Silver getting crushed today

Now where's the fun in that

 

Log in or Sign up to hide this ad.

Just sold a handful of sterling flatware, got $120 more today than was offered a couple weeks ago. It was given to my wife and had an "O" monogram. ..didn't match either of us.

 

Funny, had a deal to sell a bunch of scrap over the weekend. Large lot of leftovers from auction hunting through the summer. My dollar cost average being somewhere around $10/ozt for the stuff.

Agreed to sell the entire lot at spot/ask - I deliver. He calls up on Sunday morning saying he isn't going to make it, but would like to talk later this week and mentions watching the market and asked if I'd come down on price if spot dropped. I agreed. It was obvious the guy was looking to lower his cost, and so be it.

Now he wants it at last week's spot price. No sale and he's acting like I'm the problem in the equation.

 

The fluctuation in the market over the last days and week has been interesting. The big swings have me watching but not buying. What will today bring ?

 

NAW, NAW , YOUR RIGHT BRETT in not selling to him now , if he wanted it he should bought it first go round...

 

I'm expecting a year long slow growth trend to the upside with lots of volatility. The trend has legs to put us between 17 and 18 by this time next year.

Yes, I'm speculating, but I'm making an educated guess based on trends and current economic situation - and the fact that we have seen high inflation that people just don't realize yet.

I said it last summer, just because oil is cheap doesn't mean we aren't seeing inflation. The cost of goods and services has risen dramatically in the last 3 years due to labor and tax increases. Economists will look at traditional bellwethers and say it ain't so.

I know at restaurants and stores, I've seen a price increase in everything - along with extra taxes and fees. Gas is cheap, and that's offsetting the cost - but it's only temporary.

I'm quite sure after the elections, someone will start reporting it on the news and correlate price increases across the board with inflation.

 

YES BRETT, I was always told when the oil went up all goods shipped were increase because of the transportation cost driving the consumer products up and passed the cost on onto the customers. But the oil boom is over and oil dropped but the prices in the store all stayed the same. KEEP ON CHUGGING ALONG MR. SILVER... my chart shows 16.22 right now

 

What are "high prices" in your estimation?

 

And it appears that oil prices have bottomed and are now in recovery. I bet we'll see prices go up again on consumer products. The only thing that could have product prices drop when oil drops is true competition. However, since so many large companies absorbed/merged with their competition following the 2008-2010 financial crisis, consumer product prices did not drop with the drop in oil price. The sectors where there is "competition" (supposedly), the companies have become really good at working together to fix prices. Just look at airfare for example. Gas/oil is their 2nd largest (labor being slightly higher) and most volatile operating expense. Did you see significant, if any, decrease in airfare? No.

 

Saw increases and the typical "screw the customer" style fees. Bag fees, pre-board fees, increase in airport taxes on the ticket, etc...

Airlines saw huge benefits from the oil prices.

 

Four years ago silver was going for $33/oz. Now it's half that. How do you 'silver stacking' suckers feel now?
Who cares? I'm a numismatist, not a precious metals speculator.

 

A little harsh aren't you ? As for myself, I've collected both for years. As a numismatist and precious metal collector I guess I'm ok in both worlds. I never bought at $33/oz., believe it or not I was completing serve books at the time, so I've been fortunate, but it's not like we're flipping either. I've bought to pass my collection on to my daughter and the enjoyment I have gotten through the years of going to shows and finding those gems we all look for. I'm getting ready to turn 60 this year and to look back over the last 40 years it sure has been a lot of fun !

 

I feel fine and like Bear I do both also I enjoy the deals, the hunt, and love to hear the stories I DID BUY SILVER AT 30.00, SO I am enjoying the spike and riding the up swing cautiously and bought some more Silver when it was 14.00 to average it out some. SO I CARE WOLVE... NICE TO HERE YOUR POSITVIE COMMENT......... HAVE A GREAT DAY.......

 

And the dealers at the local coin shows are still asking 17 and 18 times face.

 

Am I wrong in assuming that if the Fed starts raising the prime rate, PMs will shoot up? It has to happen... already way overdue.

 

I've been told by two local coindealers on the North Shore of long island that there is very little product out there and whatever they're getting, theyre selling at a nice premium.

 

They can't stay in business if they sell at todays price. They were buying at $30 plus to replace what they sold. The market is so slow to recover, their cash flow could be seriously affected selling at today's prices. Only major dealers can afford that.

 

1. I'm fine, leveraged it and sold most at a large profit, and have been buying down through the lows and my DCA is now well under spot - and I'm considering starting to take the profits off the table.

2. Grow up and get over yourself.

 

Silver is not getting crushed today