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

[scyther]

I'm glad I didn't buy over the weekend now. I have that to be thankful for.

I think the thing I hate most about low silver prices is that it makes CRH kind of pointless. I might stop doing it...

[Rodebaugh]

Huh. Well this is a disturbing development. Makes me wish I had discover silver a year later than I did. Oh well.

I had planned to just hold, but if there are big premiums on 90% and other physical now, it might be a great opportunity to sell and roll it into paper, then move back into physical when premiums go down (which they will eventually, whether the price goes back up or not).

Or roll your high premium junk 90% into .999 Generics. Thats my plan.

Think ounces not dollars.

[Jonflyfish]

Sorry if my answer somehow offends you Neil. You asked, I answered.
Cheers!

[deacon]

I'm glad I didn't buy over the weekend now. I have that to be thankful for.

I think the thing I hate most about low silver prices is that it makes CRH kind of pointless. I might stop doing it...

I stopped CRH. I would only get a dime or two per box. I never tried halves though.

>"Cheers" to you too pal..., as its "common practice" for you to deal in tons of silver, what business does such a commoner as myself have dialoguing with a merchant prince like you? I wish not to be impudent, as I recognize my humble station in life.

This made me laugh.
Things are starting to get heated. Take a moment to relax neil. We are all friends here.

[mbailey1234]

I'm still with Barry. Not so much from the under $25 for a day as much as by the end of the year, or next year or 10 years from now I think we are still doing the right thing. By not having all my eggs in one basket I'm comfortable holding some fiat, some PM's and some copper as well as what consumables my family will need for the next few months. I like many am now way behind of where I could have been leaving it all in cash at this point. When will all this change though? Has anything changed lately about our ridiculous spending, printing and trashing of our dollar? Do you really thing Washington is going to in the near future? Maybe gold is on it's way back to $500 and silver to $10 so I'll take my lumps on that. I'm not that confident in having all my extra cash in the current stock market or in my credit union drawing 0.6% APY.

Not much has changed except we are now able to accumulate a little more metal with our paper dollars than we could last month.

Sad thing is I am confident we have a product that would do good on a larger scale. It just makes me sick to the point that I don't care to go forward with it since our government has it's finger in everything we do so much that it would take 6x our gross sales to maybe (and I emphasize MAYBE) double our bottom line. I just can't bring myself to do it so instead of investing in our business and growing, possibly putting several people to work, I'll just keep buying PM's in hope of preserving the buying power of that money.

[Engineer]

I think the thing I hate most about low silver prices is that it makes CRH kind of pointless. I might stop doing it...

It's only pointless if you look at it from a short term flipping perspective. If you view it as adding ounces to the stack, lower prices are a good thing because they wash out your competition.

[scyther]

I think the thing I hate most about low silver prices is that it makes CRH kind of pointless. I might stop doing it...

It's only pointless if you look at it from a short term flipping perspective. If you view it as adding ounces to the stack, lower prices are a good thing because they wash out your competition.

You have a point about lower competition... but if I believe prices will increase, wouldn't it make more sense to save some effort and just buy it?

[TwoPenniesEarned]

Don't let the banksters shake you out! You've got to have a strong stomach in the PM's. Eventually you actually get happy on the drops and start looking everywhere for cash to throw at the dips! Buy more, not sell!

[Jonflyfish]

Beautiful view tonight of the peaceful CBOT. Trading nastalgia....
Cheers!

[beauanderos]

Call me crazy... but I smell another bunch of margin hikes coming on top of this drop.

[JerrySpringer]

Dealers only make money IMHO by selling on the margins. The paper price has to stand for something. If premiums get wildly high, demand will reach an impasse. This is going to be interesting to see if spot prices go below $20. I'll dollar cost average in on some rounds and bars as long as premiums and shipping fees are not steep. Otherwise, I'll just be content with what I have. A few years from now, who knows, spot may be less than $10. Time to be patient.

[oober]

Call me crazy... but I smell another bunch of margin hikes coming on top of this drop.

Was thinking same thing. How bout 5 in 8 days like May/11. Good times.

[50centsaver]

Re Skyther's post- Finally, someone else who does not like it that it has gone down. I prefer it goes to the moon. With all the hype I've heard about it doing so since I've gotten into PM, when the heck is that going to happen? Since I've gotten into PM all it's been is frustrating. It's not making sense. I spose most of you will be thrilled if it goes down to $6? I'm getting close to retirement and I'm not rich. I hope I don't regret getting into this at all. Maybe most of you are all gamblers/sports nuts? I am not. I'm betting on deflation for years to come- PM going way down. I don't know if I'll be around for happy days when it zooms.

[beauanderos]

Gold down $86, silver down $2.52!!!! Paper price annihilation!

[Engineer]

Gold down $86, silver down $2.52!!!! Paper price annihilation!

I'm glad I saved some dry powder.

...but my wife is going to kill me when the bank statements show up next month.

[68Camaro]

Touching on $13xx gold and close to $22.xx silver.

Please post if anyone is actually able to buy oz forms at these prices (not London bars).

[Engineer]

Touching on $13xx gold and close to $22.xx silver.

Please post if anyone is actually able to buy oz forms at these prices (not London bars).

Apmex has 1oz gold maples at $45 over spot, but their junk silver is still 20.25x face.

[slickeast]

$23.16.....WOW

[Treetop]

If I had any credit cards Id be at provident maxing them out right now. Id be surprised if this recent drop will last long. Of course Im surprised it dropped under 30 honestly so Im the last to ask.

[agmoose]

Wow. Didn't expect to see this happening when I woke up. Yikes. I certainly won't be selling anymore for a while. My dca is still under 20 since 2008, but not by as much as I wish it were. Wonder where the floor will be this time?

[Engineer]

If I had any credit cards Id be at provident maxing them out right now. Id be surprised if this recent drop will last long. Of course Im surprised it dropped under 30 honestly so Im the last to ask.

My last one held me down on the credit limit a bit. I got a letter in the mail saying my credit score had dropped because I had too many bank accounts.

I'm not crying though...the only reason I gave them the credit card account is because they're my primary dump bank.

[slickeast]

October 2010

That was the last time silver was this price

[68Camaro]

Touching on $13xx gold and close to $22.xx silver.

Please post if anyone is actually able to buy oz forms at these prices (not London bars).

Apmex has 1oz gold maples at $45 over spot, but their junk silver is still 20.25x face.

Thanks. I've got one small IRA account opened years ago for $2000 that almost wasn't worth messing with. Think I'll sell it at this market high, pay the penalty, and buy some gold.

I'm not yet sure silver can actually be sourced by the masses at these prices. I'm skeptical much will be available but if someone finds a seller willing to let go let us all know. Silvertowne lowered their prices slightly but are still over $28 on their bars. If this is like previous price smashes it'll be hard to actually find any without a major premium that will keep the effective price in the upper 20s. If that's the case then I will count Barry's prediction as still intact with regard to physical.

[68Camaro]

October 2010

That was the last time silver was this price

But then you *could* actually buy at that price (and we did). Anyone successfully bought any yet?

[68Camaro]

Did we just hit the overnight bottom? Silver and gold are (by normal standards) now rocketing back up. Gold up $20 in a few minutes.