Silver is tanking! Gold is down, but hanging! Is it time to buy PM again?

[lodge939]

I wouldn't trust eBay prices too much, folks. Most of those are brand new buyers who don't know cheaper places to buy metals. Plus, since items are bid on individually, prices get driven higher because there is more competition for individual pieces. If you have 100 buyers looking at a 10-ounce bar on eBay, and 100 buyers looking at 100 10-ounce bars on APMEX, the eBay price is going to go up higher.

Ebay probably has tens of thousands of people browsing. I think it's a good supply/demand indicator as any. Just look at how many bullion merchants are out of stock.

The paper gold price doesn't reflect the true market

 

[ItsTime]

Ebay probably has tens of thousands of people browsing. I think it's a good supply/demand indicator as any. Just look at how many bullion merchants are out of stock.

The paper gold price doesn't reflect the true market

qft. my dealer only has 2 oz of gold left.

 

[Archie]

It is supply and demand for real. You can barely get real now. That is why there it is so much over spot.

At least that is what I believe

oh I dont doubt that there is lots of people trying to buy silver, I'm just saying it looks like the dealers are taking advantage of the whole " paper vs delivery" argument in order to justify making us pay +5 over spot while buying it back from us at " paper spot prices" there was just as much demand and even more for silver bullion on its first dip this year from 21 oz to 19-18 oz and back then the average premium was 1.50-250 over spot nothing like it is now to me it just looks like the dealers are using these new " premiums" that are + 5 over spot as a way to minimize losing there profits when silver dives 10% in one day , and buy the dealers hustling the whole " paper vs delivery " argument as a way to not cause any huge red flags about there high over spot charges these same guys use the " paper price" to buy back our silver

 

[Mahkato]

I'm not saying eBay is WRONG, I'm just saying they're on the high end of all the physical silver transactions going on in the world right now.

 

[ChaosControl]

100 Ounce Pan American Silver Bars
$1,072.00

http://bullion.nwtmint.com/silver_bars_100.php

But both bullionDirect and NWTmint are taking orders for delivery in 3-4months. So if these companies are around in 4 months and their suppliers do not default on the orders, they might be able to deliver. Very risky, but still possible

They are? I thought they had in stock. I was going to buy from them. :|

 

[Mahkato]

I've heard people complaining about very long delays from NWTmint, and getting the runaround from their customer service.

 

[Ninja Homer]

If gold and silver are nearly impossible to find now, how would a currency based on gold and silver work? I'm probably missing something (like maybe there are gigantic hoards of it somewhere that are just waiting to be formed into coins), but to use something for a currency, there has to be enough of it to go around in trade.

 

[ItsTime]

If gold and silver are nearly impossible to find now, how would a currency based on gold and silver work? I'm probably missing something (like maybe there are gigantic hoards of it somewhere that are just waiting to be formed into coins), but to use something for a currency, there has to be enough of it to go around in trade.

There is 147.6 million oz of gold in Fort Knox. Well there is suppose to be that much.

 

[lodge939]

If gold and silver are nearly impossible to find now, how would a currency based on gold and silver work? I'm probably missing something (like maybe there are gigantic hoards of it somewhere that are just waiting to be formed into coins), but to use something for a currency, there has to be enough of it to go around in trade.

Governments and central banks have a ton of it hoarded. But you could have a credit card system and when you pay for something 0.01ounce of gold is removed from your account.

 

[lodge939]

There is 147.6 million oz of gold in Fort Knox. Well there is suppose to be that much.

http://www.globalfirepower.com/list_gold_reserves.asp
China has been buying it up like crazy. I remember the US had 60% of world reserves after WW2

 

[Mahkato]

If gold and silver are nearly impossible to find now, how would a currency based on gold and silver work? I'm probably missing something (like maybe there are gigantic hoards of it somewhere that are just waiting to be formed into coins), but to use something for a currency, there has to be enough of it to go around in trade.

Your bank (or your city, or your state, or Wal-mart) would create "silver certificates" and "gold certificates" (likely in debit card form nowadays) that you would spend with. You would have 10 ounces of gold in their vault, and they would give you a debit card with 10 ounces of gold on it. Each time you bought something, a few goldgrams would flow (digitally) from your account to the merchant's account. Every so often, banks would ship physical gold or silver to each other to make up for digital transactions.

 

[Mahkato]

APMEX just got some 100-ounce bars of silver in stock. Buy quick folks!

Oh, and don't make any panicky emotion-driven purchases! (what if it goes lower?!)

 

[brandon]

APMEX just got some 100-ounce bars of silver in stock. Buy quick folks!

Oh, and don't make any panicky emotion-driven purchases! (what if it goes lower?!)

$2.60/oz over spot. Kind of expensive....25% markup.

 

[RickyJ]

Just buy some beer. The only metal worth having soon will be lead.

 

[acptulsa]

If gold and silver are nearly impossible to find now, how would a currency based on gold and silver work? I'm probably missing something (like maybe there are gigantic hoards of it somewhere that are just waiting to be formed into coins), but to use something for a currency, there has to be enough of it to go around in trade.

Many, many, many of the old silver U.S. coins are still around. If coinage was done on that same size/composition formula, those coins are likely to reemerge (many are worth nothing to coin collectors, as they are neither rare nor pristine) and recirculate. This would ease the startup of the new, old fashioned system greatly, and help people clean out the backs of their dresser drawers.

Silver would go up, of course, as the need to coin it would create demand. But, since silver has fallen relative to gold over the years, in practice it should wind up back where it was relative to gold.

 

[dannno]

$2.60/oz over spot. Kind of expensive....25% markup.

Mark-up from what?? If it's unavailable, then that is market price and spot is just BS.

 

[Trance Dance Master]

Just buy some beer. The only metal worth having soon will be lead.

Can you manufacture the computer you type on with lead? No. You would need silver.

 

[RickyJ]

Can you manufacture the computer you type on with lead? No. You would need silver.

Computers don't make good weapons. I suppose you could make silver bullets, or even golden ones, but lead is cheaper. I am talking about urban survival here, not starting a business.

 

[LibertyRevolution]

I was able to pick up 30 1oz rounds today at $13 each from a local coin shop. $3 over spot isn’t bad these days.

 

[Mahkato]

APMEX has some their big silver bars up again. They must have pulled them when the price was dropping so fast this afternoon.