$24.44/oz and dropping like a rock...

BuffaloBoy

BuffaloBoy

Gold Member
Feb 16, 2011
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I have held silver since 2005, I have watched it go from $7 to $15, then down to $8 then up to $20, then down to $10, then from there to $50 and down now to $24 and change. This is cyclical and normal in a bull market, patience is needed. This crazy drop almost always happens in Apr/May. Pulll the charts back to 2004, you can see a pattern. Problem will be that no one will sell at these prices. This is the leveraged longs getting crushed and the shorts doubling down, it will pass when the shorts begin to cover slowly.
 

I buy a little every week or every couple weeks to dollar cost average my holdings. Coupled with CRH, my price per ounce is real low.
 

crhstreetwalker said:
The wholesaler I do business with is actually paying $2 over spot right now.
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And he is a smart man. If anyone is smart, they shop around for the "best price" when selling. He is more like to get the silver from those selling. As such, he makes out like a bandit when it shoots up again. As quickly as it dropped, it CAN'T hold at these prices. It's at, if not already below, what it costs to mine/refine an ounce of silver. Any less and mines will be operating at a loss... On their silver anyway.
 

at $20 to a dollar face i filled 2/3 of my washington book and got some ASE if it drops more i'll buy even more. buy when it's up buy a lot when it's down. paper gets worth less by 85 B. a month. LP
 

50cent said:
I hate to say this to everyone here but: I told you so.
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Why would you say u hate to say this but you told us? It's the lowest its been since you said that, we can still pull money out from crh and buy some AG. not like we missed out on the good buying time, its here now or still to come.
 

Wow! 23.59 right now!!! Gold at 1408!! Probably the biggest crash I've ever seen!
 

This is the largest crash i've seen since i've been watching since 2006
 

My honest opinion is that silver is just one piece to the overall investing picture. I've been reading quite a bit about what is going on in general. A lot of the side-line money that was sitting in gold/silver is starting to push back into the equities market. Historically, individual investors have been terrible at timing the market, so stock analysts overall are saying that stocks still have a little bit to go in the current advance, but that we are towards the end of the current market run up. The other thing to keep an eye on are the bond markets. The bond market is currently in a bubble that will eventually pop. I personally believe that within the next year or so either the bond bubble will pop or the equities market will take another major hit or both. Either of these things will cause silver/gold to run back up for at least a little while.

I'm not an investing expert, but this is the way the picture looks to me. Personally, I'm not really too concerned with any of it. I do most of my equities investing through an employer-sponsored 401k. Since the employer matches everything I put in even if the money I put in there gets cut in half, I'm still breaking even. For silver, everything that I have was bought at face, so I can't lose any money. I personally do not buy silver above face because it is too much of a gamble to be worth it. I feel that it is just as likely to go up as it is to go down in the short term. Keep hunting and stacking and you can't lose.
 

The only problem with a price drop for me is that it makes the prices of the things I buy at auction harder to purchase. Larger items are cheaper but smaller ones will generally be sold to wearers instead of stackers or melters.
 

I love to see silver still plummeting. BUY BUY BUY!
 

Iamrussell said:
If you can find it with a decent premium
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I can get ASE's for a 1.50 over spot. Good enough for me. It helps to be in good with the dealers. Lol
 

The problem is, we don't know the true price of silver.

The "spot price" isn't really the price it takes to get the physical metal, that number is quite different (I mean, I doubt anyone can walk into a coin store/bullion shop and buy a bar of silver for $24 or so).

The fundamentals of silver are still there:

1) Its still widely used in industrial applications
2) Its still got -very- strong physical demand
3) The dollar is still being debased to oblivion
4) Other fiat currencies are also being debased (Yen, Euro, Pound, etc.)
5) Recycling silver isn't really happening, and so it is truly being "consumed" unlike more expensive metals (gold/platinum) that are routinely recycled

With the fundamentals still there, I don't see any reason to adopt a different strategy other than buy and hold. After all, just about anything is better to hold than cash at the moment...
 

50cent said:
I hate to say this to everyone here but: I told you so.
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your words verbatim - "The price of silver past couple-a days has been going down, down, down, perhaps when it drops some more, it will be a good time to buy some Ag. Anyone think its a good idea if it keeps dropping, to take some money out of the CRH fund, and put it into the Ag investments?"


So tell me, by observing the price of silver going down and asking us if you should sell if silver keeps dropping, how is that the same as telling us that silver is going to keep dropping? TreasurePirate69 is right
 

If it goes below $20 an ounce, I am going to have my entire body plated in silver.. I have been patiently waiting for silver to drop so I can get this procedure done.. Then I can quit my day job and follow my boyhood dream of becoming a robotic street performer...

colloidal-silver-blue-man.jpg
 

Too bad we all didn't sell when it was $34 and buy back in now... the market is hard on those without inside information.
 

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