Gold and silver seem to be going back up thx to banking mess

[thecrazyone]

Thanks, banks..

https://english.almayadeen.net/news/eco ... ing-crisis

[pmbug]

It will be interesting to see if premiums on physical also rise - if physical gold/silver become more scarce or not.

[Cu Penny Hoarder]

It will be interesting to see if premiums on physical also rise - if physical gold/silver become more scarce or not.

It already has. As I type this 90% premiums are $10-12 above spot again.

With all the bailouts going on, they are trying to knock gold back down. They cannot have it above $2000 oz, that would be a threat to national security!

[pmbug]

90% shows physical scarcity in a product that has no current production. While indicative of demand from precious metals enthusiasts, I was musing more about wholesale/retail tightness with bullion - especially the larger forms favored by institutional buyers.

[Recyclersteve]

A guy from Miles Franklin was on the internet saying he’s doing about a month’s worth of business PER DAY since the banking crisis began. He said it was the wildest he’s seen in his 33-years in the biz.

My wildest memory of silver was in 1980 when it peaked at $50. After debating for about an hour with my brother, he agreed to come with me to sell our silver, all but the better dates. We got to the coin shop and it was absolutely PACKED. They had bags of silver sitting all across the back counter because the vaults were full. There was an armed guard out front. The shop owner shouted out to everyone “I’m not buying anymore silver.” I reminded him that I used to clean his toilets, and he said “Ok, you two boys (my brother and I) are the last 2 I’m buying from.” Great timing on that sale!

[Lemon Thrower]

lol I missed the top in 1980. Wasn't the last top I missed.

[Cu Penny Hoarder]

A guy from Miles Franklin was on the internet saying he’s doing about a month’s worth of business PER DAY since the banking crisis began. He said it was the wildest he’s seen in his 33-years in the biz.

My wildest memory of silver was in 1980 when it peaked at $50. After debating for about an hour with my brother, he agreed to come with me to sell our silver, all but the better dates. We got to the coin shop and it was absolutely PACKED. They had bags of silver sitting all across the back counter because the vaults were full. There was an armed guard out front. The shop owner shouted out to everyone “I’m not buying anymore silver.” I reminded him that I used to clean his toilets, and he said “Ok, you two boys (my brother and I) are the last 2 I’m buying from.” Great timing on that sale!

In late 1979 I was 13 and I remember going with my uncle to sell most of his 90% to a local LCS guy. A sign in his front window read: "Paying $20 for silver dollars". The store owner was named 'Lenny' and he wore a gold Pulsar watch. I would become a customer of Lenny's a few years after this. By the late 80's I bought many Peace and Morgan's from for $5-6 each and bags of 90% near spot when no one seemed to want it. He closed the store in 1995. I still have most of the coins I bought from him.

[neilgin1]

A guy from Miles Franklin was on the internet saying he’s doing about a month’s worth of business PER DAY since the banking crisis began. He said it was the wildest he’s seen in his 33-years in the biz.

My wildest memory of silver was in 1980 when it peaked at $50. After debating for about an hour with my brother, he agreed to come with me to sell our silver, all but the better dates. We got to the coin shop and it was absolutely PACKED. They had bags of silver sitting all across the back counter because the vaults were full. There was an armed guard out front. The shop owner shouted out to everyone “I’m not buying anymore silver.” I reminded him that I used to clean his toilets, and he said “Ok, you two boys (my brother and I) are the last 2 I’m buying from.” Great timing on that sale!

THAT was an excellent share, Thank You sir.

[thecrazyone]

I reminded him that I used to clean his toilets, and he said “Ok, you two boys (my brother and I) are the last 2 I’m buying from.” Great timing on that sale!

Talk about the benefits of having a sh*t job

XD

[Recyclersteve]

. They cannot have it above $2000 oz, that would be a threat to national security!

Can you explain in simple English why $2k is such a magical number? It has traded above that level (admittedly briefly) at least a couple of times in recent years, including this past week.

This sounds a bit like when I heard that when a decent home (not a mansion of say, 10,000 sqft.) costs $1,000,000 or more the residential real estate market won’t be able to deal with it. Yet, homes that aren’t all THAT GREAT or big have sold for over $1m in California for many years. Ditto for Manhattan apartments. And that has leaked out to suburban places in/near Boston, Seattle, Phoenix and Miami.

So why aren’t those homes selling for WAY LESS than $1 million, even after the recent pullback? I don’t have a good simple explanation without trotting out a quote about supply vs. demand, etc.

[silverflake]

Tried to post this in Neil's "It's getting REAL" thread but site just wouldn't let me....but this thought fits here too.

So here's how things are getting "real" especially in the precious metals realm, if there's anyone here who has ever ordered from SD Bullion (I have, and have had only good experiences) they sent out an impassioned email yesterday, long and informative and very sincere about the market conditions they are dealing with but here's the highlights:

1. Orders have exceeded their ability to process efficiently thus they hired extra staff, raised wages etc.
2. They are currently 7 days behind on shipping out orders.
3. They have increased their minimum order threshold to $500

Perhaps the banking system fears will subside somewhat with the public, or maybe the wake up call has finally got out and the masses are starting to get into real money. I don't know. But at least temporarily and anecdotally, to quote Neil: Yeah, "It's Getting Real"

Stack if you can find it.

[Cu Penny Hoarder]

. They cannot have it above $2000 oz, that would be a threat to national security!

Can you explain in simple English why $2k is such a magical number? It has traded above that level (admittedly briefly) at least a couple of times in recent years, including this past week.

Because... everytime gold gets to $2000, TPTB tamp it back down. No complicated explanation is needed. They did the same thing when gold kept bumping up against $1000/oz. Took a while for it to finally break through that level.

They want people to worship and believe in their fiat USD, not REAL money like gold or silver. But you already know that.

Also, notice that when gold fails to breakout of $2000 and starts sinking again, the stock market rises again. All rigged nonsense.

[Cu Penny Hoarder]

Tried to post this in Neil's "It's getting REAL" thread but site just wouldn't let me....but this thought fits here too.

So here's how things are getting "real" especially in the precious metals realm, if there's anyone here who has ever ordered from SD Bullion (I have, and have had only good experiences) they sent out an impassioned email yesterday, long and informative and very sincere about the market conditions they are dealing with but here's the highlights:

1. Orders have exceeded their ability to process efficiently thus they hired extra staff, raised wages etc.
2. They are currently 7 days behind on shipping out orders.
3. They have increased their minimum order threshold to $500

Perhaps the banking system fears will subside somewhat with the public, or maybe the wake up call has finally got out and the masses are starting to get into real money. I don't know. But at least temporarily and anecdotally, to quote Neil: Yeah, "It's Getting Real"

Stack if you can find it.

SD bullion seems a lot more honest and forthright than the other bullion dealers. That will boost their integrity and sales significantly in the future. I don't have anymore inside dirt/info on Ampex anymore since my informant girl there quit last year.

I feel sorry for ppl that don't have any PMs. A very harsh reality going to smack them across their face someday... sooner than later.

Can't buy PMs?... buy water, canned food and ammo instead.

[thecrazyone]

I stopped at the ATM today to get cash out and got a brand new, crisp $10. Never used. I thought about this thread, lol

[silverflake]

If you guys are thinking of purchasing some gold and silver, just wait a couple of days. I placed an order with provident metals today. Thus, spot price should now pull back. It's always the way.


Stack. Soon.

[NDFarmer]

If you guys are thinking of purchasing some gold and silver, just wait a couple of days. I placed an order with provident metals today. Thus, spot price should now pull back. It's always the way.
Stack. Soon.

Thanks for the warning. The same thing happens when I make a purchase. I am still waiting for $15 silver. I hope it gets there.

[Cu Penny Hoarder]

If you guys are thinking of purchasing some gold and silver, just wait a couple of days. I placed an order with provident metals today. Thus, spot price should now pull back. It's always the way.
Stack. Soon.

Thanks for the warning. The same thing happens when I make a purchase. I am still waiting for $15 silver. I hope it gets there.

And when it gets back down there ppl must not hesitate to buy it. Although the premiums could be double or triple by then.

[NDFarmer]

If you guys are thinking of purchasing some gold and silver, just wait a couple of days. I placed an order with provident metals today. Thus, spot price should now pull back. It's always the way.
Stack. Soon.

Thanks for the warning. The same thing happens when I make a purchase. I am still waiting for $15 silver. I hope it gets there.

And when it gets back down there ppl must not hesitate to buy it. Although the premiums could be double or triple by then.

I agree if silver were to go to $15 the premium would crazy. Probably $6 to $7 per ounce so you would still be paying $21 or $22 per ounce for it. I wonder if we will ever get a chance to purchase silver under $20 including the premium anytime in the future?

[silverflake]

As far as the price of PMs going back up (or down) I live by the mantra put forth by many on this site that price doesn't matter. Thus, I buy every 3 months regardless of price or world events. Sometimes I don't have a whole lot of dollars, sometimes I am lucky to have a bigger chunk. So in essence I am practicing dollar cost averaging and it has worked well for the last 25 years. Regular periodic buying also prevents me from falling into that "FOMO" frame of mind. Overall it's a method that I am comfortable with.

Stack. Stack monthly, quarterly, yearly...whatever works for you. Just do it.

[NDFarmer]

If you guys are thinking of purchasing some gold and silver, just wait a couple of days. I placed an order with provident metals today. Thus, spot price should now pull back. It's always the way.


Stack. Soon.

I am still waiting for the Silverflake dip!! Couldn't wait any longer I bought some this morning, so spot price should definitely go down now!!

[Lemon Thrower]

Silver gapped up about a buck today!

[Cu Penny Hoarder]

Silver gapped up about a buck today!

Always a good thing when it's up, but right now it's still in a trading range.

The big resistance point is $30. Once it breaks out of that, we should be off to the races.

[68Camaro]

The prices still largely depend on the USD. USD dropped fairly big today in one hit, and has dropped quite a bit over the past months. (There are some changes to gold or silver prices on top of that; last time gold hit these prices silver was over $28, so silver has some catching up to do.) But the USD is still "high" relative to long-term norms, 75-80 would be more typical than the 101 of today, and if the USD actually takes a true hit - dropping below 72 where it has never been before, we're looking at $3000 gold and $50+ silver in no time, and it will go up from there. On the other hand, when that happens, there's not a lot to celebrate about, because at that point everything denominated in dollars (all products, and all dollar savings) will be trending to crap.

[thecrazyone]

Silver is hanging on at $25!

[pmbug]

The Fed's next rate decision is due Wednesday.

They are expected to announce the last 0.25 rate hike for the year. I expect that gold and silver will likely fall a bit immediately after the announcement and then bounce back and resume a slow upward trajectory.

If the Fed does not raise rates, I expect gold and silver to pop up a little bit.

Probably Thursday, markets will actually pay attention to what Powell says regarding forward guidance (more rate hikes anticipated vs. a pause/wait and see mode).