Today, Saturday I just bought a couple grand worth of Silver

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Wall Street has already had it's hand smacked for manipulating metal prices years ago by the SEC.
So this was a non-starter.
The Reddit rumor sent silver briefly above $30 this morning but it quickly settled down and is only up about $2 now (8%).
You can't rip off the big guys if they ain't playing the game.
It is not the same as playing with the stock of a doomed company.
 
I watch the silver prices with interest but little concern. Those that wanted silver bought it a long time ago. Those that buy and sell silver with a hope of making money know way more about the metals markets than I. Selling your PM's when prices are up and the economy is down rather defeats the purpose. Get rid of your currency first, its value is going down. You bought the silver as an insurance policy against inflation. Selling it now makes no sense to me. Buying PM's now may be too late, but if prices go up then it could be one of those, better late than never, situations.

When your debt is eliminated, when you have all the food, TP, et al that you can store, when you have 8 months reserve cash, it is time to consider PM's.
 
In the early 70's I was paying $295.00 for 100 oz. bars of 99.9999 Silver. Sold them in the late 70's when I foolishly fell in love, and got married, and she wanted a nice cute house, located "Turnagain By the Sea".
 
The Reddit rumor sent silver briefly above $30 this morning but it quickly settled down and is only up about $2 now (8%).
You can't rip off the big guys if they ain't playing the game.
It is not the same as playing with the stock of a doomed company.
Aaaand now silver is right back where it was, at $26 and change :rolleyes:.
Sorry, no Gamestop million$ to be made here.:(
 
Found this yesterday from a yahoo pm group, not sure I understand every thing here but it would seem gold is going up, silver always follows gold and vice versa. All I know about this basel thing is that it's good in spaghetti sauce.

Yesterday 1.5 billion ounces were traded on Comex.
Yearly silver production is half of that at 0.8 billion ounces.
So yesterday 2 x year silver production was traded on Comex.
In the last 2 weeks 100 million ounces were added to SLV.
JMBullion sold 27 million ounces this Sunday.

Hypothesis: all USA bullion dealers sold 100 million ounces over the weekend.

Worldwide let’s say 400 million ounces of physical silver were sold.
That’s half the year production that was sold over the weekend.
In the whole of 2020 only 200 million ounces were sold.
400 million ounces sold during this weekend, compared to 200 ounces in the whole of 2020

Result: Silver down 8% in one single day.
JPMorgan is now very bearish on silver.
CME raised margins for futures on silver, pushing traders to liquidate their paper silver.

If you buy a silver future today, then you can ask for physical delivery starting 26/02. The silver needs to be delivered by the end of March 2021. They will need to buy all this paper silver on the silver market before the end of March. Good luck, I think there has been a lot of demand for the silver futures as you can buy silver at 26 via the paper market, when you pay 45 normally at the dealer. And when you want it delivered you can get it by March

Before end of March there will be even more major supply problems.

In June we have Basel lll which starts for gold. Physical gold instead of paper gold will then be required. A lot of that paper gold will need to be bought on the market.

(Upcoming Basel lll reforms will require banks to store an amount of physical collateral to hedge their liabilities between June 2020- Jan 2023)

Fiat dollar to Ounce of Silver by float is currently $4795 an ounce.
 
Found this yesterday from a yahoo pm group, not sure I understand every thing here but it would seem gold is going up, silver always follows gold and vice versa. All I know about this basel thing is that it's good in spaghetti sauce.

Yesterday 1.5 billion ounces were traded on Comex.
<SNIP>
Before end of March there will be even more major supply problems...
Fiat dollar to Ounce of Silver by float is currently $4795 an ounce.
You forgot the standard disclaimer. You can borrow mine:
*The previous contains forward-looking statements. Investors can, and do lose money.
 
Paper silver went back down but physical silver is still way up.

Exactly. Physical silver is nearly impossible to find and is still way above the $26 as of this afternoon. I don't expect a big drop in the price for it, nor for their to be much availability any time soon. To me paper silver is a waste of time and money. I want something I can hold in my hand.
 
a quick side note... if someone knows anything about smelting gold and silver, PM me. I explored this idea long ago, even have a box of porcelain crucibles. Now seems like the time to finish this project.

Back to you regular scheduled programming.... :)
 
a quick side note... if someone knows anything about smelting gold and silver, PM me. I explored this idea long ago, even have a box of porcelain crucibles. Now seems like the time to finish this project.

Back to you regular scheduled programming.... :)
Silver electrical contactor tips?
Nope. Don't know nuthin' about that.
 
Silver electrical contactor tips?
Nope. Don't know nuthin' about that.
I did study the solubility of of various solutes with gold and trinary state diagrams....

But the Bible made it simple and spoke to the dross that floats on molten gold when heated to just enough to melt gold but no more.

Does this video on YouTube by BigStackD help?




He always ends his videos by cracking a beer and relaxing.

Ben
 
He always ends his videos by cracking a beer and relaxing.

Ben
Did you catch @Peanut 's pun?
"...PM me" I thought it was 'priceless' !!!
lol.gif
 
Over at the old barn I have some special circuit boards. 1 off's for R&D equipment that never made it to the field, mostly used for testing with very exacting parameters. All the board edges are gold and the foil runs are silver. Every time metals go up I drag this project out and usually get one step closer to melting all those boards. I have almost everything I need, just apply heat...
 
I was thinking about dumping some of my silver and replacing it with gold.

But, I've just been giving my miscellaneous silver that doesn't stack well to the kids at Christmas (stockings got an ounce) and Easter (basket gets an ounce) every year...so maybe I should hold on to it for that reason.

I gave each of my kids a cloth money bag, and I told them to remember where it is (don't lose it!), and if I asked them to go get it, and they immediately brought it to me, I would give them some silver. I was trying to enkindle in them some awareness of these things.
 
I hear you Tactius. Instead of replacing silver with gold, I'd just add some gold. The silver I have now has almost doubled in price since I bought most of mine. I still won't get rid of it, b/c I think it's going higher. It looks like Silver has found a solid support right now, so in my limited trading knowledge combined with what sounds logical to me as far as the overall economy (and dollar) goes, I think silver still has good upside left. If someone asked me.....I'd still be comfortable buying right now.......gold and silver. I just recently added some gold, but I wouldn't balk at buying silver either b/c I think they will both beat the dollar moving forward. Just my .02.
 
I hear you Tactius. Instead of replacing silver with gold, I'd just add some gold. The silver I have now has almost doubled in price since I bought most of mine. I still won't get rid of it, b/c I think it's going higher. It looks like Silver has found a solid support right now, so in my limited trading knowledge combined with what sounds logical to me as far as the overall economy (and dollar) goes, I think silver still has good upside left. If someone asked me.....I'd still be comfortable buying right now.......gold and silver. I just recently added some gold, but I wouldn't balk at buying silver either b/c I think they will both beat the dollar moving forward. Just my .02.
Smart move! Everybody was going nutz to buy it when it was selling over $2,000 per ounce.
brickwall100.gif

Today the price was $1,766 per ounce.
GC00 | Gold Continuous Contract Overview | MarketWatch
So for the professional shopper-girls out there, is it on sale 20% off yet? How close is it?
 
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We purchased the bulk of our gold near 1240
. Also enough silver to make change.

If gold drops below 1200 I will be like white on rice.

Ben
 
If you melt it down you have no evidence as to the purity. It becomes suspect and there are very few people who will accept it.
The coin shop we used to go to used an acid test, if the owner knows what he's doing he can figure the gold content very close to the percentage that's in the melted gold, like 10, 12, 14 or 24 carat, copper is added to gold coins to harden them for handling, Maple Leaf coins are pure gold and dent easily compared to Walking Liberty coins, which even with the added metal, still have the full amount of gold, 1 troy ounce.
 
I think the future for the people willing to live and die for paper money is in crypto dollars not gold or silver.
When the gov gets ready paper will be replaced by gov issued crypto and other crypto, gold, silver, etc will fall big time.
That's just me. Time will tell.
 
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OK...I made a sale, and a purchase.

Sale...I gathered up all of my:
  • 40% silver coins (US 1965-1970 Kennedy half dollars...not as valuable as the 1964 and earlier 90% silver coins, and too easy to confuse with the copper-nickel clad coins from 1971 and thereafter).
  • And, a couple 10 oz. silver bars I had bought way back when.
I did a silver-for-gold swap, ending up with a British Sovereign (they were sold out of US coins), which is much lighter than the above metal. I got this one in particular, a 1911:
great_britain_sovereign_1911.jpg

Tested the coin with the Fisch--all good:


Sovereigns are well recognized around the world, due to the British having used it for money for several hundred years, and during the height of their empire...and they still make them today. I consider them to be good options for individuals in the US, along with American Gold Eagles ("AGE's") and pre-1933 US gold coins (obviously) and the Krugerrand (which has identical specs to the AGE...actually, the other way around, since the AGE copied the Krugerrand). And, they are testable with the Fisch tester.

Had some cash leftover that will likely be earmarked for something else that will likely hold its value...maybe a shotgun...or maybe another small gold coin.

I saved my miscellaneous silver rounds for handing out to the kids.
 
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Hubby just told me that he wants to start buying some silver
I find it easier to acquire silver (or gold) if I don't think about it as "buying silver" or "buying gold."

I think about it as taking some of my wealth which is currently held in cash, and putting some of that wealth into silver, or gold. You can always reverse the process. If you think that currency is a means of measuring the value of other things, you can have buyer's remorse. If you think that there are many ways to store wealth, and one of them is cash, and another of them is gold, then you are just picking a means of storing a portion of your wealth. Most of your wealth will likely remain in currency/cash, but if you take some of your wealth and put it in gold or silver, you are diversifying your wealth mediums, not "buying something." Your wealth remains after the purchase. You just changed what it looked like.

And remember: If your worst case scenario is that you "lose money" on your metals purchase because your local currency stays strong, and grows stronger and stronger, then you are probably doing alright.

I look at metals as an insurance payment, and my best case scenario is that I never need it, and my kids inherit it.
 
After making that point about it not being "buying," I will make a buying analogy. If you are a "buyer," you always want what you are buying to go down in price. You only want what you are buying to go up in price when you are done buying. Me...I'm still a buyer, so I rejoice in lower prices, I don't get upset about them. If I buy, and the price goes down, I just buy again, I don't get upset about it.

Also, since it is an insurance policy for me, I don't put all my wealth into it. I just diversify a small part of my savings into it.

Having said all that, I do have a hard time "buying" now, since the price is so high compared to when I started. And yet, I see what the government is doing, which would seem to inevitably devalue the dollar...which means it might be prudent to buy anyway. Today, the coin shop was almost cleaned out of silver...so people are still buying. But who knows?
 
I find it easier to acquire silver (or gold) if I don't think about it as "buying silver" or "buying gold."

I think about it as taking some of my wealth which is currently held in cash, and putting some of that wealth into silver, or gold. You can always reverse the process. If you think that currency is a means of measuring the value of other things, you can have buyer's remorse. If you think that there are many ways to store wealth, and one of them is cash, and another of them is gold, then you are just picking a means of storing a portion of your wealth. Most of your wealth will likely remain in currency/cash, but if you take some of your wealth and put it in gold or silver, you are diversifying your wealth mediums, not "buying something." Your wealth remains after the purchase. You just changed what it looked like.

And remember: If your worst case scenario is that you "lose money" on your metals purchase because your local currency stays strong, and grows stronger and stronger, then you are probably doing alright.

I look at metals as an insurance payment, and my best case scenario is that I never need it, and my kids inherit it.

He had wanted to last year but we have been "investing" in our infrastructure. We have added (or bought the materials for) a cabin for the kid, more training for her dog, a solar system to support all our power, a workshop, wood shed, cookstove, barn, cattle, 2 greenhouses, a root cellar, an additional 12 1/2 acres and fencing for it.
 
I think the future for the people willing to live and die for paper money is in crypto dollars not gold or silver.
When the gov gets ready paper will be replaced by gov issued crypto and other crypto, gold, silver, etc will fall big time.
That's just me. Time will tell.
You may very well be correct. However, it would be the first time in recorded history that PM's would have no value. With crypto being a new measure of currency, I'm not willing to take that bet, yet. I'll stick with the old tried and true, for now.....even if it ends up being a poor decision.

What I don't like about crypto is 3 fold.
#1 - I just can't wrap my head around it at this point. Digital currency might be the wave of the future, but I'm just not there yet. I want something tangible.....not something stored as an idea in some computer somewhere.
#2 - What about a CME or EMP type of event. It's happened before, so it's not conspiracy. If a good portion of my wealth was stored in crypto, it's gone in a heartbeat. At that point there would be no way to spend money and we would have to go back to PM's and basic bartering b/c there would be no other alternative. If you are left without other 'goods', you are screwed.
#3 - I keep thinking of that guy who lost or forgot his passcode for millions of dollars of Bitcoin. He has no way of getting that 'money' back. I'm just not that tech savvy to think that I can have a crypto account and it will never get hacked and my money couldn't go poof in one instant, with no recourse. I'm truly not a tech oriented person at all, as evidenced by my flip phone. I don't do banking online or anything else that requires me to input sensitive personal information. I guess I'm just old fashioned that way.

I'm not saying it wouldn't be prudent to have some crypto as a well diversified portfolio. However, I wouldn't put all my eggs in that basket. At this point, I don't have any eggs in that basket. I may very well change my tune on that. I have been giving it serious thought lately. I like to diversify, so I may jump in that arena, but it will be a slow progression for me b/c I still don't trust it. On the other hand, I don't trust that cash is going to hold value either.......so there's that. Decisions, decisions.......

I find it easier to acquire silver (or gold) if I don't think about it as "buying silver" or "buying gold."

I think about it as taking some of my wealth which is currently held in cash, and putting some of that wealth into silver, or gold. You can always reverse the process. If you think that currency is a means of measuring the value of other things, you can have buyer's remorse. If you think that there are many ways to store wealth, and one of them is cash, and another of them is gold, then you are just picking a means of storing a portion of your wealth. Most of your wealth will likely remain in currency/cash, but if you take some of your wealth and put it in gold or silver, you are diversifying your wealth mediums, not "buying something." Your wealth remains after the purchase. You just changed what it looked like.

And remember: If your worst case scenario is that you "lose money" on your metals purchase because your local currency stays strong, and grows stronger and stronger, then you are probably doing alright.

I look at metals as an insurance payment, and my best case scenario is that I never need it, and my kids inherit it.
Exactly how I think of it!

After making that point about it not being "buying," I will make a buying analogy. If you are a "buyer," you always want what you are buying to go down in price. You only want what you are buying to go up in price when you are done buying. Me...I'm still a buyer, so I rejoice in lower prices, I don't get upset about them. If I buy, and the price goes down, I just buy again, I don't get upset about it.

Also, since it is an insurance policy for me, I don't put all my wealth into it. I just diversify a small part of my savings into it.

Having said all that, I do have a hard time "buying" now, since the price is so high compared to when I started. And yet, I see what the government is doing, which would seem to inevitably devalue the dollar...which means it might be prudent to buy anyway. Today, the coin shop was almost cleaned out of silver...so people are still buying. But who knows?

We just came into some cash by selling a big piece of equipment and so we decided to put some of that into PM's. I bought some more gold and silver. I feel like we might have paid too high of a premium in buying right now, but at the same time, I don't want to be stuck with large amounts of cash and see it go to nothing. We don't ever plan on having to sell it, but the option is always there if we do. The same place we bought it from will gladly buy it back at any time.

He had wanted to last year but we have been "investing" in our infrastructure. We have added (or bought the materials for) a cabin for the kid, more training for her dog, a solar system to support all our power, a workshop, wood shed, cookstove, barn, cattle, 2 greenhouses, a root cellar, an additional 12 1/2 acres and fencing for it.

I think you did the right thing. Those projects will pay off for you going into the future. They help maintain your independence and put you in a healthy position to withstand whatever might come our way, even if it's nothing at all. I think buying things that you can use now is more important than investing in PM's. After all, you only live once....might as well make it as happy and comfortable as possible, while still preparing for the future.

BTW, Tacitus.....I never heard of that Fisch before. Interesting, but it's a pricy little gadget for what it is. Where did you get yours?
 
I think the future for the people willing to live and die for paper money is in crypto dollars not gold or silver.
When the gov gets ready paper will be replaced by gov issued crypto and other crypto, gold, silver, etc will fall big time.
That's just me. Time will tell.
It's certainly plausible that governments will do away with physical currency and go with digital currency. It would make taxing and tracking much, much easier. I am certain it wouldn't be anonymous transactions like conventional crypto, however.

I mine crypto and buy gold and silver with it. Just sayin'. I can guarantee you that doing away with physical currency won't decrease the demand for PMs. If anything, I bet there would be more interest in them.
 

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