Gold and silver prices are down

[tinhorn]

Southern colonial fine arts sterling 4 place setting, 20 pieces | eBay

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Does this seem like a good/decent deal? I’ve made multiple offers below their asking price and none have been accepted...so I’m pretty sure their acceptable offer is their asking price.

I’ve decided to take the advice of someone a few pages back and buy some sterling silver as an investment/heirloom, but also to use every day to eat with as opposed to crappy Chinese ‘stainless’ garbageware we’ve all grown accustomed to eating with in this country.

Ignore the knives--they're steel with light, hollow handles.
16 remaining pieces x 24 grams each (WAG, but a reasonable average) = 384 grams.
384 x .925 purity = 355 grams of silver.
355/31.1 = 11.42 troy ounces x $23 = $263 value. Subtract the $35 shipping fee. $228.

Not a good deal.

If I was smart, I'd be rich. But listening to sumbiches smarter than me, I look at PMs as insurance, not an investment. I like sterling. Sometimes I even overpay for it. Some people think that eating off silver provides a health benefit. I'm not a doctor nor a faith healer, but the missus and I have been eating off sterling for several years and rarely even get the sniffles--and she teaches elementary kids!

Keep some cheap stainless on hand, though, for when you invite guests over. Seriously.

 

[NH_Realtor]

Ignore the knives--they're steel with light, hollow handles.
16 remaining pieces x 24 grams each (WAG, but a reasonable average) = 384 grams.
384 x .925 purity = 355 grams of silver.
355/31.1 = 11.42 troy ounces x $23 = $263 value. Subtract the $35 shipping fee. $228.

Not a good deal.

If I was smart, I'd be rich. But listening to sumbiches smarter than me, I look at PMs as insurance, not an investment. I like sterling. Sometimes I even overpay for it. Some people think that eating off silver provides a health benefit. I'm not a doctor nor a faith healer, but the missus and I have been eating off sterling for several years and rarely even get the sniffles--and she teaches elementary kids!

Keep some cheap stainless on hand, though, for when you invite guests over. Seriously.

I’m with you here, I was reading recently about how we don’t have enough silver in our diets and silver cutlery is one way to help that.

so the cost to me is about potential health benefits, the silver value is an added bonus.

 

[DJBrad]

I’m with you here, I was reading recently about how we don’t have enough silver in our diets and silver cutlery is one way to help that.

so the cost to me is about potential health benefits, the silver value is an added bonus.

It’s pretty good stuff

 

[tinhorn]

I’m with you here, I was reading recently about how we don’t have enough silver in our diets and silver cutlery is one way to help that.

so the cost to me is about potential health benefits, the silver value is an added bonus.

Go for the old stuff, then. I bought some baby spoons for my granddaughter only to discover that the bright shiny ones were likely covered with a protectant. I guess silverware is like people--the older the better. Har!

 

[tinhorn]

It’s pretty good stuff
View attachment 532115

Hahahaha! That a**h*** purposely overdosed on colloidal silver. He's why I don't bother telling folks about the effect colloidal gold had on my arthritis.

 

[DJBrad]

Hahahaha! That a**h*** purposely overdosed on colloidal silver. He's why I don't bother telling folks about the effect colloidal gold had on my arthritis.

He is the poster boy for over indulgence.

 

[Canndo]

It’s pretty good stuff
View attachment 532115

Too late for him. But, there is now a cure for that affliction.

 

[DJBrad]

I have a 70 gallon Rubbermaid container with 1940-50’s silver; flatware, serving ware, etc. This all came from my wife’s grandmother who lived in NY and was an upscale widower.

 

[DJBrad]

Too late for him. But, there is now a cure for that affliction.

Interesting. I never looked into that. What’s the cure?

 

[Canndo]

Interesting. I never looked into that. What’s the cure?

I saw it on the Discovery Channel. Maybe last year? He was featured, among others. I can’t recall the remedy, but there is one. It’s kind of cloudy now. I seem to recall it affecting people of Appellation descent. Of course that’s genetic, but the cure helped self inflicted cases, to the best of my memory. I’ll look into it.

 

[DJBrad]

I saw it on the Discovery Channel. Maybe last year? He was featured, among others. I can’t recall the remedy, but there is one. It’s kind of cloudy now. I seem to recall it affecting people of Appellation descent. Of course that’s genetic, but the cure helped self inflicted cases, to the best of my memory. I’ll look into it.

Appellation….I love autocorrect sometimes

 

[Varmint]

Gold, silver and the miners are looking downright feisty. Hopefully it’s not due to impending stagflation.

 

[DJBrad]

What’s the strangest place you have some gold?

I have gold plated tuners on my 1982 Yamaha L-15

 

[DJBrad]

Gold, silver and the miners are looking downright feisty. Hopefully it’s not due to impending stagflation.

That pop in NFG from 25% back down to 11% was one of those more recent plays for gains.

 

[Canndo]

Appellation….I love autocorrect sometimes

I talk to text 100% nowadays lol

 

[Varmint]

That pop in NFG from 25% back down to 11% was one those those more recent plays for gains.

Momentum traders I think, unless there was some news I didn't hear about. It's interesting on days like today when most juniors are up 5-15%, why some are flat or down. Not usually a good sign.

 

[enbloc]

 

[DJBrad]

View attachment 532139

Ah the tasty treat from high school dayz

 

[DJBrad]

Momentum traders I think, unless there was some news I didn't hear about. It's interesting on days like today when most juniors are up 5-15%, why some are flat or down. Not usually a good sign.

I had that same sense when I saw it. It’s much different than mid summer 2020. Now that Herr Powell said he wants tapering I think it will happen but so small that it won’t make even a dent in inflation. It will hurt gold and gold miners though. Recently Doc Jones was talking on the KE report about the end of the year being tough for gold. I liked the show because of an unbiased viewpoint. The gold bull run will happen but who knows when? Jordan says 6-9 more months. Doc Jones says 2023. If gains are needed now there are better plays but longer term, as you are a proponent of, I see no better investment when the whole world is falling apart.

 

[Varmint]

Gold is $1800 baby!

 

[samandglove1]

I saw it on the Discovery Channel. Maybe last year? He was featured, among others. I can’t recall the remedy, but there is one. It’s kind of cloudy now. I seem to recall it affecting people of Appellation descent. Of course that’s genetic, but the cure helped self inflicted cases, to the best of my memory. I’ll look into it.

The Fugate family (and descendants) from Kentucky were the “Blue People”. Serious smurf vibes…..

 

[Varmint]

I had that same sense when I saw it. It’s much different than mid summer 2020. Now that Herr Powell said he wants tapering I think it will happen but so small that it won’t make even a dent in inflation. It will hurt gold and gold miners though. Recently Doc Jones was talking on the KE report about the end of the year being tough for gold. I liked the show because of an unbiased viewpoint. The gold bull run will happen but who knows when? Jordan says 6-9 more months. Doc Jones says 2023. If gains are needed now there are better plays but longer term, as you are a proponent of, I see no better investment when the whole world is falling apart.

Jordan Roy Byrne is super conservative and usually late with the timing. I think it’s cause trends happen faster these days. But he’s great and I’m still paying for his newsletter. His big thing is gold vs S&P500 and thinks gold and miners won’t start the next big run til the stock market corrects or the Fed starts tapering. I think gold and miner traders are going to try to get ahead of that move though so will happen sooner. That’s what usually happens like in 2020 when gold and miners moved early.

Doc Jones reminds me of Chris Temple, talks like he knows everything, but I haven’t been impressed with his mining analysis.

I like Erfle the best, his newsletter is far and away the best in my experience. He thinks miners have probably bottomed but is always pushing the idea that junior miners bottom individually. So I try to follow that and it works well. You really don’t want to be late getting in on junior miners cause they’ll move 40% in a few days. Some have done that this week already.

 

[DJBrad]

Gold is $1800 baby!

View attachment 532173

Time will tell if the bears can slam it back down below $1800 as they always have. They are running out of steam though.

 

[Varmint]

Time will tell if the bears can slam it back down below $1800 as they always have. They are running out of steam though.

$1830 I think is key resistance, then $1900. Probably one or the other is where it’ll reverse. But gold loves stagflation so if that starts to look more certain the gold correction could be over.

 

[smokey-seven]

I’ve decided to take the advice of someone a few pages back and buy some sterling silver as an investment/heirloom, but also to use every day to eat with

Good move, price it right! Tinhorn hit it on the head, especially, "ignore the knives".

PM’s look like they’re rallying this morning (I’m still trying to understand this market.

I've been buying and selling silver since 1964, I'm still trying to understand the market too, but at least I've made quite a few bucks doing it. I's easy, buy low and sell high. Years back, sell when a Republican was going to be elected President and buy when a Democrat was going to be elected. That stopped with Bush.

Ignore the knives--they're steel with light, hollow handles.
16 remaining pieces x 24 grams each (WAG, but a reasonable average) = 384 grams.
384 x .925 purity = 355 grams of silver.
355/31.1 = 11.42 troy ounces x $23 = $263 value. Subtract the $35 shipping fee. $228.

SUPER advice, well computed. For me, I cut the purity to .9 instead of .925. It's a faster mental computation.

 

[DJBrad]

$1830 I think is key resistance, then $1900. Probably one or the other is where it’ll reverse. But gold loves stagflation so if that starts to look more certain the gold correction could be over.

Gold and Oil are going to go ballistic. Once oil reaches $100 a barrel the oil companies will start to become profitable and gold will be worth more too since it will cost a lot more to pull out of the ground. Stagflation favors them both. Remember how much oil jumped in 1970? Something like $2 a barrel to $36.

 

[richc]

I installed a pellet stove when oil spiked the last time. Looks like I'll be ordering a couple tons for this winter.

When oil hit new highs 7 or 8 years ago I remember our getting the annual plan statement from our oil dealer. Basically they predict how much money we'll spend on oil and then spread out the payments over 10 months. Their prediction was $4500 for the year. Screw that.

 

[Rob Boudrie]

Ignore the knives--they're steel with light, hollow handles.
16 remaining pieces x 24 grams each (WAG, but a reasonable average) = 384 grams.
384 x .925 purity = 355 grams of silver.
355/31.1 = 11.42 troy ounces x $23 = $263 value. Subtract the $35 shipping fee. $228.

You forgot to multiply by OFD

OFD = Odd factor/purity discount. Anything not in a recognized bullionish form (recognized bars, rounds, coins, etc.) will sell at a substantial discount below spot. You'll be lucky to get 50% of melt value unless you are dealing in really large quantities. I may be wrong about the 50%, but there will be a significant discount due to the form factor and lack of .999 purity.

 

[Varmint]

Gold and Oil are going to go ballistic. Once oil reaches $100 a barrel the oil companies will start to become profitable and gold will be worth more too since it will cost a lot more to pull out of the ground. Stagflation favors them both. Remember how much oil jumped in 1970? Something like $2 a barrel to $36.

Yeah I think the danger to oil is an economic slowdown, which would be short term negative. But long term the combination of inflation and idiotic government policy will drive oil higher and higher, especially if the government limits shale production and exploration.

Wait til the world realizes the alternative energy revolution is smoke and mirrors and we really need oil and gas. I think only oil bulls realize that, much of the market is still drinking the EV coolaid.

 

[DJBrad]

Yeah I think the danger to oil is an economic slowdown, which would be short term negative. But long term the combination of inflation and idiotic government policy will drive oil higher and higher, especially if the government limits shale production and exploration.

Wait til the world realizes the alternative energy revolution is smoke and mirrors and we really need oil and gas. I think only oil bulls realize that, much of the market is still drinking the EV coolaid.

So true. It I don’t think oil will have a slowdown at all. Maybe a little correction but look how the DoE reneged on its call to open up the SPR. OPEC+ has the ball in their court and they will not back down on reducing production. Israel is halting all on shore oil permits indefinitely. China is thumbing their nose at climate regs by putting more coal on production. No economy can run without oil and the double edged sword is that the more an economy grows the less cheap oil there is greatly compounding the crisis.

It’s only been since since the 19th century that we truly moved away from wood fuel for economic growth. As soon as 100:1 oil profits in the US started that’s when the boom happened. I really think the EV push is girded by the idea that .gov knows that there is less and less fossil fuels out there. They just don’t want to admit it cuz that would send costs to panic levels like gas stations and nat gas prices in the UK. They are looking at any alternative but at what cost to setup, maintain, and replace that infrastructure and how much oil is involved with it all!