What the hell is happening to gold and silver?

[Seraphim]

Lol nice.

I can't take it anymore, APMEX is going to love me today. I was waiting to buy more when it went sub $20.00 US FRN but I can't take it anymore as I'm not convinced we'll ever see that again. If we do then I'll eat rice for several months to compensate for purchasing more...

 

[WilliamC]

I can't take it anymore, APMEX is going to love me today. I was waiting to buy more when it went sub $20.00 US FRN but I can't take it anymore as I'm not convinced we'll ever see that again. If we do then I'll eat rice for several months to compensate for purchasing more...

+ rep

 

[GunnyFreedom]

Wow, silver's off $5. is this the backside of that run to $50 that was shut down before? I'm hoping Monday shows a little stability so I know it's not dropping further. I'd like to buy at $30, but not if it's gonna make $25 lol. As far as I know, the year-on-year fundamentals are stil way up plus inflationary pressure.

I guess the thing to watch is Asia. If value climbs $5 overnight in Asia, then it's just another wealth transfer to our Asian (marketplace) overlords.

 

[Seraphim]

I know early in the night silver was up 75 cents from the Asian markets...that's very unusual...usually it's like 10 cents.

Wow, silver's off $5. is this the backside of that run to $50 that was shut down before? I'm hoping Monday shows a little stability so I know it's not dropping further. I'd like to buy at $30, but not if it's gonna make $25 lol. As far as I know, the year-on-year fundamentals are stil way up plus inflationary pressure.

I guess the thing to watch is Asia. If value climbs $5 overnight in Asia, then it's just another wealth transfer to our Asian (marketplace) overlords.

 

[pmbug]

I just looked around and apmex and providentmetals both have >1 week delays on delivery of silver eagles. There may not be any inventory left in a few days if the price stays down in this range. Those who bought a couple weeks ago should take solace in the comfort that will likely be able to take delivery of their purchase(s). Should silver hit the 20's, you may not be able to find any physical.

 

[GunnyFreedom]

Hong Kong opens up at like 8-9PM. 10-11PM we'll have a better idea what's happening worldwide. Then we can take a closer look at what will happen over the weekend and Monday. Mind you, if prices skyrocketed 11PM-Midnight the APMEX price will reflect that change, but until about 10PM we will be flying somewhat blind, as that's when trends in Asia will become evident.

 

[UWDude]

So I went to the local coin shop. I was one of three people buying silver. He sold 120 ounces in 10 minutes. Poor guy had been buying them at about $40 he was saying. I wish I had more cash, as in FRN's, but I can only withdraw so much from the ATM at a time. I may visit the bank tomorrow and pull out enough to really stack up. And as someone was mentioning in this thread, and I overheard the coin dealer saying, he may need to start upping the premium, because nobody is selling to him at $30.

 

[Revolution9]

Business partner is on phone to Monex getting 250 oz silver and 2 oz of gold. He bought 1000 oz silver last year at 28 and cashed out at 45+ four months or so later.

Rev9

 

[Cowlesy]

Wow, silver's off $5. is this the backside of that run to $50 that was shut down before? I'm hoping Monday shows a little stability so I know it's not dropping further. I'd like to buy at $30, but not if it's gonna make $25 lol. As far as I know, the year-on-year fundamentals are stil way up plus inflationary pressure.

I guess the thing to watch is Asia. If value climbs $5 overnight in Asia, then it's just another wealth transfer to our Asian (marketplace) overlords.

I do not see in the long run how our government pays off its debts using current dollars at their current values. I just don't see how they have any choice but to inflate out of this. I mean I would love to see economic growth soar and skyrocket to lift us out of this morass, but currently with the regulatory environment, I don't see that happening.

May be 5 years from now but I still think inflation is on the way. And by inflation I mean a wage/price spiral (right now wages are stagnant).

 

[GunnyFreedom]

I just looked around and apmex and providentmetals both have >1 week delays on delivery of silver eagles. There may not be any inventory left in a few days if the price stays down in this range. Those who bought a couple weeks ago should take solace in the comfort that will likely be able to take delivery of their purchase(s). Should silver hit the 20's, you may not be able to find any physical.

If physical delivery becomes a real problem, I imagine that people with investment level purchases can always float on Hong Kong silver paper until the supplies come back up, even if they don't come back up until $50. Like if I had $10,000 right now, I'd wait until 9PM to see what HK is doing with silver, if it looked bottomed (or trying to time the bottom whenever) I'd buy up HK Silver ETF, hold those for a month until supply meets demand, and then cash out for physical. For a small marginal loss on metal value, it ends up just like buying all the physical "at 20" even if there were no physical silver to be found.

Mind you I've never bought over $1000 myself, so I'll just be watching for the floor and hoping I can still find some to buy lol

 

[specsaregood]

So I went to the local coin shop. I was one of three people buying silver. He sold 120 ounces in 10 minutes. Poor guy had been buying them at about $40 he was saying

Don't "poor guy" him, he isn't losing money. Unless he is a rare soon to be out of business dumbass he makes his money off the spread and the spot price doesn't matter to him.

 

[Diurdi]

Don't "poor guy" him, he isn't losing money. Unless he is a rare soon to be out of business dumbass he makes his money off the spread and the spot price doesn't matter to him.

And if he really thinks his inventory is undervalued, he can just hold on to it.

 

[Seraphim]

Unfortunately Asian markets are disconnected from our markets. They don't give a shit what the prices are or what we do. They buy. They buy. They buy.

You're more likely to spot the correct bottom by looking at our markets.

Last night is a good example.

If physical delivery becomes a real problem, I imagine that people with investment level purchases can always float on Hong Kong silver paper until the supplies come back up, even if they don't come back up until $50. Like if I had $10,000 right now, I'd wait until 9PM to see what HK is doing with silver, if it looked bottomed (or trying to time the bottom whenever) I'd buy up HK Silver ETF, hold those for a month until supply meets demand, and then cash out for physical. For a small marginal loss on metal value, it ends up just like buying all the physical "at 20" even if there were no physical silver to be found.

Mind you I've never bought over $1000 myself, so I'll just be watching for the floor and hoping I can still find some to buy lol

 

[TCE]

Apmex has upped their "price above spot" multiple times today. In fact, in the past minute, it fluctuated $0.20. Would buy elsewhere as I've been comparing prices a bit and they are at the high end at the current time.

 

[GunnyFreedom]

I do not see in the long run how our government pays off its debts using current dollars at their current values. I just don't see how they have any choice but to inflate out of this. I mean I would love to see economic growth soar and skyrocket to lift us out of this morass, but currently with the regulatory environment, I don't see that happening.

May be 5 years from now but I still think inflation is on the way. And by inflation I mean a wage/price spiral (right now wages are stagnant).

Right, I think at the heart of it is this big-gov illusion that 'deficits don't matter' Um. they mattered to Greece. The chimps pulling the switches on top would love deflation because they don't see any danger in doubling the burden of our debt at it's current value. Orwellian economics: Debt is not a burden, it's an asset, like credit.

They don't GET the burden our debt already has on us, and could not possibly imagine the prosperity we would know if not for the debt.

I imagine that .gov is not even thinking on this level, but that the President's WGFM is just trying to sink silver to prop up the dollar. it's a way of "destroying dollars" without retracting your M3... So I think the government's view is way less articulated: "MOAR DOLLAR STRONG!"

Keynesian hacks like Bernanke worry over inflation/deflation, but they are supply-side. Whichever way we ultimately go, it will be through incompetence. End the Fed already and let the market regulate itself

 

[JasonC]

Okay... coin flip... heads i sell.. tails i hold...AGQ

 

[JasonC]

tails it is....

 

[GunnyFreedom]

Apmex has upped their "price above spot" multiple times today. In fact, in the past minute, it fluctuated $0.20. Would buy elsewhere as I've been comparing prices a bit and they are at the high end at the current time.

I was actually thinking the same, actually. My last APMEX purchase was kinda pricey over spot.

 

[Jeez]

Wow, silver's off $5. is this the backside of that run to $50 that was shut down before? I'm hoping Monday shows a little stability so I know it's not dropping further. I'd like to buy at $30, but not if it's gonna make $25 lol. As far as I know, the year-on-year fundamentals are stil way up plus inflationary pressure.

I guess the thing to watch is Asia. If value climbs $5 overnight in Asia, then it's just another wealth transfer to our Asian (marketplace) overlords.

With Silver even a plunge below 20 is very likely once again it is an industrial metal. Ironic i was betting on silver hitting 25 by mid October and i think my prediction was too bullish .

 

[billjones]

Okay... coin flip... heads i sell.. tails i hold...AGQ

not fair. that was a double sided coin.