Silver price just topped $75!

[Smokey Bear]

Not when you bought it for 20-30 dollars, I’ll continue to hodl

Exactly! I bought most of mine when it was below $10. Mind you that was the early 90’s. The rest I have is from my dad when he passed away. Everything I have is a guaranteed profit. I was absolutely happy when it topped $50. Everything else is just icing on the cake.
It’s dropped $35 in the last week and I don’t give two ’s.
I’m still in this mentality!

 

[Big Sky Guy]

Just curious ... whatever happened to that audit of Fort Knox??

Same thing that happened with DOGE, basically nothing anyone wanted or hoped would happen. Very disappointing. However, what is worse, not having any gold in Fort Knox OR everyone knowing for sure there isn't any gold in Fort Knox? I don't think any sane leader would do any sort of legitimate audit if it was going to mean the death of their nation as the reserve currency, so maybe it was for the "better." Whatever that is nowadays.

 

[2531usmc]

This pullback was healthy and it too shall pass

 

[Marbles]

I mean it’s hard to beat the house when they are pulling the levers… yet did the global demand of silver evaporate overnight? Was there an epic discovery to make up for the over price? Let them bankers play their games… silver and gold are hedges, but after steel and lead… never want to have to need them, but I’d rather not be caught with my pants down… when the data centers have to have physical silver we will see what the price does over the next few years

The market reflects a lot of things, not just fundamentals, but also herd mentality. Across the board, most prices reflect a gamble to make money, not an underlying valuation based on fundamentals, at present.

That, or inflation is much worse than goods prices reflect.

Low interest rates make it worse because you cannot really put money to work without speculation and higher risk.

The invest your retirement model also makes it worse as money is currently pouring in, but not out. As the silver tsunami hits, beyond the other strains on society it will cause, the markt will drop as more people start withdrawing thand puting in. It will be similar to job based pension were eventually the weight of the retired is more than the working can meaningful support (which was the reason for the shift to retirement accounts).

Anyway, I don't have much silver, but what I have was bought for around $40 an ounce in 2012, it is a hedge that costs almost nothing to keep and continues to serve its purpose regardless of todays price.

 

[Hnthrdr]

The market reflects a lot of things, not just fundamentals, but also herd mentality. Across the board, most prices reflect a gamble to make money, not an underlying valuation based on fundamentals, at present.

That, or inflation is much worse than goods prices reflect.

Low interest rates make it worse because you cannot really put money to work without speculation and higher risk.

The invest your retirement model also makes it worse as money is currently pouring in, but not out. As the silver tsunami hits, beyond the other strains on society it will cause, the markt will drop as more people start withdrawing thand puting in. It will be similar to job based pension were eventually the weight of the retired is more than the working can meaningful support (which was the reason for the shift to retirement accounts).

Anyway, I don't have much silver, but what I have was bought for around $40 an ounce in 2012, it is a hedge that costs almost nothing to keep and continues to serve its purpose regardless of todays price.

Very well put… yeah we always hear about what will happen to SS when we get top heavy but no one talks about what will happen to the market when lots of draw down and not as much input… but what do you do with your dollar to not have it completely eroded by inflation?

 

[5MilesBack]

I'm a little bummed because I drove over to the dealer Wed morning to sell a 10+ pound bag of junk silver (90% silver coins) and some gold coins. There were probably 40 people in line 1/2 hour before they even opened. I kept driving right on past. No way I would ever wait in that line. That's the problem with physical metals, not very liquid. I have a buddy that lives in another town in CO and he said all the buyers in his town had completely stopped buying silver and gold coins.

 

[Smokey Bear]

I'm a little bummed because I drove over to the dealer Wed morning to sell a 10+ pound bag of junk silver (90% silver coins) and some gold coins. There were probably 40 people in line 1/2 hour before they even opened. I kept driving right on past. No way I would ever wait in that line. That's the problem with physical metals, not very liquid. I have a buddy that lives in another town in CO and he said all the buyers in his town had completely stopped buying silver and gold coins.

This will just be the first stage. Those with bags of old coins cashing in. That will continue for some time. The sentimental value of great grandpas stash of coins will be lost at these high prices. How many rare coins will be sold for scrap?

 

[5MilesBack]

The sentimental value of great grandpas stash of coins will be lost at these high prices. How many rare coins will be sold for scrap?

What's this sentimental value you speak of? That's foreign to me. I have my grandpa's WW1 Springfield 1903 and his old Coleman camp stove from the 1930's. I'd sell those in a heartbeat for the right price. I have his WW1 trenching shovel as well, but I think I'm going to put a new handle on that one and use it.

The local dealer has stopped buying jewelry. Probably because they are required to hold it for 30 days in case it's stolen. With the volatility of pricing these days they could take a beating having to hold onto it that long.

 

[2531usmc]

I'm a little bummed because I drove over to the dealer Wed morning to sell a 10+ pound bag of junk silver (90% silver coins) and some gold coins. There were probably 40 people in line 1/2 hour before they even opened. I kept driving right on past. No way I would ever wait in that line. That's the problem with physical metals, not very liquid. I have a buddy that lives in another town in CO and he said all the buyers in his town had completely stopped buying silver and gold coins.

What would be the rationale for completely stopping the purchase of silver and gold coins?

Rather than stop purchasing, would it not be in their interest to buy at 80, 90 or 95% of the spot rate?

 

[RockAndSage]

What would be the rationale for completely stopping the purchase of silver and gold coins?

Rather than stop purchasing, would it not be in their interest to buy at 80, 90 or 95% of the spot rate?

My understanding is that nobody's buying at the retail level (relatively speaking), so they're short on cash and also taking the buy/sell dynamic as an indicator that the economy's not doing too well. Meaning, eventually, the price bubble will burst.

 

[WiscoHoundsman]

A local place here said the refinery they send silver off to was not taking any silver from them at the moment. It would be 2 weeks and with the high prices they were not taking the risk on the price going down. They told me to call another place and that place didn’t answer the 2-3 times I called them.