Silver Is On A Tear Today

Seems gold is now at bottom at 5177 oz. Two years ago gold at 5K would have seemed a fantasy.

 

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Silver is steady at around $84 an ounce. I can’t wait for the market to open tonight but I guess I’ll have to wait.

 

There is very little movement right now in the gold price in Tether Gold. I think the market is still unsure about where things are going. It seems silver has a bit of catching up to do in terms of the gold to silver ratio, so a race back to at least $100 seems inevitable to me (then again I've been wrong before).

 

The $5 silver is from the 90s.

By suppressed I meant market manipulation. The Comex has already raised margins five times since Thanksgiving of last year. They've had two unexplained blackouts. There's an estimated 350:1 paper to physical ratio there. If you removed that charade, what's the price of silver Monday morning?

Silver is where's it at, in spite of all of the above.

 

2 hours and 23 minutes and the market is open.

 

$17 DCA!! Incredible. Did you sell when it got to $100?

 

I wondered if it would be an hour later US time because we've started DST.

I'm going to be an hour closer to my Northern Ireland colleagues' schedule for the next few weeks because they don't go to Daylight Saving until the 29th.

 

I didn’t think about that but we’ll know in 5 minutes.

 

Oil is up ~20% in the first 15 minutes of overseas Futures trading. $110/bbl

 

Yep, not sure exactly how the time zones and market schedules work, but we're live - with silver down close to 1.5%, gold down maybe 0.3%.

 

Unfortunately it’s going down.

 

I'm stocking up on Standing Liberty Quarters right now on eBay - they should give me good luck. In the short term, I think gold and silver can go down if the markets plunge - we saw that the other day - but in the intermediate to long term they will probably go up as safe havens.

 

Again, I doubt people and institutions are actually selling gold and silver to get the extra gas money they're going to need, but I wonder.

 

I don't think the markets are that tied to the physical world. With paper (or electronic) markets, these assets can rise sharply based on the whims of traders, many of whom are institutional (these people are largely the top one percent, so are less impacted by oil prices at a personal level). To be fair, they are likely somewhat efficient as a group, processing all of the information out there. I wish I knew more about the oil market to comment on it, as it seems like a pretty complex system. Maybe Goldfinger1969 might want to chime in. I also think there is uncertainty as to how long the supply will be constrained. Getting back to precious metals, this is bullish! I'm loading up on constitutional silver right now.

 

Silver’s down to $81 and change.

 

Curious, why Standing Liberty Quarters?

 

My local place was paying $5 back of spot.
I helped him out with a little at $75 (spot was $82)
and a little more at $85 (spot was $92)
After that he was looking at paying $10 back so I brokered a deal with someone else at $1 over spot for Libertads at $101.
I bought a high end metal detector with my proceeds and the rest of the stack is paid for.
I guess after 25 years of sideways movement, that's a win.

 

I'm being mildly playful - the idea that some silver coins will keep you safe is a bit of an oversimplification. And Standing Liberty quarters tend to carry premiums well above melt, especially for the higher grades. But they are absolutely stunning. I recently ordered a roll of XF-AU Mercury dimes, and I am adding to my gold stack here and there. I think with these prices, the silver bugs were ultimately proven right - at least partially. Also, precious metals are a small part of my net worth, so I'm just having fun with this market. I'm not too concerned about the prices. I see these as collectibles.

 

Ok, understood. So they are not a commodity purchase, rather more of a numismatic with intrinsic commodity purchase. Thanks.

 

Yeah, I target semi-numismatic coins like pre-1933 gold and... actually I think a lot of so-called junk silver is semi-numismatic. Think of Morgan and Peace dollars. On a spectrum they are partly numismatic yet are not far off from bullion - I mean we are talking about 90 percent silver. I am in between. I also collect Engelhard bars mainly.