Is this the week that Silver cracks $20?

[Diver_Down]

If so, then do you expect a steady increase to $25 after Labor Day? Or do you think it will retreat to $17?

IMO, with PPP running out and the continue ramifications of C-19, the economy will continue to stagnate and get worse. When the large corporations exhaust the PPP and begin furloughing employees, it is going to hit the economy like a ton of bricks. I foresee that silver will continue it's steady climb.

 

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[Mackaydon]

Just crossed over $20.
Don......

 

[Garscale]

I think silver and gold run thru Oct as uncertainty about the election settles into the market. If Biden gets it metals may stay high. If trump gets re-elected expect a dump of metals as money is poured into the stock market.

 

[Diver_Down]

With today's close above $22, I may have to revise my timeline. It may hit $25 before Labor Day (might even before Aug 1st). If the trend continues, $30 might be in the discussion before the election.

 

[jim4silver]

I don't know if this run will last right now, but given all the money printing (stimulus, etc) going on, PMs should be much higher down the road. I've read that the run up into 2011 was due to the QEs going on. If that is true, we should blast right past the 2011 high in silver at some point. The amount of "money" being conjured out of thin air now is and will be much more than the QEs in my opinion.

Glad I loaded up between $14-$17 over the past few years. I'm done buying any new silver at these prices though since my limit ceiling to buy was at $20 per ounce.

I don't own hardly any gold and stopped buying it to only buy silver instead. Once/if the ratio gets back to 40 or less I will swap some of my silver back into gold and will be like buying it at a huge discount.

In 2011 the ratio was below 35 for a short time.

 

[Johnnybravo300]

There wont be much meaningful resistance in the 20s. Just sideways here and there like usual.

 

[Diver_Down]

With today's close above $22, I may have to revise my timeline. It may hit $25 before Labor Day (might even before Aug 1st). If the trend continues, $30 might be in the discussion before the election.

Cracked $24 to start the week and gold is almost $2K. We'll see if $25 is breached before Aug 1st.

 

[jim4silver]

Cracked $24 to start the week and gold is almost $2K. We'll see if $25 is breached before Aug 1st.

Already past $25, for now at least.


Silver Chart - 24 Hours Spot Live

 

[Plumbata]

"Buy the dip!"

Seems like the big shorts fought back, how much paper did they trade back and forth to hammer it, over a billion ounces? Happy for the pullback though, let them manipulate and play paper games so we can keep stacking affordably.

My dad is polishing off the top of his stack and today found coin silver at 18.00/dollar face (~25.20/Ozt) in Bloomington IL, any of you seeing coin for low premiums in your areas?

 

[Diver_Down]

Cracked $24 to start the week and gold is almost $2K. We'll see if $25 is breached before Aug 1st.

Well, it briefly cracked $25 last week. But with it starting August at $24.47, I think this is the week that it breaches the $25 threshold and stay above. Perhaps by Labor Day, $30 will be the high water mark.

Now, the next question is which refinery offers the best deal to sellers and what is your experience?

 

[jim4silver]

Well, it briefly cracked $25 last week. But with it starting August at $24.47, I think this is the week that it breaches the $25 threshold and stay above. Perhaps by Labor Day, $30 will be the high water mark.

Now, the next question is which refinery offers the best deal to sellers and what is your experience?

Why would you sell to refiners unless you have really junky stuff suitable for melting? Refiners always pay well behind melt even for nice .999 stuff, but with the increased demand today, many dealers are paying above melt for your decent coins and bars. Here where I live the dealers are paying over melt for almost all silver that looks OK.

I don't know what the big companies like JM and Apmex pay, but if you are going to ship stuff off and wait for your check, might as well get a higher price?

 

[Treasureman25]

Remember when silver was like 14 bucks not long ago an spot was like 7-10$?? Haha such a warm fuzzy

 

[Diver_Down]

Why would you sell to refiners unless you have really junky stuff suitable for melting? Refiners always pay well behind melt even for nice .999 stuff, but with the increased demand today, many dealers are paying above melt for your decent coins and bars. Here where I live the dealers are paying over melt for almost all silver that looks OK.

I don't know what the big companies like JM and Apmex pay, but if you are going to ship stuff off and wait for your check, might as well get a higher price?

My interest in refining is for gold jewelry and sterling silver pieces. I would rather send it out all at once for a single check. Any bars/rounds, I have a standing offer from a local dealer. 15 minute drive and cash only. He just called me yesterday asking if I was looking to move some, but I told him that I'm waiting to read the tea leaves a bit longer. Most of the generic bars/rounds, I'm in at below $13 (some even as low as $7). I'm sitting on a mountain of it and held out when the market peaked thinking it was going to head higher. I still should have unloaded when it was trending down, but I held firm listening to the silver bugs. After 40 years, I'm tired of hearing about $100/oz silver. I'm not against silver in general, but I would rather have semi-numismatic stuff than generic. I'm not getting any younger and would rather just be done with the generic stuff.

 

[Mackaydon]

[FONT=&quot]Don..... It happened !! Gold.
2,001.91[/FONT]
[FONT=&quot]
[/FONT]
[FONT=&quot]+29.02[/FONT]
[FONT=&quot]+1.47%
[/FONT]​

 

[Diver_Down]

Well, it briefly cracked $25 last week. But with it starting August at $24.47, I think this is the week that it breaches the $25 threshold and stay above. Perhaps by Labor Day, $30 will be the high water mark.

Now, the next question is which refinery offers the best deal to sellers and what is your experience?

Cleared the $25 hurdle easily (as of this posting it is $25.47). Let's see if it stays above $25 for the week.

 

[TheCoinKid]

September futures broke over $26.00 a little while ago. I'm a pretty good price barometer and I think it's headed north in the short-term. By barometer, I mean that if I think it's headed up, it will almost certainly go the other way - DOWN. Buyer beware!

 

[jim4silver]

September futures broke over $26.00 a little while ago. I'm a pretty good price barometer and I think it's headed north in the short-term. By barometer, I mean that if I think it's headed up, it will almost certainly go the other way - DOWN. Buyer beware!

$26 is key resistance/support for silver. If it can get above and stay there for a bit, then we are headed to $35 or so (next level of resistance/support) in short order. I don't know why silver and gold are rising now when they weren't for the past 9 years or so, but it feels like it wants to take off now for some reason.

I was talking to one of my coin dealer friends and he said new orders for silver bars from the wholesaler he uses is a 2+ month wait if he orders today! Apparently someone is buying up the stuff.

 

[Johnnybravo300]

The rise is super strong so far. I thought it would struggle more but the coil was sprung pretty tight.

I've been watching the ratios and it's at a point now where I could convert and I'd be about even. Hopefully it will continue dropping and I might be able to trade half this amount or less.

 

[Diver_Down]

$26 is key resistance/support for silver. If it can get above and stay there for a bit, then we are headed to $35 or so (next level of resistance/support) in short order. I don't know why silver and gold are rising now when they weren't for the past 9 years or so, but it feels like it wants to take off now for some reason.

I was talking to one of my coin dealer friends and he said new orders for silver bars from the wholesaler he uses is a 2+ month wait if he orders today! Apparently someone is buying up the stuff.

Closed above $26 today. Let's hope it stays and continues it's climb. Interesting to note about your coin dealer. I just received a call at 5pm from my friend and he says whenever I want to unload, he already has a buyer waiting. He said he'll pay $500 over spot for every $500 fv. I have quite a few full half boxes of 90% that I culled at fv. Today, he offered 10K for each box and I told him that I'm going to hold out for $30/oz. I've been ignoring how much silver that I've been sitting on. Just kept stacking.

 

[Plumbata]

$26 is key resistance/support for silver. If it can get above and stay there for a bit, then we are headed to $35 or so (next level of resistance/support) in short order. I don't know why silver and gold are rising now when they weren't for the past 9 years or so, but it feels like it wants to take off now for some reason.... Apparently someone is buying up the stuff.

I have never been particularly trusting of the fruits of technical analysis, ESPECIALLY for metals, as the same analytical frameworks applied to equities are incapable of accounting for the manipulation or high volume spoofing that the big bullion banks have engaged in since the exchanges opened up 45 years ago. These big short banks may have controlled enough of the market to successfully hammer down hard in 2011, bringing it back to the 30s/oz pretty quick. In these intervening years, global access and engagement with equities and commodities trading has exploded, making it more difficult to manipulate. Smart money went super long and bought the bottom in March and also loaded up on juicy call options. The big shorts are getting squeezed like never before and they have less power and dry powder than ever before to keep their game going. The suppression is obviously breaking; they try to hammer but the fear-driven completely global fiscal, monetary, and economic catastrophe unfolding now is the mother of all tailwinds and really is something like an elemental force of nature that the riggers can't keep on a leash like before. The entire world is panicking and rushing to whatever safe havens are left, we can't put ourselves in the technical analysis box here as it never really applied before because of the inorganic manipulation and doesn't apply now because the entire global system is breaking down and the entire world is hoovering up bullion, this ain't 1980 or 2011; this is a brave new world.

That understanding is what has guided me to hoard as much as humanly possible while possible, as well as load up on 12 and 13 strike silver ETF Dec and Jan calls and lots of mining companies after I emerged from hiding and reevaluated the situation with stocks options and ETFs. Even though I hate the stock market I've been killing it there making bets against the weakest links in the system and in favor of PMs, and this ride has barely even begun.

Personally I'm not even going to consider trading any silver for gold unless the GSR dips below 1:30, and even then probably not until/unless we reach 1:20 will I actually swap anything. I'm also not selling a gram until I see 100+/oz, which the writing on the wall in March told me I'd likely see rather soon, once the collapse REALLY gets going.

Good luck if you're selling soon but I think it'll be an enormous mistake in retrospect. When everything else is going down hard and fast PMs will just continue on their strong upward trend.