SILVER down to $24

Discussion in 'Bullion Investing' started by goldcollector, Aug 11, 2020.

  1. goldcollector

    goldcollector Member

    Boy I'm glad you all sold back at $29.85.

    Silver runs up to $30 and tanks within a week

    It's almost like there is a gazillion ounces on the market to tank the price back down.

    Glad you all sold at whatever the high was.
    midas1 likes this.
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  3. Mr Roots

    Mr Roots Underneath The Bridge

  4. medoraman

    medoraman Supporter! Supporter

    Um, platinum went down to, in case you missed the memo. Did you liquidate yours, since you obviously are making fun of those with silver?
  5. goldcollector

    goldcollector Member

    I don't know what this means
    Robert Ransom likes this.
  6. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    My grandkids to whom all my silver is willed to will be absolutely heartbroken.
  7. goldcollector

    goldcollector Member

    Platinum down 5%. Silver down 14%.
    There is no one here claiming platinum is about to go parabolic. I have been reading posts claiming silver $200, $300 or even higher. It has dropped almost $5 in one day.

    Glad you all sold at the high. This could have been bad...real bad
  8. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    Forum etiquette demands that I respond to you politely. So in my most polite tone.... Please go bark up another tree. This one has no interest in hearing your condescending tone. We all don't hold silver for the value.
  9. goldcollector

    goldcollector Member

    Oh Ok I got it now.

    Hey I'm wondering. Silver under $20 tommorow ???
  10. fretboard

    fretboard Defender of Old Coinage!

    Oh my, what's the world coming to?! j/k :D It's just correction time that's all, it will pump back upward in a bit! ;)
    Rick B, slackaction1, Jeffjay and 2 others like this.
  11. medoraman

    medoraman Supporter! Supporter

    Um, gee, yeah. Maybe you didn't read the 500 different posts illustrating how silver is more volatile than other pm's. Guess what, stocks will go up and down more than a US government bond, and bonds will go up and down more than money markets, and Nasdaq stocks go up and down more than utilities, etc ad nauseum. Different investments have different volatility.

    I own gold, platinum, silver, land, rental houses, stocks, couple of bonds, and cash. Do I know what is going up or down tomorrow? No idea, which is why I diversify. If you have all of your eggs in one basket, PT, what are you going to do if tomorrow they find an ultra cheap replacement for it in catalytic converters? Can we make fun of you for months at a time over your stupidity?
    slackaction1 likes this.
  12. goldcollector

    goldcollector Member

    Well they don't really use it in catalytic converters much anymore. Where you been. For someone who owns Platinum all of a sudden I think you would know that. And no there is no comparison Platinum vs silver. What is the highest prediction anyone is making on this board for Platinum ??? That would probably be me, I have said $1300 that's a 30% gain. The silver crowd routinely says $200-$300 even higher. Yet it can't even break a measley $30 without an immediate beat down.
    I'm just glad they sold at whatever the high was, like they always do. Man a near 20% drop... In one day. Could have been bad.
  13. goldcollector

    goldcollector Member

    Yes of course silver is more volatile. It's super cheap so of course more people buying it. So they get their first of the month govt money and they think the sky is falling, they run out in mass with their govt checks and buy a bunch and the price goes up. Then some of the 700,000 tonnes global stockpile comes into the market and the middle of the month hits so the govt check crowd has to sell and it tanks. Up 14% in one day, down 19% in one day. Too much volatility. The silver crowd calls volatility a bad thing when it hating on $11,000 Bitcoin. Yet Bitcoin doesn't drop 20% in 1 day
  14. longnine009

    longnine009 Most Exalted Excellency Supporter

    The high was more than $20.

    "Gold will break all time high while silver struggles at $20" Goldcollector July 8, 2020
  15. tommyc03

    tommyc03 Senior Member

    When is this supposed $200-$300.00 silver spike to occur? The only time I hear this is from TV hawkers and direct mail nonsense.
    GoldFinger1969 and ZoidMeister like this.
  16. medoraman

    medoraman Supporter! Supporter

    "Someone who knows platinum all of the sudden"? Sure, all of the sudden. I am surprised I didn't know PT is the main catalyst of diesel engines and PD is the main one for gasoline engines, but many major producers have announced switching from Pd to Pt upcoming due to pricing differences therefor future demand for catalytical converters is baked into the price of Pt today.

    Gee, good thing I am stupid and don't know a thing about Pt and never have. I didn't post on this board for the last couple of years how I liked Pt and was buying it. Not at all.
    Oldhoopster likes this.
  17. goldcollector

    goldcollector Member

    Well then you don't read this board much. Lol. Someone just posted in the GSR thread "silver will go to $150 even $200 on this run"
  18. goldcollector

    goldcollector Member

    Ok Medoraman calm down. Maybe you been talking about Platinum and I just didn't see it. When they switch back, the price sure isn't baked in much yet. It's only $950. No price baked in yet at all. So when they switch back, Platinum will be $1300-$1500 easily. There won't be no cheap substitute for PGM. They have been trying to find that forever. Just one of many reasons I love Platinum. A 5% loss on a day silver drops 20%, not to mention outrageous silver spreads.
  19. tommyc03

    tommyc03 Senior Member

    I don't see all the posts here each day, but then I don't live for the internet. When this happens let me know and I will dump about 500 ounces. My SD box is nearly full.
  20. goldcollector

    goldcollector Member

    I will let you know now.......that it will never happen
  21. alucard86

    alucard86 Active Member

    This is why I switched to SLV when silver crashed to $11.90. SLV was just a little over $11.25. The ETF does hold physical silver in a London vault. SLV is always under spot, as it follows the market price for the physical metal. I don't have to store it. I don't have to deal with coin shop prices or online prices. My trading app is $0 to buy/sell. I can still do extend hours trading for free to buy/sell. And if I'm robbed the fund is not in my possession.

    When my LCS were still trying to sell their silver for $4-5 over spot when it crashed to $11.90 I said no thank you. Bought the ETF instead. Then in the $13-15s still the same premium, I said no thank you and loaded up at that price after my starting buy-in at $11.29. I stopped around the $16s with SLV and held. Recently sold 3/4 of my position yesterday at $27.11. It's at $23.05 after hours so I might just sell out tonight.

    I'll be back once the metal crashes again. If it doesn't well at least I bought low and sold high. I didn't have a coin shop owner tell me what it's worth to them. I didn't have to haggle with a buyer or lose eBay fees, etc. Just sold the shares of the fund for what the market has priced the ETF at closing.
    GoldFinger1969 likes this.
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