Gold and silver prices are down

FWIW, over a plate of turkey I was talking with someone who's crystal ball I trust more than most. He thinks silver will slowly come down over the next 1-2 years with a bottom price of about $9-$12/oz. He's a 2nd generation antiques dealer who buys and sells "whatever" and trades a lot in silver (mostly old flatware selling below melt price). I'm just getting into PMs, and will keep buying silver, but I'm slowing my buy schedule a bit.
 
Oil and metals took a beating today. Silver is down a dollar from where it has been for the past two weeks. The market just closed for the weekend at $15.44/oz. you have 48 hours to buy at that price!
If on Sunday, the Swiss vote yes on their gold referendum (not too likely) than metals will go up.
 
BullionExchanges.com has rolls of ASEs for $364.40 and rolls of Canadian Silver Maples for $455.50. Those prices are if paying by check and shipping is free.
 
cockpitbob said:
FWIW, over a plate of turkey I was talking with someone who's crystal ball I trust more than most. He thinks silver will slowly come down over the next 1-2 years with a bottom price of about $9-$12/oz. He's a 2nd generation antiques dealer who buys and sells "whatever" and trades a lot in silver (mostly old flatware selling below melt price). I'm just getting into PMs, and will keep buying silver, but I'm slowing my buy schedule a bit.
Click to expand...

I would agree with you but I feel it is cheap enough right now to continue stocking up. I just bought 5x 2014 American eagles for $99 shipped. I'll pick up 5x a month while they are at that price or lower.
 
WanMan99 said:
I would agree with you but I feel it is cheap enough right now to continue stocking up. I just bought 5x 2014 American eagles for $99 shipped. I'll pick up 5x a month while they are at that price or lower.
Click to expand...
I'm still buying too. Just slower. I have $X that I want to convert to silver and was going to do it over a 1 year period. I've changed that to a 2 year period.
 
Gold stocks have been getting hammered for the past couple of years. As previous posters have observed, metals are currently selling for less than marginal production cost. That being said, since stocks rise or fall based on people's expectations for future earnings, I'd say that unless you have a pretty good story to tell, gold mining stocks aren't the place to be.
 
dragonballzz said:
Gold and mining stocks are pretty dang low. But they havent hit bottom yet?

What sites do you guys use to check the price of gold?
Click to expand...

Any time you are considering a stock, you should have a story. Why are you buying it? What compelling argument can you make for owning it? How high do you expect it to go, and in what period of time? If the trade goes against you, when do you get out?

You should never buy stock, or much of anything for speculation, if you just have a vague feeling about it. Stock prices being pretty low compared to where they were only means that at one point a whole lot of people thought it was worth more, and they all lost a lot of money finding that out. P/E and earnings forecasts don't lie. People pay for earnings. Everything else is nonsense.
 
I am buying silver for when it is $50 an ounce or when the dollar is worth nothing... I could care less what it is worth next month, next year etc..
 
In God We Trust said:
I was joking. I bought high and will probably never get back what I paid.
Click to expand...

Well if silver drops to what some people are speculating, anyone who bought silver after 2005 probably won't get their money back. As far as I'm concerned, I bought it for the long haul as I don't think anyone knows what the price of silver will be in another 15 years.
 
IMHO, if you can comfortably afford to put some money into precious metals, it's a good time to buy. Most people are looking at the gains in the stock market and wanting to buy into a bull market. That's the wrong approach. Buy what's out of fashion; not what's in fashion. Even if the metals markets go down for another year or two - all the better. More time to buy metals before prices start rising again.
 
Anyone else get a gift from APMEX?
edfa596375c59713cc4a13647632d39d.jpg
 
Rider said:
Yeah, I just got a card from the attorneys who represented me a few years ago. I call it my $75,000 Christmas card.
Click to expand...
Lol. I still get a card from the lawyer who represented me when I was hit by a car at age 12 (32 yrs ago). He's been dead for 15 years. [rofl]
 

Similar threads

Homemade buns and rolls
Replies
0
Views
69
peterk123
P
Calcium Hypocholite - local and cheap water sanitizer!
Replies
6
Views
157
240Geezer
2
Gold Question from Newbie
Replies
23
Views
964
Varmint
Varmint
FREE….seed starting and basic garden planning & questions seminar. 4/6/24 Hardwick MA
Replies
7
Views
123
mousegunguy
mousegunguy
Problem with my ExPed DownMat 7...
Replies
9
Views
303
Andy in NH
Andy in NH
Back
Top Bottom