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

[68Camaro]

There was a moment in March, literally a moment - a few minutes, a few hours at most - when you could get volume buys of generic ounces for less than $2 premium. Other types either were out of stock or already at higher premiums. I struck at that point because I happened to be paying attention and was able to buy at a net cost to me of $13.95. Those times are "precious and few"

[Thogey]

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.

[NDFarmer]

Here's where we hear all the heroic tales of, at spot buys below 14/oz. There is $33 cost silver in my stack, because I am the only one here who bought $33 silver.

No you are NOT the only one that bought $33.00 silver. I bought quite a bit there and some even higher than that. So even though I did not like the $5.00 premium when silver was $12.00 an ounce I was buying at $17.00 and $18.00 because it brought my average price per ounce down from $33.00 to $25.00

[68Camaro]

Not taking the bait Thogey, but NDF, your story matches mine, including your dollar cost average. I have done better in other metals but in silver I'm still just below water - but $25 will see me even. As to "worst buy ever" I can admit buying $49 / oz ASEs at the peak. Maybe I will recover that price someday. But the reason for it was my justifiable concern at the time (feeling like I had a inadequate stockpile then) that the world was days away from economic collapse. TPTB however pulled out all the stops to delay that collapse, and it is pretty obvious now they will continue to do that forever - until their efforts fail. And they eventually will fail.

Now, I am in far far better shape to weather a storm and I have no need to buy at "high" prices. So let the price go up - or not. I'm good. But for those who don't have "enough" - who have come to the late realization that only PMs are real money - but who have little of it - I say it's still not too late. Buy while you can.

[Thogey]

I think your good on the few hundred oz I sold you. Especially on ASEs.

Come to think of it i think you bought quite a bit from me over the years, that you should be good on.

[68Camaro]

I think your good on the few hundred oz I sold you. Especially on ASEs.

Come to think of it i think you bought quite a bit from me over the years, that you should be good on.

As far as metal, actually not that much - 3 buys from you, one small - and in total not a huge amount, covering 2014 to 2017. The first buy of the 3 was 6 years ago, at what is approximately today's spot price. The middle was for a handful of silver dollars, which was for a gift - not really relevant to spot price. And then there was a sale you had that is now 3 years ago.

No, my reference to a recent buy was truly recent, in the spirit of the question at hand, and that buy from a non-RC commercial vendor that anyone else here also had opportunity to buy from at the same time.

[Thogey]

Outstanding record keeping. You are an attention to detail guy.

[pennypicker]

There was a moment in March, literally a moment - a few minutes, a few hours at most - when you could get volume buys of generic ounces for less than $2 premium. Other types either were out of stock or already at higher premiums. I struck at that point because I happened to be paying attention and was able to buy at a net cost to me of $13.95. Those times are "precious and few"

Yep, I remember that 100 oz silver bar you snagged at that great price and I was jealous then and more jealous now

[neilgin1]

Not taking the bait Thogey, but NDF, your story matches mine, including your dollar cost average. I have done better in other metals but in silver I'm still just below water - but $25 will see me even. As to "worst buy ever" I can admit buying $49 / oz ASEs at the peak. Maybe I will recover that price someday. But the reason for it was my justifiable concern at the time (feeling like I had a inadequate stockpile then) that the world was days away from economic collapse. TPTB however pulled out all the stops to delay that collapse, and it is pretty obvious now they will continue to do that forever - until their efforts fail. And they eventually will fail.

Now, I am in far far better shape to weather a storm and I have no need to buy at "high" prices. So let the price go up - or not. I'm good. But for those who don't have "enough" - who have come to the late realization that only PMs are real money - but who have little of it - I say it's still not too late. Buy while you can.

indeed, "buy while you can"....that said, may i enumerate three points. 1, i have ZERO intention of "selling" Ag for these green coupons, my stack is for my hard working son (proud father boast?, the dear lad, 24 years old, has been in the employ of a major IT retailer, starting at the bottom, skipping the "college loan racket", and is now a "system designer", who NEVERS misses ONE day of work. His self taught view of win-win business dealings is this, "customers' are viewed by him as clients, clients who he has a relationship with, ie, as he told me, he's not out there to lay 'stuff' on them, but to find them their IT/home sec products to suit their needs, as well as giving them his business card,post sale, with his private cell number, and told them to call ANYTIME, should they need help....sorry to go on like this, my son is counter-trending to his generation)...the lad knows the stack is for currency insurance, because God willing, even when i slip this mortal coil, i don't want him to ever know hunger. 2. Like Colonel Thogey, i have paid $33 and more for Ag, and regret nothing, as there will come a day, when 33 USD green coupons will have the same buying power as a zincoln, and worse. 3. having traded cash corn, the basis is the basis, its the free market, i have NO PROBLEM hitting the offer, even if its +10 the board...i fully anticipate when these thieves legislate private ownership of PM's "illegal", and will act accordingly as i regard their "authority" as null and void, they are liars, thieves, and lack ANY honor.
May you all be blessed, n

[highroller4321]

What is most remarkable about the current situation is the premiums are holding!! ASE's are selling for $27-30 on ebay and even apmex and provident are higher then that! 6-9 months ago you could barely sell a 100oz bar for spot but now dealers are paying $1.50+ over for 100's!

[Thogey]

It feels kinda panicky, doesn't it?

[JJM]

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

I have one of those stories, only not.

On Monday March 16, the spot price plummetted. While premiums remained status-quo, I placed an order for 1000 oz of 1 oz Incuse Indians from the Golden State Mint. The website took my order but they emailed me later saying my card was declined. (Premiums had jumped up by then of course.) I called my card, they said the processor declined it (whatever that means). MULTIPLE calls to the GSM customer service lady - some Jeweler's office in Florida - she kept blaming some intermediary (this "processor" entity....) Multiple calls to credit card company, they had no problem honoring the purchase, they just couldn't get it into their system. SUPER MADDENING multi-day process, in which I finally said "to hell with it" and quit trying. I WILL NEVER EVER EVER DO BUSINESS WITH THAT COMPANY AGAIN.

[highroller4321]

It feels kinda panicky, doesn't it?

The rise in price- No

The crazy premiums-Yes

[NDFarmer]

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

I have one of those stories, only not.

On Monday March 16, the spot price plummetted. While premiums remained status-quo, I placed an order for 1000 oz of 1 oz Incuse Indians from the Golden State Mint. The website took my order but they emailed me later saying my card was declined. (Premiums had jumped up by then of course.) I called my card, they said the processor declined it (whatever that means). MULTIPLE calls to the GSM customer service lady - some Jeweler's office in Florida - she kept blaming some intermediary (this "processor" entity....) Multiple calls to credit card company, they had no problem honoring the purchase, they just couldn't get it into their system. SUPER MADDENING multi-day process, in which I finally said "to hell with it" and quit trying. I WILL NEVER EVER EVER DO BUSINESS WITH THAT COMPANY AGAIN.

When you don't want to fill a large order because you know the price will bounce back in the next day or two just blame it on a computer glitch.

As far as getting GOOD service from a commercial seller of precious metals I have been buying from Provident Metals for years and in my experience they have been great to buy from.

[Thogey]

It feels kinda panicky, doesn't it?

The rise in price- No

The crazy premiums-Yes

Could this be the moment where the real price includes the premiums?

[highroller4321]

It feels kinda panicky, doesn't it?

The rise in price- No

The crazy premiums-Yes

Could this be the moment where the real price includes the premiums?

Yes, I think it's close to the real price plus the "normal" premiums.

For months now the Comex, who sets the price, and other platforms, like Kitco, have had a a massive gap in their pricing difference. For instance under normal times Gold has a $1 or less and silver has a $0.05 or less difference from the comex price and Kitco price. Over the last 90 days this gap has reached almost $50! Silver price has a similar gap differences except the price difference seems to be $0.10-$0.40. When I last talked to one of the big boys on Monday the silver price was still $0.15 off. I would have to check with some of the big boys what the price difference is now but I know that a lot of the big players are no longer accepting kitco prices.

[amalekidad]

Silver just broke the $24 barrier. Will it break $25 by the end of the week or will it drop back to $23. Time to bet your FRNs

[theo]

I'm not great at reading charts, but I've read that there is resistance between $26 and $27 per ounce. Like most of you, I think the rise to $50 is inevitable. However, I believe the primary threat to PMs is the stock market as a whole. A major sell-off in stocks (which I also think is inevitable) would likely take PMs down as well; presenting another potential buying opportunity.

[neilgin1]

Silver just broke the $24 barrier. Will it break $25 by the end of the week or will it drop back to $23. Time to bet your FRNs

holding $24+.....that said, imho, if we do backing and filling, that will be the healthiest thing...again, imho.......i worry should we go parabolic, ie...$30 by friday.

but what is "healthy" these days?....foolishly, sat night, i watched live, on the ground feeds, ( "portland andy" on yootube...) and watched live as these maoists, actually tore down the fence to the courthouse/fed bldg....once they did that, DHS and fed marshals BOILED out, and showed them what FORCE is, just blew them away....sure we can celebrate, but SOMETHING is amiss, and i cant put my finger on it....

i dont mean to be the bummer, but all this has the hallmark of a well thought "pysop"....and in that vein, i urge you my brothers, use frns to beef up your larders for staples, and if at all possible....seek to bail from urban areas, and the surrounding suburbs, and head to the states/rural areas.....i KNOW thats a tall order, as many of you have building lives for decades in areas, that in the past, were coherent, stable.
agape, n

[neilgin1]

I'm not great at reading charts, but I've read that there is resistance between $26 and $27 per ounce. Like most of you, I think the rise to $50 is inevitable. However, I believe the primary threat to PMs is the stock market as a whole. A major sell-off in stocks (which I also think is inevitable) would likely take PMs down as well; presenting another potential buying opportunity.

indeed.....the board will reflect an equities implosion, but could we see premiums of $20-30 over?....before i am termed nutz, we been seeing cash premiums of $10.

and if i may, very simple analysis, ie 1929-1932, a 90% haircut,......i fully expect to see the SnP at 300.00, the DJIA at 2600....if we dont see mushroom clouds first, God forbid.

but i pray we have the heart and spirit of the fictional character "Theoden King".....he didnt hesitate to consider his life, as he confronted evil....i know its only a film, but it is our mythology, be blessed and fear no evil, n

[Know Common Cents]

Remember the old "Honeymooners" TV show (only applicable if you're over 50, I guess)? Ralph Cramden would say, "To the moon, Alice!" Anyway, Alice has been replaced with Silver this time around.

Some may think that silver has left the gravitational pull of the Earth, but I guess I'm a little more cautious. These large price leaps (almost on a daily basis now by percentage) are most welcomed. But...are they sustainable? If so, will they be with us like a flash OR a long term trajectory to "Infinity and Beyond?"

There'll be a few pauses and backward slides toward the $20 benchmark level, but the trend (as I see it from my Geezer vantage point), is upward...and continuing so. I participated in the Great Silver Melt of the 1980s. It was a time of almost instant wealth, but the downside was SO many collectable (and rare) coins were melted just for their quick silver and gold $$$ fix.

We shall see!

[shinnosuke]

(as I see it from my Geezer vantage point)

Thanks for your perspective. I'm not asking any 20-somethings for financial advice.

[JJM]

I dunno, some things I read point towards 20-somethings, via an app called Robin Hood, are at least in part responsible for the recent surge in silver prices....?!? *shrugs*

The PM market on Reddit is hopping!

[amalekidad]

$25.50!! Wow, that did not take long. Rebound coming? I see $30 by the weekend.

[Cu Penny Hoarder]

$25.50!! Wow, that did not take long. Rebound coming? I see $30 by the weekend.

Resistance at $27. A pullback would be healthy.

All those 90% $100 FV bags I bought on the dump in March are now worth $1000 more than what I paid for them

Ag is only getting started!