Are you buying silver?

[coppertone]

Just curious..... with continued weakness in silver, who is buying and who is waiting?

[Morsecode]

I am, every weekend. Not a lot, but as much as I can afford.

That said, I wish I had the spare cash to buy my friend's $100 fv of dimes which I had briefly listed for sale here. I'm hoping he'll get discouraged enough to piece them out to me over the summer

[gettin copper]

I am, mainly just hunting for deals on craiglist.

[barrytrot]

I'm buying paper silver lately. With the option premiums I've been making a nice profit each month on my "shares". That is one way where paper silver shines far greater than silver!

With physical silver it either goes up or down and you have the same amount.

With paper silver you can sell out of the money calls every month and make a profit and keep your silver Of course if it shoots up you lose your silver, but you sold for a profit so not bad

[theo]

I'm not quite "backing up the truck" but I'm buying at a fairly decent clip. Call it aggressive dollar cost averaging. Although, I know that most think silver is going to have quiet Summer (and they are probably right) I'm also mindful of the fact that we are are merely one event (S & P downgrade, negative comments from China etc) away from things turning on a silver dime.

[Country]

Waiting until August....

[neilgin1]

both hands bud...i found me a niche to buy silver American coinage at melt, in GEM/BU and am doing as such.....

but silver aint the only thing a fellow should be buying and stashing these dark and savage days. nuff said, loose lips and all that.

first stop $100, on its way to 300-400, believe it or not. respectfully , neil

[neilgin1]

I'm not quite "backing up the truck" but I'm buying at a fairly decent clip. Call it aggressive dollar cost averaging. Although, I know that most think silver is going to have quiet Summer (and they are probably right) I'm also mindful of the fact that we are are merely one event (S & P downgrade, negative comments from China etc) away from things turning on a silver dime.

Theo, brother, i got a very deep leading that its going a long, literally and metaphorically hot, nasty brutish summer. Chess pieces are in motion and a fell wind is a blowing. For starters, i'm not liking these Nebraska bureaucrats are spinning the berm bursting at the nuke plant, and i dont like the way the media is burying this low level flash mob insurrection story, and finally Bernacke has no other course of action that to stealth kick QE3 into action.

stack STUFF and watch your six, bud....serious.

[Rodebaugh]

Always buying.

[justj2k78]

Continuing to buy in very small increments. $50 here, $100 there. Up or down, my plan remains the same.

[RR GUY]

So with the price having fallen back in the last few weeks to the low thirties, I''ve started buying for the first time since the drop to 32 a month or so ago That being said, it hasn't been that easy to find much that's very reasonable at the moment. I visited a few coin shops on the weekend, and even with a strap of Benjamins in my pocket, nobody had much to sell me for any reasonable price. They want 25x to 27x junk and a whopping $5-7 for average Morgans. One dealer even shooed me away, he wasn't interested in having me clean out his stock (these guys want the guy who comes in and buys two coins for 30X face, rather than sell me a few thousand of inventory for a small profit). So, I figured I would spend some time on the ebay and see if I do any better. No luck, I won twelve lots after bidding on 300, I was bidding about 24x for junk and melt +4 for Morgans. I saw a lot of average stuff, non-key date coins going close to 30x. What gives?

I also spent some time this week visiting a few flea markets and antique dealers looking for some fine sterling objects. Not much out there for reasonable prices with the exception of odd forks and spoons. I did score for spot a nice hallmarked english George V tankard and a nice American silver tray. A lot of running around and not much to buy.

[moneydog]

im buying also

[neilgin1]

So with the price having fallen back in the last few weeks to the low thirties, I''ve started buying for the first time since the drop to 32 a month or so ago That being said, it hasn't been that easy to find much that's very reasonable at the moment. I visited a few coin shops on the weekend, and even with a strap of Benjamins in my pocket, nobody had much to sell me for any reasonable price. They want 25x to 27x junk and a whopping $5-7 for average Morgans. One dealer even shooed me away, he wasn't interested in having me clean out his stock (these guys want the guy who comes in and buys two coins for 30X face, rather than sell me a few thousand of inventory for a small profit). So, I figured I would spend some time on the ebay and see if I do any better. No luck, I won twelve lots after bidding on 300, I was bidding about 24x for junk and melt +4 for Morgans. I saw a lot of average stuff, non-key date coins going close to 30x. What gives?

I also spent some time this week visiting a few flea markets and antique dealers looking for some fine sterling objects. Not much out there for reasonable prices with the exception of odd forks and spoons. I did score for spot a nice hallmarked english George V tankard and a nice American silver tray. A lot of running around and not much to buy.

RR, thanks for the report/post, which has just served to give me more antedoctal evidence of the strength of the market.

We can always "decide" what we're willing to pay, or think where the market should be, but in a ripping bull market, sometimes you just gotta hit offers..."25X's?"..."buy it". "27X's?" "buy it"...when i get in a silver buying mood, i just take out offers, and i dont think twice. i been on Ebay too, seen the lay of the land, i stick with rolls.....and yeh, there's the usual cast of characters, that filth offering clad and promises, and i been seeing a lot of dimes trading at 32 to 34X, and i been seeing Halves trading anywhere from 26 to 30X, but i been moving into Dollars, and such. So if i want a roll, and i see some new Ebayer with say 19 ratings bidding hard, i'll lay back...they give you the most trouble, but if i see guys with 500 to 2000 ratings, and i want that roll, i just slash and burn, coz usually they will lay off.

as far as ASE's i too have a seen that coin shop, i wont even mention by name, offering BIN ASE Rolls for $1300, which would just be foolishness to hit that offer TODAY...but come a time, an ASE roll at 1300 will seem cheap, but then those guys will be offering rolles at $2700....lol.

what they're laying for, is the black swan event, say the Israeli's do a HUGE number on the Iranian nuclear program, silver could go up $30 to $50 in a week, and it could happen.

FRN's are cooked, Bernacke's gonna to do a stealth QE3, thats a given....so i'm thinking, you mean i can give somebody PAPER, and they give me SILVER? WOW!!! NOW...THAT's a deal!,,,you watch brother, thats how it's gonna go down, not if, but when. be blessed, neil

[JTM3]

I put half of my measly paycheck( ) towards silver, being that I haven't any other expenditures, as I'm still in highschool, so between $80 and $130 every two weeks, not necessarily regardless of the charts, though.

[RR GUY]

So with the price having fallen back in the last few weeks to the low thirties, I''ve started buying for the first time since the drop to 32 a month or so ago That being said, it hasn't been that easy to find much that's very reasonable at the moment. I visited a few coin shops on the weekend, and even with a strap of Benjamins in my pocket, nobody had much to sell me for any reasonable price. They want 25x to 27x junk and a whopping $5-7 for average Morgans. One dealer even shooed me away, he wasn't interested in having me clean out his stock (these guys want the guy who comes in and buys two coins for 30X face, rather than sell me a few thousand of inventory for a small profit). So, I figured I would spend some time on the ebay and see if I do any better. No luck, I won twelve lots after bidding on 300, I was bidding about 24x for junk and melt +4 for Morgans. I saw a lot of average stuff, non-key date coins going close to 30x. What gives?

I also spent some time this week visiting a few flea markets and antique dealers looking for some fine sterling objects. Not much out there for reasonable prices with the exception of odd forks and spoons. I did score for spot a nice hallmarked english George V tankard and a nice American silver tray. A lot of running around and not much to buy.

RR, thanks for the report/post, which has just served to give me more antedoctal evidence of the strength of the market.

We can always "decide" what we're willing to pay, or think where the market should be, but in a ripping bull market, sometimes you just gotta hit offers..."25X's?"..."buy it". "27X's?" "buy it"...when i get in a silver buying mood, i just take out offers, and i dont think twice. i been on Ebay too, seen the lay of the land, i stick with rolls.....and yeh, there's the usual cast of characters, that filth offering clad and promises, and i been seeing a lot of dimes trading at 32 to 34X, and i been seeing Halves trading anywhere from 26 to 30X, but i been moving into Dollars, and such. So if i want a roll, and i see some new Ebayer with say 19 ratings bidding hard, i'll lay back...they give you the most trouble, but if i see guys with 500 to 2000 ratings, and i want that roll, i just slash and burn, coz usually they will lay off.

as far as ASE's i too have a seen that coin shop, i wont even mention by name, offering BIN ASE Rolls for $1300, which would just be foolishness to hit that offer TODAY...but come a time, an ASE roll at 1300 will seem cheap, but then those guys will be offering rolles at $2700....lol.

what they're laying for, is the black swan event, say the Israeli's do a HUGE number on the Iranian nuclear program, silver could go up $30 to $50 in a week, and it could happen.

FRN's are cooked, Bernacke's gonna to do a stealth QE3, thats a given....so i'm thinking, you mean i can give somebody PAPER, and they give me SILVER? WOW!!! NOW...THAT's a deal!,,,you watch brother, thats how it's gonna go down, not if, but when. be blessed, neil

Myabe I'm just cheap or too wed to old prices. I remember only a few years ago buying Morgans for $10, and quarters for $1, so I just can't stomach paying these prices, even though I believe Silver will be trading higher in the future. I'm not new to this, I've been buying coins for 25+ years now, and probably have more inventory than most coin dealers. You know you have a lot when your dealers come begging to you to buy inventory. However, I have fallen short, as even though I may have plenty of silver and gold, its really less than 5% of my net worth, and I would like to get it up to 10-15%. I never thought silver would move so fast (the 18-35 run) which left me feeling some regret about not having acquired more. Years ago, I never bought junk or even circulated coins for that matter, now I take whatever I can get as long as the price is right. I could always just call a stock broker and buy those ETFs, but obviously, I prefer the silver in my hands in MY VAULT not in some pool in some undisclosed location.

[theo]

I'm not quite "backing up the truck" but I'm buying at a fairly decent clip. Call it aggressive dollar cost averaging. Although, I know that most think silver is going to have quiet Summer (and they are probably right) I'm also mindful of the fact that we are are merely one event (S & P downgrade, negative comments from China etc) away from things turning on a silver dime.

Theo, brother, i got a very deep leading that its going a long, literally and metaphorically hot, nasty brutish summer. Chess pieces are in motion and a fell wind is a blowing. For starters, i'm not liking these Nebraska bureaucrats are spinning the berm bursting at the nuke plant, and i dont like the way the media is burying this low level flash mob insurrection story, and finally Bernacke has no other course of action that to stealth kick QE3 into action.

stack STUFF and watch your six, bud....serious.

Its interesting that you say that, because I've been very concerned about security lately. I try to encourage others around me to protect themselves against inflation (which I believe is my duty) without tipping my own hand, but its a risk anyway you slice it. I just do my best, accepting the fact that my survival is in no way guaranteed.

I think Bernanke has actually been fairly successful with his *MOPE strategy. People hear about 1.5 trillion deficits, 14.5 trillion in debt and over 100 trillion in unfunded liabilities and most have no idea what that means. Bernanke has studied the Great Depression perhaps more than any person alive and, therefore, no one could be more qualified to help us avoid that fate (right?) Also, the mainstream press has faithfully carried water on the notion of a recovery. Still much of the population seems to have a vague idea that things are not right; but unfortunately they don't have a sense of history or understanding of basic economics to know how destructive currency debasement can be. I fear it will be a very bad day when they figure it out.

As far as silver (gold for that matter) is concerned, I have some doubts as to whether the paper price of silver will ever reach $100 (or $3,000 for gold). I just think that paper and physical prices will diverge to the point where the paper prices become less and less relevant. Then we will care less about what PMs are worth and more about what they will buy.


*MOPE = Management of Perception Economics

[mr18]

The "RIGHT PRICE" means alot of things to alot of people. In the past 2 weeks I have been buying Morgans for $30-32 and Peace for $30, heck I scored 2 Peace dollars yesterday for $40!!!. As far as coin shops, their inventory is low or put away but their sell prices are crazy ($17 for a circulated Walker). Sometimes I over pay in hopes that the starnger I buy from will find more silver and sell it to me in bulk. In any event, I buy silver every week ($50-$100).

[hejira11]

yes, buying on the same day each month.

[neilgin1]

great posts, there are some really fine minds on this forum...for sure.

@RR guy, i see your picture now, and preface my last post in humility. i've only been buying silver coinage since Feb of 2008, though i been either trading and involved in commodity markets(ag and energy) since 1981. But i had no idea your involvement in coinage and/or metals, and i'm assuming your knowledge base is vast. That said, when i read your return post, a couple things to mind. i'm not a wealthy man, i'm not a poor man, i have exactly what i need. From what you wrote, extensive holdings of PM's at 5% of your wealth?...cazart! older brother, you got some wealth. IF IT WAS ME, given my assessment of how bad and going to worse things are, i'd slash and burn my way up to 50% physical PM holdings in your possession, fully mindful of any gummit tomchicanery which could include both confiscation and/or making private ownership of pms illegal, i would not put it past them. That exactly the reason they made backhoes, concrete, rebar and large steel culverts to be sunk in said trench.

people tell me i'm paranoid...i just smile, nod my head and pray they never have to clutch a govt ration coupon book waiting in a block long line.

the only other two trades i like, is wood and water, put 30% in to that, buy a place with a county seat no more than 4k in population, make sure its got a NICE extensive woodlot, tillable ground and spring water.

the other 20%, put into the damn FRN's and other paper investments, maybe solid common stock, oil, pharma, mickeydee's, just for appearance sakes. Personally i dont trust ANY paper, either FRNS, T-notes and bonds, whether they be 90 day, 2, 5, 10, 30 year stuff, and especially i dont trust these ETF's.....i KNOW these guy$, know their games, their greed, their myopic selfish nature, and they are running towards ruin...trouble is a lot of innocent folk are going to be hurting, thats the crime. Because to he who has been given much, much will be expected, and in the halls of leadership, of commerce, most of these men have failed the commonweal.

thats just me, that's the mix i would do, had i 7 to 9 digit wealth...in my small scale, i've done that mix, and will continue as such.


@theo...another great post. You get me thinking. i do am security conscious, lead's a nice PM's and a brace of good canines that think you are their beneficient "daddy" are good too, and as always let OPSEC be the rule of the day.

i like what you wrote about my price objectives, ie "100 up to 400"...you have a very valid point, and let me unpack a bit what i mean, TODAY, you can buy things for FRN's...in TODAYS prices, what will an ounce of silver buy a year from now, and what i run on, is that in the future here's the way hard currency might run in todays value:

a copper penny = $1
a nickel=$5
a silver dime= $10-15
a silver quarter=$25-32
a silver half=$50-75
a 40% dollar (IKE)-50 to 75
a 90% dollar= 90 to $150
an ASE Dollar= $125 to 175/90

for instance a full cord of hardwood today trades 150-225 in country...in a FRN-less world, that cord could trade for 2 silver halves, or 2 IKE's..or one ASE.

in an FRN less world, maybe a 500 pound feeder(cattle) could be got for 3 Morgans, or two ASE's.

a jerrican of gasoline, 93 octane, 5 gallons is 20 plus FRNS, but in a world that's pointing to $10 plus a gallon gas, maybe that jerrican would cost you 2 silver quarters and two, maybe one silver dime.

and you can literally go on and on, with thinking of values, it'll be interesting when the rubber hits the road, what actually is of value and for how much.

sad to say, but a pretty young girl might have her "value" built in...an empty belly does things to a person. a young fellow with a strong back, might give a days labor for 3 silver dimes, 3 nickels and 10 copper pennies.

something to think about, but the ones that will really be hurting are those tied into city and suburb, that were predicated and built on cheap petroleum, and forgetting that food does not grow in grocery stores, and that heat warmth and light are not MADE by flicking a switch.

just something to think about, slash and burn, get out the cities, get out the FRN's and into silver and stuff, the stuff that makes food, makes warmth and keeps hearth and kin safe. neil

[adagirl]

Yep, I am buying silver too, and I will continue to do so. Dollar cost averaging is important. As long as I don't lose my job, I will continue to buy silver and other metals.

[reddirtcoins]

I'm adjusting my % and I'm going to convert some bars to gold...

[RR GUY]

neilgin1,

I don't quite know how to respond to your last post. Yes, I do have considerable wealth. I had a head start with some family money and made great investments in real estate throughout the years. I started buying small apartment buildings and industrial properties in less desirable areas in the early 1990s. I was able to buy properties well below replacement value and properties that were on the edge of gentrification. Unlike many real estate investors, I invest for cash flow and I've never sold a property. In fact, I don't sell anything, never sell coins, never sell antiques and never will sell my prized Rolls-Royces, hence the moniker. Sometimes I read some of the posts here and I can't relate to this feeling that the world is coming to an end. There is no doubt that we are in trouble, but if things get as bad her as many prognosticate, well the rest of the world is eternally screwed. I began collecting coins in the 1980s as a teenager, but started buying for investment about 10 years ago. I invest in PMs for the same reason that you do, to preserve wealth. That being said, I find parts of the survival argument highly flawed. The notion that you should put all of your funds into non-earning assets would leave you with a pile of the stuff that would only last you some period of time. Furthermore, if the world you envision comes to fruition, you can kiss your job, your trading accounts and your health insurance goodbye. Is that the world you really want? To have a pile of stuff that nobody can afford to buy from you? I'm not smart enough to know the solution to the current debasement of our currency, however, you do have to be opportunistic in your investments, and that means preserving liquidity and owning business or financial assets that can fund your acquisitions in tougher times. And never owe the banks to much money. They have figured out that there has been no real wealth creation in the country for some time now, and are only interested in pillaging the middle class, where the bulk of American wealth has been stored for the past 50 years. This was an accident, the elite both liberal and conservative never wanted the middle class to have such wealth and have figured out how to take it back for themselves via their prefered vehicles, Wall Street and the now four or five banks that control some 90% of US deposits. As for your estimates for US minted silver coins, well, these seem highly optomistic. Silver could easily trade back to the 25:1 ratio, which would put silver at a fair value of about $60 today. We could get there within the next year or two, but I find it hard to believe that gold can continue to gain at the pace it has in the past.

[Coppercrazy]

Looking at silver in the 33's in my rear view mirror as I BACK UP MY PICKUP TRUCK!.....and buy like 100 bucks worth which is all I can afford right now...oh well theres plenty of room on the truck for BRINKS BOXES of pennies!

[merchoarder]

If I had the money I would be buying a lot more but alas, all my money goes to bills, food, etc. However, my new stagey has been to clean up some crap and sell on eBay. The last bunch of stuff I sold was some Susan B. Anthonys that I pulled from circulation, some stamps, a bunch of clad commemoratives and some random other stuff. With the profits I bought an ASE, 2 Walking halves and 9 silver quarters. Selling on the bay can be a pain and takes some time but that's some decent silver I got for just a little time and work. Working on getting another batch up soon. If I ever get caught up on bills, I'll be buying much more

[theo]

neilgin1,

I don't quite know how to respond to your last post. Yes, I do have considerable wealth. I had a head start with some family money and made great investments in real estate throughout the years. I started buying small apartment buildings and industrial properties in less desirable areas in the early 1990s. I was able to buy properties well below replacement value and properties that were on the edge of gentrification. Unlike many real estate investors, I invest for cash flow and I've never sold a property. In fact, I don't sell anything, never sell coins, never sell antiques and never will sell my prized Rolls-Royces, hence the moniker. Sometimes I read some of the posts here and I can't relate to this feeling that the world is coming to an end. There is no doubt that we are in trouble, but if things get as bad her as many prognosticate, well the rest of the world is eternally screwed. I began collecting coins in the 1980s as a teenager, but started buying for investment about 10 years ago. I invest in PMs for the same reason that you do, to preserve wealth. That being said, I find parts of the survival argument highly flawed. The notion that you should put all of your funds into non-earning assets would leave you with a pile of the stuff that would only last you some period of time. Furthermore, if the world you envision comes to fruition, you can kiss your job, your trading accounts and your health insurance goodbye. Is that the world you really want? To have a pile of stuff that nobody can afford to buy from you? I'm not smart enough to know the solution to the current debasement of our currency, however, you do have to be opportunistic in your investments, and that means preserving liquidity and owning business or financial assets that can fund your acquisitions in tougher times. And never owe the banks to much money. They have figured out that there has been no real wealth creation in the country for some time now, and are only interested in pillaging the middle class, where the bulk of American wealth has been stored for the past 50 years. This was an accident, the elite both liberal and conservative never wanted the middle class to have such wealth and have figured out how to take it back for themselves via their prefered vehicles, Wall Street and the now four or five banks that control some 90% of US deposits. As for your estimates for US minted silver coins, well, these seem highly optomistic. Silver could easily trade back to the 25:1 ratio, which would put silver at a fair value of about $60 today. We could get there within the next year or two, but I find it hard to believe that gold can continue to gain at the pace it has in the past.

"I find parts of the survival argument highly flawed. The notion that you should put all of your funds into non-earning assets would leave you with a pile of the stuff that would only last you some period of time. Furthermore, if the world you envision comes to fruition, you can kiss your job, your trading accounts and your health insurance goodbye. Is that the world you really want? "

I've never read anything on this site suggesting that anybody wants societal collapse, but like it or not, it is a possiblity that we may (God forbid) have to face. History does not have nice things to say about civilizations that debase their currencies. Sometimes I think that the only thing standing between us and a full on currency collapse is the fact that most Americans probably don't understand the relationship between millions, billions and trillions.

However, even in a worst-case scenario I have faith that there will be a recovery. It may take months or even years and economies may well be local rather than global. However those economies will need capital investment and that investment will likely take the form of physical PMs. Having said that, a number of realcent members (myself included) have income producing investments; but, like you, we have physical PMs as a fail-safe.