Silver dropped to $12 now is back to $15 in only two. Did it impact you?

Discussion in 'Bullion Investing' started by myownprivy, Mar 25, 2020.

  1. myownprivy

    myownprivy Well-Known Member

    Did the massive drop from $17 to $12 an ounce for silver impact you? Did you make any purchases or any sales during this time? The price has since recovered to $15 per ounce.

    I did not do any buying or selling during this time.
     
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  3. QuintupleSovereign

    QuintupleSovereign Active Member

    Most of the material I buy doesn't depend heavily on the price of bullion one way or another.
     
  4. Collecting Nut

    Collecting Nut Borderline Hoarder

    A smart investor buys on the dips.
     
  5. -jeffB

    -jeffB Greshams LEO Supporter

    I'd be interested in hearing from anyone who managed to purchase any physical silver at $12/oz.
     
  6. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    I made one casual call to my dealer buddy when it made the dip to twelve. He sort of giggled when I asked him how much twelve dollar silver he had to sell me.
     
  7. myownprivy

    myownprivy Well-Known Member

    I have not met anyone who paid $12 an ounce in March 2020. I don't think I ever will.
     
  8. svessien

    svessien Senior Member

    I have been listening to a lot of bullion discussions on youtube lately.
    Although you have to take them with a pinch of salt, as they either sell bullion as their livelyhood, or have been dug into the same political/economical position for 20 years (yes, the Austrian economics), I hear many different people say that dealers aren’t able to supply the demand of physical silver.
    I expect the silver price to be inflated by the recent US stimulus package, but as it’s also an industrial metal, there may be lower demand due to production seizing many places, and people do not flee to silver the way that they flee to gold. I still buy if I get silver for 18$ an ounce though.
     
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  9. -jeffB

    -jeffB Greshams LEO Supporter

    Google News tossed me an article this evening claiming that $1600-1650 gold is also a myth, with all the big online dealers basically sold out, and that you'll pay closer to $1800 an ounce if you want it in your hands.
     
  10. Santinidollar

    Santinidollar Supporter! Supporter

    Tell me about it. I gave up today and bought a gold ETF.
     
  11. rte

    rte Well-Known Member

    A relative in Kentucky got some in the high 12's.
    I had an offer on feebay for a rare AARO bar at $40 an ounce.
    With the bay fees, I like it a little more then that :D
    I countered at $50 an ounce and tried to steer the buyer over to another PM talking site where we could both save on the transaction.
     
  12. TheFinn

    TheFinn Well-Known Member

    Good luck converting that paper to yellow metal.
     
  13. baseball21

    baseball21 Well-Known Member

    Why would you? You can sell the ETF for $10 a transaction and do so basically immediately, the metal you'll take a MUCH bigger hit and have to wait for a buyer
     
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  14. Zach98

    Zach98 New Member

    I called every coin dealer within a 150 mile radius of me(Wichita Falls, Tx) on March 16, when silver was at its lowest rip of $11.94. Most were not willing to sell any silver/gold at all. The cheapest price I was able to find for silver was $14.50/Oz. I would of loved to get some silver at $12/Oz as I am sure we all would have.
     
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  15. Greg Bayes

    Greg Bayes Where's the loo?

    I was not impacted but I WAS affected.
     
    Packrat likes this.
  16. Santinidollar

    Santinidollar Supporter! Supporter

    That’s not the object of this. It’s to make a profit on the ETF transaction.
     
  17. juris klavins

    juris klavins Well-Known Member

    Minimal impact - my silver bullion stack decreased in overall value, then bounced back a bit - regardless, the amount of physical metal in my possession remains the same - I'll cash out at the appropriate time ;)
     
    Last edited: Mar 26, 2020
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  18. Reid Morgan

    Reid Morgan Member

    Physical silver was NEVER at $12 ounce. Paper silver dropped to $12 per ounce while physical silver went to $21 per ounce. Sign of distorted market in silver similar to an inverted yield curve in the debt market. Caused by 95% of the silver market is paper silver, home of the 1% who never take physical delivery. 5% of the market is us, the 99% / small guy/gal who buys physical gold and silver when the sh** hits the fan.

    I am a retired Managing Director of J.P. Morgan Chase who was forced to take my Series 7 broker/dealer exam to keep my job in Power Project Financing.
     
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  19. Reid Morgan

    Reid Morgan Member


    The 1% are truly bleeding this time, and sold any paper assets they had, even at a loss, to generate cash to buy 10 year T-bills, the safest investment in the world. This, in turn, created a liquidity crisis in the Treasury market as everyone wanted to buy Treasuries, and the big banks ran out. The banks had no more money left to buy more Treasuries from the Fed, so the Fed lent the banks $1.5 trillion to restore liquidity to the US Treasuries market. This calmed the markets for about an hour, until the market realized this was not good news, but bad news.
     
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  20. medoraman

    medoraman Supporter! Supporter

    I bet you have met tons of dealers who bought at $12 levels though.

    I bet lots of silver was bought at $12 market levels, but none was sold.
     
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  21. Reid Morgan

    Reid Morgan Member

    Anyone silly enough to sell physical silver @ $12 an ounce will find an endless stream of willing buyers.

    You want to MAKE money, go long on paper silver @ $12 an ounce and wait for the short-term untenable paper silver market distortion to resolve itself. I am mildly satisfied to make some money off the trials and tribulations of the 1% in panic selling mode. -:)
     
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