must come down. Big time. The price of silver plumetted today. It's now down in the $5.60 range. It was over $8 just a couple of weeks ago. Gold also took a big hit. Now trading around $380.
man......sorry for the folks that are losin and all.......but I feel great. I woke up like one day bout couple weeks ago with the urge to SELL SELL SELL......all my platinum Eagles and silver boullion. I was about 20% ahead selling to Allens Coins than the price I had paid. I watch the metals market real close and the very next day the prices started falling on everything. Looks like even base metals are takin a hit... Im waiting for Platinum to hit closer to $700 and Silver to $5...before I start buyin again, that is :-D .......
You know........the one thing i never could understand is like when folks start bailing when metals go down. If one checks the charts long term its easy to see the price just does that.........all these folks have to do is ride it out. I started buying silver when it was a little higher at one point........then when the price started droppin, I just went and dumped even more money into it. folks who buy it today at $5.60 or whatever shouldnt sell if it goes lower.....they should buy even more at the cheaper price..........it WILL go up again..........its just a matter of time........
Buy low, sell hi. I bought when it was low. I just forgot to sell when it was high. Now i have to wait till it goes up again (like 5 years from now..doh!!)
what I generally do is like figure out what i have to invest at a point. spend half of what i have when the price looks good.......(platinum is the most likely to jump up or down in price most of the time, so its my favorite). Then wait for the market to change.......if it goes down.......dump half of what i have left in buying more....... The lower it goes, the more I buy... If it goes up and its enough of an increase, sell and wait for the price to drop again. I think the trick to the metals market is not to freak when the price drops. Low prices are your friend.....buy like theres no tomorrow and wait :-D
This market was nice in many ways. When the price went up, many were selling. We had old customers returning. Now that the metals have fallen back to pre-bull levels, everyone is buying. GOOD news for all us dealers.
As a dealer, do you just try to make money on the premiums? I sold the Platinum and silver i had like 2 weeks ago before the prices started falling and it occurred to me that the dealer seemed to be getting the short end of the stick.... He paid me melt value, which at that point was well over what i had in the stuff. How do you guys stay in business when the prices go so high and everyone is selling?
It is just one part of the business. Regular sales of bullion even out in the long run. When we were buying at $5 and the prices jumped we made good money, now it is just our turn to lose money. In the end, we will make money. Think about it like this, a bag of silver is always a bag of silver. You can use it to buy different silver or collectable coins. Either way, money can be made.
I'm glad to hear that. Truth is, when I saw silver shoot up to $8, I felt a little guilty going to the little shop were I bought for $5 and cashing in. I knew the price was going to fall back down in a couple of weeks and I didn't want to soak them. So I didn't.
Believe me, it is nice to have customers walk in the door bringing coins. No matter what we pay for them, it beats the heck out of chasing them down.
Don't feel guilty selling coins/bullion back to dealers at a higher price, especially in an up market. When prices are volatile I know I usually have orders to fill. Plus...I REALLY appreciate my customers thinking enough of me to sell the stuff to ME instead of another dealer. Just my .02 Nick
