Gold and silver prices are down

[Varmint]

Jim Rogers has the same vision, but poor record on timing.

Rogers a couple years ago said he expected $800 gold, and he’d back up the truck. He was way wrong on that one.

I think he made his money betting on things like Uzbekistan, and the rest of us are like “Uzbeka-what?”

 

[richc]

Rogers a couple years ago said he expected $800 gold, and he’d back up the truck. He was way wrong on that one.

I think he made his money betting on things like Uzbekistan, and the rest of us are like “Uzbeka-what?”

I think he said $800-$1100. A 50% retracement of the highs.

I started buying when it hit $1100. I should have backed the truck up!

 

[meh]

Exactly when will this debt-driven party run out of beer? Nobody knows. Consumers have not kept up with price increases, and they’re running out of credit. Freddie Mac is talking about making another beer run. Let’s hope they can’t find their car keys because if they do, inflation will surge, the job market will improve briefly, and when the real estate bubble pops it will be the worst in living memory. It can’t be THAT far off, no matter what happens, but nobody can time this. We’re inside a giant Ponzi scheme.

 

[Freddy Q]

Really can't believe silver is approaching $32/oz!! Its crazy to me that I bought maybe 3k in constitutional silver when it was around $20 a few months ago. I was buying dime and quarter rolls for $190. They're $250 today!?! Was planning on buying another 2k worth till I suddenly needed a feline cardiologist

So you guys are my silver swamis. Even though I want to, I'm obviously not buying more right now, since we're at the highest price we've seen in over 12 years.. but. are we going to go even higher? Is $30/oz silver the new norm? Or will the bubble burst and we'll watch silver return to the low-mid 20s?

 

[Grendizer138]

Really can't believe silver is approaching $32/oz!! Its crazy to me that I bought maybe 3k in constitutional silver when it was around $20 a few months ago. I was buying dime and quarter rolls for $190. They're $250 today!?! Was planning on buying another 2k worth till I suddenly needed a feline cardiologist

So you guys are my silver swamis. Even though I want to, I'm obviously not buying more right now, since we're at the highest price we've seen in over 12 years.. but. are we going to go even higher? Is $30/oz silver the new norm? Or will the bubble burst and we'll watch silver return to the low-mid 20s?

I’m confident it’s going to either go up or down.

 

[HappyHarry]

Really can't believe silver is approaching $32/oz!! Its crazy to me that I bought maybe 3k in constitutional silver when it was around $20 a few months ago. I was buying dime and quarter rolls for $190. They're $250 today!?! Was planning on buying another 2k worth till I suddenly needed a feline cardiologist

So you guys are my silver swamis. Even though I want to, I'm obviously not buying more right now, since we're at the highest price we've seen in over 12 years.. but. are we going to go even higher? Is $30/oz silver the new norm? Or will the bubble burst and we'll watch silver return to the low-mid 20s?

It's REALLY important to watch the premiums when buying or selling. If you look at my post #10060 in this thread, you'll see that on 5/28/23 silver halves were at a premium of +$8.35. Silver was around $23.20 then, so 90% halves were wholesaling around 22.6 x face value. Now, with silver at $31.48 the premium is zero, so 90% silver halves are wholesaling at 22.5 x face, just about the same as when silver spot was $23.20. So, you could have bought back then, had silver go up around 35%, and you're back where you started. BTW, silver dimes/quarters are wholesaling at a NEGATIVE premium right now, around -$0.40 vs +$7.00 a year ago.

 

[Varmint]

I think he said $800-$1100. A 50% retracement of the highs.

I started buying when it hit $1100. I should have backed the truck up!

He said it when it was like $1900, and it never got much below $1800. He basically said he wanted to buy when no one was buying. I don’t think he anticipated all the money printing.

 

[meh]

Or will the bubble burst and we'll watch silver return to the low-mid 20s?

I don't think it's a bubble. I think we're on the upswing of a commodities super cycle, and the trend will be upwards. The question is how much volatility we will have. The more volatility, despite an upward trend, the more opportunity to make money on a short-term basis, buying low, selling high. Unfortunately, the more volatility, the more heartburn for buy-and-hold investors who would rather see the numbers stay closer to the trend line.

 

[steven grammont]

Really can't believe silver is approaching $32/oz!! Its crazy to me that I bought maybe 3k in constitutional silver when it was around $20 a few months ago. I was buying dime and quarter rolls for $190. They're $250 today!?! Was planning on buying another 2k worth till I suddenly needed a feline cardiologist

So you guys are my silver swamis. Even though I want to, I'm obviously not buying more right now, since we're at the highest price we've seen in over 12 years.. but. are we going to go even higher? Is $30/oz silver the new norm? Or will the bubble burst and we'll watch silver return to the low-mid 20s?

This isn't the highest in the last 12yrs , I believe it hit 40 a handful of years back.

 

[DJBrad]

This isn't the highest in the last 12yrs , I believe it hit 40 a handful of years back.

It hit $50 an ounce in 2011. Only other time before that was in 1980 (not in inflation adjusted terms of course).

 

[Varmint]

Really can't believe silver is approaching $32/oz!! Its crazy to me that I bought maybe 3k in constitutional silver when it was around $20 a few months ago. I was buying dime and quarter rolls for $190. They're $250 today!?! Was planning on buying another 2k worth till I suddenly needed a feline cardiologist

So you guys are my silver swamis. Even though I want to, I'm obviously not buying more right now, since we're at the highest price we've seen in over 12 years.. but. are we going to go even higher? Is $30/oz silver the new norm? Or will the bubble burst and we'll watch silver return to the low-mid 20s?

Notice how silver broke $30 and went straight up after? There’s no resistance above $30 til $34 since it’s a Fibonacci level that traders watch.

It's REALLY important to watch the premiums when buying or selling. If you look at my post #10060 in this thread, you'll see that on 5/28/23 silver halves were at a premium of +$8.35. Silver was around $23.20 then, so 90% halves were wholesaling around 22.6 x face value. Now, with silver at $31.48 the premium is zero, so 90% silver halves are wholesaling at 22.5 x face, just about the same as when silver spot was $23.20. So, you could have bought back then, had silver go up around 35%, and you're back where you started. BTW, silver dimes/quarters are wholesaling at a NEGATIVE premium right now, around -$0.40 vs +$7.00 a year ago.

This shows you that silver and gold still aren’t popular among retail investors and we’ve got a long way to go in this bull market. When investors and the public start paying attention, premiums will go sky high.

 

[Varmint]

This isn't the highest in the last 12yrs , I believe it hit 40 a handful of years back.

$49 in 2011. Friday’s close was an 11 year high.

 

[steven grammont]

$49 in 2011. Friday’s close was an 11 year high.

I thought it hit 40 less than ten yrs ago , it must've been 30 and I'm just not remembering correctly.

 

[Varmint]

I thought it hit 40 less than ten yrs ago , it must've been 30 and I'm just not remembering correctly.

That was only 13 years ago it hit $50. It was down for a decade after that til Covid when it got close to $30.

 

[HappyHarry]

I thought it hit 40 less than ten yrs ago , it must've been 30 and I'm just not remembering correctly.

I thought it hit 40 less than ten yrs ago , it must've been 30 and I'm just not remembering correctly.

Here's the history going back to 1969

 

[whacko]

This isn't the highest in the last 12yrs , I believe it hit 40 a handful of years back.

40 dollar silver was 13 years ago

 

[yogi]

Went to flea market today and there are two coin dealers in attendance that have been there selling there for years. They had little inventory in silver and gold. Silver rounds and bars $35 and Eagles $36.50. But one of the had a gold kilo bar…..didn’t inquire if it was real

 

[Freddy Q]

This isn't the highest in the last 12yrs , I believe it hit 40 a handful of years back.

If you go to Apmex Spot Silver price, and change the chart to "ALL" (it defaults to 1 week), you can see the spot price going back to 1994.

Last time it was over $31 looked to be Feb 4th, 2013. So, 11+ years (as Varmint said). I was off by 1 year due to my inability to do 2nd grade math

 

[Varmint]

No your monitor is not broken, silver is $32.50.

 

[DJBrad]

No your monitor is not broken, silver is $32.50.

I’ve been glued snd saw the limit up in the Chinese market.

Currently up over 4% to $32.57 on Comex.

 

[Varmint]

I’ve been glued snd saw the limit up in the Chinese market.

Currently up over 4% to $32.57 on Comex.

I wonder if Nick Santiago still has his big buy order at $12?

 

[DJBrad]

I wonder if Nick Santiago still has his big big order at $12?

I don’t think he’ll be invited on Mining Stock Education again

 

[JoseyWales]

Is an older silver set worth anything these days? Got 2 extensive sets. Some coin silver some sterling. Sterling is copper mixed with silver?

 

[HappyHarry]

Is an older silver set worth anything these days? Got 2 extensive sets. Some coin silver some sterling. Sterling is copper mixed with silver?

Sterling is 92.5% silver, balance usually all copper; coin silver is 90% silver.

 

[Varmint]

I don’t think he’ll be invited on Mining Stock Education again

Or he won’t accept the invitation.

 

[Varmint]

It’s really time for a healthy correction in gold and silver. You don’t want to keep going up with no pullbacks. Although it works for the stock market

 

[Win]

 

[richc]

Huge increase in Indian and Chinese purchases. And central bank accumulation.

 

[yogi]

Sterling is 92.5% silver, balance usually all copper; coin silver is 90% silver.

American Silver Eagle coins are 99.9% silver

 

[HappyHarry]

American Silver Eagle coins are 99.9% silver

He was asking about purity of coin silver in a silver set, like silver flatware. That is 90%, same as pre-1965 silver coins.