Silver getting crushed today

$66.52 @ 3:33pm

Sure feels like a Hunt Brothers episode. I managed to get $25 each for my "hoard" of 25 Art Bars when the Hunt's were trying to corner silver. A silver buyer was in Charleston at some Holiday Inn for two weeks. I put off selling for the first week and it went from $45 to $25-- Bros were Flat-Spinning in.

Then I was pissed because I was banking everything to go to school when I got out of the Navy in July. I wanted to buy up tons of silver cheap and get rich when the next big move came around. That would probably be in what 3 or 4 months? Never thought it would be 45 years later.

Here's a song that came out not too long before the Hunt Brothers started their Corner.

 

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A 10 ounce bar at $21 an ounce set you back $210. It will only buy 3 silver one ounce rounds today.

 

I'd rather own silver and gold coins over bitcoin.

 

I'm with you. I prefer to have physical control of my money.

 

I remain largely a BTC skeptic - there's still plenty of money to be made, but its future is cloudy. It may well be that crypto will take over the majority of transactions at some future date, but there's no reason to believe it'll be BTC.

On the other hand, while I see the attraction of having physical control of my money, I'm just as happy not to have to provide physical security for my money. I don't lose sleep over the notion that most of my net worth is numbers on servers, especially when those servers and the companies that run them are heavily regulated and audited. If I thought that someone could break into my house and make off with my retirement savings, I probably would be losing sleep over that.

 

If wish all cryptos had a physical version so we could collect them, after they've joined the dearly departed. Similar to folks today collecting broken bank notes from the 1800's.

 

And I think it is a good thing oddly enough. I got a little twitchy when I read a thread about 90% stuff being held for weeks before they would pay. 80% of my silver is in stacks of old coins measured in pounds... Not ounces.... Hopefully this will cool things back down a smidge.

 

When I first opened this thread it was from an e-mail notice and so it showed me the first entry which was...

"At 14.90 spot."

 

Hey, it could happen again...!

 

Ohhhh…. Let’s please not go quite THAT far!

 

I'm puzzled. Are you trying to say that you have "enough coins", and that you don't want to buy more...?

 

It took a whole lot of years before I felt I had overcome my poor 2011 silver purchasing decisions!

 

Yeah, I cannot comprehend the phrase "enough coins" either. Like Randy, mine is mostly 90%, and measured in pounds, not ounces, but would still be happy of I saw sub $20 silver again. I like buying, and am horrible at selling. Let my kids worry about selling if they want.

 

Shanghai market is back open again. Silver is still over $122. What gives? Sum Ting Wong here! Smells like.............manipulation!

 

It just dropped to $91. Edit........back up to $101. This is nuts.

 

"But the gains have taken on a more frenzied pace in recent weeks, driven by a wave of buying from Chinese speculators — from individual investors to large equity funds venturing into commodities — that has lifted metals from copper to silver to fresh records. As prices surged, trend-following commodity trading advisors piled in, adding more froth to the rally.

'We had identified about three or four weeks ago that it turned into a momentum trade, not a fundamental trade,' said Jay Hatfield, chief investment officer at hedge fund Infrastructure Capital Advisors. We were just riding it, waiting for this type of thing to happen.”