Silver - $27 going to Zero! Call your boss..beg for job back

[InfleXion]

Given the current crisis, I believe we are all a bit on edge. I know I am.

It's easy to forgive anyone for being snippy these days. I hope we can all agree on that. We're in this together.

[68Camaro]

Punched in for 500 oz at 13.93 shipped. That's a $2 premium over spot for Ahasi generic 1 oz bars from JMB. There wasn't much selection left and the gov coin essentially started at $16 or higher. I watched it go down to 13.88 and then start back up so I punched the button. If spot does eventually circle back and continue down, I don't think there will be any physical left at less than months away in 100 oz bars or higher.

I thought I had all the silver I needed - and I do - but this is the lowest price I've paid for new silver in quite some time. I would have to check records to see when the last buy was cheaper. Maybe never (since I didn't get into volume silver until 2010).

Rec'd the 500 oz today from JMB, 2 weeks after order, including order processing and shipping time. Given the workload they had with the rush of new orders (which had already started the week before the mini crash) I can't really expect much better. Well done JMB.

[InfleXion]

Thank you for the update Camaro. It's good to see that some things are still reliable these days.

[pennypicker]

Thank you for the update Camaro. It's good to see that some things are still reliable these days.

I've mentioned it a few times on this board, JMB is the only company I buy from!

[Rodebaugh]

It has been a while since we have seen $20.

Looks like it could be coming. Hold tight folks and enjoy the ride.

[neilgin1]

It has been a while since we have seen $20.

Looks like it could be coming. Hold tight folks and enjoy the ride.

i would enjoy the ride Doc, but there is going to be a lot of bloodshed in this country, a lot of people going to die.

[JJM]

Just blew through $20! In before its beaten back down...

[Recyclersteve]

Let me add a few thoughts and resistance levels to the mix. No doubt, the big round number of $20 is a psychological barrier. For numerologists it is interesting that it would hit $20 in the year 2020.

Now here are some resistance levels (I'm getting my data from the historical silver charts on kitco.com). Also, my data is based on spot silver, not silver futures.

$20.71 (resistance from 8/2/16)
$22.05 (resistance from 2/24/14)
$32.01 (resistance from 2/5/13)
$37.23 (resistance from 2/29/12)
$50+ (resistance from January, 1980)

A note about resistance levels. Don't turn cartwheels if silver breaks through by a penny. It needs to break above the resistance level and close there for at least a few days before I start counting those chickens. Also, it could break above resistance, pull back, say, 10% or so after a big run, and turn around and go much higher shortly thereafter.

Another thing- the most important number above (other than the $50+ of course) is the resistance at $22.05. If we go through that, there could be fairly smooth sailing for a roughly $10 move upward.

Also, it is noteworthy that silver was in the high teens almost exactly 10 years ago. Then, in August it broke out and in 7 months it traded in extended hours at about $49.80-$49.90ish per ounce. I remember being so confident that the August, 2010 breakout was legit that I quickly went out and bought a bag of 1,000 pre-1921 Morgan dollars. Actually, I had to go to a number of dealers because no one source had enough for me at the time. FYI- August, 2010 was the last time I was as bullish as I am right now!

We also have July/August seasonality working for us as well. Silver is acting well now as it was 4 years ago and again 10 years ago (at the beginning of that huge breakout).

Dare I add one more thing?!? If silver can break above, say, $51ish, it will likely go to at least $75-100 (and perhaps much more). Keep in mind that if you take the $50 silver we had in 1980 and adjust it for inflation, we would be way over $100 an ounce right now. I think the actual figure would be something like $130+.

Good luck to all. And please don't do something ill advised like emptying a retirement account to buy silver. Nobody but nobody knows for sure what the future holds. How many predicted COVID-19 in advance?

[TXSTARFIRE]

Now $20.97.

[Recyclersteve]

Now above $21.

[Rodebaugh]

I've heard this song before circa July 2010. BUY EVERYTHING YOU CAN NOW!

[68Camaro]

22 going on 23. Shades of 2010-11. Why now? I only have bits of answer - nothing yet that points to what set this off specifically now.

[Thogey]

The sudden trillions of dollars that appeared spooked everyone.

[Thogey]

ASEs on e-bay are all pushing or exceeding $30 with shipping. as of this morning.

[Rodebaugh]

The sudden trillions of dollars that appeared spooked everyone.

This........Repricing

[pennypicker]

$20.71 (resistance from 8/2/16)
$22.05 (resistance from 2/24/14)
$32.01 (resistance from 2/5/13)
$37.23 (resistance from 2/29/12)
$50+ (resistance from January, 1980)

Another thing- the most important number above (other than the $50+ of course) is the resistance at $22.05. If we go through that, there could be fairly smooth sailing for a roughly $10 move upward.

Well we've push through that key $22.05 resistance level and I'm now curious to see what happens from here...hopefully smooth sailing to $30

[theo]

I've heard that a higher number of traders on Robinhood are showing interest in precious metals, particularly silver. I also believe that the COMEX and the ETFs have been buying physical for the last month or so. We'll see if AG can hold above $22.00 or if it gets smashed down again. I know a few of you had the wisdom to buy physical AG back in March at less that $12.00.

[highroller4321]

$20.71 (resistance from 8/2/16)
$22.05 (resistance from 2/24/14)
$32.01 (resistance from 2/5/13)
$37.23 (resistance from 2/29/12)
$50+ (resistance from January, 1980)

Another thing- the most important number above (other than the $50+ of course) is the resistance at $22.05. If we go through that, there could be fairly smooth sailing for a roughly $10 move upward.

Well we've push through that key $22.05 resistance level and I'm now curious to see what happens from here...hopefully smooth sailing to $30

We need to be able to close above that resistance level for at least a few days.

[Cu Penny Hoarder]

I told you guys to buy at $12-13. How many did? It was only a matter of time.

And Thogey made fun of me for posting my buy recommendations here. Now eat your liver.

[Cu Penny Hoarder]

I've heard that a higher number of traders on Robinhood are showing interest in precious metals, particularly silver. I also believe that the COMEX and the ETFs have been buying physical for the last month or so. We'll see if AG can hold above $22.00 or if it gets smashed down again. I know a few of you had the wisdom to buy physical AG back in March at less that $12.00.

Most Robinhood traders will go broke.

Eric Sprott recently purchased a whole bunch of physical silver. I think that helped push it up.

[Recyclersteve]

I've heard that a higher number of traders on Robinhood are showing interest in precious metals, particularly silver. I also believe that the COMEX and the ETFs have been buying physical for the last month or so. We'll see if AG can hold above $22.00 or if it gets smashed down again. I know a few of you had the wisdom to buy physical AG back in March at less that $12.00.

Silver premiums were very high in March, even when the physical price mentioned on Kitco and elsewhere was low. Although I was frustrated (because of the high premiums) I did end up pivoting and buying the silver ETF (SLV). It was a nice trade, but if I had just held on it would have been a VERY nice trade. No complaints.

[Recyclersteve]

$20.71 (resistance from 8/2/16)
$22.05 (resistance from 2/24/14)
$32.01 (resistance from 2/5/13)
$37.23 (resistance from 2/29/12)
$50+ (resistance from January, 1980)

Another thing- the most important number above (other than the $50+ of course) is the resistance at $22.05. If we go through that, there could be fairly smooth sailing for a roughly $10 move upward.

Well we've push through that key $22.05 resistance level and I'm now curious to see what happens from here...hopefully smooth sailing to $30

We need to be able to close above that resistance level for at least a few days.

I totally agree!!!!

[aristobolus]

Hello everyone! I have not been on here for years being busy raising kids turned into teens. Now my boys are turning to men. We just held a high school graduation party for one of them. And what did someone gift him with? A silver round to teach him the lesson of real money. He told him to "either turn it in for twenty bucks, or watch it grow"; it has already grown by three dollars since then.

[shinnosuke]

Hello everyone! I have not been on here for years being busy raising kids turned into teens. Now my boys are turning to men. We just held a high school graduation party for one of them. And what did someone gift him with? A silver round to teach him the lesson of real money. He told him to "either turn it in for twenty bucks, or watch it grow"; it has already grown by three dollars since then.

Sounds like the sons are growing up right. Good job.

[NDFarmer]

Silver premiums were very high in March, even when the physical price mentioned on Kitco and elsewhere was low.

Yes Silver was down around $12.00 but the premiums were even higher than they are now. I still bought silver for $16.00 to $17.00 when the price was $12.00 But I would have bought MUCH MORE if I could have bought it at $12.00

Is this premium of $3.00 to $5.00 per ounce always going to be here like it is now. Even now with the price being $22.00 you still have to pay $25.00 to buy silver.