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In the last hour or so gold/silver has really spiked up. Silver's up 40 cents on the day and over a quarter over $17.

Is this a sign of a final bottom being found or just more dead-cat-bouncing?

barrytrot wrote:In the last hour or so gold/silver has really spiked up. Silver's up 40 cents on the day and over a quarter over $17.

Is this a sign of a final bottom being found or just more dead-cat-bouncing?

my cynicism meter is spiking too

most likely a short-covering rally.

Well it went up a little more even after the spike, so that's good. +43 cents on the day and back into POSITIVE GAIN for both of my orders so I'm happy

Time will tell. Sooner or later we'll hit the start of the big rally but it will only be obvious in hindsight.

$USD DOWN, PMs UP. Seems to be that simple.

Let's see... A 2% move up after a 66% or so move down. Also, keep in mind that a 66% move down is roughly the same as a 200% move up. I haven't seen anything exciting yet.

Recyclersteve wrote:Let's see... A 2% move up after a 66% or so move down. Also, keep in mind that a 66% move down is roughly the same as a 200% move up. I haven't seen anything exciting yet.

+2

It will be event(s) in the world that spooks the market into a big climb in price. If nothing exciting is happening, the Boyz will continue with their program as planned.

Happy day right now.

henrysmedford wrote:Happy day right now.

Why?

93_Confirmed, most people want metals to rise. Rising is therefore good

barrytrot wrote:93_Confirmed, most people want metals to rise. Rising is therefore good

It's only good if you're planning to dump PMs for the dollar and feel "wealthier". I want them to go down, so I can afford them.

brian0918 wrote:

barrytrot wrote:93_Confirmed, most people want metals to rise. Rising is therefore good

It's only good if you're planning to dump PMs for the dollar and feel "wealthier". I want them to go down, so I can afford them.

Ironically you base their going down on the DOLLAR but not their going up. Seems to be incorrect thinking.

Either the dollar value matters or it doesn't.

barrytrot wrote:

brian0918 wrote:

barrytrot wrote:93_Confirmed, most people want metals to rise. Rising is therefore good

It's only good if you're planning to dump PMs for the dollar and feel "wealthier". I want them to go down, so I can afford them.

Ironically you base their going down on the DOLLAR but not their going up.

That's because it's dollars that I'm trying to get rid of. I don't have any intention of getting rid of my PMs until the dollar is worthless, or in the case of some emergency, so short-term spikes in dollar-price shouldn't matter, though I still catch myself pretending I'm wealthier sometimes.

barrytrot wrote:93_Confirmed, most people want metals to rise. Rising is therefore good

Yeah, I get that but was confused about the post being that it's up .09. Not much of a spike up!

If you could get rid of all dollars and eliminate the possibility of "emergencies" I would believe you. But until you can then for most of us being worth more worthless-dollars is beneficial

Might have missed the cheap silver - we'll see, but it hit $14.98 overnight on paper silver and that could have triggered the buy signals. We're all seeing premiums going up so the net prices for small ounce stuff the last couple of days - even with lower spot silver - really haven't been any better than 3-4 days ago, and they seem to me to be net 50 cents higher at $15.3 than they were at $16.1. I managed to pick up some stuff at net $17, but most of that seems to be gone and net price for physical is back to near $18, no matter what spot is. Unless you're buying 1000 oz bars, the demand has temporarily sucked up all the small stuff.

If you don't have your silver now, don't count on being able to get it during any market turmoil.

93 - not sure what you're base measurement is but compared to overnight minimum it's up 4.8%.

68Camaro wrote:...If you don't have your silver now, don't count on being able to get it during any market turmoil...

Many people forget this key fact today. During the major rollovers, the physical market dries up. Premiums expand and prices accelerate to a point of frustration; this is due to those of whom who have metal for sale cannot adjust fast enough on the previous buy/sell spread, so they need to extend on both ends to maintain margins or ounces.

It seems to me that one of the "paper silver" ETFs has the option of them actually allocating silver at their warehouse if you do certain things with a certain quantity.

Does any one know the specifics on this?

68Camaro wrote:93 - not sure what you're base measurement is but compared to overnight minimum it's up 4.8%.

The first time I glanced at POS it was +.09 but I see that's up over .25 now.

barrytrot wrote:It seems to me that one of the "paper silver" ETFs has the option of them actually allocating silver at their warehouse if you do certain things with a certain quantity.

Does any one know the specifics on this?

PSLV (you might recall) is Sprott's physical silver paper, 100% backed at their warehouse, and within their rules (I believe integer numbers of 1000 oz bars) you have the right to redeem your shares for the physical it represents.

Central Fund of Canada also has a physically backed silver-only fund (as well as gold, and gold/silver combo funds) but I don't recall that it is redeemable.
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68Camaro wrote:

barrytrot wrote:It seems to me that one of the "paper silver" ETFs has the option of them actually allocating silver at their warehouse if you do certain things with a certain quantity.

Does any one know the specifics on this?

PSLV (you might recall) is Sprott's physical silver paper, 100% backed at their warehouse, and within their rules (I believe integer numbers of 1000 oz bars) you have the right to redeem your shares for the physical it represents.

Central Fund of Canada also has a physically backed silver-only fund (as well as gold, and gold/silver combo funds) but I don't recall that it is redeemable.
.

From what I recall, you can redeem 50,000 share blocks of SLV for physical silver. There was speculation that China was doing this.

How would redemption work if your shares are through an IRA? Any early withdrawal to currency has penalties and taxes. What about withdrawal to non-currency?

brian0918 wrote:How would redemption work if your shares are through an IRA? Any early withdrawal to currency has penalties and taxes. What about withdrawal to non-currency?

Most likely NOT available in that case due to the rules of your IRA.

The exception being if you have a fully "self managed IRA" in which case it is still likely NOT POSSIBLE because the "self managed" still has a LOT of seemingly unnecessary rules.