Gold and silver prices are down

[Varmint]

One other thought. As mentioned before the coin show was populated with old guys. Lots of us old guys.

But as I scanned the dealer tables there were not many young folks. And quite a few portly old gents with canes.

I wonder if we're seeing the slow death of the numismatic industry? As these old fellas die off, what happens to the industry?

I don't think I talked with anyone under the age of 50 at a dealer table. And a few that were clearly 70 and above.

Is numismatics on the way out?

Probably it’s just that old people remember the value at a time when most people see no point in gold. If it goes to $2500 and becomes hot again you’ll see young people get interested.

 

[richc]

 

[Varmint]

+1 for Haribo

Haribo is like fiat food. I like the irony.

 

[richc]

Just thinking about this for myself. At what price would I undeniably sell gold and silver.

So here's the challenge. You wake up one morning and see gold and silver have moved higher. There now at a price that there's no doubt you'll sell. Sell right now.

So, what are those prices?

For me, I'm thinking $100 silver and $5000 gold. I might sell a few coins here or there for lower prices. But at those levels I'm running to the coin store and selling what I have.

It's hard to predict your future behavior. But I'm wondering if any of you have considered this?

Thx

Rich

 

[DJBrad]

Just thinking about this for myself. At what price would I undeniably sell gold and silver.

So here's the challenge. You wake up one morning and see gold and silver have moved higher. There now at a price that there's no doubt you'll sell. Sell right now.

So, what are those prices?

For me, I'm thinking $100 silver and $5000 gold. I might sell a few coins here or there for lower prices. But at those levels I'm running to the coin store and selling what I have.

It's hard to predict your future behavior. But I'm wondering if any of you have considered this?

Thx

Rich

I would do the same Rich.

The point at which I would sell physical would be at the point some form of stability occurs with global financial systems and the economy at large. I don’t believe we are even close enough to the beginnings of further breakdown yet. It will take time. Therefore the upside for precious metals has a long horizon.

That scenario of of repair would cause precious metals to plummet if the financial system and economy do recover back to stability. The big question is whether precious metals play a greater role in the new regime. If so then holding them would be wise.

 

[Varmint]

Just thinking about this for myself. At what price would I undeniably sell gold and silver.

So here's the challenge. You wake up one morning and see gold and silver have moved higher. There now at a price that there's no doubt you'll sell. Sell right now.

So, what are those prices?

For me, I'm thinking $100 silver and $5000 gold. I might sell a few coins here or there for lower prices. But at those levels I'm running to the coin store and selling what I have.

It's hard to predict your future behavior. But I'm wondering if any of you have considered this?

Thx

Rich

I think about when I’ll sell mining stocks, cause they peak before gold does and you don’t want to be on that elevator when it starts going down.

I’ll start selling when gold reaches $2500 and sell on the way up.

 

[Varmint]

I would do the same Rich.

The point at which I would sell physical would be at the point some form of stability occurs with global financial systems and the economy at large. I don’t believe we are even close enough to the beginnings of further breakdown yet. It will take time. Therefore the upside for precious metals has a long horizon.

That scenario of of repair would cause precious metals to plummet if the financial system and economy do recover back to stability. The big question is whether precious metals play a greater role in the new regime. If so then holding them would be wise.

There’s no repairing this financial system, there is only default or reset. Both would drive gold and silver way up.

 

[DJBrad]

There’s no repairing this financial system, there is only default or reset. Both would drive gold and silver way up.

Current one, yes. No repair. New regime coming but we don’t know what that will be yet. So then $2500 would be a pointless level to sell at in your scenario of default or reset for what will you sell gold for? Dollars? Ameros?

 

[smokey-seven]

+$40.00

I will take the profit and run into other hard goods while the dust settles.

When silver hits $40.00 there will be many other options to make money.

 

[Varmint]

Current one, yes. No repair. New regime coming but we don’t know what that will be yet. So then $2500 would be a pointless level to sell at in your scenario of default or reset for what will you sell gold for? Dollars? Ameros?

Plan to buy a house and other hard assets with our cash. I could even buy more physical gold but I suspect it’ll get really hard to get when gold is $2500-3000.

 

[richc]

I would do the same Rich.

The point at which I would sell physical would be at the point some form of stability occurs with global financial systems and the economy at large. I don’t believe we are even close enough to the beginnings of further breakdown yet. It will take time. Therefore the upside for precious metals has a long horizon.

That scenario of of repair would cause precious metals to plummet if the financial system and economy do recover back to stability. The big question is whether precious metals play a greater role in the new regime. If so then holding them would be wise.

The only way I see a return to stability is through an era of massive instability. It take real pain to get a return to normalcy. It takes real pain for people to agree to difficult changes that are needed to get some sense of a stable environment.

I'm still thinking there is big pain ahead. Both economic and the unstable relationships between so many large and powerful countries. The Ukraine war. China threatening Taiwan. Future Russian attempts at gaining back territories that were part of the former Soviet Union. Massive supply chain disruptions. The BRICS nations trying to destabilize the dollar.

There's so much sh*t going on in the world today that ain't good. And IMHO could lead to a war no one wants to see.

My son got out of the Army 2 years ago. I guess they are obligated to 2 years of ready reserve status after leaving. He just passed that milestone. I am thankful because it would not surprise me to see the need for a rapid, large scale military response to some world event. The US is considered very weak in the world arena. And it would take a massive show of force to change that view. In the meantime our enemies continues to poke the bear with a stick, and our President continues to ignore these provocations.

WTF has happened to our country?

:-(

Rich

ETA: Happy Easter! Happy Passover! Happy whatever you celebrate. You're all a bunch whackjob right wingers who I'm proud to call friends. Your faith, sexuality, skin color, race, height or weigh mean nothing to me. You're all good people.

 

[Win]

My plan is to bequeath my gold and silver.

 

[richc]

My plan is to bequeath my gold and silver.

Do you have the full spelling of my name?

 

[n1oty]

Just thinking about this for myself. At what price would I undeniably sell gold and silver.

So here's the challenge. You wake up one morning and see gold and silver have moved higher. There now at a price that there's no doubt you'll sell. Sell right now.

So, what are those prices?

For me, I'm thinking $100 silver and $5000 gold. I might sell a few coins here or there for lower prices. But at those levels I'm running to the coin store and selling what I have.

It's hard to predict your future behavior. But I'm wondering if any of you have considered this?

Thx

Rich

For me, much would depend on the status of the dollar at THAT moment in time. With the current buying power of the dollar, I could easily be tempted to sell some of my physical PM holdings. On the other hand, in a Weimar Republic scenario, I will not exchange my PM's.

 

[Varmint]

$2000 gold and $25 silver well defended overnight. Would be nice if those levels became the new floor.

 

[silversquirrel]

$2000 gold and $25 silver well defended overnight. Would be nice if those levels became the new floor.

Needs to go up. Unchecked inflation and interest rates are getting worse.

 

[Varmint]

Needs to go up. Unchecked inflation and interest rates are getting worse.

Higher interest rates are bad for gold cause gold has no yield. But I don’t think many investors believe the Fed will raise rates.

 

[richc]

$2000 gold and $25 silver well defended overnight. Would be nice if those levels became the new floor.

Ooops... US dollar is much stronger this morning... DOH!

 

[Varmint]

Ooops... US dollar is much stronger this morning... DOH!



View attachment 741103



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Futures are still over $2000. I don’t really watch the spot price cause that’s more for manufacturers and producers, while investors and traders use the futures.

 

[DJBrad]

Futures are still over $2000. I don’t really watch the spot price cause that’s more for manufacturers and producers, while investors and traders use the futures.

Yes, $2000 is holding strong

 

[Varmint]

Yes, $2000 is holding strong

And no big deal if it doesn’t. The road to $2500+ will have a lot of pullbacks.

 

[Varmint]

Man, Dolly Varden Silver is up 250% since September, I missed that one.

I don’t recommend buying miners after they move like that. Often it’s due to some newsletter promotion or something and it gives back a lot of the gains.

 

[DJBrad]

Man, Dolly Varden Silver is up 250% since September, I missed that one.

I don’t recommend buying miners after they move like that. Often it’s due to some newsletter promotion or something and it gives back a lot of the gains.

Don’t forget KUYAF.

 

[Varmint]

Don’t forget KUYAF.

Yeah that’s an interesting one cause I don’t see a catalyst for it’s big move. Did someone push them in a newsletter?

I heard that Rick Rule issued 30 stock recommendations last week, they say many of those moved 50%, but I don’t know what was on his list.

 

[DJBrad]

Yeah that’s an interesting one cause I don’t see a catalyst for it’s big move. Did someone push them in a newsletter?

I heard that Rick Rule issued 30 stock recommendations last week, they say many of those moved 50%, but I don’t know what was on his list.

They had some very good drill results.

 

[Varmint]

They had some very good drill results.

That’s usually a selling opportunity these days. But a small junior like that if a big name like Bob Moriarty highlights them it can take off. He’s always pushing Dolly Varden.

 

[Varmint]

Amazingly even Jordan Roy Byrne’s stock recommendations are now moving stocks. That never used to happen. He’ll recommend a stock and then he can’t buy it cause it goes up 25% the next day.

 

[Varmint]

Don’t forget KUYAF.

Roy Byrne has a nice service where he lists every company he's ever commented on and which issue to find it. He mentioned Kuya once in Aug 2022. I definitely don't take his word as gospel so it's just FYI.

I was wondering what your opinion is on some silver companies with decent deposits and grades that plan to go into development at some point, and which could get to even more attractive prices soon given the weakness that silver is showing. I am thinking of companies such as Discovery Silver, Vizsla and Kuya for example. Do you think any of those 3 companies could be a good buying opportunity for the long term, or do you see any red flags on any of them? On another note, what's your current opinion on Aftermath?

The red flag right now is Silver. If we see it fall to $14-$15 and Gold breaks $1675, silver stocks will become a lot cheaper. But this is the time to figure out which ones you want to buy. With respect to silver companies, I prefer the exploration route or the optionality route. There aren’t any growth-oriented producers (at least not yet) that excite me. Discovery Silver is an optionality play. It’s a large and very low grade deposit. It’s actually a base metals deposit as silver comprises a small percentage of the mineral endowment. To my knowledge, it lacks exploration upside, and it’s an asset that is not going to be developed anytime soon. It’s an optionality play and it’s too expensive at this point. I prefer smaller market caps when looking for optionality plays. Kuya Silver wants to be a growth-oriented producer but its project is too small for the market to care. They want to grow through acquiring other small mines but this will be difficult to do until the market turns and they have some cash flow with the first mine. It’s too early. Vizsla Silver would be, by far, my pick of these three. They’ve defined a relatively highgrade resource already and most of the resource is Silver & Gold. (Remember, when you are looking at silver deposits, gold counts significantly as an equivalent whereas base metals get scant value). Their deposit has a Silver-equivalent resource (counting only the Gold as an equivalent) of ~100M oz and a grade of well over 300 g/t Ag-eq. In past updates I discussed the key thresholds of 50M oz Ag, 100M oz Ag and then ~200 g/ t Ag for high grade. This is a deposit that the market will absolutely care about. The company market cap is US $175 Million. A 20% decline takes it to a double bottom and a market cap of US $140 Million. In a real bull market it has 10-bagger potential

On April 4 they announced some decent drill results, but they also announced a financing of $300k at $0.20/share and a half warrant. They did a similar one 4 months ago.

Usually those tiny financings with a warrant are the sign of a lifestyle or struggling company. I don't know why it's up so much this week but I'd be skeptical. Most of the silver juniors have bounced well off their lows so it could just be that investors are getting back in on the drill news after bailing this winter.

 

[Varmint]

Amazingly even Jordan Roy Byrne’s stock recommendations are now moving stocks. That never used to happen. He’ll recommend a stock and then he can’t buy it cause it goes up 25% the next day.

He's also predicting $4000 gold, and he's usually a debbie downer regarding gold.

Gold to $4000 in 2025

We have been writing about Gold's super bullish cup and handle pattern and the future breakout for years. It is coming and with it, a new cyc...

thedailygold.com

 

[Varmint]

PMs and their miners keep hanging around, let’s get it over with and punch through $2100.

Tomorrow’s CPI could be the catalyst if it’s below expectations. High CPI would mean the Fed has to keep raising rates, bad for gold.