Gold and silver prices are down

[HappyHarry]

Win, how does that work in MA? IIRC sales below $1000 are taxable. But not sure how that applies to numismatic coins.

Numismatic items and gold or silver coins and bullion items are exempt from MA sales tax on transactions over $1000. Oddly, the exemption is only for gold and silver - the exemption does not apply to platinum, rhodium, and other precious metals. It also does not apply to items which are intended for industrial or artistic use, such as silver wire, gold solder, gold/silver jewelry casting pelllets, etc.

 

[HappyHarry]

Premiums are still pretty high for silver. Buying the dips in precious metals is a very good plan of action. Too many bullish indicators exist for gold and silver with silver facing supply constraints and possible better ratio to gold. For physical holdings of precious metals now is as good a time as any to convert fiat dollars into them.

Premiums on gold and silver coins have recently dropped quickly and drastically. Large dealers were paying their wholesale accounts 7.50-8.50 over spot for U.S. 90% silver coins as recently as early December. Now they are around spot, or a bit over.

 

[Varmint]

Here we go, $1900 coming up!

 

[Varmint]

The poor performance of gold and silver miners the last couple weeks probably means gold is going to go down further to test $1840-1850 and maybe $1780-$1800 in the next few months. Gold could get a boost if Congress pretends to have a debt ceiling dilemma, or if something geopolitical shakes things up, but that's not a sustainable way for gold to get to new highs.

 

[DJBrad]

The poor performance of gold and silver miners the last couple weeks probably means gold is going to go down further to test $1840-1850 and maybe $1780-$1800 in the next few months. Gold could get a boost if Congress pretends to have a debt ceiling dilemma, or if something geopolitical shakes things up, but that's not a sustainable way for gold to get to new highs.

Seems likely. I dumped my gold stocks right after the $1950’s peak and I would have seen major losses if I held GDXU. Down almost 50% from its recent highs.

 

[Varmint]

Seems likely. I dumped my gold stocks right after the $1950’s peak and I would have seen major losses if I held GDXU. Down almost 50% from its recent highs.

Good, you gotta be nimble with that.

I sold just one stock, Osisko Development, wish I sold more.

 

[Win]

The poor performance of gold and silver miners the last couple weeks probably means gold is going to go down further to test $1840-1850 and maybe $1780-$1800 in the next few months.

I can see the bright side. There are still a few gold coins I'd like to add to my collection before they get out of my budget.

 

[Varmint]

I can see the bright side. There are still a few gold coins I'd like to add to my collection before they get out of my budget.

Same here, love the chance to buy miners at insane prices and some are getting back down to those levels again.

I remember Aug 2020 when I was like “damn I could have bought X at $0.16!

A lot of junior miners are down 80% for no reason besides sentiment.

 

[76Too]

I can see the bright side. There are still a few gold coins I'd like to add to my collection before they get out of my budget.

Bright side would be…if gold turns to shit, the US dollar is strong. I have a lot more dollars than I do gold coins.

Gold is in case of bad things happening and I hope they never are viewed to be worth more than the dollars I hold.

 

[DJBrad]

Bright side would be…if gold turns to shit, the US dollar is strong. I have a lot more dollars than I do gold coins.

Gold is in case of bad things happening and I hope they never are viewed to be worth more than the dollars I hold.

Technically an oz of gold is worth about 1,865x a $1 so……we’re done bro

 

[76Too]

Technically an oz of gold is worth about 1,865x a $1 so……we’re done bro

Was wearing my best optimism mask. I put it on once a month or so. Thanks for ruining it.

The current argument is that the US dollar is the least shitty of all the shitty shit out there. This is the world we live in.

 

[DJBrad]

Was wearing my best optimism mask. I put it on once a month or so. Thanks for ruining it.

The current argument is that the US dollar is the least shitty of all the shitty shit out there. This is the world we live in.

Yup, the cleanest of the dirty shirts. Cash is still precious but diversifying into many different assets is a very wise financial plan. Once gold and silver begin their march upwards again I will do honor to @enbloc and bake that cake.

 

[Varmint]

Bright side would be…if gold turns to shit, the US dollar is strong. I have a lot more dollars than I do gold coins.

Gold is in case of bad things happening and I hope they never are viewed to be worth more than the dollars I hold.

Do you hold the dollars or they some banks’ liability? I worry about bank bail ins.

 

[Win]

Same here, love the chance to buy miners at insane prices and some are getting back down to those levels again.

I remember Aug 2020 when I was like “damn I could have bought X at $0.16!

A lot of junior miners are down 80% for no reason besides sentiment.

I'm putting a few dollars into the miners for the first time. I really hadn't (and still don't) have much knowledge in this area but the opportunities now appear too great to ignore.

 

[Varmint]

I'm putting a few dollars into the miners for the first time. I really hadn't (and still don't) have much knowledge in this area but the opportunities now appear too great to ignore.

Could just buy GDXJ, since juniors are so high risk. If gold goes to $2500, GDXJ would probably almost triple.

 

[76Too]

Once gold and silver begin their march upwards again I will do honor to @enbloc and bake that cake.

Let me in on this. I feel like I should get the reference here, but I don’t.

Do you hold the dollars or they some banks’ liability? I worry about bank bail ins.

a little bit in the mattress and some in the bank for a rainy day. Just put some of THAT into a 1yr CD though and will probably be doing another one soon.

 

[Win]

I bought 1,000 shares of Defiance Silver DNCVF because it was mentioned on Kitco news and it was only 10 cents. You can tell I’m really doing my homework here . But I’m only putting money I can lose into mining stocks. I’m still 99 percent of my PM money in physical.

 

[Varmint]

I bought 1,000 shares of Defiance Silver DNCVF because it was mentioned on Kitco news and it was only 10 cents. You can tell I’m really doing my homework here . But I’m only putting money I can lose into mining stocks. I’m still 99 percent of my PM money in physical.

Both my newsletters like Defiance especially at 10 cents.

Nows a good time to put in some stink bids for miners in case gold retests $1780-1800.

 

[sacksjacked]

Same here, love the chance to buy miners at insane prices and some are getting back down to those levels again.

I remember Aug 2020 when I was like “damn I could have bought X at $0.16!

A lot of junior miners are down 80% for no reason besides sentiment.

Why time the market? The solid core of miners that are cheap can be bought now. If stock goes down 50% you should be happy to load up with more shares at half price. This is a long game. Never made sense to me when people try to time the metals market or try to call what gold will do over a long weekend, a week, a month, 6 months. If you believe in PMs you should be in it for the long haul.
I have had at least 5 instances where I held miners in my account that dipped over 50-60% from where I bought. I just bought more. All those instances led to much higher stock prices. I don’t worry about gold moves $50 higher or lower. Any miner you buy you should buy with at least a 5yr hold time horizon.

 

[Varmint]

Why time the market? The solid core of miners that are cheap can be bought now. If stock goes down 50% you should be happy to load up with more shares at half price. This is a long game. Never made sense to me when people try to time the metals market or try to call what gold will do over a long weekend, a week, a month, 6 months. If you believe in PMs you should be in it for the long haul.
I have had at least 5 instances where I held miners in my account that dipped over 50-60% from where I bought. I just bought more. All those instances led to much higher stock prices. I don’t worry about gold moves $50 higher or lower. Any miner you buy you should buy with at least a 5yr hold time horizon.

Well I disagree on a couple points:

- I don't think gold miners are good buy and hold investments. If you look at their history, they underperform the underlying metal (gold or silver). This is partly because their management tends to make bad decisions (buying bad properties when gold prices are high, diluting shareholders with bad financings etc), although they are currently acting as if they've learned their lessons. It's also because mining is such a tough business, a good producer may have only 1 or 2 mines, if there's an explosion, a worker strike, or political wind change, the stock is toast. Also, in recent history, you've had a miner crash every 7 years (2022, 2015, 2008 etc). If you rode out those crashes you got crushed.

- especially junior miners, you absolutely have to time them - if you average down on a stock that drops 80-90%, you get wrecked. I only buy junior miners when I think they're completely washed out, and that happens on an individual basis. It's helpful to know why an individual stock is down (is there an institutional seller closing a position, are there warrants and investors are selling shares to keep the warrants etc) And you have to start taking profits in miners when everyone is trying to get in.

So yeah, I think miners are currently very cheap and it's a good time to buy (although many are already 50-100% off their lows). I rarely buy a stock that's already moved 50-100%, there's usually some other good stock that hasn't yet moved.

 

[Romokid]

I haven't bought silver in a while but have a chance to buy tubes of silver philharmonics for $507.70 ($25.385/oz). Hell last time I bought silver I paid #369 for a tube of eagles and $400 for a tube of maples so this doesn't seem too bad, no?

 

[Varmint]

I haven't bought silver in a while but have a chance to buy tubes of silver philharmonics for $507.70 ($25.385/oz). Hell last time I bought silver I paid #369 for a tube of eagles and $400 for a tube of maples so this doesn't seem too bad, no?

Yeah I think those days are gone for good, so not a bad price.

 

[Romokid]

Yeah I think those days are gone for good, so not a bad price.

I pretty much figured those days are long gone but where spot for silver is around $21+ per oz paying $25+ isn't the worst I've seen. I may grab a roll.

 

[DJBrad]

Let me in on this. I feel like I should get the reference here, but I don’t.

a little bit in the mattress and some in the bank for a rainy day. Just put some of THAT into a 1yr CD though and will probably be doing another one soon.

When silver was on a bull run during the summer of 2020 @enbloc would present a blue meme cake with white frosting with the current price of spot silver. It was a cheery post that we all appreciated.

 

[richc]

Billionaire John Paulson: This Year Gold Will Appreciate Versus the Dollar​

Billionaire John Paulson says now is the best time to buy gold. ““The U.S. dollar’s devaluation, due to inflation and geopolitical tensions, will drive gold up considerably this year,” he said, as quoted by Newsmax.com. “There has been a significant increase in demand from central banks to replace dollars with gold, and we’re just at the beginning of that trend. Gold will go up and the dollar will go down, so you’d be better off keeping your investment reserves in gold at this point. We’re at the beginning of trends that are going to increase the demand for gold, and inflation and geopolitical tensions will determine the rate at which gold increases. This year gold will appreciate versus the dollar, and also over a three, five- and ten-year basis.” That’s all positive news for Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF), Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX), Newmont Corporation (NYSE: NEM) (TSX: NGT), Kinross Gold Corporation (NYSE: KGC) (TSX: K), and B2Gold (NYSE: BTG) (TSX: BTO).

 

[richc]

OK deal...

10 oz PAMP Suisse Silver Cast Bar .999 Fine (w/Assay) | eBay

Pamp Suisse Gold. Pamp Suisse Silver. This precious PAMP bar is IRA eligible, individually serialized, and is stamped with the month and year of production. Credit Suisse Gold. Minted by PAMP Suisse.

www.ebay.com

 

[Varmint]

As an owner of some failed silver miners I can sympathize with the Romans. Article says they were digging in the right place but stopped before finding the big silver deposit.

Archaeologists have found a fort that the Romans built to protect their silver mines, complete with wooden spikes - Arkeonews

Archaeologists have discovered wooden defenses surrounding an ancient Roman military base for the first time in Bad Ems, western Germany.

arkeonews.net

 

[Romokid]

Yeah I think those days are gone for good, so not a bad price.

Well I got busy and didn’t grab a roll that day and kind of forgot about it till Friday. Price now dropped to $487.81 with free shipping. And if you buy more than 1 roll they discount each roll. Here is the link if anyone is interested. Bullion Exchanges. I’ve bought from them in the past and sales tax on less than $1000.

 

[meh]

Well I got busy and didn’t grab a roll that day and kind of forgot about it till Friday. Price now dropped to $487.81 with free shipping. And if you buy more than 1 roll they discount each roll. Here is the link if anyone is interested. Bullion Exchanges. I’ve bought from them in the past and sales tax on less than $1000.

3 for me, thanks.

But I don't really understand the rationale for why the market is selling off PMs right now. The market hasn't crashed yet, so I wouldn't think they needed to sell to make margin calls. Inflation numbers were higher than expected, employment numbers, too, so they think the Fed is going to raise rates much higher. OK, but why wouldn't that be priced in already? And I don't know why that matters so much to PMs, anyway. They really think a no-landing scenario is in the cards? Want to buy treasuries and CD's instead?

 

[Win]

I was listening to Chris Vermeulen of the Home (Individual Investor) - TheTechnicalTraders this past weekend. I enjoy his calm and rational demeanor. He seems to think that additional selling/crashing in the stock market will occur throughout 2023 - he hopes that the crash is finally over by the end of 2023 at which point we should see a strong multiyear run in PMs. That timeline is longer than I had heard elsewhere. What timelines have you guys heard regarding the market selloff and/or PM bull run?