Freefall

[FreedomUIC]

Gold in the $1,300's and silver down $2.25 already this morning.
I think I am going to hold off buying any silver at this time, you never know where it is headed now.....

 

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[SilverHoarder07]

I agree, I have been watching for several hours and it just keeps going down... This is not typical for weekend movement and im curious to see what it does when the US market opens this morning...speculation on recent rumors over N Korea launch this Monday?

 

[TreasurePirate69]

I didn't expect to wake up to this. I figured we might go back into $26 territory for a while before finishing back in the high $25's. Quite the wake up call!

 

[jim4silver]

WTF!

Maybe it will go to negative numbers where you have to pay the coin store to take your silver and gold from you.
I wonder what the local coin stores will have available at these prices. Looks like time to transfer some money to the stock trading account so I can get into a 2x silver ETF at the right moment.

Jim

 

[TreasurePirate69]

I woke up this morning to find that my Sprint stock is up to $7 on news of a bid to buy out from Dish Network. I think I'll sell it and wait for the chance to pick up a silver ETF around $20. One goes up, the other goes down. Sell and buy...

 

[FreedomUIC]

After gaining back a slight increase in the massive loss this morning, most PM's are heading downward once again.
I hoping that It gets to where you can buy a kilo of silver for around $600.00 dollars and a 1/2 oz Gold AE for $600.00 - The piling will begin in earnest.....

 

[Kaynos]

Spot is down to 24$ but all the retailers are selling at 27$. I just checked my online dealer and they say it may takes up to 20 working days for delivery due to the insane demand.

 

[FreedomUIC]

 

[lost]

$22.82 at 1639 hours. Checking around, when I can get a site to load, (almost like the days of dial up) Ampex has pulled most of it's popular rounds. I say pulled, out of stock. Providence is less shuttle, they removed their entire 1st page of their popular rounds. Still both sites, the only ones I checked, has a few off the wall stuff at $25 and $26 in cash only quality. Rounds and Gold Buffalo's were all I checked. Bought neither. I've learned over life, sometimes it best to just wait to see how the show turns out. It will all be there tomorrow, or next week.

My lcs is closed on each Monday. Can't wait for him to open tomorrow Just to get his take. He's pretty sharp.

 

[Jason in Enid]

I went to APMEX and they are only selling to OUT OF COUNTRY buyers on the cheap, bullion silver. seriously, WTF is that about?! All my local shops mysteriously claim to not have any to sell, just like I predicted they would do.

 

[jim4silver]

I went to APMEX and they are only selling to OUT OF COUNTRY buyers on the cheap, bullion silver. seriously, WTF is that about?! All my local shops mysteriously claim to not have any to sell, just like I predicted they would do.

At this point in the "freefall" your local stores probably are out. First, nobody is selling at these prices so they aren't getting new local stock in to sell and second, wholesalers are about a month out on new orders (at least) from what I am hearing from my local coin stores. I am friends with a couple of these guys and I know that they are not BS'ing.

Jim

 

[TreasurePirate69]

Crazy! If you would have told me Friday that we would be under $23 today (and significantly under at that) I would have told you that you were stinking crazy...

Any guesses on what tomorrow will bring?

 

[Kaynos]

I bought 25oz of First Majestic BUT they are selling it at 27.50$, it's either get some or nothing, even if that's almost 4$ over spot i think it's very well worth it.

 

[TreasurePirate69]

I bought 25oz of First Majestic BUT they are selling it at 27.50$, it's either get some or nothing, even if that's almost 4$ over spot i think it's very well worth it.

That type of attitude is what is supporting the high premiums right now. Don't worry, you aren't alone. But if the APMEX web site suddenly went completely silent with no buyers the premiums would be falling as well. I just don't see the logic in buying at $27.50. That is Friday's price before today's drop. Silver could go back up $3 an ounce and you would still be able to get that price. Or am I missing something?

 

[jim4silver]

That type of attitude is what is supporting the high premiums right now. Don't worry, you aren't alone. But if the APMEX web site suddenly went completely silent with no buyers the premiums would be falling as well. I just don't see the logic in buying at $27.50. That is Friday's price before today's drop. Silver could go back up $3 an ounce and you would still be able to get that price. Or am I missing something?

Yes, the difference between paper markets where almost all of the time not even one ounce of real metal is involved in the transaction, even though the transaction represents millions of "ounces" of silver and a physical market, where someone actually buys or sells the actual metal. Isn't that how it is supposed to be? What if they invented paper Rolexes and Bentleys and the price fluctuated based simply on PAPER transactions and the real products are not delivered maybe 97% (just my wilda$$ guess) of the time.

A person can be as bearish as they want, but what new facts, circumstances or rumours came out that would justify the move in all PMs over the past few days? The power to move paper prices using large amounts of fiat still has affects on the physical price, but you are witnessing when the paper price and the physical prices diverge greater than normal. I may be wrong in all this, but we'll have to see.

PS I hope the price drops more tonight, I want to go shopping again.

Just my opinion.

Jim

 

[TreasurePirate69]

Yes, the difference between paper markets where almost all of the time not even one ounce of real metal is involved in the transaction, even though the transaction represents millions of "ounces" of silver and a physical market, where someone actually buys or sells the actual metal. Isn't that how it is supposed to be? What if they invented paper Rolexes and Bentleys and the price fluctuated based simply on PAPER transactions and the real products are not delivered maybe 97% (just my wilda$$ guess) of the time.

A person can be as bearish as they want, but what new facts, circumstances or rumours came out that would justify the move in all PMs over the past few days? The power to move paper prices using large amounts of fiat still has affects on the physical price, but you are witnessing when the paper price and the physical prices diverge greater than normal. I may be wrong in all this, but we'll have to see.

PS I hope the price drops more tonight, I want to go shopping again.

Just my opinion.

Jim

I don't disagree that the paper and physical prices could be diverging. But does that explain the need for people to run out today and pay the premium at any cost? If the physical price is the same today as it was Friday, then why the need to buy silver today for the same price other than an emotional need to be part of the drop? The price Friday was $27.50. The price today is $27.50. Why are people running out to buy today when the physical price is the same as it was Friday? I don't get it. Personally, I'd wait until the PHYSICAL price dropped before I made a purchase. After all, the paper price could go to near zero, but if the physical price stays exactly the same then I'm not getting any sort of deal. And with the paper price going down you have to imagine that it couldn't possibly have a positive impact on the physical price could it? At least it wouldn't be that likely for it to happen. The more likely scenario is that the physical price will eventually follow if the paper price stays down a long time.

 

[jim4silver]

I don't disagree that the paper and physical prices could be diverging. But does that explain the need for people to run out today and pay the premium at any cost? If the physical price is the same today as it was Friday, then why the need to buy silver today for the same price other than an emotional need to be part of the drop? The price Friday was $27.50. The price today is $27.50. Why are people running out to buy today when the physical price is the same as it was Friday? I don't get it. Personally, I'd wait until the PHYSICAL price dropped before I made a purchase. After all, the paper price could go to near zero, but if the physical price stays exactly the same then I'm not getting any sort of deal. And with the paper price going down you have to imagine that it couldn't possibly have a positive impact on the physical price could it? At least it wouldn't be that likely for it to happen. The more likely scenario is that the physical price will eventually follow if the paper price stays down a long time.

I won't advocate anyone buying at any particular premiums, but you assume that these low prices are here to stay for awhile. If that thesis turns out incorrect, the price may be higher later just like a stock or anything else. I think 27.50 is high for one ounce of generic bullion and I would not buy at that price now. But if a person can get within a couple bucks of spot right now that could turn out to be a good entry price in hindsight.

I think many waiting for 20 or so to buy physical and thinking they will get near that price are going to be disappointed. If your theory of a protracted lower price turns out to be correct, then of course my whole theory goes out the window.

Jim

 

[FreedomUIC]

I just purchased two 10 oz NTR bars from Provident for $505.96 shipping included. Thought that was a pretty darn good price.
I can't see silver going any lower than $21.00 so I am starting to buy what I can find and NTR is a well known bar.

I think my next purchase is going to be a kilo of silver if silver hits $21.00.....

I have 15 years to stack at cheap cost and sell when it gets back up to $50.00 or so dollars in 15 years for retirement spending.

 

[skeeterd]

I never could get through on the Silvertowne site. Took all day to get an order in on Provident. I wanted an NTR 10 oz. bar, but I ended up with two silver indian 5 oz. rounds. Premiums may be high but I believe the price of physical silver is still cheap right now. And the way things are looking, tomorrow, there may not be much physical silver left to buy no matter what the price does.

 

[TreasurePirate69]

Sounds good. I stand corrected. I agree that if you think silver is going to go up from here and $27.50 is a local low then it makes sense to buy. I guess I just assumed that we all believed it would continue to go down (physicals as well) which is obviously just a guess (and potentially a very bad one).