Gold and silver prices are down

[Win]

I like to sell at coin shows where dealers/buyers know that I can field several offers in a few minutes.

 

[enbloc]

I like to sell at coin shows where dealers/buyers know that I can field several offers in a few minutes.

I call that "Batting Clean-up"...

 

[Varmint]

USDX dropped another .75% today. That's a big move for a currency.

The move might have been bigger except $103.5 is major dollar support so it bounced off that.

 

[enbloc]

 

[oldgunner]

View: https://twitter.com/WallStreetSilv/status/1605992205885198337

 

[Win]

I'd like to write a rebuttal! Gold is just shiny yellow rock. Do not buy! In all sincerity it's bittersweet for me when the gold price moves higher.

 

[DJBrad]

Of course as soon as I saw this I took out all my rounds and hit em with a drum stick for sound confirmation

 

[enbloc]

Of course as soon as I saw this I took out all my rounds and hit em with a drum stick for sound confirmation

Real silver has such a beautiful ring with a long sustain.

What I found interesting is that the fake had a cut reed at the 6 o'clock position and genuine 2022 ASE's have it between 7 and 8 o'clock right below the rising sun.
Also, the field of the coin has a funny textured look...

The coin has a "cast" look unlike a stamped finish. I believe the counterfeiters are creating an alloy that is close to Silver's weight but requires casting to form the coin. This alloy allows the cast coin to meet dimensional parameters.

FAKE


GENUINE

 

[Daddy Mac]

I've used the neodymium magnet method to test silver eagles. Sucks that you have to worry about it.

 

[enbloc]

ASE's are top of the list for FAKE bullion coins. I've been buying Philharmonics exclusively lately and very happy with them.

In the bullion coin category U.S. silver American Eagle bullion coins top the list of most frequently encountered fakes. Some 43.3 percent of coin dealers in the United States report encountering customers seeking to sell them counterfeit silver American Eagle bullion coins.

 

[enbloc]

I've used the neodymium magnet method to test silver eagles. Sucks that you have to worry about it.

It is good, but not foolproof. A silver-plated copper fake is almost identical in the "slow-slide" test...

 

[Varmint]

View: https://twitter.com/WallStreetSilv/status/1605992205885198337

His range was $2500-4000. $2500 works for me. Gold and silver miners will go nuts.

 

[DJBrad]

For the silver and platinum lovers here are some cool pieces

 

[enbloc]

 

[Varmint]

Silver junior miners had another huge day, which is very bullish for the PM sector.

 

[enbloc]

 

[meh]

That guy has such a cool hobby. He turns crap into gold and silver.

 

[EJFudd]

Silver junior miners had another huge day, which is very bullish for the PM sector.

Can I ask the metals group a question: Silver is way up from a few months ago. The good wife is asking me about buying silver coins (2022 & 2023 American Eagles), but the asking price per coin has skyrocketed. There is no great urgency on this... so would you wait for a near-term price decrease? Or do you think silver will continue to go up in price for the next year or two? Thanks!

 

[Jason m]

Can I ask the metals group a question: Silver is way up from a few months ago. The good wife is asking me about buying silver coins (2022 & 2023 American Eagles), but the asking price per coin has skyrocketed. There is no great urgency on this... so would you wait for a near-term price decrease? Or do you think silver will continue to go up in price for the next year or two? Thanks!

That Vid that @enbloc posted about buying silver rounds instead of say "Eagles" to me was a very well thought out explanation on buying silver ( or any PMs ) right now.
I've been buying off brand "Buffalo's" and the Philharmonics when they are on sale at APMEX and adding those to my collection slowly. But they do add up over time and I am happy each time I crack open the safe and add a small cashe to the growing pile.
Yes they are not Eagles but I am not ready to pay that heavy over spot price.

 

[Daddy Mac]

I was buying Eagles when they were $4-$5 over spot. Now not so much. I'll buy a couple to have the 2023 year in my stack but not in any volume until things change. I'm not sure if the change will be good or bad. Some metals investors are predicting a huge increase in silver prices. Bigger increases than gold in fact. Curious times right now for collecting or investing.

 

[barnabus]

View: https://youtu.be/3QNTu4f4GsM

 

[yogi]

I'll buy a couple to have the 2023 year in my stack…

I’ve been “subscribing” to the annual proof releases on the US Mint site (which is a terrible site but I digress)….releases have been selling out so fast I’ve found its the easiest way to ensure getting them. Here’s the Mints 2023 schedule:

https://catalog.usmint.gov/product-schedule/2023/

 

[enbloc]

I was buying Eagles when they were $4-$5 over spot. Now not so much. I'll buy a couple to have the 2023 year in my stack but not in any volume until things change. I'm not sure if the change will be good or bad. Some metals investors are predicting a huge increase in silver prices. Bigger increases than gold in fact. Curious times right now for collecting or investing.

Same here. I have not bought ASEs in over 4 years and exclusively buy Austria Philharmonics. They are well known and have no issues with Buyer Identification.
Also, they are a Governmental coin and have better resale value than generic rounds. I refuse to buy ASEs at "rape prices' with regards to the premium fees.
Charge me $3-$5 dollars over spot and I'd be interested. $14-$21 over SPOT? You're nuts.

If you are buying ASE's for a collection, that's fine. I buy for bullion stacking.

"Buy the Value... not the Hype." ~Enbloc

 

[enbloc]

Here's a prediction: As the economy squeezes the blue-collar stacker, you will begin to see less-serious holders of physical metals (mostly silver)
sell off their holdings in order to make mortgage/heat/food/meds payments. Silver is no good if you need the money now.

Watch the Classifieds here. Usually, you will find ASE's at lower premiums than on the internet with a reasonable SPOT+ Premium by a local seller.
You may be able to make two people happy... the seller and the buyer.

 

[Win]

I only buy ASEs for barterability with ASE snobs . I prefer the purity of 4 9 maples or the design of Libertads.

In reference to the buy now or buy later question: whenever I face this question I dollar cost average in. You don’t want to buy none now if the price really starts to get away from you (it’s possible tho not probable in the near term) but you also want to have some cash in case the prices decline (also possible).

My prediction is similar to @enbloc there is some near term pain that will create headwinds for PM prices. Prices could climb over the next six months in spite of that but it seems less likely and less dramatic in my opinion. After that I think it’s all tailwinds. Of course any prediction about PMs is only as good as the world is stable. Prices could rise dramatically at any moment if there is panic.

 

[Varmint]

Can I ask the metals group a question: Silver is way up from a few months ago. The good wife is asking me about buying silver coins (2022 & 2023 American Eagles), but the asking price per coin has skyrocketed. There is no great urgency on this... so would you wait for a near-term price decrease? Or do you think silver will continue to go up in price for the next year or two? Thanks!

I think silver is starting a bull market that will last for years. Silver has moved up like 35% in two months, and the chart looks stronger than gold.

You might get a pullback when the stock market capitulates and heads for new lows this spring. But physical silver is in such short supply vs demand that premiums may not drop much.

Is buying something in a brokerage account an option? If so just buy SIL, SILJ or PSLV, then sell it later to buy physical.

 

[Varmint]

Can I ask the metals group a question: Silver is way up from a few months ago. The good wife is asking me about buying silver coins (2022 & 2023 American Eagles), but the asking price per coin has skyrocketed. There is no great urgency on this... so would you wait for a near-term price decrease? Or do you think silver will continue to go up in price for the next year or two? Thanks!

One thing is that the US mint stops production each year after it finishes its run, and ASE prices go up after that. So they might go down this spring once production resumes.

ASE premiums are especially high cause the US mint doesn’t produce enough of them.

 

[meh]

You might get a pullback when the stock market capitulates and heads for new lows this spring. But physical silver is in such short supply vs demand that premiums may not drop much.

I am hoping for a buying opportunity in PMs, though I think the dip might be short-lived for silver in particular.

 

[Varmint]

I am hoping for a buying opportunity in PMs, though I think the dip might be short-lived for silver in particular.

You might see the futures price of silver drop with the stock market. Say stocks drop to 3500, silver might drop to $21 or $20 as traders liquidate positions to cover margin calls, but in such a situation demand for ASEs and silver coins isn't going to drop.

I'd much rather buy silver in the ground valued at close to zero than silver coins with a huge markup.

 

[enbloc]

Found this interesting...