Is silver a foolish buy right now?

Bought the remaining 12 sets today for $480, then drove straight to another dealer about 3 miles away and sold them all for $888.

/smile-smiley

@-jeffB @mpcusa

 

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Thinking that first dealer may someday get some blowback from buying sets like this at ~1/3 silver value. Yeah, Canadian sterling (and sterling in general) trades at a substantial discount, but that's "We Buy Gold" parking-lot-popup level lowballing. On the other hand, clearly that dealer wasn't taking undue profit on the stuff!

You were in the right place at the right time for sure!

 

Given the first dealer's buy/sell spread, I figure they may have made a terrible mistake....but they seemed to be genuinely happy I bought it all from them, so I chalk that up to good karma when I go back there in the future.

 

Unfortunately a lot of dealers make their living taking advantage of people that dont know any better. Dealers like that pretty much just prey on the one and done sellers as the people that actually know better avoid it anyways so there's not much chance of blowback other than having a bad reputation.

 

Silver currently at $21. Will it go below $20?

 

FRIDAY......

 

Getting really close to the 15x FV mark for silver...

 

The spot price may have dropped. But will the people selling it ever start asking less?
It seems like the spot price and how much it actually costs is more disconnected than ever.

 

...and we've already dropped below it. Do I hear 10x (around $13.82 spot price per Coinflation)? I think I did land some stuff at 10x-12x during the last big dip...

 

Is losing money the shop owners plan ?
with just a little research he could of
doubled his money just like you, congrats
on that.

 

If it stays there for long enough possibly. While prices are always slower to adjust going down than going up, the acquisition costs are at all time highs. Between labor, shipping, gas prices etc the margin on them isnt as big as you think it is and they arent going to sell them for a loss unless they have to from a big spot drop. If the spot stays where it is and other costs somehow get decreased yea you'd eventually see a good drop, but the days of buying for spot are probably over

 

Silver price drop today makes it more enticing - dropped to ~$18.30/toz

 

It has really dropped today, almost $1 drop and probably going lower...

 

Down to $18.22 right now.

 

Patients

 

And if those patients have patience they can pare the price precipitously.

 

Buy some now. But buy a larger position soon when it goes down more. Patients is good advice.

 

Buy it now before everybody is sold out like they were at the beginning of the pandemic. But don't gripe. It was around $13 then. I'm not complaining.

 

lmao I know mis spell (PATIENTS) dang grammar police then make fun of you to boot. Then certain people (like) it too more making fun of. Is there anyone else. going once

 

We only make fun of those we like. It's when we ignore you that you should be concerned