Silver dropping like a hot rock

[apush]

Just managed 2 dime keepers out of 5 boxes last night.

Picking up a total of 19 boxes of halves this week as this is getting near the end of my vacation time.

Silver (according to coinflation) is $27.53 at time of this post. Lowest we have seen in a while. How low will she go? I am almost tempted to pick up a few bars or Eagles.

Apush

 

[jrf30]

I was temptede ... and bought. About $10 an ounce higher than this! Ouch!

 

[fistfulladirt]

The dollar's doing great right now, money moving out of the Euro and into the USD, and PM's are falling. I've been buying silver here and there for the last week or two, but I've also been buying all along. I know my dad's not too happy as I convinced him to buy gold at $1750 (one oz eagle).
Who knows how low it will go?

 

[coincrawlin]

Just like the stock market, I don't even like to look at silver prices anymore .

Dimes have been rough for me too lately. How have you been doing on the halves lately?

 

[Gilmore Happy]

$19-$25 a no brainer

 

[Argentium]

Greetings Apush ! This time of year I think a lot of people are selling off some silver to
keep ahead of the bills and holiday expenses , I don't believe it will go below $25. oz -
This is a decent time to buy bars , rounds, 90% - as long as the premiums aren't too
high . Argentium.

 

[AGCoinHunter]

Think it might be in the $15 to $20 range before things heat back up. Who knows though. I am still stacking.

 

[sultan of silver]

Stacking is the way to go.

 

[goverton]

Gangsters .......uuhh I mean Banksters are driving Metal market down........they are selling off gold and silver to prop up fiat currency of
Euro and US money.

They mean to crash the dollar and euro to create a New World Order Currency.........
Then Gold and Silver will skyrocket.......at least till than ban ownership of it like FDR did!

 

[Dok Holliday]

Gangsters .......uuhh I mean Banksters are driving Metal market down........they are selling off gold and silver to prop up fiat currency of
Euro and US money.

They mean to crash the dollar and euro to create a New World Order Currency.........
Then Gold and Silver will skyrocket.......at least till than ban ownership of it like FDR did!

That is when the zombies will take over. That is when I'll be safe with my zombie killing silver bullets melted down from silver dimes and half dollars in my zombie proof fort made of empty coin roll boxes! Death the Zombies!

 

[BuffaloBoy]

Apush,

I am not necessarily in this for money since I do not sell my finds... I have a feeling silver will drop to around $20/oz. I wouldn't mind it going lower for a few reasons. There has been so much NEW competition these days with the hobby, and with the finds diminishing, maybe some can get discouraged.

I am not talking down on nobody, just simply saying times are tough, people will do ANYTHING for money.

Most of us on here have jobs(Thank goodness), and to CRH at the end of the day, for me, gives me a feeling of relaxization. Silver is just an added bonus.

This is my 2 cents,
Good luck with your future searches, the silver is out there to be found, the main question is: Where?
BuffaloBoy

 

[Bigheed]

I definitely think it will deter people from entering the hunt. The numbers on coinflation.com are not as enticing at 25 per oz or less.

I don't mind the price tanking, theres typically a pullback after a high or run up and this is perfect timing to spend my year end bonus on some Ag to double up on!

I haven't been doing much of dimes at all lately , just a little CWR if theres no more halves to pickup and I have money in my wallet still. Takes 5 dimes to = a 90% half and the time just isn't worth it usually + lately I've been getting alot of funky CWR. I stopped doing quarters because people were stuffing 2-3 pennies or nickels in many of the rolls. The last batch of CWR dimes I did they always bundle them in 10 rolls (50$ bundles with rubberbands) and I didn't notice until I got home and obviously the vault teller didn't notice either but every roll was 5 dimes short. Not a huge deal that I will cry to the bank about it, but I only got 2 dimes so it was basically a wash. With times being like they are I think there are alot of people doing stuff like that to squeeze out extra dollars anyway they can to put food on the table.

I've just been pressing the halves as hard as I can and it seems to be working out ok!

HH & HNY!
Bigheed

 

[ImpurestStewart]

Let it tank, Allows me to buy more of it.

 

[SilverQuest]

My response to this drop in price is... "Let it drop even more!"

Like many have said it might thin out the "CRH Herd".

 

[SFBayArea]

I've mentioned this already a while back but I guess people don't remember.

http://forum.treasurenet.com/index.php/topic,436382.msg3108955.html#msg3108955

I would not be a buyer at this point. It's challenging its spike low of 26 a little while ago. If it goes lower than 26, it will drop more. This is pretty much the line for it right now. Silver need to break it's down trend line by a strong margin for me to be a buyer.

On the positive note, I don't mind the price drops if I can pickup more in the boxes around here. Hopefully, all those CRHers will give it up. I was glad I sold at 45% of my collection at 40 & 32. However, I still have all my 90%ers and a some nicer looking 40%ers. I want the numbers to be where they were years ago !!!! People who are finding a lot in good areas are just supplementing their paper losses via finding more coins. Why would they care if prices drop? They have a ton more shares coming. Kinda like shares of stocks. When your shares go down in price, you hope to augment the drop off with owning more shares.

 

[$nack-Money]

So hard to tell about silver these days. You don't want to miss the boat buying at relatively bargain prices, but its hard to pull the trigger when it keeps dropping. I think, at least in the short term, the key will be the 2012 election. If it starts looking like Uncle Obama is going to win, silver will skyrocket.

 

[apush]

I sold a bit of my silver on December 31, 2010 when silver hit right at $50 oz. Paid for my daughter's wedding. Now, I have held every bit of silver since and hoping we can all make out well with the drop. I still feel like I need to stock up soon. Waiting for under $25.

apush

 

[BIGmintmark]

Hate that its dropping!! losing money!! ahhh

 

[madwest]

I thought that I wouldn't buy any more Ag until it fell below $20.

I couldn't help it though. I was at the LCS and bought 45 state Quarter proofs for 23x face early last week. They are beautiful coins.

 

[SFBayArea]

I sold a bit of my silver on December 31, 2010 when silver hit right at $50 oz. Paid for my daughter's wedding. Now, I have held every bit of silver since and hoping we can all make out well with the drop. I still feel like I need to stock up soon. Waiting for under $25.

apush

Apush, you sold at the perfect time. In hindsight, after doing my analysis of stock charts, when it went parabolic that week just under $50, all the traders knew that was considered as an "overshoot". In fact overshoots are one of the most consistent trades out there. Pretty much guaranteed money on the short term. The only issue is that they don't happen all the time. As a day trader, I may see one or two overshoots on a stock chart everyday for a small trade. The traders all jumped in and took huge short positions on silver futures when they saw it. The fast drop was predictable to a trader. I wished I knew how to read the charts back then. The unfortunate part is that traders control the market not really supply and demand. Traders that make money do contracts and don't have any attachment to any metal or any stock. That's why oil prices get overbloated. We get attached to our coins because we worked hard to obtain them and it's hard to let it all go. For traders, they just look at the chart and see an overshoot and the light bulb lights up for easy money and they jump in.

Silver, Gold, PM are on a downward slide since coming down from $50. These are hard to stop. $26 is it's next resistance point. Hopefully it will hold. If not perhaps, down to $20. I would NOT buy just because it reaches a number you may think is low in your mind. It could be considered as catching a falling knife. The best thing to do is wait and wait to see when silver can break it's down trendline which is very strong. Even then, it's gotta have strong moves up to break it. That's when I would consider buying. Sideways movement wouldn't cut it. You want to catch the ship on its way up rather than on its way down. Otherwise you would be caught holding the bag as traders call it. Don't jump in just because it goes to $25. It could keep going down till $20.. who knows.