Silver is dropping as fast as it spiked 0

[Woods020]

Silver spot price is currently down $1.05 today, to $23.52/oz. A lot of people are kicking themselves currently for buying a month ago during the boom. Do you think with the delta variant causing issues we will see another spike driven by economic uncertainty and the desire for hard assets? 

Here is the 6 month silver chart. What a ride so far. Funny to see how far the spread was on Silver Eagles from spot price a month ago. 
 

Edited August 8, 2021 by Woods020

[VKurtB]

Good!!! Keep dropping! In fact, plummet. Like to under $10. 

Edited August 8, 2021 by VKurtB

[Woods020]

On 8/8/2021 at 6:50 PM, VKurtB said:

Good!!! Keep dropping! In fact, plummet. Like to under $10. 

I am ok with that but I want it to jump one more time and unload a bunch of it haha. I am kicking myself for not selling recently. I had every intention and kept putting it off. I missed my chance for sure. I’m tired of hanging on to a bunch and want to unload at the soonest chance at a profit. It takes up a lot of space in a safe to do nothing but go up and down marginally over time. 

Edited August 8, 2021 by Woods020

[Just Bob]

On 8/8/2021 at 6:50 PM, VKurtB said:

Good!!! Keep dropping! In fact, plummet. Like to under $10. 

I would love that. I would be a buyer at that level, for sure.

[GoldFinger1969]

It's probably an overreaction to the NFP report on Friday with bond yields higher.

[RWB]

That's only a $4.50 change or about -16%. One or two speculators taking profits, that's all.

[GoldFinger1969]

On 8/8/2021 at 8:25 PM, RWB said:

That's only a $4.50 change or about -16%. One or two speculators taking profits, that's all.

Silver is down about $0.70 overnight or so, about 2.3%.  Gold is matching it down about $40 to just over $1,700.  But it's a $100 drop in 2 days for gold. 

[VKurtB]

Gold can go back to $35, for all I care. 

[Coinbuf]

I did sell a small portion of my junk silver back in June and was able to closely time the top, now like you @Woods020 I wish that I had sold more.   But I followed a generally solid practice for stocks which was to take profits on a portion just in case the market had continued on up.   It has been an interesting ride so far and in the past inflation fears would have been a very big motivator to buy physical silver and gold.   But todays population has grown up under different rules and do not see deficit spending as the monster that the older generation do/did.   So I'm not surprised to see the prices starting to recede, and while very possible that metals could  about face and move much higher I just do not see that as the most likely outcome at this time.

I will say that if I'm correct and prices continue to drift down I (sorta) feel for the folks that bought all those massively overpriced offerings from the mint.   Silver ASE's (essentially silver rounds) at $60-$70 per ounce and gold at over $3K an ounce, those items may overtake classic commems for the definition of buried.

[Woods020]

On 8/8/2021 at 7:25 PM, RWB said:

That's only a $4.50 change or about -16%. One or two speculators taking profits, that's all.

In the silver market, which moves about the same speed as a glacier, that’s a big change for that time period. And what was so big was the investor demand that drove up premiums. Talking to a local dealer over the weekend he said he was paying $10 over spot for ASEs 4 or 5 weeks ago. That hype is probably being second guessed right about now. 

[RWB]

On 8/8/2021 at 8:33 PM, GoldFinger1969 said:

Silver is down about $0.70 overnight or so, about 2.3%.  Gold is matching it down about $40 to just over $1,700.  But it's a $100 drop in 2 days for gold. 

5%- that's nothing. Has no effect on collectors' coins, only junk gold.

[GoldFinger1969]

On 8/8/2021 at 9:12 PM, Coinbuf said:

I will say that if I'm correct and prices continue to drift down I (sorta) feel for the folks that bought all those massively overpriced offerings from the mint.   Silver ASE's (essentially silver rounds) at $60-$70 per ounce and gold at over $3K an ounce, those items may overtake classic commems for the definition of buried.

The silver sold at a premium of about 150-200%.  The gold sold at a premium of 100-150% or so.

Even paying secondary prices at shows or online, you are talking about premiums to underlying metal content of maybe 300-500%.

In 1979-80 and 1988-90....you had premiums of 1,000-1,500%...and more !! 

[GoldFinger1969]

On 8/8/2021 at 9:13 PM, Woods020 said:

In the silver market, which moves about the same speed as a glacier, that’s a big change for that time period. And what was so big was the investor demand that drove up premiums. Talking to a local dealer over the weekend he said he was paying $10 over spot for ASEs 4 or 5 weeks ago. That hype is probably being second guessed right about now. 

Oh, ASE's.....I thought we were talking spot silver pricing.  My mistake.

So the premiums for silver are dissipating ?

[GoldFinger1969]

Looks like gold and silver had a "Flash Crash" like equities did about 11 years ago:

https://finance.yahoo.com/news/gold-drops-silver-tumbles-u-235316172.html

 

[Jason Abshier]

Last time I dumped silver back on market was back in 2011 when silver almost topped $50 an ounce … so far I haven’t sold much silver since then hopefully in next 5 or 8 years silver goes up and over $40 or so an ounce I’ll unload more back on the market right now silver is still cheap and easy to get 

[Jason Abshier]

The real bummer in precious metals is the folks who invested heavily into Platinum. At one time platinum was above gold melt value , platinum suffered and took a deep nose dive over the last few years gold shines above all . 

[jtryka]

On 8/9/2021 at 1:46 AM, GoldFinger1969 said:

Looks like gold and silver had a "Flash Crash" like equities did about 11 years ago:

https://finance.yahoo.com/news/gold-drops-silver-tumbles-u-235316172.html

 

Gold and silver have "flash crashes" on a fairly regular basis.  Nothing to see here, inflation surging, but what better way to prove it's "transitory" than to dump billions in metals on the futures markets in the middle of a Sunday night while everyone is sleeping?

[GoldFinger1969]

On 8/9/2021 at 11:35 AM, Jason Abshier said:

The real bummer in precious metals is the folks who invested heavily into Platinum. At one time platinum was above gold melt value , platinum suffered and took a deep nose dive over the last few years gold shines above all . 

Palladium, Rhodium etc.....are where the action has been.   Not gold ! 

[gmarguli]

On 8/9/2021 at 9:35 AM, GoldFinger1969 said:

Palladium, Rhodium etc.....are where the action has been.   Not gold ! 

Energy, animal proteins, and base metals are where the action has been. Precious metals were the worst performing class. 

[Jason Abshier]

On 8/9/2021 at 12:35 PM, GoldFinger1969 said:

Palladium, Rhodium etc.....are where the action has been.   Not gold ! 

I forgot about those two precious metals indeed they are the newest type of metals to invest into for now if someone takes precious metal investment serious 

[Conder101]

On 8/9/2021 at 12:35 PM, GoldFinger1969 said:

Palladium, Rhodium etc.....are where the action has been. 

Lets see in May Rhodium was $28,000 per oz and today it's $17,000, lots of action there. 

[GoldFinger1969]

On 8/10/2021 at 9:56 AM, Conder101 said:

Lets see in May Rhodium was $28,000 per oz and today it's $17,000, lots of action there. 

You're measuring from a recent peak to a recent trough.  It was $7,000 an ounce a bit over a year ago.

[Conder101]

And it 2008 it was $10,000, and in Nov that same year it had dropped to $1,000.  It spent most of the time from 2008 to 2016 floating around that $1,000 price. Basically Rhodium has been all over the place.

[Moxie15]

Tulips! I tell ya, it's tulips! They're coming back, any day now they will spike again!

[Henri Charriere]

@VKurtB  Never been to a coin show but what am I missing here waiting two days to hear the other shoe drop?  You won the door prize? A raffle? What's gotten you into such a giddy mood?  

Never, in my entire life, have I ever entertained the thought, the luxury, as it were as an on-again, off-again collector, of a Devil-May-Care attitude toward precious metal prices. 

Whatever it is you've had or been having, I'll have more of the same. Gotta be a gag. Punked by VKB? Wow!