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

[Cu Penny Hoarder]

Here's where we hear all the heroic tales of, at spot buys below 14/oz.

I had to sell a few hundred ounces during the doldrums but was glad to have had it.

There is $33 cost silver in my stack, because I am the only one here who bought $33 silver.

Im goin to let 500 ounces go at $35 if we get there. The rest stays.

No tales... 100% truth.

[pennypicker]

Here's where we hear all the heroic tales of, at spot buys below 14/oz.

I had to sell a few hundred ounces during the doldrums but was glad to have had it.

There is $33 cost silver in my stack, because I am the only one here who bought $33 silver.

Im goin to let 500 ounces go at $35 if we get there. The rest stays.

No tales... 100% truth.

I'm still sitting on a lot of $44 silver I purchased in 2011 and for the past five years I've been slowly picking more up to lower my dealer cost average (DCA). As it stands now I still need to see $28 silver to FINALLY reach my break even point; and when that happens I won't buy or sell anything...I'll just have a hot dog and a beer

[etaion_99]

Here's where we hear all the heroic tales of, at spot buys below 14/oz.

I have one 1oz bar with a cost basis of $4. I got it at a casino in the 80s or 90s... it was some gimmick for a particular slot machine. If you lined up a certain pattern, it would pay out in a silver 1oz bar, and they were buying them back for $4 if you wanted to sell them back. I sold them about a dozen, but kept one as a souvenir.

Wish I had the rest!!!!

Most of my stash is ~16-18 cost basis.

[CardsNCoins]

...I'll just have a hot dog and a beer

I thought it was pizza and a coke Don?

Hope all is well my friend.

Nick

[pennypicker]

...I'll just have a hot dog and a beer

I thought it was pizza and a coke Don?

Hope all is well my friend.

Nick

Doing well Nick and hope all is well with you. Normally pizza and a coke would be the ticket but with the start of the new baseball season I felt a hot dog & beer would be more appropriate. My how time flies...I wished I would have kept all my slabbed 1975 baseball cello packs I picked up in the $75-$85 range back in 2003 to 2007...I can't believe they are now 45 years old, wow!

[highroller4321]

This pullback feels healthy to me. How is everyone else feeling?

[blackrabbit]

Could pullback more and be fine with me. This bull is just starting to trot.

[68Camaro]

This pullback feels healthy to me. How is everyone else feeling?

Gold remains stable at a record high close yesterday and only just below that today. The blip to 26 for silver was just that- a spike in the moment. Cooling off to 24 shows the current real price, and some selling off from there to 23 (back up to a 23.5 close) is healthy in the moment for a longer term continued push up.

PMs are still a good place to be.

[Recyclersteve]

This pullback feels healthy to me. How is everyone else feeling?

+1

[TXSTARFIRE]

Up $1.20 to 25.55. Gold only a buck and a half from 2K.

[pennypicker]

Up $1.20 to 25.55. Gold only a buck and a half from 2K.

Just hit $26 and back down it goes for the second time in a couple weeks. $26 is proving to be a major resistance point.

[neilgin1]

silver?....what's that?....where am i?.....we dont got no stanking silver.....nothing to see here, move on.

[neilgin1]

This pullback feels healthy to me. How is everyone else feeling?

feeling good, these meds are kicking in, so.....there ya go, its a good deal. silver?....sure, why not?

[68Camaro]

I'm not a big "chartist" but if you look at this thread several pages ago recyclersteve said the next upside resistance level after 22 was 32, so we do seem to be on the way to that level. $27 and going at last look.

[JJM]

I seem to recall a lot of "it will never go below $27" comments oh so many years ago, so it seems that $27 may offer some resistance going back up...

[68Camaro]

I seem to recall a lot of "it will never go below $27" comments oh so many years ago, so it seems that $27 may offer some resistance going back up...

That was barrytrot in 2012 nd it was $25

viewtopic.php?f=9&t=16215&p=188721#p188721

[theo]

Silver is 27.50 as I start this. Common wisdom says that there needs to be a sell off sometime soon. From a chart perspective that would be a healthy, even desirable development. However, Andrew Maguire claims that the COMEX is experiencing a run on physical silver. He further states that once silver gets to $30 it might immediately gap up to $50. A $50 price (or higher) might be what is necessary to attract enough physical in order to settle all the contracts where the participants are standing for delivery. To be fair I remember a story back in 2011 about how the COMEX was secretly paying above market prices to acquire enough physical to stabilize the market.

If Maguire is right it will surely be an exciting time for PM investors, especially those who hold physical. However, a broken (perhaps fraudulent) physical market could present a number of problems for PM investors. For example, what will happen to SLV and AGQ when it is established that the paper market is rigged? Also many silver miners have operations in under-developed countries who might be tempted to either seize or at least heavily tax the mining output. Finally if the price of silver suddenly doubles or triples, physical holders may get unwanted attention from the government who might decide to "monitor" and/or regulate LCS's, not to mention criminals who also might want to note (or perhaps follow) those who buy and sell PMs. Silver is now $27.60 as I finish this.

[Recyclersteve]

Silver is 27.50 as I start this. Common wisdom says that there needs to be a sell off sometime soon. From a chart perspective that would be a healthy, even desirable development. However, Andrew Maguire claims that the COMEX is experiencing a run on physical silver. He further states that once silver gets to $30 it might immediately gap up to $50. A $50 price (or higher) might be what is necessary to attract enough physical in order to settle all the contracts where the participants are standing for delivery. To be fair I remember a story back in 2011 about how the COMEX was secretly paying above market prices to acquire enough physical to stabilize the market.

If Maguire is right it will surely be an exciting time for PM investors, especially those who hold physical. However, a broken (perhaps fraudulent) physical market could present a number of problems for PM investors. For example, what will happen to SLV and AGQ when it is established that the paper market is rigged? Also many silver miners have operations in under-developed countries who might be tempted to either seize or at least heavily tax the mining output. Finally if the price of silver suddenly doubles or triples, physical holders may get unwanted attention from the government who might decide to "monitor" and/or regulate LCS's, not to mention criminals who also might want to note (or perhaps follow) those who buy and sell PMs. Silver is now $27.60 as I finish this.

The COMEX was offering a cash bounty of something like 20% to settle in cash instead of physical. I read this from several sources.

As far as the market being rigged, think about it this way. I've heard lots of talk about the SLV not having enough physical silver in their vault to cover the market cap of the ETF. I remember seeing an audit of the serial numbers of the 1000 ounce bars around 2009-2010ish (lengthy- the serial number list may have been something like 50 pages long) and noted silver bull Ted Butler (from Florida) was pointing out lots of discrepancies. What kind of discrepancies? Stuff like the same serial number being reported twice. Also there were bars with markings indicating they came from foreign countries that have a penchant for counterfeit bars.

So, let's just say that SLV only has 75% of the silver they should have in the vault. To me that means there is way less physical in the world than we thought, a few billion dollars less. This in and of itself could trigger a quick panic move higher. Also, Butler would be proven right after all these years and people might look back at other things he said (like recommending people take physical possession of their silver). People might also wonder about other silver ETF's and perhaps even gold ETF's. This could also create a need for people to authenticate their holdings.

It would almost certainly create very interesting times. It is really hard to guess where the peak price would be.

As far as government monitoring of activity, I'd imagine they'd go after large gold transactions way sooner than silver. I can imagine some dealers cutting deals with good customers offsite. With all the COVID activity it isn't hard to find a quiet place to do business in a pinch. On the flip side, you tend to stand out when you are the only people in a closed mall parking lot. So that part is hard to figure.

One thing I thought of is this- if someone has a bunch of brokerage accounts that contain say a million dollars or more of mining stocks and ETF's and almost all of your holdings are metals related, one can logically conclude they very well might have a bunch of physical metals as well. So they would be a potential target.

Another issue that you haven't mentioned here is that production at a number of mines worldwide is down because of the virus situation. For instance, Rob McEwen of McEwen Mining (Ticker: MUX) recently spoke about the situation. He has a mine in southern Argentina and most of the workers are in northern Argentina. With flights being canceled it is difficult for them to travel to the mine and go to work.

[Recyclersteve]

Now Bid $28.20 at 8:30am EST on 8/6/20 (Thurs.) per kitco.com...

[theo]

+1 I appreciate the analysis.

RBC Wealth Management is now boldly predicting $30 silver by the end of this year. Silver now sits at $28.78.

https://www.kitco.com/news/2020-08-06/L ... ement.html

[Country]

Lovin' It !!! Going much higher....

[68Camaro]

...

RBC Wealth Management is now boldly predicting $30 silver by the end of this year. Silver now sits at $28.78.

Given those numbers (reinforced by spot just passing $29) I think you were being sarcastic about their boldness.

[JJM]

<snippage>

Now here are some resistance levels...

<snippage>

$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)

<snippage>

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.

<snippage>

Nice call on the $10 move upward Recyclersteve!

Its interesting to note that three of those resistance levels were in Feb., which is at the opposite end of the calendar year from August.

[theo]

...

RBC Wealth Management is now boldly predicting $30 silver by the end of this year. Silver now sits at $28.78.

Given those numbers (reinforced by spot just passing $29) I think you were being sarcastic about their boldness.

Then you get me Camaro

I don't mean come off as snarky, but when silver goes up by 50% (18.50 - 28.20) in less than 3 weeks and some "expert" then claims it will increase another 7% over the next 5 months they should expect a little push back because they are simply not paying attention. The comments below the article are brutal. I'm surprised that Kitco posted this embarrassment.

[Recyclersteve]

If I was RBC with their ridiculous $30 year-end call, I’d be saying “Wait a minute! That was our call from March! Everyone was so concerned about the virus that the media put our press release aside. Honest to goodness.”