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Silver under $12 in last 24 hrs
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<p>[QUOTE="medoraman, post: 4258627, member: 26302"]Oh of course. My next door neighbor was an early metal detectorist. He had a couple of coffee containers of dug silver coins. He was smart and sold off when silver got up to about $35. I believe the price he was paid was the equivalent of about $27 an ounce. He said he shopped around a lot, and this was the best by far price he found. He was still smart, since within a year it was below $10 if I remember correctly.</p><p><br /></p><p>I know many on PM boards hate the paper market, and believe it is manipulated, etc etc., but this massive spread and how long it takes is exactly WHY the futures market was created. It is WAY cheaper and faster to buy and sell on the futures market than physical. A smart person would buy paper pm at really low prices, and hold on to them until physical premiums declined and then sell the paper and buy the physical. I believe Jim has done so, and he is whom I would consider an intelligent man. How this would work would be:</p><p><br /></p><p>Say silver futures drop to $9 an ounce, but physical is still $17. Buy at $9 paper, hold it until things calm down. Maybe it goes back up to $15, and premiums lower. Sell your paper at $15, buy physical at $17. You still paid $17 for the physical, but only $2 premium versus $8. Net you have $11 in that silver.[/QUOTE]</p><p><br /></p>
[QUOTE="medoraman, post: 4258627, member: 26302"]Oh of course. My next door neighbor was an early metal detectorist. He had a couple of coffee containers of dug silver coins. He was smart and sold off when silver got up to about $35. I believe the price he was paid was the equivalent of about $27 an ounce. He said he shopped around a lot, and this was the best by far price he found. He was still smart, since within a year it was below $10 if I remember correctly. I know many on PM boards hate the paper market, and believe it is manipulated, etc etc., but this massive spread and how long it takes is exactly WHY the futures market was created. It is WAY cheaper and faster to buy and sell on the futures market than physical. A smart person would buy paper pm at really low prices, and hold on to them until physical premiums declined and then sell the paper and buy the physical. I believe Jim has done so, and he is whom I would consider an intelligent man. How this would work would be: Say silver futures drop to $9 an ounce, but physical is still $17. Buy at $9 paper, hold it until things calm down. Maybe it goes back up to $15, and premiums lower. Sell your paper at $15, buy physical at $17. You still paid $17 for the physical, but only $2 premium versus $8. Net you have $11 in that silver.[/QUOTE]
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Silver under $12 in last 24 hrs
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