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

 

[namster]

I pay about $1.50/OZ for silver so i'm not worried.

 

[SFBayArea]

I pay about $1.50/OZ for silver so i'm not worried.

If you have 40%ers, you paid a little over $3/oz. I remember the days when I began to CRH and dealers would only offer $0.55 per 40%er. Back then, I did it just for fun and collecting. Wasn't thinking about doing it for any profits back then.

 

[ivan salis]

silver futures contracts * delivery (close) of contracts are due at years end --big boys that set up the contracts either have to deliver the actual silver product or pay the amount of differance in $ that the contract gained or declare themselves "busted" ----so they tank the price to make the silver market weak so folks will not take phyical delivery of their silver contracts -- since there is no money to be made by taking the delivery of the actual silver and those that do demand actual delivery of the silver or its contractual cash equal amount can be "bought off' cheaply due to the low silver price wait till the new year and see what occurs with silver prices

classic pump and dump market manipulation at work ---pump up the value (to get folks to buy into the silver market by heating it up , up , up ) and then dumping (cooling off the market to get folks to panic sell) -- ultra rich folks get the market "bubbling" at say 30 bucks they sell to others and buy some resell iit as it goes up selling and selling to folks forcing the silver prices up--getting lots of folks buy in to ride the silver wave to say 40 then they cool off the market crashing it to 30 or 25 when they rebuy regaining the control of the markey by buying it back again

 

[namster]

I pay about $1.50/OZ for silver so i'm not worried.

If you have 40%ers, you paid a little over $3/oz. I remember the days when I began to CRH and dealers would only offer $0.55 per 40%er. Back then, I did it just for fun and collecting. Wasn't thinking about doing it for any profits back then.

Well that's true. Still not worried

When I was 16-18 years old I spent all my birthday money on silver, about $20 face. Now I am CRHing and plan to stash it all for retirement.

 

[clovis97]

I am in this for the long haul. I still haven't sold any silver, and I have no plans to do so.

Yes, I wish that I would have had a crystal ball, and sold what little I had at $50, and re-bought everything today...

 

[sshafer11]

From the perspective of a newbie CRH whom some might categorize as someone to be "thinned out of this activity"

I joined this hobby right as silver was around $45 back in August. I'll admit I got into it primarily for monetary gain. I did sell my somewhat meager finds from August for about a $200 profit. When silver tanked in September it became very clear to me that if I was going to continue to doing CRH it was not going to be a means to get rich quick.

Even as silver is dropping I have no doubt I will continue doing this because it turned out to be a much more exciting hobby than I expected it to, I find that hunting treasure in this regard is genuinely fun.

I find myself keeping a constant tab of the "melt value" of my collection on a weekly basis but I have come to look at completely as an investment rather than something I intend to sell anytime soon. Right now, I still have less than $100 face value of silver coin so I'm not really out a whole lot by holding it.

I don't know a whole lot about stocks and trading but there seems to be a fairly general consensus that eventually this storm will end and silver will climb back up. When(if?) it does return to $50 I will probably sell a sizeable portion of it. I'm not one to buy in to the worst case scenario that some hold PMs for, but I'm still patient and will wait for a better time to sell..

I can't speak for every newbie out there but I don't honestly expect this to thin out the hunters, those who continue this hobby are those who either love coins, or find a lot. The average person who stumbles upon it is harmless IMO, only the weirdos like myself will stay

 

[SFBayArea]

silver futures contracts * delivery (close) of contracts are due at years end --big boys that set up the contracts either have to deliver the actual silver product or pay the amount of differance in $ that the contract gained or declare themselves "busted" ----so they tank the price to make the silver market weak so folks will not take phyical delivery of their silver contracts -- since there is no money to be made by taking the delivery of the actual silver and those that do demand actual delivery of the silver or its contractual cash equal amount can be "bought off' cheaply due to the low silver price wait till the new year and see what occurs with silver prices

classic pump and dump market manipulation at work ---pump up the value (to get folks to buy into the silver market by heating it up , up , up ) and then dumping (cooling off the market to get folks to panic sell) -- ultra rich folks get the market "bubbling" at say 30 bucks they sell to others and buy some resell iit as it goes up selling and selling to folks forcing the silver prices up--getting lots of folks buy in to ride the silver wave to say 40 then they cool off the market crashing it to 30 or 25 when they rebuy regaining the control of the markey by buying it back again

Whatever the case maybe for physical delivery, I have yet to see silver break out of it's downtrend line from it's drop from just under $50. So it goes to show there isn't enough strength on the buy side for it to do a reversal yet. Although the drops have been less and less. Futures traders also do the indexes so it doesn't have to be metals.

 

[clovis97]

only the weirdos like myself will stay

+1

I am one of those weirdos too.

 

[n8dagr8345]

This weirdo is upping his volume- Gotta make up for the decline in price by getting more silver/month.
N8

 

[Piledriver]

I'm here till the silver's gone !

Le'ts see $18.00 per ounce !!

Keep on Rollin' !

 

[The_EE]

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.

I see it like this.

Buy at regular times. Every Friday or whatever. Buy big at the dips. It will all average out in the end.

2oz @ $32 = $32 per oz for 2 oz
2oz @ $30 = $31 per oz for 4 oz
2oz @ $28 = $30 per oz for 6 oz
2oz @ $26 = $29 per oz for 8 oz
10oz @ $24 = $26.22 per ounce average for 18 oz

18oz would = $471.96 spent but if Silver went back up to $32 you would have $576 worth in your stash.

Basically, buy at regular times, it will average itself out in the long run and buy the dips every chance you get. When it goes back up you will thank yourself.

I try to buy 1 oz a week minimum in rounds.

 

[Abt12]

I put together a spreadsheet comparing gold and silver to inflation and it seems like the "correct" value should be around $20. I expect that means it'll dip below $20 for a short time and then start a very consistent and slow upward trend for a while.

 

[conpewter]

"official" version of inflation or the real one (shadowstats) ?