Where is silver going?

where are you buying @ $14.5?

 

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14.5x face, not $14.5/oz. One dollar of junk silver contains +/- .726 oz of silver, which is worth about $14.453 today.

 

...and it bounced back to $20.05. It also doesn't seem to want to stay under $20.

The good news is premiums have settled down to a more reasonable level.

 

Still, 14.5x face is an exceptional price.

 

yeah I have to pay $1 more than that right now. I'd buy at $14.45 per $1 face

 

Thanks, I think it was an okay price, and the usual dip that follows any of my silver purchases has worn off and we're back around $20 again. I am feeling better about it now.

 

wish we were back up to $30... I was very happy the last time that happened

 

I wish it would drop to $10 personally. Unless a person is done buying and is now purely in selling mode, I don't know why you wouldn't want the price as low as possible. I would like to be able to buy world gold on a $600 market more than today as well.

All depends on where you are on the acquisition curve. Its like stocks, I wished they would have stayed down longer in 2009 so I could have bought more at great prices.

 

But if silver did drop to $10, a high percentage would wait , thinking it might go to 8, and they wouldn't want to get back in until $15-18, in case it went back down again
How many times since 1990s have I wondered ~"Why didn't I buy more gold when it was below $300 oz??" The answer is the metals glitter more on the other side of the fence

 

True, when it was $4 an ounce it was no big deal. Isn't it funny how humans only judge pricing based upon immediate past precedent? That and how humans like to read special significance into numbers has always fascinated me. People making a big deal about "above $20" or "below $30" when most buyers in the world aren't buying in dollars to begin with.

 

I think it's a buying opportunity, but I still get nervous when it tanks like it's doing today. I have some faith that it will get back over $20 some time soon, but it's hard to call a bottom in any market. I think I'll keep buying occasionally, but I won't really feel good about it until we get over $22. I hope that happens some time this summer, since I can't buy then.

 

So true, it is easier for buyers to pull the trigger when the price is higher rather than lower. If you use ASE's as a benchmark for retail silver, more money was spent on ASE's in 2012 than any other year, when the prices averaged close to all times highs. Total dollars spent on retail silver have been declining ever since, as the price drifts lower

 

We are getting played according to Zero Hedge. I guess somebody dumped a lot of contracts just before the big markets opened this morning. Silver follows gold, so maybe this explains what's going on:
http://www.zerohedge.com/news/2014-04-15/gold-futures-halted-again-latest-furious-slamdown

 

I took a ring that was pure silver and the guy there said he'd give me a dollar for it because it was 1$ an ounce even though my moms co-worker has the same ring and bought it for 350$

 

Lots and lots and LOTS of thieves in the PM arena. One must research and understand exactly what they are doing to survive here unfortunately.

 

First things first: Welcome to Coin Talk.

I suspect this ring wasn't "pure silver", but rather sterling silver, which is 92.5% silver. Most rings weigh less than a third of an ounce. Some might be as little as 1/10th of an ounce, making the melt value of such a ring around $2, but the dealer has to earn a profit, so $1 could be fair offer.

Many Gold/Silver/Coin dealers do not care about the retail value of the ring when it was new. For exceptional pieces they might offer more than melt and try to resell it as jewelry, but for average pieces, they base their buy prices on the melt value and sell it to a refiner as scrap.

For the silver price to be worth $350, a sterling silver ring would have to weigh almost twenty ounces, which would be a tremendously large bracelet, not a ring.

Maybe the dealer wasn't as crooked as you suspected him to be.

 

... or, it could just have a little Tiffany&Co. logo on it.

 

"We are getting played according to Zero Hedge. I guess somebody dumped a lot of contracts just before the big markets opened this morning. Silver follows gold, so maybe this explains what's going on:"

Fun article to read, especially the comment section.

Some bullionists say ~ Only physical PM, no paper! and that paper assets such as contracts are worthless, then why do they get so up in arms when huge amounts of contracts change hands? The loss/gain values come from paper buyers/sellers, not someone with a 1000 oz of silver in their safety room. Because no matter how certain one is of the eminent doom of the paper world as we know it, in their minds most still track the USD value of their stash. Since one can not force deliver of PM from a contract unless it has already been paid for fully by a certain time ahead of delivery, and mostly only the big boys have funds for 5000 oz. silver on the CME or 100 oz of gold. The rest, the small boys/girls buy according to spot as needed.

So the big " Gold Whale" sold a huge quantity of contracts. People bought them at a lower price determined by the market ( It could have been anyone), no big deal, just the POG spot went down. When they later want to buy a similar amount , the POG goes up. No physical gold is harmed or destroyed in the process, just the dreams of stackers of great economical wealth

Paper market is levered and with high risk value and high USD gain or loss, it is bettered played with paper and never pay extra and take delivery unless you can afford it and need physical by certain date ( such as jewelry, industry, etc.).

So don't let such activities affect your outlook, unless you would really like to take profits someday before the END.

 

it had certain markings to show it was legit but the diamonds were fake but the silver was worth at least 250$

 

In a way, I'd like to see higher silver prices because it would make my coins more valuable. Which is really a moot point because I don't plan on selling them. I think I'd rather see lower prices because if the price were to skyrocket, many priceless coins would be melted down.