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Silver drops $1.40 in less than one hour Sunday evening Gold drops also.

Discussion in 'Off Topic' started by 19 Adam, May 19, 2013.

  1. 19 Adam

    19 Adam rural Clackamas County, Oregon Active Member

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    ODD?

    The price of silver just dropped about $1.40 an ounce in less than an hour this evening. Gold also took a dip the same time. This hasn't made much of a media splash yet and Monday may be a good time to check the spot prices if you are in the market to put some precious metal aside.

    Last week both metals were in a steady slow price decline.
     
  2. Kevinkris

    Kevinkris Aloha Well-Known Member

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    if i wasnt about to move in the next couple of weeks i would be all over that. when they drop like that they usually tick right back up in just a few days.
     
  3. Grunwald

    Grunwald Out of that nut job colony of Seattle, WA Well-Known Member

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    Keep on dropping. It just means I can buy more.
    All the online dealers have below normal inventory. I am not going say the S word (shortage), but there is not nearly as much choice as there has been over the last 5 years (which is the short time I have been paying attention).
    The reason why people own precious metals has not gone away. If anything it has intensified.
    Is the government spending more than it taxes? Check.
    Are world's central banks printing like mad? Check.
    Is this getting worse, and is the debt load growing? Check.
     
  4. Benny503

    Benny503 Grants Pass Well-Known Member

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    I got some last Wednesday thought it was good. Friday it dropped another $29 :-( just my luck.
     
  5. Ironbar

    Ironbar Tigard, OR Well-Known Member

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    I have beat on the drum that precious metals are not a good investment- ever, yet people keep buying the hype. My mutual fund portfolio meanwhile increased again.

    Woot!
     
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  6. Dan-Dee Sales Inc

    Dan-Dee Sales Inc Sweet Home, Oregon, United States Active Member

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    that is why you have both. I remember mutual funds and stocks dropping like rocks too.
     
  7. Blitzkrieg

    Blitzkrieg WA Well-Known Member

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    I'm buying guns, reloading components and food storage. If a severe crash comes guess who wins
     
  8. Phrank

    Phrank Forest Grove Active Member

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    And now it's recovered that entire drop and jumped up 40 cents so far today. Getting seasick on the roller-coaster ride.
     
  9. Oregonhunter5

    Oregonhunter5 2C IDAHO Well-Known Member

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    Buying gold or silver seems like a long term investment at this point. Like 10-20 years
     
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  10. Sun195

    Sun195 Pugetropolis, WA Well-Known Member

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    Welcome to the commodities market.
     
  11. Burt Gummer

    Burt Gummer Portland Completely Out of Ammo

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    It isn't a supply/demand thing.

    It is a an ETF Ponzi thing. Supply and demand don't factor into the price of PMs. At least for now.
     
  12. Phrank

    Phrank Forest Grove Active Member

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    From what I can tell, all the action and flux is being driven by the ETF market, the physical market is just along for the bumpy ride. I'd say if you're going to diversify into metals or take a prep/hoarding approach, go retail metal in hand; digital metals are about as useful as digital ammo.

    YMMV

    Cheers
     
  13. Burt Gummer

    Burt Gummer Portland Completely Out of Ammo

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    Exactly - in fact, most agree that the ratio is about 300:1 paper to silver. Very similar to the Fed fraud with money printing. Creating something that really does not exist.

    Take away the Ponzi - which may happen in a collapse where people demand the real thing - and the price of silver is more like $5000 an ounce; that is the real supply/demand value; pretty much the same as gold (ratio).

    But alas, we have a completely corrupt financial system, so when JP Morgan wants to drop the price of G/S to make the dollar appear less pathetic they simply run the shorts, print the certs. Our owners and their banker minions control the price right down to the penny. That is why your coin shop can have a run on gold or silver, nothing available at all, but the price keeps DROPPING.

    If you want a Lotto ticket that has a better chance than what the state offers, buy silver (only after every other base is covering, as a substitute for Fiat monopoly money).
     
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  14. Blitzkrieg

    Blitzkrieg WA Well-Known Member

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    Location

    Food

    Water

    Weapons and ammo

    Other supplies

    Tactics

    Precious metals, the good book says they will be tossed into the street as worthless
     
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  15. Burt Gummer

    Burt Gummer Portland Completely Out of Ammo

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  16. pokerace

    pokerace Newberg Well-Known Member

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    Remember you can always make bullets out of silver.
     
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  17. Blitzkrieg

    Blitzkrieg WA Well-Known Member

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    Wheel weights are just a bit cheaper to stockpile
     
  18. Grunwald

    Grunwald Out of that nut job colony of Seattle, WA Well-Known Member

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    It all depends on your financial situation and view of current state of affairs as well as prognostication for the future.
    If you a scrapping by and barely living from paycheck to paycheck than anything beyond the absolute necessities are out of the question.
    If you have a decent job and are looking to put at least a portion of your wealth into something that cannot be easily confiscated that precious metal are ideal. Their purpose is not an investment (something to grow your wealth); it is wealth preservation.
    Ridiculing precious metals shows clear lack of understanding of human history.
    Ammo is great for immediate and near term needs, but gold is great for long term needs.
    If we limp along for another 100 and that ammo stash gets passed onto the 3rd and 4th generation, somehow I doubt that it will be worth all that much. The gold coin will retain its purchasing power.

    In the end a lot of it has to do with disposable income (what is left over after all the bills have been paid). If you have $300 left each month then you buy ammo etc. If you have $3,000 left over each month, you cannot continue buying ammo and other survival items month after month because very quickly you will run out of room to store it, never mind store it safely.

    If you are in the $30,000 per month crowd, you will have all your emergency supplies taken care of after 1 month and all kinds of wish list crap after the second. For this sort of person even silver isn't exactly an option for storing wealth if he wants to keep it portable.

    I don't even want to talk about someone who is in the $300,000 per month camp.
    Thing is, that there are a lot of people who fit this category.