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

[Cu Penny Hoarder]

Gold is now back up to where it was before the PM sell off started. Silver is climbing fast.

I bought a few 90% $100FV junk bags about 1 week before the PM selloff started... those are now selling for $500 more than what I paid for them. I also bought two $250FV bags shortly after the first big slam down (before the premiums skied)... those are now selling for about $800 more.

[rsk1963]

Silver 14.XX now... Gold is up 8% (this morning!) what a bizarre world we live in.

[Cu Penny Hoarder]

Silver 14.XX now... Gold is up 8% (this morning!) what a bizarre world we live in.

All the big-boy shorts must've covered and went long.

It's not bizarre when you consider the Fed lowering rates to ZERO and the TRILLIONS they are throwing at the market and bailing out companies to keep everything propped up. That is going to cause MASSIVE hyperinflation in the near future.

The stock market and financial system has just been nationalized.

To everyone here... when you all receive your $1500-2000 Gubmit stimulus check, make sure you buy more silver with it... no matter what the price is.

[Recyclersteve]

........Some stocks like Boeing are heading toward cheap. Another 20% down on BA and I might jump on. They were at 450 not long ago, hit 160 this morning. They get to 120 and I'll be trying to find some dry powder (unless they have a new technical screw up).

Closed at $129.61 today. You've got me thinking.........

Agree that BA could become a screaming buy at some point. There could be an airline or two that goes bankrupt, so trying to play the airlines could be difficult. That said, Boeing is an American company that many consider "to big to fail." It would be embarrassing to the mighty U.S. to lose that one. So I've got BA on my watch list, in spite of their problems.

[Recyclersteve]

Gold is now back up to where it was before the PM sell off started. Silver is climbing fast.

I bought a few 90% $100FV junk bags about 1 week before the PM selloff started... those are now selling for $500 more than what I paid for them. I also bought two $250FV bags shortly after the first big slam down (before the premiums skied)... those are now selling for about $800 more.

Even though they might be selling for a lot more than you paid for them, if you had to sell to a dealer you wouldn't get nearly that much. Then again, you could choose to sell on this site.

[Recyclersteve]

Lots of people have posted on this thread that they are disappointed in not being able to buy silver without paying big premiums over melt. Keep in mind that there is also the stock market as an alternative, even though I'd prefer physical possession of my silver.

I bought the SLV silver ETF 8 calendar days ago. Sold today and cleared a profit of over 11%. I was fully prepared to double down if silver went down sharply after I bought. The fundamentals on silver (even with greatly reduced industrial demand) still look so solid that I couldn't refuse.

If some enterprising coin dealer said he'd give a roll of toilet paper with every American Eagle sold I'd ask how many Monster Boxes he had in stock!

P.S. And I'm not trying to say SLV is the way to go. There is also GLD, the miners and stock options. As my dad used to say "There is more than one way to skin a cat."

[Rodebaugh]

Lots of people have posted on this thread that they are disappointed in not being able to buy silver without paying big premiums over melt. Keep in mind that there is also the stock market as an alternative, even though I'd prefer physical possession of my silver.

I bought the SLV silver ETF 8 calendar days ago. Sold today and cleared a profit of over 11%. I was fully prepared to double down if silver went down sharply after I bought. The fundamentals on silver (even with greatly reduced industrial demand) still look so solid that I couldn't refuse.

If some enterprising coin dealer said he'd give a roll of toilet paper with every American Eagle sold I'd ask how many Monster Boxes he had in stock!

P.S. And I'm not trying to say SLV is the way to go. There is also GLD, the miners and stock options. As my dad used to say "There is more than one way to skin a cat."

(15) SLV Jan 21 2022 10.0 Call @ 3.88 each
(20) SLV Jan 21 2022 11.0 Call @ 3.42 each
(30) SLV Jan 21 2022 13.0 Call @ 2.73 each
(15) SLV Jan 21 2022 16.0 Call @ 1.77 each

[CardsNCoins]

(15) SLV Jan 21 2022 10.0 Call @ 3.88 each
(20) SLV Jan 21 2022 11.0 Call @ 3.42 each
(30) SLV Jan 21 2022 13.0 Call @ 2.73 each
(15) SLV Jan 21 2022 16.0 Call @ 1.77 each

Hey Doc, can you explain those to people like me that have no idea what I'm looking at?

[Recyclersteve]

Options are an incredibly complicated topic. I will assume that Doc went long (not short) the above options. The options are on SLV, which is what is called an exchange traded fund (ETF) that holds physical silver in a vault in London. The options don’t expire until Jan. 22, close to 2 years out. He doesn’t have to wait til the options expire, but can sell them anytime between now and expiration. Loosely speaking, the cost of the option is composed of time value (amount of time til it expires), implied volatility (silver has been much more volatile lately than it normally is, so these options are pricier than they normally would be), and how deep in or out of the money they are. Example: If you bought call options on $50/oz. silver, they would be far cheaper than calls based on $15 silver.

This can potentially get much more complicated. You could start out by selling the options instead of buying them. You could trade bearish options called puts. Some people get really fancy and might own calls and puts at the same time.

Doc was smart enough to buy calls with multiple strike prices, which I personally like. Options frequently expire totally worthless, but by virtue of having so many different strike prices he has likely increased his chances of success. He could potentially lose money on one contract and make a profit of several hundred percent or more on another. Options is a high risk/high reward proposition. Study hard and tread carefully.

Also, some readers may have a ton of questions about options trading. Not to be rude, but don’t expect answers to all of them from someone who isn’t being paid and has to earn a living. This is not a subject where it is easy to be succinct!

[Cu Penny Hoarder]

Gold is now back up to where it was before the PM sell off started. Silver is climbing fast.

I bought a few 90% $100FV junk bags about 1 week before the PM selloff started... those are now selling for $500 more than what I paid for them. I also bought two $250FV bags shortly after the first big slam down (before the premiums skied)... those are now selling for about $800 more.

Even though they might be selling for a lot more than you paid for them, if you had to sell to a dealer you wouldn't get nearly that much. Then again, you could choose to sell on this site.

Who says I'm selling them?

BTW, some dealers ARE now paying above spot for silver.

[CardsNCoins]

Options are an incredibly complicated topic. I will assume that Doc went long (not short) the above options. The options are on SLV, which is what is called an exchange traded fund (ETF) that holds physical silver in a vault in London. The options don’t expire until Jan. 22, close to 2 years out. He doesn’t have to wait til the options expire, but can sell them anytime between now and expiration. Loosely speaking, the cost of the option is composed of time value (amount of time til it expires), implied volatility (silver has been much more volatile lately than it normally is, so these options are pricier than they normally would be), and how deep in or out of the money they are. Example: If you bought call options on $50/oz. silver, they would be far cheaper than calls based on $15 silver.

This can potentially get much more complicated. You could start out by selling the options instead of buying them. You could trade bearish options called puts. Some people get really fancy and might own calls and puts at the same time.

Doc was smart enough to buy calls with multiple strike prices, which I personally like. Options frequently expire totally worthless, but by virtue of having so many different strike prices he has likely increased his chances of success. He could potentially lose money on one contract and make a profit of several hundred percent or more on another. Options is a high risk/high reward proposition. Study hard and tread carefully.

Also, some readers may have a ton of questions about options trading. Not to be rude, but don’t expect answers to all of them from someone who isn’t being paid and has to earn a living. This is not a subject where it is easy to be succinct!

I read "Options are an incredibly complicated topic" and stopped. lol You seem like a helpful dude, but Im not reading all that, plus I asked Doc. Also, I'm not looking for a tutorial on how to trade silver. I see where I used the word "explain", but it really was just a basic question (or so I thought lol) to find out if he did really well or really bad. Honestly I'm not interested anymore. I hope you made a million Doc. lol

[Rodebaugh]

Nick, our buddy Steve is correct. I know a little....probably just enough to play the game and lose my shirt! Steve has lived the game and is a well qualified market nerd whom I respect and has made me some loot on tender offers (Thank you Steve).

So far Nick.....I'm making money (about 11K). But man o man am I greedy. I want 50K!

[CardsNCoins]

Nick, our buddy Steve is correct. I know a little....probably just enough to play the game and lose my shirt! Steve has lived the game and is a well qualified market nerd whom I respect and has made me some loot on tender offers (Thank you Steve).

So far Nick.....I'm making money (about 11K). But man o man am I greedy. I want 50K!

That's what I was hoping to hear Chris. Keep up the good work, and thanks responding.

[Know Common Cents]

Happened to visit my LCS one week ago. I've been a regular customer there for at least 20 years. The owner told me he was going to have to close until sometime in early April as all of his inventory had been sold.

I reminded him that there's a Melt Bucket in the back room. This is where all the silver odds and ends are tossed. Mostly, these are one of a kind pieces, but when he gets lazy, there's treasure in the bucket to be had. There are modern commem silver dollars, Canada 80%, modern silver proofs and just about anything else that has intrinsic value.

Asked him if I could pick through those and buy whatever I wanted at a reasonable price. He said, "Yeah. Why not!?" since he was closing for the foreseeable future, I was in luck. The LCS owner said I could buy anything I wanted at $10 per $1 face for US90% and $8 per dollar face for Canada80%.

I felt like it was Christmas, Easter, Thanksgiving, my Birthday and the first time I got "lucky" all rolled into one. I had a one quart bag filled by the time I was done. Had to work fast and probably missed a few keepers, but it was a great haul. Took the bag home and dumped out all the contents at my desk. Great fun and more than a few silver proofs, Walkers, Mercs, Canada Goose dollars, AG-Good Barbers and more. Really glad I went there with a fat wallet...quite by accident. Oh yes. Cash deal with no sales tax.

[Cu Penny Hoarder]

Happened to visit my LCS one week ago. I've been a regular customer there for at least 20 years. The owner told me he was going to have to close until sometime in early April as all of his inventory had been sold.

I reminded him that there's a Melt Bucket in the back room. This is where all the silver odds and ends are tossed. Mostly, these are one of a kind pieces, but when he gets lazy, there's treasure in the bucket to be had. There are modern commem silver dollars, Canada 80%, modern silver proofs and just about anything else that has intrinsic value.

Asked him if I could pick through those and buy whatever I wanted at a reasonable price. He said, "Yeah. Why not!?" since he was closing for the foreseeable future, I was in luck. The LCS owner said I could buy anything I wanted at $10 per $1 face for US90% and $8 per dollar face for Canada80%.

I felt like it was Christmas, Easter, Thanksgiving, my Birthday and the first time I got "lucky" all rolled into one. I had a one quart bag filled by the time I was done. Had to work fast and probably missed a few keepers, but it was a great haul. Took the bag home and dumped out all the contents at my desk. Great fun and more than a few silver proofs, Walkers, Mercs, Canada Goose dollars, AG-Good Barbers and more. Really glad I went there with a fat wallet...quite by accident. Oh yes. Cash deal with no sales tax.

Why would he let you have all that for under spot price? If he was all sold out and going to close down he wouldn't have sold that stuff that low. Sorry, but unless the LCS guy is your relative, I'm having trouble believing all this.

[CardsNCoins]

Happened to visit my LCS one week ago. I've been a regular customer there for at least 20 years. The owner told me he was going to have to close until sometime in early April as all of his inventory had been sold.

I reminded him that there's a Melt Bucket in the back room. This is where all the silver odds and ends are tossed. Mostly, these are one of a kind pieces, but when he gets lazy, there's treasure in the bucket to be had. There are modern commem silver dollars, Canada 80%, modern silver proofs and just about anything else that has intrinsic value.

Asked him if I could pick through those and buy whatever I wanted at a reasonable price. He said, "Yeah. Why not!?" since he was closing for the foreseeable future, I was in luck. The LCS owner said I could buy anything I wanted at $10 per $1 face for US90% and $8 per dollar face for Canada80%.

I felt like it was Christmas, Easter, Thanksgiving, my Birthday and the first time I got "lucky" all rolled into one. I had a one quart bag filled by the time I was done. Had to work fast and probably missed a few keepers, but it was a great haul. Took the bag home and dumped out all the contents at my desk. Great fun and more than a few silver proofs, Walkers, Mercs, Canada Goose dollars, AG-Good Barbers and more. Really glad I went there with a fat wallet...quite by accident. Oh yes. Cash deal with no sales tax.

Why would he let you have all that for under spot price? If he was all sold out and going to close down he wouldn't have sold that stuff that low. Sorry, but unless the LCS guy is your relative, I'm having trouble believing all this.

Can we not call people liars please? I believe the story he told, but even if I didn't I would keep my mouth shut and move on to the next thread. What do you hope to accomplish by calling him a liar? Even if the story is fantasy, who has he hurt? I enjoyed reading it, and based on anything I have read from Know Common Cents in the past, have no reason to doubt it. Go stir up trouble somewhere else.

[Thogey]

Why would he let you have all that for under spot price? If he was all sold out and going to close down he wouldn't have sold that stuff that low. Sorry, but unless the LCS guy is your relative, I'm having trouble believing all this.

Because he was going to melt them. One week ago 10X was spot.

Who cares if you believe it or not?

Aren't you the guy who always seems to buy at the bottom? But has 0 feedback here.

Keep it to yourself.

[Treetop]

I just had a plumber I hired for the third time in I dunno 10 years or so sell me his hard labor for drastically under his usual price because I paid cash and he has so little work right now. Why was he willing to take so much less when he has less work then normal? No idea. We have a little bit of history I guess. Story to boring for anyone to care but long story short I prepped the area for a job he did way back and he was impressed.

So... I can easily see someone give a longtime costumer a break on stuff they consider to random to sell and plan to melt. lol I liked reading about it either way.

[Thogey]

No kidding. Cash is king. He did it because he knew you wouldn't waive receipts around, and trusted you not to give him a hard time about anything. Plus he likes you

Profit is subject to SE tax. KnowCommoncent's guy (could, although illegal) put the cash in his pocket and write off the COGS for the silver he just sold.

But those who are ignorant of how small business works would not know this.
This kind of wild west stuff is how many survive, and it going to become more common.

[Cu Penny Hoarder]

Why would he let you have all that for under spot price? If he was all sold out and going to close down he wouldn't have sold that stuff that low. Sorry, but unless the LCS guy is your relative, I'm having trouble believing all this.

Because he was going to melt them. One week ago 10X was spot.

Who cares if you believe it or not?

Aren't you the guy who always seems to buy at the bottom? But has 0 feedback here.

Keep it to yourself.

Jealous much? lol

I don't buy or sell on here. No feedback so I don't rate?

My posts really get under your skin, huh?.... good.

[Cu Penny Hoarder]

Happened to visit my LCS one week ago. I've been a regular customer there for at least 20 years. The owner told me he was going to have to close until sometime in early April as all of his inventory had been sold.

I reminded him that there's a Melt Bucket in the back room. This is where all the silver odds and ends are tossed. Mostly, these are one of a kind pieces, but when he gets lazy, there's treasure in the bucket to be had. There are modern commem silver dollars, Canada 80%, modern silver proofs and just about anything else that has intrinsic value.

Asked him if I could pick through those and buy whatever I wanted at a reasonable price. He said, "Yeah. Why not!?" since he was closing for the foreseeable future, I was in luck. The LCS owner said I could buy anything I wanted at $10 per $1 face for US90% and $8 per dollar face for Canada80%.

I felt like it was Christmas, Easter, Thanksgiving, my Birthday and the first time I got "lucky" all rolled into one. I had a one quart bag filled by the time I was done. Had to work fast and probably missed a few keepers, but it was a great haul. Took the bag home and dumped out all the contents at my desk. Great fun and more than a few silver proofs, Walkers, Mercs, Canada Goose dollars, AG-Good Barbers and more. Really glad I went there with a fat wallet...quite by accident. Oh yes. Cash deal with no sales tax.

Why would he let you have all that for under spot price? If he was all sold out and going to close down he wouldn't have sold that stuff that low. Sorry, but unless the LCS guy is your relative, I'm having trouble believing all this.

Can we not call people liars please? I believe the story he told, but even if I didn't I would keep my mouth shut and move on to the next thread. What do you hope to accomplish by calling him a liar? Even if the story is fantasy, who has he hurt? I enjoyed reading it, and based on anything I have read from Know Common Cents in the past, have no reason to doubt it. Go stir up trouble somewhere else.

No one would sell things he described at that price. Naive much?

I'll post anything I want here... don't like it?... TOO BAD.

[Thogey]

Child, igonre list

[bankmining]

Pattern here of dismissing other people’s posts:


Re: Palladium and Rhodium Spot Prices
Postby Cu Penny Hoarder » Sat Mar 30, 2019 4:59 am
Dr. Cadmium wrote:
Crazy drop. Talk about a speculation bubble! Maybe I shouldn't have said anything?

I sold most of mine last week for $1578/toz. I almost could not have timed it better.


Yeah, sure you did... you nailed the top.

[ThePowersThatBe]

I'll post anything I want here... don't like it?... TOO BAD.

Yeah, no. That's not how this works. There's no need to be disrespectful or to pick fights.

[theo]

Given the current crisis, I believe we are all a bit on edge. I know I am.