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Silver moving - $29.00!!!
Posted:
Fri Apr 12, 2024 6:46 amby Lemon Thrower
Ffrom 31 December 2023 until today, 10 April 2024, gold has risen 13.0% and silver 17.2%.
From 1 March 2024 until today, Gold has added $242.7 or 11.6% and silver has exploded up 481¢ or 20.8%. In the same time the gold/silver ratio has fallen 7.6%. Out of the last twelve days’ trading, gold has made ten new all-time highs.
Re: Silver moving - $29.00!!!
Posted:
Fri Apr 12, 2024 2:26 pmby Morsecode
I stopped by coin shop #2 today because it was raining and I was bored. Coin shop #1 replied to my earlier text saying he was too busy with appointments and that I could come in Saturday if I was still looking to buy.
I wanted to maybe buy a roll or two of Washington quarters (he had none) but all he had were Standing Liberties (too pricey), so I looked at a 250 gram Germania loaf. Cute little thing, comes shrink-wrapped and packed in it's own little box. $250.00
The TV was on and there appeared to be a midday Comex smackdown starting. New price, $240.00
I went home with the two that he had.
Who would have thought I'd be happy to pay $30/ounce ever again?
Re: Silver moving - $29.00!!!
Posted:
Fri Apr 12, 2024 2:32 pmby shinnosuke
Morsecode wrote:Who would have thought I'd be happy to pay $30/ounce ever again?
Isn't human psychology interesting? We should have sold the house and bought Ag at $16, but no....we wait until the price is climbing again to feel the panic or FOMO.
Re: Silver moving - $29.00!!!
Posted:
Fri Apr 12, 2024 8:26 pmby Recyclersteve
FOMO indeed is a very powerful motivator for metals and even the stock market. The thing about stocks is that it is generally pretty easy to get the price history. So you often know when virtually everyone (except those short sellers betting it will go down) is making money.
Re: Silver moving - $29.00!!!
Posted:
Fri Apr 12, 2024 9:09 pmby Morsecode
FOMO...been there, done that. I can remember chasing Eastern Airlines stock, which came into being right after the Wright brothers I think
But this here is just a continuation bet that started 1st week of January. I may have to end the accumulation phase if we go much higher. Although my target total weights are not too far off anyway. Then it's back to bagging 50 dollar bills.
Re: Silver moving - $29.00!!!
Posted:
Sat Apr 13, 2024 7:37 amby Lemon Thrower
Spoke to a large dealer today. He said premiums are dropping because old bulls like me are emptying out their safes. That leads me to believe that the price action is futures driven, not physical driven.
I think the lesson is the price is going higher while premiums might be going lower. A good time to look for higher quality items.
Re: Silver moving - $29.00!!!
Posted:
Sat Apr 13, 2024 4:21 pmby coindood
Iran attacking Israel today.
$30 as early as next week?
Re: Silver moving - $29.00!!!
Posted:
Sat Apr 13, 2024 6:33 pmby Recyclersteve
Not to sound flippant, but I imagine some of the bombs being dropped have silver in them that is being vaporized.
Re: Silver moving - $29.00!!!
Posted:
Sun Apr 14, 2024 2:35 amby shinnosuke
coindood wrote:Iran attacking Israel today.
$30 as early as next week?
In this era of 24/7 instant news reporting, it doesn't make sense for silver markets to shut down for the weekend.
Re: Silver moving - $29.00!!!
Posted:
Sun Apr 14, 2024 12:21 pmby silverflake
Quote of Recyclersteve - "Not to sound flippant, but I imagine some of the bombs being dropped have silver in them that is being vaporized."
Over 500 ounces of silver in a tomahawk missile. Silver is a military metal too.
Re: Silver moving - $29.00!!!
Posted:
Sun Apr 21, 2024 5:03 pmby Cu Penny Hoarder
Lemon Thrower wrote:Spoke to a large dealer today. He said premiums are dropping because old bulls like me are emptying out their safes. That leads me to believe that the price action is futures driven, not physical driven.
I think the lesson is the price is going higher while premiums might be going lower. A good time to look for higher quality items.
Exactly what I've been told, but I kinda figured that out on my own seeing all the inventory that is now available.
When retail premiums start rising that's a confirmation that the general public is buying.
Re: Silver moving - $29.00!!!
Posted:
Sun Apr 21, 2024 5:08 pmby Cu Penny Hoarder
shinnosuke wrote:Morsecode wrote:Who would have thought I'd be happy to pay $30/ounce ever again?
Isn't human psychology interesting? We should have sold the house and bought Ag at $16, but no....we wait until the price is climbing again to feel the panic or FOMO.
Maybe for the general public, but I
always bought the big smash downs. March 2020 was a precious gift. I encouraged everyone here to buy all they could when Ag hit $12-13. Hours after I made that post the premiums started taking off.
Re: Silver moving - $29.00!!!
Posted:
Sun Apr 21, 2024 7:13 pmby pmbug
India is buying silver like a whale right now.
Re: Silver moving - $29.00!!!
Posted:
Sun Apr 21, 2024 7:25 pmby thecrazyone
silverflake wrote:Quote of Recyclersteve - "Not to sound flippant, but I imagine some of the bombs being dropped have silver in them that is being vaporized."
Over 500 ounces of silver in a tomahawk missile. Silver is a military metal too.
Wow!
Re: Silver moving - $29.00!!!
Posted:
Wed Apr 24, 2024 9:15 pmby shinnosuke
pmbug wrote:India is buying silver like a whale right now.
So THAT's what's making the price go down. lol
Re: Silver moving - $29.00!!!
Posted:
Thu Apr 25, 2024 7:39 amby 68Camaro
shinnosuke wrote:pmbug wrote:India is buying silver like a whale right now.
So THAT's what's making the price go down. lol
Yeah, I'm not sure how much silver whales buy. Lol
But to the larger point, while I sometimes think I have some insight into what's driving the gold and silver markets, at other times - and right now is one of those - I don't have a clue what has pushed silver back down 1.5 and gold 75+. Have the manipulators regained control as the buying frenzy has abated? Or is this simply consolidation as part of a larger push higher? I just don't know. Actually I care only because of curiosity, because I'm not a PM day trader. But I do like to try to understand why things are happening.
Re: Silver moving - $29.00!!!
Posted:
Thu Apr 25, 2024 10:13 pmby pmbug
Bold emphasis is mine:
India's silver imports surged by 260% in February to a record high, as lower duties encouraged large purchases from the United Arab Emirates (UAE), government and industry officials told Reuters, adding they were on track to increase by 66% this year.
Higher demand in India, the world's biggest silver consumer, could support global prices trading near their highest in three years.
India imported a record 2,295 metric tons of silver in February, up from 637 tons in January, said a government official, who declined to be named as he was not authorised to talk to the media.
...
Chirag Thakkar, CEO of Amrapali Group Gujarat, a leading silver importer, said the industry had replenished stocks in January and February after having depleted them in 2023.
"Indian imports are cyclical in nature. In one year, imports may be very high, and then the following year they may fall. Since imports fell in 2023 after record buying in 2022, we can expect imports to pick up in 2024," Thakkar said.
India's imports could rise to 6,000 tons in 2024, from last year's 3,625 tons, driven by robust demand from the fabrication and solar industries, he said.
...
https://economictimes.indiatimes.com/ne ... 133286.cmsIndia alone is projecting to import almost 100% of 2024 mining production.
~~~
Silver price action this week is reflecting the second increase in margin requirements (effective this past Monday) by the CME in the last two weeks:
4/19/24:
https://twitter.com/WVerily/status/17815618009218909394/4/24:
https://twitter.com/manly_ronan/status/ ... 2507984930
Re: Silver moving - $29.00!!!
Posted:
Fri Apr 26, 2024 5:40 amby 68Camaro
Since silver production is now below demand, a big demand year from India that sucks up the weak hands who are willing to sell could be a game changer. Thanks for the info on India.
Re: Silver moving - $29.00!!!
Posted:
Thu May 09, 2024 10:20 amby Lemon Thrower
big day - up to $28.40 intraday.
Re: Silver moving - $29.00!!!
Posted:
Wed May 15, 2024 10:07 amby Lemon Thrower
Sold some silver yesterday so you can thank me for the price rise today.
Re: Silver moving - $29.00!!!
Posted:
Wed May 15, 2024 11:12 amby 68Camaro
Please sell some today! Lol