either.

Last quarter I melted gold. This time I will do silver, either melt at my local refinery or sell coins.

 

[Marchas45]

I'm actually in the proccess of selling $3000.00 worth which I bought in the low twenties to get some money for the push up and NO I'm not selling below spot

I think it is time again to sell only because my daughter's university will be sending me a bill for spring quarter in two weeks and same as Marchas not selling below spot. BUT, not selling over spot either.

Last quarter I melted gold. This time I will do silver, either melt at my local refinery or sell coins.

Well Cyberdan I just sold $3000.00 worth silver and I turned around today and bought (4) x 1/10 $5.00 Gold coins and (1) 1/10 $10.00 Platinum Coin for $1100.00 ouch!! I was going to buy more silver but what the heck.