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

[Cu Penny Hoarder]

Seems like there are a lot of weak hands in this thread.

If you are about to keel over from bad health or old age I can understand your concerns. However, all you guys under 60 should be in this for the long haul. Buy the amount of metal you are comfortable with, then put it away. Holding some emergency cash is good, but the purchasing power of that cash is being whittled away as time goes by.

PM's will have their day in the sun. Extreme patience is required.

[scyther]

It's under $28... very soon now!

What is under $28?

Highest price in the last 5 years.

[scyther]

...and now it's been under $25 for five straight years. And still some people say there's no bear market. Amazing!

[Cu Penny Hoarder]

...and now it's been under $25 for five straight years. And still some people say there's no bear market. Amazing!

You're suppose to accumulate when everyone hates it... like you do.

JP Morgan now has 140 MILLION ounces. What does that tell you?

[everything]

I'm going to guess that as the ETF/ETP trade unwinds JP Morgan is acquiring some of the physical holdings on the cheap. They are a trading house, it's what they do, buy low, sell high. These guys use to own oil storage tanks, they were even using tankers to store back in 2009. They have been in trouble in past for playing price manipulation, they'll make or try to make a buck any way they can. With silver being fairly popular fairly not long ago, it's likely just another risk trade to them that may pay off, or they are just holding some tangible assets which is not uncommon for central banks that hoard so much of the worlds gold.

But wow, nice bump up this week, heading back towards 17?, we are at 17.50 back in January.

[scyther]

...and now it's been under $25 for five straight years. And still some people say there's no bear market. Amazing!

You're suppose to accumulate when everyone hates it... like you do.

JP Morgan now has 140 MILLION ounces. What does that tell you?

I don't hate it; I still have the vast majority of what I bought and I buy a little more here and there occasionally. I just can't believe so many people are still in denial about this.

[68Camaro]

The historical prices are fact. What you call those prices depends on the eye of the beholder. If you have a long term view one can argue that the market remains in a long term bull market. Over the past 30+ years only those that bought during 2011-2013 are currently underwater.

If you bought during 2011-2013 and narrow your window to 2011-2018 then I could understand it looking bearish.

So it depends.

[Recyclersteve]

Those who bought in March, 2008 (when Bear Stearns was acquired) are still under water. Also those who bought in the last 1-2 months of 2010 are still under water. And, if we go back more than 30 years, those who bought in late 1979/early 1980 are getting killed now, especially when you factor in inflation.

[Treetop]

Its been said so much here its cliche but Im not sure how you get under water on an insurance policy. Silver I expect will make a fine longterm investment with all its uses but I mean isnt this about having a store of value most likely to be there when other things might fail? I cant imagine most people would sell other types of insurances if they had the option and their policy had increased in value but in general covered the same things it once had. (lol hopefully I worded that in an understandable way)

Seems to me if its an investment for you then youd be focused on miners etfs or rare and quality graded coins?

[henrysmedford]

Quick change the title of your post!

[Rodebaugh]

Quick change the title of your post!

Got it.

[Recyclersteve]

You can see more details on this in other recent posts I've made, but right now aluminum and nickel are both acting far better than silver.

Aluminum is up 26%+ to $1.14 in less than three weeks and is the highest it has been since Spring 2011 (~7 years). If you have a stash of aluminum cans sitting around, you might want to convert them to cash.

Nickel is currently $6.89 a pound and was over $7 today. This is the highest it has been in 3+ years. Yet the all-time high for nickel was over $27/lb. in May, 2007. Also, it is up over 65% since last July. If you can get your hands on some Canadian .999 nickels for a reasonable price, this would be a good time to consider doing so.

Silver isn't even close to a technical breakout, much less confirmation of the breakout.

I think that trading sanctions against 7 Russian oligarchs are impacting aluminum and nickel. Russia is a major producer of both.

[Know Common Cents]

I really thought $17 silver would stick. Wrong on my part. At $17 I was just beginning to think it might be time to shave off a some ounces and take a modest profit. We've fallen back to the mid-$16 range, so I'm going to purchase another 10-20 oz and keep my fingers crossed.

Seems like I keep taking a punch and coming back for more. I look in the mirror and, upon seeing my reflection, say "DUH." Hope this eventually makes some sense before I go horizontal for good.

[Recyclersteve]

Think about it this way. There are probably millions of people in this fine country who own mutual funds and have automatic deductions from their paychecks to take, say, $100-200 out of every paycheck and buy a few more shares. I know for a fact that many of them seldom check the price of the fund or even know how much of an unrealized profit/loss they have.

Why should it be any different for silver that we hold? The only thing I can think of is that someone had a change in their lifestyle where they needed some emergency money (medical bills, potential bankruptcy, etc.). Of they just didn't believe that silver could be down for this long when they made their initial purchase.

As my dad used to say "Tell him to take a patience pill."

[68Camaro]

PMs priced in USD are for now (and have been) nominally going up and down with the USD. When you see the USD go up you shouldn't be discouraged when PMs go down. Conversely, when PMs go up just because the USD went down, don't get all excited.

[Cu Penny Hoarder]

Those who bought in March, 2008 (when Bear Stearns was acquired) are still under water. Also those who bought in the last 1-2 months of 2010 are still under water. And, if we go back more than 30 years, those who bought in late 1979/early 1980 are getting killed now, especially when you factor in inflation.

But if you bought at the end of 2008 at $9-10 (if you could get any), you're doing fine. Factor in how much value the USD has lost since then. Like all investing, it's a matter of timing.

In the mid 80's I was buying 90% $500-$1000FV bags at spot, and sometimes below spot. One LCS I dealt with was using $500 FV junk bags as a door stops! Nobody wanted it. We are almost at that level of hate now and that's a good thing.

Yes, anyone who made large purchases while the price was peaking in 2011 is now underwater. All you have to do now is sit on it and wait. It could take a few more years, but prices will eventually rise again. Greed and fear are an investors worst enemy.

It's disappointing to read that many of you here seem to now regret owning/buying Ag. There's no crying in baseball and no instant gratification in PM's. Simply accumulate/buy on dips, then put it away. You are accumulating REAL wealth, not digital electron blips in outer space.

[Recyclersteve]

Those who bought in March, 2008 (when Bear Stearns was acquired) are still under water. Also those who bought in the last 1-2 months of 2010 are still under water. And, if we go back more than 30 years, those who bought in late 1979/early 1980 are getting killed now, especially when you factor in inflation.

But if you bought at the end of 2008 at $9-10 (if you could get any), you're doing fine.

I remember very well trying to buy then- it was around November, 2008. My local coin shop said he would only sell 2 silver American Eagles to each customer because they were so cheap. I remember checking with some other LCS and hearing that they had little if any silver to sell. So in theory it would have been a great time to buy. In reality, it would have been very difficult to step up in a big way.

[silverflake]

Regarding experiences buying PM's in 2008-2009 when silver had dropped to about $8 and gold about $700, it was really a matter of finding it for sale because even if you did find eagles or maples for sale they were still priced at $12-14 or almost double the spot price. Get this, true story, one day in October 2008, the markets were cratering, Lehman had failed and rumors of some more of the big banks failing were hitting the wires. I had $700 scraped together and figured I may as well put it to good use figuring even with the high premiums, I could get some fractional gold eagles or maples. I wanted gold. I went to Apmex - they had nothing available for gold under 10 oz bars. NOTHING. They were my go-to bullion dealer at the time. So I called my back-up site, Mintproducts.com up in New Hampshire. Nice people, smaller business at the time. In talking with them, the only gold they had was one proof 1/10th ounce gold eagle. I bought it, at a hefty premium. Point was, despite low price, none was to be had (were dealers holding back stock or was it a true shortage?).

Now, go back to the early nineties. I was blessed to get the "bug" of stacking in the early nineties. I finished college in 1992 and had always pulled silver coinage from my change since I was a kid. But having graduated college, I wanted to but some. Silver was soooooo cheap that in those days I would buy from mail order, finding coin shops in the back of Coinage magazine. I remember buying rolls of circulated mercury dimes for $18, rolls of franklins and walkers for $35. Some shops would even send me free silver (a roosey or a merc) for every $25 i spent. Different time, different environment.


Either way, keep stacking.

[maxwellsilverhammer]

http://www.kitco.com/charts/livesilver.html#ny

Take a look Barrytrot.... Never Say Never brother.

wow, crazy, its back in the same range again. i rode the wave from here to the mid 40s and back down to 15s. i am torn between wishing to keep loading up at these prices under 20 and wishing to have the pos climb back up heavily. maybe again in my lifetime but time keeps marchin' on/

[Rodebaugh]

$14 is cheap. I need to eval what to do here.

[68Camaro]

I'm not buying a lot more silver but when spot is sub 15 (or 14!) then as long as the net price (premiums remain low) remain in the 17 or less range for ASEs and low 15s or less for generic - then I'm doing some shopping.

[Contradiction]

Some of us are just getting started in buying silver. It's hard to wrap my head around why a Roosevelt dime from 1964 costs more than $1. Sorry, but I'm in favor of $5 silver.

[68Camaro]

I'm in favor of $35 dollar gold - but that disappeared in 1933. The reason that dime is worth a dollar (or more) is because the current US dollar has been inflated by 90 to 98 % from its pre fiat value. Until we return to real money ongoing inflation is an historical certainty.

[Rodebaugh]

Some of us are just getting started in buying silver. It's hard to wrap my head around why a Roosevelt dime from 1964 costs more than $1. Sorry, but I'm in favor of $5 silver.

If that ever happens again I will build a Barbecue out of 100oz bricks and invite everyone over for dogs and burgers. Sounds good to me as well sir.

[68Camaro]

$500 bricks - there's a thought! 10 years from now we'll be reminiscing about $15 silver.