No worries. There is not much longer they can keep up the dog and pony show. Time and options are running out for the Fed, Wall st, and the USD. I am a perma bull on commodities still and we are in the early birth pangs of a super cycle.
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Gold and silver prices are down
- Thread starter Rider
- Start date
Varmint
NES Member
Wall St is the house, the house makes the rules, and they don’t like losing. The SEC works for the house. The country won’t be fixed from behind computer screens, unless it’s the bad guy from Die Hard 4.
not new guy
NES Member
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View attachment 444452
Scottsdale Mint on Gab: 'We just secured TONS more metal this morning with…'
Scottsdale Mint on Gab: 'We just secured TONS more metal this morning with our refineries and partners. This train has no breaks.'gab.com
it would be easier to feel good about this if they had spelled “brakes” correctly.
Varmint
NES Member
If you’re a silver fan the slow building of a base is more sustainable than a sudden jump to $50. It’ll get there soon enough, but it’ll take months or a year not days.
Jiren
NES Member
I personally think silver is still super cheap and undervalued, even at $28 it’s a huge buy, it should probably be like $50-60 minimum
Varmint
NES Member
It is, silver went from $12 to $29 last year, that’s a huge gain that needs time to consolidate before making a further move higher.
The big banks were able to drive it back under $29 before too much damage was done, but it’s just a matter of time. If it doesn’t happen this week, it’ll happen within a few months. Too much demand and like you said it’s too undervalued.
It looks like the big move in the precious metals was a one day flash in the pan. Great, if you purchased calls on Friday and puts on Monday, I suppose.
Well, we'll see what the rest of the week brings....
Well, we'll see what the rest of the week brings....
Win
NES Member
Buying opportunity
Varmint
NES Member
Wait for gold to retest $1700 and silver $21-22.
Buy miners when they pull back 10-15% (30-40% in silver miners who ran up yesterday). Miners will bottom before the metals.
Varmint
NES Member
I think so too, although it’s just premarket so too early to say. Without WSB focused on silver it was just retail trying to move the market and there’s too much Wall St power on the other side.
Win
NES Member
Wow! That's much lower than I imagined that they would go.
That’s good base support coming from many metals
experts. They’ve called that for at least the last 6-8 months. The run up from last March was hot and heavy and a long consolidation period is needed to set up a base. I was surprised gold was holding around 1800 for so long.
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Win
NES Member
Welp, more for me I guess.
Regarding AG, have you guys seen this tidbit?
Mexican tax authorities to seek over $500 million from Canada's First Majestic
MEXICO CITY (Reuters) - Mexico's government plans to seek more than $500 million from Canadian miner First Majestic Silver Corp in what it says are owed taxes for artificially keeping its silver prices low over the past decade, two sources told Reuters.
www.kitco.com
Hence the reason I like Tier 1 jurisdictions. Guaranteed these kinda things will happen more often in SA, Africa, Middle East, etc. as metal prices increase.Regarding AG, have you guys seen this tidbit?
Mexican tax authorities to seek over $500 million from Canada's First Majestic
MEXICO CITY (Reuters) - Mexico's government plans to seek more than $500 million from Canadian miner First Majestic Silver Corp in what it says are owed taxes for artificially keeping its silver prices low over the past decade, two sources told Reuters.www.kitco.com
richc
NES Member
It was inevitable. If I started selling $1 bills for fifty cents there'd be a line down the block. If I started selling $1 bills for $3 I'd have no customers. This entire time GME has been selling $1 bills for $25, give or take. No matter the rhetoric or emotion, this will end badly at some point.
JRT
NES Member
You either die a hero, or you live long enough to see yourself become the villain.
Well, let's see what happens with Hecla Mining Company (HL).
Sold the Feb 19, $5 puts...
At worst, HL will go to zero and I'll be obligated to buy at $5 a share.
If it skyrockets to the moon, I'll eek out a 5% capital gain in 17 days.
Sold the Feb 19, $5 puts...
At worst, HL will go to zero and I'll be obligated to buy at $5 a share.
If it skyrockets to the moon, I'll eek out a 5% capital gain in 17 days.
Hecla will move back and forth a bit but it won’t go to zero. You’ll be in the money.
Okay, I'm going to hold you to that. Promise?
Here's a way to play First Majestic (AG: $16.61), if any are so inclined:
With $1300 cash in your account, sell the "cash-secured" February 19, 2021 $13 put for 85¢ o.b. (current b/a: 84¢/95¢).
You will be obligated to buy 100 shares of AG at $13 a share, if assigned. This option expires in 17 days.
If AG is above $13 a share at expiration, you will have netted a capital gain of $85 (less comx.) and your option will expire (ie. you are no longer under obligation and your cash balance is now free for other uses).
Cheers!
Needless to say, if you have $13000 cash in account, you can sell 10 contracts.
Here's a way to play First Majestic (AG: $16.61), if any are so inclined:
With $1300 cash in your account, sell the "cash-secured" February 19, 2021 $13 put for 85¢ o.b. (current b/a: 84¢/95¢).
You will be obligated to buy 100 shares of AG at $13 a share, if assigned. This option expires in 17 days.
If AG is above $13 a share at expiration, you will have netted a capital gain of $85 (less comx.) and your option will expire (ie. you are no longer under obligation and your cash balance is now free for other uses).
Cheers!
Needless to say, if you have $13000 cash in account, you can sell 10 contracts.
headednorth
NES Member
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$AG down 22% rn ;(
rep308
NES Member
The number of shares of GME is known and fixed. The amount of silver available and not fixed. As some point people will start melting down silverware. Heck when my step mom passed last year she had extensive silverware and serving trays that I could not sell and melted for $7K
That is a false comparison you just made.
There is a fixed amount of silver and all yoy are saying is prices will rise to a point more people will sell theirs. That's called price discovery. There is no diff between Silver and GME currently, unless you consider GME could actually sell more shares.
rep308
NES Member
There is a known number of GME shares, there is an unknown amount of silver in private hands. Read about Silver Thursday:
en.wikipedia.org
As a 19 year old college student, I liquidated my coin collection scrap silver and 20 rolls of silver quarters my grandfather gave me for something north of $35/oz in 1980's money.
Silver Thursday - Wikipedia
As a 19 year old college student, I liquidated my coin collection scrap silver and 20 rolls of silver quarters my grandfather gave me for something north of $35/oz in 1980's money.
1903Collector
NES Member
Was gonna grab some more SE's, should I wait? Every time I try to time a purchase I f*** myself to varying degrees..LOL
n1oty
NES Member
I cannot help the feeling that it is OK to wait and that silver will drop, probably into the low 20's. I plan on buying once the market spot price drops to $25 or less. I think this will be the last dip though, mainly because Bidet and Company are about to make the prior deficit spending look like child's play. His spending will ultimately fuel this market.
richc
NES Member
I know one thing for certain. The price of silver will rise and fall over time.
You can bet your life on that...
Varmint
NES Member
Yeah not clear if this is legit tax dodging or Mexico playing games, but unfortunately most of the silver is in Mexico. Glad I got out of AG at $22 yesterday.
I just own silver juniors, they seem less vulnerable to this stuff than producers. For exposure to the producers I buy SILJ.
Varmint
NES Member
It was inevitable once brokers said you can only sell GME, not buy. If they big players start losing, they change the rules.
Varmint
NES Member
Nothing is as volatile as gold and silver miners.
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