Are Gold and Silver gonna keep going down?

[kaligaran]

Well all that makes sense.

1. I didn't know the US mint stopped sales till August (I saw an article right after my previous post).
2. It makes sense that dealers tend to not follow the spot price down when it makes 'big' swings. Depending on what the mint paid for the silver in the first place would obviously impact the sale price. I just assumed that the mints get it for a significant discount at the quantities they buy. Perhaps that's not the case.

At least I feel less bad about my ASE purchase this last weekend.

Thanks for the responses.

[laurelpark]

I think you did just fine with your purchase. The somewhat frustrating thing about physical silver (and sometimes gold) is that it is incredibly volatile, and the dealers make up for the swings downward.

My best purchase ever was a radical drop downward at midnight. Since the dealers sell 24x7, and they don't have anyone around to adjust prices in the middle of the night, I snagged a ton of Eagles and Maples when prices hammered down for about two minutes. The prices literally went from about $16/oz. to around $14.75/oz. in an instant - and I happened to be waiting for it and had my shopping cart loaded and ready to buy. After that, prices jumped right back up again. Probably the only time things worked out perfectly...

The good thing for anyone who bought in the last two weeks is that there were a lot of good deals out there with low premiums. Even if silver drops by more than $1.50/oz., they're still doing fine because nobody will be able to buy physical metals for a while and prices will stabilize back to where they were before.

EDIT:

If anyone is still looking for a fairly decent deal on a really beautiful legal tender coin, check out this: http://www.ebay.com/itm/Lot-100-2015...-/331591031274

These are going for about $2.65 over spot right now, which is higher than the $2.25 over spot they were selling for yesterday. But, I must say, I bought a bunch of these and they are really nice. I happened across these a few weeks ago when the dealer made a mistake in their pricing and I snagged a bunch at about $1 over spot, so ironically my buy price was still a bunch lower than what they're going for today. If silver drops some more tonight, I might pick up another load of them.

[Ripon83]

$35 more

For about $35 more you get $100 more in face value; not that I expect silver to drop back to $5 canadian....buy these are different times. I can see the threat of deflation being as great as inflation. We don't hear about the FED printing/creating/easing any more and the dollar is sky high. I'm kind of surprised they aren't printing.

http://www.ebay.com/itm/2015-1-oz-Silver-Canadian-Maple-Leafs-Lot-of-100-oz-Four-Rolls-SKU-87768/111590042181?_trksid=p2047675.c100005.m1851&_trkparms=aid%3D222007%26algo%3DSIC.MBE%26ao%3D1%26asc%3D31190%26meid%3D2f3dc61cdbda469a9a5b33af7de7fd90%26pid%3D100005%26rk%3D1%26rkt%3D6%26mehot%3Dpp%26sd%3D131377331322&rt=nc

I think you did just fine with your purchase. The somewhat frustrating thing about physical silver (and sometimes gold) is that it is incredibly volatile, and the dealers make up for the swings downward.

My best purchase ever was a radical drop downward at midnight. Since the dealers sell 24x7, and they don't have anyone around to adjust prices in the middle of the night, I snagged a ton of Eagles and Maples when prices hammered down for about two minutes. The prices literally went from about $16/oz. to around $14.75/oz. in an instant - and I happened to be waiting for it and had my shopping cart loaded and ready to buy. After that, prices jumped right back up again. Probably the only time things worked out perfectly...

The good thing for anyone who bought in the last two weeks is that there were a lot of good deals out there with low premiums. Even if silver drops by more than $1.50/oz., they're still doing fine because nobody will be able to buy physical metals for a while and prices will stabilize back to where they were before.

EDIT:

If anyone is still looking for a fairly decent deal on a really beautiful legal tender coin, check out this: http://www.ebay.com/itm/Lot-100-2015...-/331591031274

These are going for about $2.65 over spot right now, which is higher than the $2.25 over spot they were selling for yesterday. But, I must say, I bought a bunch of these and they are really nice. I happened across these a few weeks ago when the dealer made a mistake in their pricing and I snagged a bunch at about $1 over spot, so ironically my buy price was still a bunch lower than what they're going for today. If silver drops some more tonight, I might pick up another load of them.

[laurelpark]

For about $35 more you get $100 more in face value; not that I expect silver to drop back to $5 canadian....buy these are different times. I can see the threat of deflation being as great as inflation. We don't hear about the FED printing/creating/easing any more and the dollar is sky high. I'm kind of surprised they aren't printing.
http://www.ebay.com/itm/2015-1-oz-Si...77331322&rt=nc

Yeah, you're totally correct on that. I do like to have the higher face value coins, too... Also, the Canadian silver is generally of higher quality than the Oz silver - but I just like the designs on the Oz stuff these days, and the mintage is limited to 1,000,000 coins (as opposed to the bazillion coins that are minted here and up in Canada). So, it's a trade-off of geographically close denominations (Canadian dollars are almost the same as USD in many parts of the US) and limited mintage.

The one thing I don't like about the latest Canadian design is the radial design on the coins. I'm just not a big fan of it, but I'm sure it solved the problems they had with milk-spotting in the past.

[CaliforniaLiberal]

5 year low.

https://www.bullionvault.com/silver-price-chart.do

How do you like them apples?

[PatC415]

5 year low.

And the US Mint halts silver sales by saying they have NONE to sell. Or market B.S.?
This should be an interesting week. My prediction...it drops below 13.
I'm not sure where the bottom will be, but looks like a run on Silver?

[laurelpark]

And the US Mint halts silver sales by saying they have NONE to sell. Or market B.S.?
This should be an interesting week. My prediction...it drops below 13.
I'm not sure where the bottom will be, but looks like a run on Silver?

I personally hope so, but I don't think so. The cost of extraction for silver is around $17/oz. in today's dollars, and if it drops significantly, it is an opportunity to buy. That is, unless the costs go down significantly (like we reach an agreement with Iran where the producers get flooded with cheap oil).

My strategy is to look at the cost-adjusted basis for metals when they were at their prices in the 2003-2006 range. If the cost adjusted basis is lower today, then it's a serious buy. If it's higher, then more data is needed to determine what the fundamental value is.

[olhunter]

Of course silver price is down because I just bought some eagles this past weekend.

I'll let you guys know next time I am gonna buy so you can be ready the following day when the price drops again.

FML.

You don't want to be churning metals. Hang on to it, quit looking at the daily prices and you'll be fine and not get stressed out.

What would you consider a good ROI? 5%? 10%? 20%? When it gets to your acceptable point, sell it. Profit. Yay!

It will. But if you keep waiting to 'get rich', you'll wear yourself out.

[Ripon83]

Every year

This happens each and every year. In fact I think it's happened well before July before. Must be a down year, or five....

And the US Mint halts silver sales by saying they have NONE to sell. Or market B.S.?
This should be an interesting week. My prediction...it drops below 13.
I'm not sure where the bottom will be, but looks like a run on Silver?

[mindwip]

Finialy down to 14 next buy point reached. Hope it stays low until lunch Wed.

[Not a Cook]

Finialy down to 14 next buy point reached. Hope it stays low until lunch Wed.

$14? Or $15?

[the86d]

One of these days Alice:

[sixoclockhold]

Stock Market Halted....shut everything down, that's how you stop the bleeding.

We got your back America !

[laurelpark]

What's weird is that several major systems went down at almost the same time. United Airlines, Wall Street Journal, a number of big financial sites, and the NYSE.

Really weird that they'd all go down at the same time.

EDITED: Originally thought it was the NYT that went down, but it was actually the WSJ. I also noticed a number of sites that I use had "service unavailable" messages for a while but are now working. I'm also seeing some cyber security firms moving upwards, so clearly there are some whispers out there about these things being interconnected in some way. The chatter I've heard is that all the outages were related to some routers, and it's been known for a long time that routers have very serious vulnerabilities that can be built into them from the manufacturer. Seeing as many routers are manufactured in China, there is some worry floating around.

[sixoclockhold]

Gold is acting exactly like it should in a completely rigged market. We're getting that distance (cushion) above the $1,150 level, now at $1,162 but need a few more bucks before Monday imo.

While a complete crush of the metal could be in the cards, people that own Gold are not one to turn tail and sell at the first sign of major weakness. By smashing the metals it creates demand and very risky for TPTB.

We get through this Greek deal while testing this bottom and I get more confident that it will be blue skies ahead for the metal.