Ag on sale now @ $18.65

[uthminsta]

Imagine how many people would wake up if it jumped 5 or 10 dollars in a day, then did it again the next day... and again the next...

But I'm just dreaming.

[InfleXion]

I don't think this is enough of a move to warrant a smackdown. If it were just metals, maybe, but it isn't. Bonds are the bigger fish to fry right now, and it isn't just in the US either. There is a lot more going on here than just market machinations. India's newly elected leader has lifted gold import restrictions. Ongoing mining strikes in Africa have yet to hit the PGM markets, and those refineries have used up their stockpiles. China is having shadow banking defaults. Iraqi and Ukranian oil fields are on fire after Gazprom cut off Ukraine's supply (which is intermingled with Europe, meaning they can be siphoned without their knowledge). The ECB is implementing negative interest rates because money printing apparently isn't enough. Any bullets left in the barrel will need to be used wisely. I'm sure the CME will raise margins at some point, but that may or may not make much difference. Silver can be pushed around with smoke and mirrors, but gold is too large of a market for that.

[Cu Penny Hoarder]

After dusting off my crystal ball...

Not much follow through of Thursday's move. Regardless of the reason(s) for the move, the prices moved up too far, too fast. TPTB are bound to knock it down again. I don't think it will be a huge smack down, but there will be some retracement of Thursday's move. Prices will continue up again after that.

Crystal ball goes back under my bed.

[Cu Penny Hoarder]

Surprised there was no pullback yet, not that I'm wish for one.

$21.15 as I write this ... go, go, go!

[silverstacker]

I would take that deal right now

I should have stocked up more

[Cu Penny Hoarder]

I would take that deal right now

I should have stocked up more

I still believe you're going to have another chance to buy more Ag at the $19-20 level.

That run up was a false breakout precipitated by short covering.

Ag is having trouble breaking out of the $21.20 level. IMO, another PM dump is coming next week.

I had to sell a few oz of gold today to cover some car repairs and other crap. I locked the price in at $1320.

Let's see what happens next week.

[Cu Penny Hoarder]

Ag finally broke out of the $21.20 level... $21.53 as I type this. Let's see if it stays up.

I'm starting to doubt Ag will return to the $19-20 level. The lack of activity in these PM forums is contrary and indicative of a bottom being in place. However, I will never underestimate TPTB power to move the price where ever they want, when ever they want.

[IdahoCopper]

Stock market down, PMs up.

[Cu Penny Hoarder]

Dropping. $20.72 as I type this.

My green rectangles are sitting quietly in a pile... ready to trade them for more shiny stuff.

Anywhere under $20 is a fine buy point. Waiting a little bit longer.

[68Camaro]

Anything under $30 or even $40 is a fine buy point. It's just that $20 is better. But 5 years from now I don't think I'll care whether I bought at 20.01 or 19.99. Or $25 or $30 for that matter.

[beauanderos]

Anything under $30 or even $40 is a fine buy point. It's just that $20 is better. But 5 years from now I don't think I'll care whether I bought at 20.01 or 19.99. Or $25 or $30 for that matter.

Ok, wanna buy some nice BU Kennedy rolls for $30 an ounce silver content?

[68Camaro]

Seems to me I did that. And $35. And $40. And $45... But I still have all the good stuff no matter what I paid.

[beauanderos]

The longer silver is "held" at these levels... the longer we have to recoup our mis-timed purchases from 2010 and 2011. For all I care, they can keep prices
where they are now for another three years. I'll still be dumping every paycheck into them.

[Saabman]

The longer silver is "held" at these levels... the longer we have to recoup our mis-timed purchases from 2010 and 2011. For all I care, they can keep prices
where they are now for another three years. I'll still be dumping every paycheck into them.

+1

[Cu Penny Hoarder]

Anything under $30 or even $40 is a fine buy point. It's just that $20 is better. But 5 years from now I don't think I'll care whether I bought at 20.01 or 19.99. Or $25 or $30 for that matter.

Ok, wanna buy some nice BU Kennedy rolls for $30 an ounce silver content?

When I was buying $500 FV bags of JFK's in the mid 90's at spot, about 80% of them were BU. I still have all of them. The guys who owned my LCS at that time were literally using 90% junk bags as doorstops... nobody wanted them.

[Cu Penny Hoarder]

Back down to $19.84 as I type this.

A good time to add to your stack today.

Could drop into the $18's again though.

[Cu Penny Hoarder]

And again... silver is $18.65.

How many tough guys here are brave enough to buy today?

I'm waiting for even lower prices. I see $16 coming soon.

[68Camaro]

Still buying. The difference between 18.5 and anything lower is trivial compared to the price from prior years to now.

[beauanderos]

and I am very annoyed. I can't buy at these levels because I don't have an emergency fund. I will be damned if I will sell into these manipulation-driven lows... so the result is that now I HAVE to build a warchest for real emergencies (not just "the next dip")... rather than spend every dime as I used to each week. Grrrrh!

[silverstacker]

While I'm still actively investing in the elusive shiny AG, I'm saving the big dollars for when we get into the $17's

[Recyclersteve]

Still buying. The difference between 18.5 and anything lower is trivial compared to the price from prior years to now.

Sorry, but for those who bought at much higher levels and are losing money, it is not trivial. If you meant that years from now any price paid in the past will appear trivial (assuming metals hit much, much higher levels), then I agree.

[Recyclersteve]

A few other points about metals and silver...

The chart for SLV (the silver Exchange Traded Fund, which is spot silver less the expenses that the fund incurs) hit a low of $17.76 today vs. a low of $17.75 back on 6/27/13. For those who follow stock charts and like to bet on things going down (that is, the short sellers), today's low was only two cents away from breaking support. We have already broken below the 8/25/10 gap up from an 8/24/10 intra-day high of $18.09. Back in March, 2008 (right around when Bear Stearns failed), SLV was trading at $20+. My point is that short sellers are likely licking their chops at all these breakdowns and near-breakdowns. I have no idea where the bottom is, but to buy now expecting this to be the bottom is to rely on luck. I don't like to rely on luck.

I saw something on this thread mentioning the historical gold/silver ratio being around 15:1. You could argue that it should be more like 5:1 or 10:1 for two reasons: 1) When things correct (whenever that is), they often times tend to overcorrect. This should cut both ways, when silver is going up and when it is going down; and 2) Silver is heavily used by industry and much of that will never be recovered (think about all the tiny uses of silver such as computer keyboards that may never be recycled). Gold is NOT heavily used by industry and is passed on from generation to generation. So the supply of gold is actually getting larger each year. And silver has been largely (with some exceptions) in a deficit for a number of decades according to silver guru Ted Butler. So, the amount of silver used up has been larger than the amount of silver produced- reducing the worldwide supply.

Also, lots of people think that metals are all in the doldrums. There are plenty of exceptions with base and precious metals. Aluminum, zinc and nickel are at or near multi-year highs. And palladium is near a 13+ year high. Will these four lead others to higher levels? Who knows?

I'm not going to make any bold predictions about future prices. I just think that you need to be prepared for just about anything when it comes to silver. Hopefully those on this forum are much better prepared than John Q. Public...

[beauanderos]

I think we're going to see another drop next week, to completely demolish the few remaining sparks of spirit retained by the last
few diehards who still remain hopeful. When most have capitulated (and the STRONG hands accumulated all the stacks from the
previously strong hands).... then.... you will finally begin to see a rebound. Not before.

[IdahoCopper]

I think the Boyz use the Gold/Silver Ratio as the speedometer for their manipulations. Its been 66 for a long time, and as the market closes for the day, any deviance is reset to 66.003, 66.002, etc.

[68Camaro]

Still buying. The difference between 18.5 and anything lower is trivial compared to the price from prior years to now.

Sorry, but for those who bought at much higher levels and are losing money, it is not trivial. If you meant that years from now any price paid in the past will appear trivial (assuming metals hit much, much higher levels), then I agree.

You only lose money if you sell. Silver (and gold) is money. USD are popular only until they aren't. The conversion price between USD and PM is artificial and based on games being played at high levels. You should not be storing assets in PM until/unless (to the best of ability) you have basic needs covered for an extended period of time, and then you should be focused more on ounces for long term hold. If however you are flipping then you are playing with the big boys and you take the bad with the good.