Silver Prices Hitting the Roof

[Lilhigbee]

Unfortunately no one makes a silver 44mag ;-)

Au contraire!! Our very own @Sporting Systems has them for you.
https://minutemanammo.com/collectio.../werewolf-defense-line?variant=14457755664426

 

[Bolt_308]

Au contraire!! Our very own @Sporting Systems has them for you.
https://minutemanammo.com/collectio.../werewolf-defense-line?variant=14457755664426

Well crap, there goes another $300 . . . ;-)

 

[Sporting Systems]

Well crap, there goes another $300 . . . ;-)

and ours are live ammo...9, 10, 38, 357, 40, 44 spec, 44 mag, 45lc, 45ACP, 45-70

View: https://youtu.be/M9V1eW1irys?si=piQp3FMU3nnbt-4_

 

[Bolt_308]

Au contraire!! Our very own @Sporting Systems has them for you.
https://minutemanammo.com/collectio.../werewolf-defense-line?variant=14457755664426

and ours are live ammo...9, 10, 38, 357, 40, 44 spec, 44 mag, 45lc, 45ACP, 45-70

View: https://youtu.be/M9V1eW1irys?si=piQp3FMU3nnbt-4_

View attachment 2246838

Well, they may not be fully functioning like Sporting Systems are, but my order of gold plated pure silver bullets arrived today! Pretty true to real sizes too!

10oz .50BMG, 4oz 12g, 3oz .308, and 1oz .45. Total of 18 ounces of silver! 2nd pic is alongside their real life counterparts ;-) . Silver down a bit today . . .

 

[gmerkt]

Where has all the silver fever gone off to?

 

[Colt Carbine]

1 ounce 45acp silver bullets

 

[Medic!]

Where has all the silver fever gone off to?

It's just like me to quote myself.
So here you go.

It's not the thing that you don't know about that really hurts you.


It's the thing you're sure of. And wrong.

 

[gmerkt]

Who knows where it's going from here, after some choppy sessions and serious drops. It could still go to the moon.

BUT: In the meantime, there have got to be a lot of serious losses all along the chain. Especially the leveraged situations where borrowed money was on the line. Borrowed money doesn't care what might happen in the future. All it knows is that it has to be paid back and interest accrues all the time it's lent out. Silver that was bought at $100 per oz. and was in the hands of dealers, etc., when the drop occurred, it's now tying up capital. I'm talking about physical. The situation with paper has got to be much worse.

We've discussed here how nervous dealers must've been getting when silver was soaring every day. If they weren't hedged, their nightmare has come true. We'll have to wait and see what happens in future. After all, $70-something is still a lot higher than is was a year ago. So it could be worse. But in the meantime, a lot of the wisenheimers who jumped on the bandwagon have already been hurt, that's not fixable.

Kevin O'Leary, the would-be financial guru, has a formula. I can't remember his cute phrase for it. Basically, it's this. If your investment doubles, you take out half, then let the rest ride and see where it goes. But by taking out half, you've already recovered your initial money. This might've been good advice to some during the recent silver boom.

In my own affairs, I don't have a Christal ball, but I can refer to 50 years of history. So I chose to sell a piece of my silver stack. I still have a lot left. I didn't sell at the top of the boom, because I didn't know where that was going to be. I think I sold at $60-something. I put a bit of it back into gold. I came away with enough to buy a fancy new car, which I haven't done yet but I'm looking. My record keeping in the past wasn't all that good. I'd buy PM, then put it away and not care what I paid for it. But by memory, for the 100 oz. bars, I think I paid in the teens per oz. The big bars came toward the end of my silver purchasing, because by that time I had the money to buy them and realized that the price per oz. (at that time, anyway) was a little lower. So I beat the snot out of Kevin O'Leary.

Oh, and I decided it was a good time to sell my sterling silver Richard Nixon 1972 inaugural medal, it weighed over 5 oz. I think it cost $37.50 when I bought it in 1974, which was a lot of money then.

 

[Mono1]

Where has all the silver fever gone off to?

It will pick back up again by Summer.

 

[gmerkt]

It will pick back up again by Summer.

If and when this happens, we might expect a different behavior from buying dealers, I'm thinking.

 

[Gigatar]

Where has all the silver fever gone off to?

Still there, just in smaller proportions.

Picked up (5) Mercury dimes today.

 

[Camelfilter]

Where has all the silver fever gone off to?

Asian markets are closed, Lunar New Year holidays. A few weeks, I believe.

 

[Gigatar]

And (1) more Mercury dime today.

You should hear me walking down the street!

Seems as if JPMorgan is content with the silver prices going back up at this point in time. I am not saying they'll halt their sell paper/buy physical schemes, making a few 10s of millions here and there, but.. Optimism!

 

[gmerkt]

It's up in the low 80's again today, maybe it's back on its trip to the moon. I still have more that I'd like to sell. The big stuff that's hard to handle physically. I got it ready back when silver hit $100, then dropped the ball in making an appointment. This time around, it will be interesting to see what the dealer response is. More caution might be expected.

 

[kmk1012]

Are people still buying junk silver? I have a family member looking to offload about 1 or 2 hundred dollars face value.

 

[Tlock]

Are people still buying junk silver? I have a family member looking to offload about 1 or 2 hundred dollars face value.

I had some I thought about selling when it was high. No one wanted it, especially 40%

 

[TTSX]

Are people still buying junk silver? I have a family member looking to offload about 1 or 2 hundred dollars face value.

I'm assuming you mean selling a couple hundred dollars of face value but not at face value, right?

 

[kmk1012]

I'm assuming you mean selling a couple hundred dollars of face value but not at face value, right?

You are correct, should be worth much more than $200

 

[gmerkt]

No one wanted it,

I'll be darned. People have and buy silver for different reasons. Many of us buy it as a kind of backstop against some future and unknowable emergency. Others buy it for speculation. I've done both. But my 90% "junk" silver or "survival" silver is the last I would sell. I credit it with having a high recognition factor which might be good in an emergency situation.

 

[Camelfilter]

Nominal GSR about 1:60 at weekend close. Nice!

Will be I interesting to see how the market goes the week after next, when Asian markets reopen.