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Thread: Silver...

  1. #1
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    JonB_in_Glencoe's Avatar
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    Post Silver...

    Silver is up.
    It's been really climbing the last three weeks
    It hit $30 yesterday, but closed at $28

    Why do you suppose it's up so high?
    ~~~~~~~~~~~~~~
    “If someone has a gun and is trying to kill you, it would be reasonable to shoot back with your own gun.”
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  2. #2
    Boolit Master

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    try buying a 1 oz silver coin, that will tell you the real price. last I checked they were selling for close to 50 bucks.
    if you are ever being chased by a taxidermist, don't play dead

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    Rancher,
    My preferred choice is old American Coins. I like the Walker Half dollar the most. I have bought them by the roll, usually from ebay. I checked ebay's last few "completed sales", they averaged about $220 per roll...about double what I spend 2 years ago.
    ~~~~~~~~~~~~~~
    “If someone has a gun and is trying to kill you, it would be reasonable to shoot back with your own gun.”
    ― The Dalai Lama, Seattle Times, May 2001

  4. #4
    Boolit Master
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    As we all know, silver is a highly utilized metal in industry. With Covid, so much of the supply chain is disrupted that demand exceeds supply and as learned in econ101, prices rise. That as well as people leveraging their investments in case of severe turmoil.

    I am not sold on precious metals. The example that I use is that if we have a collapse and someone comes to me to buy a chicken and intends to trade with silver, they will learn that regardless of what they paid for the silver, the chicken is going to cost them 1 ounce.

    To that end, I believe that lead is the best investment because if they feel my price per chicken is too high and decide to take it by other means, I will have the advantage.

  5. #5
    Boolit Master
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    I think people are pulling currency from the stock market, and buying something that won't go away overnight. The value of gold and silver didn't go up, the buying power of the dollar just went down. It might be very volatile in price until a strengthening economy encourages demand for other metal mining, of which silver is a by product.
    A green energy policy push could increase demand, as a lot of silver is used in the manufacture of solar panels. My opinion is that all commodities are under priced, compared to the volume of currency being pumped into the wrong sections of the economy right now.

  6. #6
    Boolit Master
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    My mother bought 10-1 troy oz ingots almost 40 years ago I think for about $9 oz the price dropped then pretty much stayed flat for a long time. Several years ago when the prices skyrocketed I called her up & said to sell them. She didn't know where they were & thought maybe I had them. Well she passed last week & while cleaning some stuff out I found them tucked away in one of her draws. She has 8 grandchildren each will be getting one. My 2 sisters can have the other 2. When I was 14-16 yrs old I remember gold prices at about $350 oz, I worked & had plenty of cash on hand I wanted to buy a few ingots then, sure wish I did, I would have sold them by now!
    Last edited by NyFirefighter357; 08-08-2020 at 09:30 AM.

  7. #7
    Boolit Master
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    Quote Originally Posted by bakerjw View Post
    I am not sold on precious metals. The example that I use is that if we have a collapse and someone comes to me to buy a chicken and intends to trade with silver, they will learn that regardless of what they paid for the silver, the chicken is going to cost them 1 ounce.
    I'm not sold either, what good does that precious metal do for you in a collapsed economy? Can't eat it, what are you going to make with it? How much did you pay for it to trade for a chicken? I think food, fuel, ammo ect. would be a better trade. All that said, I don't want to live through any Mad Max scenarios.

  8. #8
    Boolit Grand Master GhostHawk's Avatar
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    Silver is a metal that is in high demand, but low supply. For years big outfits have been artificially depressing the silver market with "paper" silver. Silver futures essentially. But that control has been slipping and I think slipped totally.

    I would not be surprised to see silver go up to or close to 100$ an oz over the next year. As it becomes more and more apparent that the government is printing money faster than they can feed paper to the presses. Trust in our paper dollar drops accordingly.

    Once you lose faith in Fiat currency (our dollars) There really are limited options for the common people.

    Gold is just plain too expensive at 2k$ per oz. Diamonds and gems are even more out of reach and even harder to convert back.
    That leaves silver.

    I bought several hundred ounces some 5 years ago and have continued to buy from time to time when the price was down close to 14$. Of course you never really get to buy for spot price, there is always a premium. More for Walking Liberty Silver dollars. Less for other mints 1 oz .999 pure silver rounds.

    But if your careful selling you should get most of that premium back.
    And on days where the silver spot price is moving upward that premium will be bigger than when the price is stable.

    All things to consider when buying or selling.
    I truly believe we need to get back to basics.

    Get right with the Lord.
    Get back to the land.
    Get back to thinking like our forefathers thought.


    May the Lord bless you and keep you. May the Lord make His face to shine upon you and be gracious unto you
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  9. #9
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    "Why do you suppose it's up so high?" A better question would be, why do you suppose the US dollar is sinking so fast? That one is easy; it's because the federal government has been handing out trillions of dollars that it doesn't have. Everybody has gotten some. That free $1200 most of us got, the $600 a week unemployment payments that tens of millions have been receiving, trillions handed out to businesses almost with no questions asked, it all adds up. When you print trillions of dollars based on nothing but air, then the value of all existing dollars goes down. And with over 50 million people unemployed and not paying taxes due to coronavirus, the government's income has been reduced to a trickle.
    The dollar is likely headed for an end similar to that of the Zimbabwe dollar or the German marks printed by the boxcar load by the Weimar Republic after WWI: completely worthless. Some South American countries followed the same path in the past; Argentina over the last 75 years is a good example. Remember nickel candy bars? In a couple of years we may see $5 candy bars. Or maybe $50. At the very end there will be $50,000 candy bars which makes most peoples' life savings seem trivial. Thus silver.

  10. #10
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    Quote Originally Posted by NyFirefighter357 View Post
    I'm not sold either, what good does that precious metal do for you in a collapsed economy? Can't eat it, what are you going to make with it? How much did you pay for it to trade for a chicken? I think food, fuel, ammo ect. would be a better trade. All that said, I don't want to live through any Mad Max scenarios.
    pm's have been used in trading for hundreds of years, the market will figure it out quick should the need arise. the reason I keep some is for property taxes, the government is going to want theirs no matter the economy and if you cant pay your property tax you will be homeless quick.
    if you are ever being chased by a taxidermist, don't play dead

  11. #11
    Boolit Grand Master bedbugbilly's Avatar
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    supply and demand . . . like any other commodity. All I hear are advertisements that say "Buy Silver" and there are plenty who are worried about what will happen in the future so they decide to pull and liquidate a portion of their investments and put it in silver . . or gold . . . if enough do it, why wouldn't it go up? If it were beans and there were only so many to be had, and people felt it was worth investing in . . . supply and demand will dictate price.

    And then you have those who have no common sense . . . a few weeks ago I talked with a friend of mine who is a very well educated woman . . . she told me how she was thinking of selling what stocks she has (she recently bought some but never had any before) as she didn't want to lose money if things should crash . . . okay . . . I then asked her if she had figured out just how much she would be paying in capital gains on it as well as if she had figured in the brokerage fees . . . her reply was "huh"? I told her that I knew nothing of her stocks or circumstances and that I didn't want to know - but she had better talk with her broker before making any rash decisions as the could very well end up right back where she started from as a result of the capital gains and brokerage fees - both for buying the stock and for selling it She then told me that she was considering getting all the tickles, dimes and quarters she cold find "just in case" as an elderly friend of her's had told her that his dad had done that during the Depression and used them when needed for buying and bartering. Okay again . . . . but then I reminded her that during the Depression, our coinage was silver - unlike today where it is copper clad.

    Everyone has to do what they think is right for their own situation when it comes to their investments, etc. . . . and as pointed out, if things should ever crash . . . the government is still going to want their property taxes and other levies . . . that's why so many people lost everything during the Depression. But if there ever is another crash, it will be nothing like the Great Depression . . . it will be a whole new ball game . . . .

  12. #12
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    Quote Originally Posted by NyFirefighter357 View Post
    My mother bought 10-1 troy oz ingots almost 40 years ago I think for about $9 oz the price dropped then pretty much stayed flat for a long time. Several years ago when the prices skyrocketed I called her up & said to sell them. She didn't know where they were & thought maybe I had them. Well she passed last week & while cleaning some stuff out I found them tucked away in one of her draws. She has 8 grandchildren each will be getting one. My 2 sisters can have the other 2. When I was 14-16 yrs old I remember gold prices at about $350 oz, I worked & had plenty of cash on hand I wanted to buy a few ingots then, sure wish I did, I would have sold them by now!
    I grew up in SoCal, and we would sometimes go pan for gold in the San Gabriel River. Always got a little, but never very much. Some time in the early 80's, I think it was, dad gathered up all the little vials of gold flakes and sold them. He got about $900 an ounce, or right on $900 IIRC.

  13. #13
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    More than a year ago I sold stocks and bought $30,000 in a gold fund when the price was around $1,200 an ounce. I also have some gold and silver coins, mostly eagles. With prices high now it is not a time to buy. Sort of like guns and ammo, when you need them is not the time to buy them.

    The reason silver is so high is the same reason guns and ammo are high. Late cycle preppers.

    Tim
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  14. #14
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    Supposedly the mints were shut down because of the virus. So there is supposedly a supply hiccup/shortage.
    IDK but I have a small stash of silver and am watching for a price point that makes me happy. When it crashes I will start buying again.

  15. #15
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    Quote Originally Posted by bedbugbilly View Post
    But if there ever is another crash, it will be nothing like the Great Depression . . . it will be a whole new ball game . . . .
    This is why so many people have been prepping. As mentioned by others, inflated prices of firearms, ammunition, food, PMs, etc... are due to those late to the ballgame.

  16. #16
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    Silver...

    Quote Originally Posted by Plate plinker View Post
    Supposedly the mints were shut down because of the virus. So there is supposedly a supply hiccup/shortage.
    This effects bullion and proof coins from the US Mint. Not global supply. I collect numismatic proof eagles and the price was up quite a bit this year. What’s amusing to me is there’s a bullion coin minted in Philadelphia, they don’t usually make bullion coins, that’s being sold numismatically for around $200 at the moment. Bullion coins have no mint mark so there is no way to prove it besides the sealed labeled container it’s in. It’s also a bullion coin which is worth its weight in silver only even w/ limited mintage. But people are willing to pay the premium due to “collector’s value”.

    I was gong to start buying some junk silver through APMEX since the price over spot is low. But they aren’t accepting any orders under $300. That’s over the weekly allowance I give myself. So no silver buying for me which is probably a good thing since it’s to high at the moment.

  17. #17
    Boolit Master
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    If silver or gold goes up much old existing deposits that are not currently mined will become profitable to mine.
    So old mines will re open and the supply of silver will go up limiting appreciation of the metal.
    EDG

  18. #18
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    Quote Originally Posted by GhostHawk View Post
    Silver is a metal that is in high demand, but low supply. For years big outfits have been artificially depressing the silver market with "paper" silver. Silver futures essentially. But that control has been slipping and I think slipped totally.

    I would not be surprised to see silver go up to or close to 100$ an oz over the next year. As it becomes more and more apparent that the government is printing money faster than they can feed paper to the presses. Trust in our paper dollar drops accordingly.

    Once you lose faith in Fiat currency (our dollars) There really are limited options for the common people.

    Gold is just plain too expensive at 2k$ per oz. Diamonds and gems are even more out of reach and even harder to convert back.
    That leaves silver.

    I bought several hundred ounces some 5 years ago and have continued to buy from time to time when the price was down close to 14$. Of course you never really get to buy for spot price, there is always a premium. More for Walking Liberty Silver dollars. Less for other mints 1 oz .999 pure silver rounds.

    But if your careful selling you should get most of that premium back.
    And on days where the silver spot price is moving upward that premium will be bigger than when the price is stable.

    All things to consider when buying or selling.
    I Hope your right.I'm sitting on a stash that started at $8.00 oz.
    Last edited by SSGOldfart; 08-09-2020 at 03:13 PM. Reason: Window's spell check thingy messed up the post
    I started out with nothing and I still have most of it left.
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  19. #19
    Boolit Master
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    In my opinion silver has about kept up with inflation. In 1968 I could buy a candy bar for 10 cents. I paid some shyster $4 for a 1922 silver dollar at a swap meet. Today that silver dollar might buy 30 candy bars, (I could have bought 39 after tax candy bars in 1968) so I'm down a few candy bars in 1968 dollars.

    Using my candy bar theory, with the exception of the last 15 years of my working life I have been able to buy about the same number of candy bars per hour of labor. I was also able to buy the same amount of silver per hour.

    Having said all of that, I still like silver dollars and have purchased a bunch of them over the years. They keep better than candy bars and my belt fits better with silver than candy.

  20. #20
    Boolit Buddy
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    All the commercials on TV tell me to buy gold and silver. If its that good of an investment then why do they want to get rid of it and take my dollars in return?

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