Silver hits new low for the year!

[Immy]

Amazing. On Jan. 1st silver was at $14.77/oz. and just went up and up for months. At this writing it's down to $14.66, the first time it went below the Jan. 1st price. Wonder where the bottom is. Wow, is this a great buying market!

 

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[BBcardsRI]

It's crazy! A lot of people predicted that we wouldn't see prices below $15 again... well I guess this shows that they were wrong!

It certainly is a great time to buy, and I plan on picking up some ounces soon, but I'm hesitant to rush out and get them as I am not sure how low this thing will go. I would love to get lucky and buy at the bottom of this crash and get a really nice price per oz. on my personal stash... just not sure what kind of number to look for.

Anyone got suggestions?

~Dave

 

[Immy]

Also, I'd like to know how much over spot would be a fair price for a 10-oz. bar. Thanks to those who brought up being careful about 100 oz-ers.

 

[nyiangelo]

i think that anytime is a good time to buy. i was buying at $18-$20. I am still buying know. you just have to look at the long term. i
feel one day its going to go up to hit around $25-$30 in my lifetime at least if not,much more. when that day comes i'll be ready. you never know when the bottom might be. this might be it and you might miss it by hoping it goes lower. or it might hit $5 again, but you just have to feel comfortable at what it will achieve. and willing to take a loss in hope of a profit. think long term when u buy is all i can say

 

[Immy]

Oh I'm ready to buy now too! I just hope the down trend hangs on till Saturday when I can get to my local shop. They're selling 10-oz. bars at spot + 6%, good deal?

I got a fistful of VF & XF Peace dollars for $16/ea. at a coin show this weekend.

 

[jim4silver]

Oh I'm ready to buy now too! I just hope the down trend hangs on till Saturday when I can get to my local shop. They're selling 10-oz. bars at spot + 6%, good deal?

I got a fistful of VF & XF Peace dollars for $16/ea. at a coin show this weekend.

I have been able in the past to get 1 and 10 ounce Engelhard or JM bars for $1 over spot per ounce, sometimes a bit less. Don't know if the coin dealer will want to part with them for that price now. I have another coin store I go to less often that has less inventory, but they always are consistent on their price relative to spot price (they are about $1 over spot too). I may visit them later in the week if the onslaught continues in silver.

Jim

 

[whitesid]

i usually get my silver under spot. the guy there rounds it down, for example last time i went it was 17.79 a ounce. i only paid 17

 

[jim4silver]

i usually get my silver under spot. the guy there rounds it down, for example last time i went it was 17.79 a ounce. i only paid 17

I dont know how that guy stays in business. He must not pay crap when you sell back to him. Hope he does not round down when he buys from you. LOL!

Jim

 

[BBcardsRI]

I always get BS when I go to buy. One guy tell me that it costs him 1 to 2 dollars to have shit shipped to him... which is why he prefers to buy from customers and not order stuff in. So right there you are already a buck or two above spot.

And now with the low silver price, he flat out told me I wouldn't want to buy from him since he can't go below $17 an ounce since that is what he payed, if not more.

He hasn't gotten any panick sellers which is too bad for me because I am looking to buy.

~Dave

 

[LJ]

I am no analyst by any means but I think it is the right time to buy. If your in it for the long term I just don't see where you can lose. It's a good investment against the hedge.

I bought two Engelhard 100 oz bars from the local dealer here this week for $1567 each and I am fully confident it was a good decision. He said they have been selling like hotcakes. He only has two left. I thought long and hard about those last two.....lol.

Again, if your in it for the long haul, I say jump on it now. Good luck.

 

[BBcardsRI]

I fully agree about all the people saying that for the long term you simply can't lose.

And I would certainly buy some myself if not for the fact that no one is selling for a reasonable price. With my luck LJ, if I were to buy a 100 ounce Engl. I wouldn't be able to get it for less than $1,700 and there would probably be a name brand premium beyond that $1,700.

I have one more good credible guy to go to this weekend, and if he can't come up with anything to sell to me for a reasonable price, I think I am up the river without a paddle for the time being until the normal customers come back to the shops in another week or two once the price stabolizes.

On a side note... at least the price is staying low so I don't get really upset if it jumps back to like 17 an ounce before I have a shot to buy. Watched it approach 15 last night and was getting a bit bummed out... but it is practically into the 13's now, so that's not bad.

~Dave

 

[BBcardsRI]

Yikes... I thought the NY open at 15 and close at 14+ was a bummer. But this drop like 3-4 hours ago to the TWELVE dollar range REALLY took me by surprise.

REALLY time to buy now.

~Dave