Silver is sinking like the TITANTIC

[Dave44]

Yep Mts, Good for you!!!! You have earned mine

 

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[pronghorn]

Yep Mts, Good for you!!!! You have earned mine

? Guess I missed that one

So............... Gurus

Whats going to happen
silver is $35.20 as I write this at 1:19 AM Friday morn
Mountain time
my silver net worth is disappearing before my eyes
what's it goin to do

I say it will go to $30 before the powers that be
decide to move again............
let's hear some predictions??

 

[pronghorn]

Dropped to $35.01 while I was typing that last post


Predictions

 

[pronghorn]

Down another .25 no wait, down .37 down .61
I can't post and check,
it's dropping that fast
what's your bottom out prediction?

 

[brendan1414]

My prediction is lingering around $35, but never going under $33, then rising again back to $40 by the end of may

 

[dogpound]

33.95 for the minute.....

 

[Treasure_Hunter]

$35.70...

 

[Marchas45]

Can it really be? Fly Me To The Moon going back up? $36.20

 

[ivan salis]

the big timers KNOW theres money to be made in silver --the small time players are being fiscally squeezed out by raising the "margins" so they can not afford to play --in the futures market -- this is causing the small timers to have to "dump" their contracts being they can not "afford" them now-- -- driving the price of silver down and stopping the "big timers" from having to fill all the silver futures contracts they sold "NAKED" (WITHOUT THE ACTUAL SILVER ON HAND TO FILL THE CONTRACT)

"NAKED" SELLING (SELLING A CONTRACT WITHOUT THE ACTUAL PRODUCT TO FILL THE CONTRACT *) IS A SORT OF CON GAME * THE BIG TIME FUTURES CONTRACT SELLERS GET THE SILVER MARKET RAISING RED HOT HOT AND EVERY TOM , DICK AND HARRY BUYS "FUTURES CONTRACTS" TO CASH IN ON SOME EASY MONEY (SO THEY THINK) --THEN ONCE THE "NAKED SELLERS" HAVE ENOUGH SUCKERS LINED UP THEY DO SOMETHING TO "TANK" THE MARKET --AND MAKE SYLVER PRICES DROP LIKE A ROCK --THEN THE BIG TIMERS SWOOP IN AND FEAST UPON THE "PANIC AND FORCED SELLERS" SELLING OFF -- THEN THEY BUILD THE PRICE AGAIN --- classic pump and dump --big time manipulation scheme.

 

[vetteguy96]

We really wish they would STOP the monkeying around and let it stabilize for a few days or weeks....WE want to BUY, BUY, BUY, but nobody is SELLING, SELLING, SELLING, because the price is so all over the place, that they have just locked it all up and WE can't get it.....

I think everybody is puckering up right now, and even though this is a brilliant opportunity to buy, nobody will sell....If a dealer bought it at a spot of $37 or $40, why would he sell for $34?

...Or am I misunderstanding how this all works? Can somebody correct me if I'm wrong?....set me on the right path.

 

[Marchas45]

We really wish they would STOP the monkeying around and let it stabilize for a few days or weeks....WE want to BUY, BUY, BUY, but nobody is SELLING, SELLING, SELLING, because the price is so all over the place, that they have just locked it all up and WE can't get it.....

I think everybody is puckering up right now, and even though this is a brilliant opportunity to buy, nobody will sell....If a dealer bought it at a spot of $37 or $40, why would he sell for $34?

...Or am I misunderstanding how this all works? Can somebody correct me if I'm wrong?....set me on the right path.

Heck right now I'm getting some nice deals on ebay. Plenty of people selling just have to find the right one that will let it go for less than what they have it listed for. It's a game right now.

 

[vetteguy96]

We really wish they would STOP the monkeying around and let it stabilize for a few days or weeks....WE want to BUY, BUY, BUY, but nobody is SELLING, SELLING, SELLING, because the price is so all over the place, that they have just locked it all up and WE can't get it.....

I think everybody is puckering up right now, and even though this is a brilliant opportunity to buy, nobody will sell....If a dealer bought it at a spot of $37 or $40, why would he sell for $34?

...Or am I misunderstanding how this all works? Can somebody correct me if I'm wrong?....set me on the right path.

Cool....That's awesome for you. I guess I have to just keep looking, because I am still just seeing ASE's going in the $50 range.....I may be slow on the draw.....LOL



Heck right now I'm getting some nice deals on ebay. Plenty of people selling just have to find the right one that will let it go for less than what they have it listed for. It's a game right now.

 

[jim4silver]

We really wish they would STOP the monkeying around and let it stabilize for a few days or weeks....WE want to BUY, BUY, BUY, but nobody is SELLING, SELLING, SELLING, because the price is so all over the place, that they have just locked it all up and WE can't get it.....

I think everybody is puckering up right now, and even though this is a brilliant opportunity to buy, nobody will sell....If a dealer bought it at a spot of $37 or $40, why would he sell for $34?

...Or am I misunderstanding how this all works? Can somebody correct me if I'm wrong?....set me on the right path.

Here is the right path vetteguy.

A coin dealer will sell something for less than he paid for it IF he can replace the one he sells you with a new one for less. Let's say coin dealer buys coin for $38 when silver is $38.50 (as most dealers pay less than spot around here unless ASE or Maple, etc.). Silver drops down to $34 in a day or two. You go in and he charges you $35 (one dollar premium). That dealer should be able to buy silver at wholesale to replace it cheaper than that, or if the store gets alot of traffic, he will then buy from some other silver seller for $33.50 (when spot is $34). These numbers are just approximate but you see what I mean.

This does not work if absolutely NOBODY is selling, like when silver tanked to 9 bucks in 2008. Coin dealers make their money moving inventory, no matter what the price of the commodity is doing. If a coin dealers sits on inventory instead of taking a slight loss he may wind up taking an even bigger loss later if silver continues to tank. The coin dealers I know will ship out daily to wholesalers when the market is moving this fast, so they don't have to sell at a loss.

I went to a coin store today and could have scored Merry Christmas type silver rounds/bars for 50 cents over spot, whatever the spot price was--I decided not to buy because silver had gone up to over $36 bucks when it was only $33.80 when I woke up today (and decided I was going to buy). The coin dealer told me there were plenty of sellers bringing in inventory, even more than buyers.


Thus it is more replacement cost as opposed to what they paid for it that will determine how much they will sell it for. At least if it is a decent sized coin dealer that is how it is.

Jim

 

[vetteguy96]

We really wish they would STOP the monkeying around and let it stabilize for a few days or weeks....WE want to BUY, BUY, BUY, but nobody is SELLING, SELLING, SELLING, because the price is so all over the place, that they have just locked it all up and WE can't get it.....

I think everybody is puckering up right now, and even though this is a brilliant opportunity to buy, nobody will sell....If a dealer bought it at a spot of $37 or $40, why would he sell for $34?

...Or am I misunderstanding how this all works? Can somebody correct me if I'm wrong?....set me on the right path.

Here is the right path vetteguy.

A coin dealer will sell something for less than he paid for it IF he can replace the one he sells you with a new one for less. Let's say coin dealer buys coin for $38 when silver is $38.50 (as most dealers pay less than spot around here unless ASE or Maple, etc.). Silver drops down to $34 in a day or two. You go in and he charges you $35 (one dollar premium). That dealer should be able to buy silver at wholesale to replace it cheaper than that, or if the store gets alot of traffic, he will then buy from some other silver seller for $33.50 (when spot is $34). These numbers are just approximate but you see what I mean.

This does not work if absolutely NOBODY is selling, like when silver tanked to 9 bucks in 2008. Coin dealers make their money moving inventory, no matter what the price of the commodity is doing. If a coin dealers sits on inventory instead of taking a slight loss he may wind up taking an even bigger loss later if silver continues to tank. The coin dealers I know will ship out daily to wholesalers when the market is moving this fast, so they don't have to sell at a loss.

I went to a coin store today and could have scored Merry Christmas type silver rounds/bars for 50 cents over spot, whatever the spot price was--I decided not to buy because silver had gone up to over $36 bucks when it was only $33.80 when I woke up today (and decided I was going to buy). The coin dealer told me there were plenty of sellers bringing in inventory, even more than buyers.


Thus it is more replacement cost as opposed to what they paid for it that will determine how much they will sell it for. At least if it is a decent sized coin dealer that is how it is.

Jim

Thanks Jim....It looks like I just need to find some more coin dealers in this area...wish me luck!......LOL

 

[JD-GA]

We really wish they would STOP the monkeying around and let it stabilize for a few days or weeks....WE want to BUY, BUY, BUY, but nobody is SELLING, SELLING, SELLING, because the price is so all over the place, that they have just locked it all up and WE can't get it.....

I think everybody is puckering up right now, and even though this is a brilliant opportunity to buy, nobody will sell....If a dealer bought it at a spot of $37 or $40, why would he sell for $34?

...Or am I misunderstanding how this all works? Can somebody correct me if I'm wrong?....set me on the right path.

I am a dealer and here is what ive done through this drop. Last week I payed $48 for some eagles. I put them in the same box I keep my eagles i payed $20 for last year. Yesterday I got 60 more at spot just over $34. If I have a new customer come in and want some eagles I will sell a very small amount 3, or 4 or so at todays spot plus the usual premium for eagles. Now ive gained a new customer, made only a small profit from todays spot vs the buys from yesterdays low, and the rest of this weeks eagles are saved for when silver gets higher. The key for dealers is if you are always buying slightly less than melt and selling for slightly over melt you are always doing good business unless you are selling above or below the supply and demand. Its not so much your buying and selling prices as it is your consistency. If you blow your entire wad on eagles (or other bullion/ coin) at one time at one price its dangerous. No one truly knows what is the low dollar or the high dollar when it comes to the stock market.

But you are right. A big reason you may find it hard to find silver right now is because a ton of people own it to high and dont want to take the hit. The other reason is the same reason silver went up so high and will do so again and that is supply is low and demand is still high. Ive mentioned it a time or 2 this week already but I couldnt even order eagles from 2 bullion companies last week that my business is hooked up with unless my customer could wait A MONTH to receive them. That was when silver was at $47. That means eagles at $47 were on back order because there were so many people wanting them and orders were unable to be filled. That hasnt changed and in fact is probably even worse with even more people trying to grab them up at cheaper prices like yourself.

I know Ive bought 400 oz from customers over this entire dip at from 15% below melt all the way to spot price. I would buy something and literally 2 hours later could not sell it for what I had just payed due to it going down so fast. And as I continue to buy it while it rises it all evens out so long as im buying consistently. Just hedge your bets and trade safely.

 

[mts]

I am a dealer and here is what ive done through this drop. Last week I payed $48 for some eagles. I put them in the same box I keep my eagles i payed $20 for last year. Yesterday I got 60 more at spot just over $34. If I have a new customer come in and want some eagles I will sell a very small amount 3, or 4 or so at todays spot plus the usual premium for eagles. Now ive gained a new customer, made only a small profit from todays spot vs the buys from yesterdays low, and the rest of this weeks eagles are saved for when silver gets higher. The key for dealers is if you are always buying slightly less than melt and selling for slightly over melt you are always doing good business unless you are selling above or below the supply and demand. Its not so much your buying and selling prices as it is your consistency. If you blow your entire wad on eagles (or other bullion/ coin) at one time at one price its dangerous. No one truly knows what is the low dollar or the high dollar when it comes to the stock market.

But you are right. A big reason you may find it hard to find silver right now is because a ton of people own it to high and dont want to take the hit. The other reason is the same reason silver went up so high and will do so again and that is supply is low and demand is still high. Ive mentioned it a time or 2 this week already but I couldnt even order eagles from 2 bullion companies last week that my business is hooked up with unless my customer could wait A MONTH to receive them. That was when silver was at $47. That means eagles at $47 were on back order because there were so many people wanting them and orders were unable to be filled. That hasnt changed and in fact is probably even worse with even more people trying to grab them up at cheaper prices like yourself.

I know Ive bought 400 oz from customers over this entire dip at from 15% below melt all the way to spot price. I would buy something and literally 2 hours later could not sell it for what I had just payed due to it going down so fast. And as I continue to buy it while it rises it all evens out so long as im buying consistently. Just hedge your bets and trade safely.

Thanks for that insight. It is very helpful to understand how all of this stuff works when it comes to dealers.

 

[Vodka1000]

Again ----

http://www.caseyresearch.com/articles/adrian-day-gold-prices-due-correction

 

[JD-GA]

Again ----

http://www.caseyresearch.com/articles/adrian-day-gold-prices-due-correction

Very interesting read. I dont understand the part where he says the dollar will die and gold will follow it though. Call me naive but every time the fed chairman gives a poor outlook on the dollar gold goes higher as more people use their dying green paper to get some more shiny stuff.

The savior here for many of us though is that owning the physical metal means if the dollar does die we can take our box full of precious metal and move to another country and trade it in for their currency whereas if the dollar dies and you take a sack full of them somewhere you else you starve. <Shrug> Dont need an expert to understand this bit of common sense.

 

[Vodka1000]

Again ----

http://www.caseyresearch.com/articles/adrian-day-gold-prices-due-correction

Very interesting read. I dont understand the part where he says the dollar will die and gold will follow it though. Call me naive but every time the fed chairman gives a poor outlook on the dollar gold goes higher as more people use their dying green paper to get some more shiny stuff.

The savior here for many of us though is that owning the physical metal means if the dollar does die we can take our box full of precious metal and move to another country and trade it in for their currency whereas if the dollar dies and you take a sack full of them somewhere you else you starve. <Shrug> Dont need an expert to understand this bit of common sense.

The savior here for many of us though is that owning the physical metal means if the dollar does die we can take our box full of precious metal and move to another country and trade it in for their
WOMAN -----

 

[TheRandyMan]

You can always tell the ones that are under 50...

I read this earlier today...thought it might interest some of you...

"Ned D, yes you have to trade the gold to get things you can use, just as you trade dollars to get things you use. After all you can't make a dollar omelet or put dollars in your gas tank. The difference is that people and nations are getting tired of the US gov making the dollar worth less each year. (The Fed's stated goal is to see the US dollar worth 18% less in ten years--2% inflation rate)
Gold, silver, and other physical assets can't be created out of thin air, that is why they maintain their value.
For example, a home in 1974 cost around $21,000 or 133 oz of gold. In 2010 the average home is about $170,000 or around 133 oz of gold.
Gas in 1964 was around $0.25 a gallon. Today that same 1964 quarter would buy two gallons of gas as it could be sold for $8.50. We would expect modern efficiencies to lower the cost of goods and services over time, instead because of government inflation we pay more to get less.
The US gov is spending far more than it brings in, the interest is eating up more and more every year. If things don't change, they will collapse. A nation that has a large amount of gold and silver and oil, etc stored up will be better able to survive that.
The real question is not why is Mexico doing this but why isn't the US?"

Good question, eh? Has anyone heard that the US is taking the soon to be depreciated paper and buying gold with it? Probably not...guess that wouldn't look right for the world's reserve currency printer to be buying gold out in the open.... eh?