Silver is continuing the plunge, down over $2.50 today!!!!!

[Emperor Findus Cladius]

Ouch!!

 

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[HobBob]

Yeah, I know. But considering it's meteoric rise the last few months, days like this will happen.
It's still a darned sight better than around the $4-6 mark it used to be at.
Of course, the way to beat the drop in silver prices is to find or dig up MORE and MORE of it, which I'm all in favor of!!!!!
Happy hunting,
Bob

 

[Immy]

I look at this as an opportunity to learn how and why the market does what it does. I really hadn't planned on selling in the near future, even if prices continued to go up at the rate they had, so this is an education. What it does in the next week or so will be just as informative. Up or down I'll still roll hunt and until I decide to sell the prices don't have a major impact.

 

[bill dilly]

The guy at my local coin shop was saying on monday that precious metals, especially silver would have an adjustment that would drop the prices. He said after the adjustment they would probably still move up in price. You just can't tell if this is adjustment or if the bubble has burst.
I'm with Immy...I will still roll hunt regardless.

 

[Emperor Findus Cladius]

I am still trying to figure out what is causing the rise in silver in the first place.

 

[Jeffro]

What is causing it in both gold and silver is speculation. Same with oil these days. The only thing is, with silver at least, right now is when the mines start to unload their production. It'll keep going up after this lull. So will gold. And you can bet oil will too, at least until Memorial day, lol!

 

[Immy]

Looks like it's stabilized at just below $12.00 for today. Probably just some profit taking before the next surge. World tension with the Iran situation and the economy haven't changed so there's no reason why more escalations shouldn't happen.

There may be hope yet for my casino. Today was the second day in a row I found a 68-D out of $100 in halves. Wells Fargo better have my box tomorrow or heads will roll!

 

[HobBob]

Yup, I'm with Immy. It has been an education, an exciting one! I have not read about or heard of any watershed changes today that would reverse the precious metals trend. The big boys took some foam off the espresso today, but the espresso's still hot and the cup's still full.
Stand by for round two!
HH
Bob

 

[Visionquest]

I dissagree with the rise being due to speculation only. Global demand has a lot to do with it. A lot of it is speculation which causes the quick up and down trends, but the overall gains that determine the long range prices are from demand. Of course there are analysts all over with opinions on both sides of this, so unless you do a lot of research on your own, it is easy to take one side or another depending on your sources. The big gains in a single day which can be described as parabolic lately in silver, are prime for corrections but as mentioned above, things will still continue to rise. In other words don't bail on silver in a panic. Worry less about day to day changes but rather week to week, it is easier on your health.

 

[Jeffro]

Sure, there are other factors involved. But the fact remains that the biggest user of silver has always been the photographic industry. And their use has been steadily dropping since digital came out. There hasn't been much to replace that demand, no new industrial uses to replace that much demand. The price should be about the same, more or less as it has been, adjusted for inflation. Leads me to believe that the biggest (not the only) factor would be speculation. There are many other more savvy individuals that follow these things religiously and have listed out all the factors contributing to the rise, but I see most of these factors as being in the category of people buying, not using. The proof will be in the sustainability of the high price over the next year or two. My bet is it will return to normal levels after the run.

 

[Visionquest]

I originally thought photography changing to digital would have a major effect on demand until I researched it in depth. One of the main sources for silver for the photography world comes from reclamation of used film and spent solutions, fixer etc. Silver is still in increasingly high demand for Xray, MRI and other forms of imaging. The switch to digital in much of the consumer photographic industy has had a lot less impact on the demand than you would expect because of those factors. There are many newer technologies emerging that are putting silver into demand that more than offset it as well. The link below is very interesting, worth a read. It is just a small bit of info on a very large topic about expanding silver usage.

http://www.coeur.com/silver.html

 

[HobBob]

The link below is very interesting, worth a read. It is just a small bit of info on a very large topic about expanding silver usage.

http://www.coeur.com/silver.html

Very interesting, thanks VQ for the link.

 

[stoney56]

Too, IMO, the silver mines were pretty much shut down since while the price of silver was in the $4 range, it wasn't economically justifiable to dig and try to make a profit so until the stockpiles were gradually depleted-the demand started surpassing the demand. Silver per se is also unless I'm mistaken more of a depletable resource than gold. It takes more effort to recover silver from used x-rays and such whereas gold is used more in coins, jewelry, dental work, and some electronics.

 

[Jeffro]

Great link showing the uses of silver. Gold and Platinum rank right up there as far as diversity of use as well. We'll see how it goes from here. I dumped mine at ten and change, prepping for this stumble. Hopefully it'll drop a bit more in the next week or two. I plan on rebuying soon and adding on through the summer. Here's hoping for a great run!

 

[vegasmtl]

I for one am in a position to begin buying silver, and don't have much I would want to sell anyway. I wish the days of $4 were here, I would load up. A friend of my dad's had been buying silver ingots since he was a boy, and he recently cashed in a bunch. He figured he profited about 10k from just a small portion of his stock. He has the stuff hoarded in a walk in safe!
I may be in the minority, but I am ok with silver dropping!
VegasMtl

 

[Siegfried Schlagrule]

Bought barbers yesterday from a dealer friend for ten times face. I was allowed to pick through all his recent purchases and take what I wanted. Since he is my friend I only took one of each that filled holes in my dug set. The high prices are bringing the hoards out of the woodwork. The sad part is many of these hoards were bought when silver was over $50 an ounce and the original purchasers died waiting for silver to come back because they didn't want to take the loss and admit defeat. My advice is to sit down with your dug coins and pull out all that are worth a premium. Take some pictures to prove you had all that silver. When the price reaches a level you are comfortable with sell it all keeping all the better coins. When silver topped out over $80 per ounce I sold a silver roosie that had been clipped by a mower and also had some initials on it. Five years later I bought a small lot of junk silver for $6 per dollar and got that same dime back. Someone took a hell of a hit. exanimo, ss