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I dumped all my zincs
Posted:
Fri Jul 01, 2022 6:31 amby Cu Penny Hoarder
About $2000 worth. It took me 2 weeks to dump it all. Many of the coin counter machines around me were in repair or having problems.
Will buy silver with it once Ag gets back to the low teens.
Re: I dumped all my zincs
Posted:
Fri Jul 01, 2022 6:45 amby shinnosuke
Cu Penny Hoarder wrote:About $2000 worth. It took me 2 weeks to dump it all. Many of the coin counter machines around me were in repair or having problems.
Will buy silver with it once Ag gets back to the low teens.
Quoted for “I sure hope you’re right about the price.” But riddle me this: Given higher costs of everything (except precious metals, apparently) can miners keep mining at a low teens price point?
Re: I dumped all my zincs
Posted:
Fri Jul 01, 2022 6:50 amby Cu Penny Hoarder
shinnosuke wrote:Cu Penny Hoarder wrote:About $2000 worth. It took me 2 weeks to dump it all. Many of the coin counter machines around me were in repair or having problems.
Will buy silver with it once Ag gets back to the low teens.
Quoted for “I sure hope you’re right about the price.” But riddle me this:
[u]Given higher costs of everything (except precious metals, apparently) can miners keep mining at a low teens price point?[/u]
Price manipulators and algos do not care about mining/production costs.
Re: I dumped all my zincs
Posted:
Fri Jul 01, 2022 7:04 amby 68Camaro
I believe that is the smart move. A low priced Ag will have a better upside than Zn, plus is more compact and transportable.
As far as how miners can tolerate a low price, I don't believe the pure silver miners (a subset of the Ag industry) can tolerate that for long, but I don't believe it will stay low very long. But you don't need it to stay low for long - just long enough to buy.
Re: I dumped all my zincs
Posted:
Fri Jul 01, 2022 7:13 amby Cu Penny Hoarder
68Camaro wrote:I believe that is the smart move. A low priced Ag will have a better upside than Zn, plus is more compact and transportable.
As far as how miners can tolerate a low price, I don't believe the pure silver miners (a subset of the Ag industry) can tolerate that for long, but I don't believe it will stay low very long. But you don't need it to stay low for long - just long enough to buy.
Bingo. Hoping to catch the next washout like I did in 2020. Strange as it may seem with all the negative things going on, the stock market hasn't had any real panic selling yet. When the panic selling happens (like it did in Feb/March 2020), that's when the Ag price will fall hard and that will be the next huge buying opp.
Re: I dumped all my zincs
Posted:
Sat Jul 02, 2022 7:25 amby NDFarmer
Cu Penny Hoarder wrote: When the panic selling happens (like it did in Feb/March 2020), that's when the Ag price will fall hard and that will be the next huge buying opp.
I hope you are right. I would love to see $14 silver!! But as the price of silver falls the premium goes up. I understand the businesses that sell silver need to make a profit too, but I think $5.00 or more "premium" is too much.
Re: I dumped all my zincs
Posted:
Sat Jul 02, 2022 2:41 pmby Recyclersteve
Agree with selling zinc or even moving it at face value. You are losing out to inflation and it takes a LOT of room to store it.
Re: I dumped all my zincs
Posted:
Sun Jul 03, 2022 8:59 amby John Reich
I also agree with your decision. I dumped all my US nickels a few years ago and bought silver with the proceeds. Worked out well for me.
Re: I dumped all my zincs
Posted:
Thu Jul 28, 2022 12:01 pmby DC_Penny_Guy
Silver popped back up to $20 or so today... Might be a while before it gets back down into those low teens. And as ND Farmer points out, the premiums for physical ag went bonkers the last time silver crashed. I'd anticipate a repeat.