Silver plunge!

Opinions??

Mine... Paper silver is being let go, maybe we will see mid 20's silver price? I know there is a lot of people waiting for a drop to buy physical silver. When this happens I expect a shortage and long order wait times if you can even order. Then I expect to see it climb steadily to around $40+.

 

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I bought some yesturday and will continue to as it goes down in hopes like you said that people will buy large amounts of it to increase the price in the near future.

 

Meh... IMO this isn't a "plunge".

I just bought a TON of silver proof sets at a good price to get some that I want. I'll offer most of them for sale here at a good price first, then the rest will go to FeeBay. Then I'll use that money to buy more of what I want to keep long term.

In other words, business as usual...

 

To quote a particular fellow, of similar mind: "Argentum et aurum comparenda sunt."

Short term none of the jitters on the charts are significant, save as opportunities to buy more silver.

I'm long; You be, too!

 

Good to hear. I love it when PM goes down.

I simply never understood those who are still in the buying mode getting all PO'ed about PM going down, calling it conspiracies and the like. Really? Would they also go into a store and a shirt that used to cost $50 now is on sale for $10? Wouldn't you be HAPPY its now cheaper?

I mean, I understand grumpy old goats who own every ounce of PM they will ever own wishing for it to "go to the moon" so they can realize their lifelong gola of being a PM gazillionaire, but those of us still buying, WHY do we want it to go up?

Its just like stocks, everyone want to buy what went up the most last year. I just shake my head at human thinking when it comes to money sometimes........

 

Exactly. I am in buying mode and wish it would go down to $10 an oz. I don't like seeing the value of my silver go down so to say, but I love that it goes down so I can buy more.

 

I will be fair, I might be in a different category than some since my average silver per ounce cost basis might be around $5-6 nowdays. Most was cheaper, like $3.50-4, but when it dips down into $25 or less I pick up junk world coins just because I like them. To me its really a coin purchase, but on a ledger for me probably is tweaking up my average cost for silver.

So, I CAN see how to those who paid $35 an ounce they cringe if it goes down, but suck it up and buy more to lower your average acquisition price. It WILL go up eventually, it has to just to mirror inflation, just don't go nuts putting short term money into what essentially should be a long term holding. It HAS to go up, but we never know what time frame, could be 2 years, could be 20.

 

I see this as a dip and not a plunge. It is also a good buying opportunity. Do not wait too long to buy though. Back in 2008, when silver dropped the supply of physical silver disappeared except for some war nickels. Interestingly, once the price went back up, sites like Apmex suddenly had all the physical silver to sell that you could ever want. People who have paid $30+ per ounce are not going to sell you their physical silver if the price gets too low. They will simply hold onto it. The time to buy is on the way down and while there is still supply out there. TC

 

Quality advice there TC!

 

Indeed, good posts. I'm continuing to buy as always in little bits every paycheck, and anytime I can find silver under current melt I do my best to get it, even if it dips again the next day. As medoraman said, it'll go up eventually, and for those of us stacking and not looking to flip, how soon isn't as much of a concern.

 

It makes sense to want your investments to go up, if silver or whatever you are investing in at the time becomes overvalued then simply find something else to invest in that is undervalued.

 

It's the same as when the market goes down - IF - you're in it for the long haul - more buying power for those of us who young(er) and/or in it for the long haul.

 

Oh, the humanity!

Well, we should be able to pick up silver eagles for under $30 again soon.

It seems like just yesterday the bullion dealer propagandists were saying there was a silver shortage.

 

There was a shortage of silver eagles, fact. As far as I know there wasn't a shortage of silver in general though.

 

Only if it goes up forever. You sure as heck don't want it going up when you are buying just to have it dip later.

Come on Tinpot, throw me a bone. I said in my next post I believe PM will go up over time, and was telling people to buy more if it goes down. I am not a total bear.

 

The dealers all had bullion silver eagles. Maybe not with the date you wanted printed on it, but they had minty fresh silver eagles.

 

Thanks for all the replies! I agree with a lot said. I personally am in it for long term. I see this as a buying opportunity and like someone mentioned to keep buying as your overall average per oz will drop. I guess don't be so worried and look at it as a time to buy.

 

hehe that wasn't what I was suggesting. I was just trying to make the point that it does indeed make sense to want your investments to go up.

Would you do better if you invest in silver at $30, 2 years later it was at $60 you sell, move into something else undervalued.

Or you invest in silver at $30, keep buying down to $15 and wait till god knows when to show a profit?

I don't know which will happen, silver may well turn out to be a terrible investment going forward, my only point is that you are better off with your investment going up rather than down.

To perhaps explain better, I am attempting to answer you when you asked this question, "but those of us still buying, WHY do we want it to go up?"

 

A shortage does not mean that absolutely zero are available, please look up the definition if need be. Some dealers did indeed have zero, Tulving, one of the biggest dealers (if not the biggest) did not have ANY silver eagles available for awhile in any date.

Premiums on ALL silver eagles (no matter the date) also rose at every site I checked for a period of time while the mint was sold out, that is indicative of a shortage.

 

Silver may be dipping a bit, but for now I don't see it breaking below the 2008 QE1 trendline which it is right at the bottom of. Gold's resilience above 1600 seems to indicate we are bottoming. A good buying opportunity IMO as long as these don't break down.



Basically, gold wedged from 2011-2012 and then broke out above (bullish), former resistance became support (bullish), and we have recently had a series of lower highs and lower lows (bearish).

The ~1600 mark is the area where the breakout will be shown as either a success or a failure depending on if it holds. If gold holds then silver should too. If not then we may be in for a real nice discount.

The exchanges have the rest of the week before the Chinese will be back and if they can cause technical selling on a breakdown this would be the time to attempt it. I'm not sure why they'd want to deplete their silver supply any more quickly though. If they are smart they will keep the price where it is and extend their ability to deliver.