Gold and silver prices are down

[Win]

I’m just hoping I never have to explain to my wife that I got some investment advice from a guy named varmint on a gun shooters chat board . I kid, I kid. I don’t have any money in that junior mining account that I can’t afford to lose - I consider it gambling money.

 

[Varmint]

Win has been turned into a junior miner junky

Welcome

He's maybe starting to get a feel for why junior miner investing can be fun, when a stock goes up 25% in a day, for no reason besides sector sentiment.

 

[Varmint]

I’m just hoping I never have to explain to my wife that I got some investment advice from a guy named varmint on a gun shooters chat board . I kid, I kid. I don’t have any money in that junior mining account that I can’t afford to lose - I consider it gambling money.

I listen to hours of mining podcasts every day, so you don't have to.

But seriously, I don't normally recommend junior mining unless you immerse yourself in it like I do (with paid services). But right now the valuations are extreme, so I think the risk is relatively low.

 

[yogi]

I’m just hoping I never have to explain to my wife that I got some investment advice from a guy named varmint on a gun shooters chat board...

@Varmint Rocks!!!!!!!! "Yogi, who do you take precious medal investing advice from?". "His name is Varmint. Mr. Varmint."

 

[Varmint]

someone has a giant Sell order at $2000 I guess.

Nope, not letting you get over $2000!

 

[Win]

I stopped by Northshore Numismatics in Wakefield this morning to see if they had any silver bars or low grade silver dollars. No bullionish silver at all - only numismatic coins! I asked the owner and he said people have been coming in "and buying everything." Wow! I've been stopping in there for years and never seen anything like this.

 

[DJBrad]

I stopped by Northshore Numismatics in Wakefield this morning to see if they had any silver bars or low grade silver dollars. No bullionish silver at all - only numismatic coins! I asked the owner and he said people have been coming in "and buying everything." Wow! I've been stopping in there for years and never seen anything like this.

This find was such a “Win”

 

[Grendizer138]

I stopped by Northshore Numismatics in Wakefield this morning to see if they had any silver bars or low grade silver dollars. No bullionish silver at all - only numismatic coins! I asked the owner and he said people have been coming in "and buying everything." Wow! I've been stopping in there for years and never seen anything like this.

The NH coin Expo show is next weekend and I don’t even think I’m going to bother going this time. Dealers will scoop everything up before the doors even open.

 

[smokey-seven]

What are dealers paying for Silver Eagles these days?

 

[HappyHarry]

What are dealers paying for Silver Eagles these days?

These are recent buy prices, for decent quantities, from a very large bullion dealer for their wholesale customers. You can expect to get less when selling to a local dealer.

 

[Varmint]

I stopped by Northshore Numismatics in Wakefield this morning to see if they had any silver bars or low grade silver dollars. No bullionish silver at all - only numismatic coins! I asked the owner and he said people have been coming in "and buying everything." Wow! I've been stopping in there for years and never seen anything like this.

Hop a plane to Chicago or London, they have unlimited paper gold they’ll sell you for $1999/oz.

 

[DJBrad]

Spot gold touch $1949 overnight but recovered after the OPEC production cuts. This will undoubtedly cause the Fed to pause rate hikes because yet again they have no power over anything related to supply chains, commodities, geopolitical risks, or even price stability.

 

[richc]

These are recent buy prices, for decent quantities, from a very large bullion dealer for their wholesale customers. You can expect to get less when selling to a local dealer.

Hey Harry,

Is there a place us mere mortals can check out buy prices?

Thanks

Rich

 

[richc]

Last night the US dollar got quite strong. I think it got up to about $103.14 on the USDX...

At the same time gold was down about $20/ounce.

This morning the USDX lost those gains. It's down to about $102.20, although it did briefly dip below $102.

And gold is up at $1990+

Interesting times...

 

[HappyHarry]

Hey Harry,

Is there a place us mere mortals can check out buy prices?

Thanks

Rich

Hi Rich,
If you're actually looking to buy or sell, then your best bet is probably to call, or better yet - visit, a couple local dealers to get quotes. If you're just looking for a general idea of prices, then you can check the reputable online sellers like Kitco or MCM. If you buy and/or sell on a regular basis, then it would probably be to your benefit to establish a rapport with a reliable local dealer who is willing to test each item in front of you; there are a lot of good Chinese-made fakes out there, even in fake NGC or PCGS holders.

You may find there is a fair amount of disparity between different local dealers, often depending on whether they're interested in doing a lot of bullion business or do it as kind of a side thing to numismatic or jewelry business. I don't go out of my way to do a lot of bullion business because it's just not worth the time and effort for such low margins. If someone offers me bullion, I can usually pay around Kitco's published buy prices and I flip quickly at below Kitco's published sell prices. With a volatile market and the slim margins, I don't like keeping bullion in stock any longer than I need to.

 

[DJBrad]

Massive green candle eod on GDX. Dips being bought up. I’m convinced we are gonna see a bull market in precious metals unlike any of us mere mortals has seen yet.




That’s a $200 million dollar close and we haven’t even scratched the surface of institutional yet alone retail buyers.

 

[Varmint]

Gold touched $2008 and finished at $2002.

 

[Win]

I have a question regarding the mining stocks: how long are folks anticipating continuing to buy and hold them? Couple months? Many months? Years? Thanks for any thoughts.

 

[DJBrad]

I have a question regarding the mining stocks: how long are folks anticipating continuing to buy and hold them? Couple months? Many months? Years? Thanks for any thoughts.

Miners are cyclical stocks. When euphoria is high SELL. That would be when some NES’rs start joining the gold and silver thread en masse or when you see headlines talking about gold and silver on mainstream financial news. When I say sell you want to want to sell your original position and ride profits at the least and at most you would sell your entire position. Many have been been trapped riding the wave downward like in 2011-2012 and mid 2020. I got trapped in 2011.

 

[413dan]

Hey Harry,

Is there a place us mere mortals can check out buy prices?

Thanks

Rich

Sell Gold Silver Bullion | Highest Payout Online | SD Bullion

this can give you an idea. spot bid and ask prices are listed live on their site as well. places like Apmex don't publish their prices like SD, but you can request a quote from them.

 

[Varmint]

I have a question regarding the mining stocks: how long are folks anticipating continuing to buy and hold them? Couple months? Many months? Years? Thanks for any thoughts.

A few years (2-3) would be typical bull market, which hasn’t started yet for mining stocks. But when your Uber driver is recommending junior gold miners, it’s time to sell.

Miners haven’t begun to reflect $2000 gold or even $1800 gold. They are completely out of favor cause I think investors have been burned too many times, and cause why buy gold stocks when NVDA or a Microsoft keep going up?

Prospective investors are probably waiting to see if this is another failed gold breakout. If we make it to $2100 investors will rush into miners.

 

[Varmint]

Miners are cyclical stocks. When euphoria is high SELL. That would be when some NES’rs start joining the gold and silver thread en masse or when you see headlines talking about gold and silver on mainstream financial news. When I say sell you want to want to sell your original position and ride profits at the least and at most you would sell your entire position. Many have been been trapped riding the wave downward like in 2011-2012 and mid 2020. I got trapped in 2011.

When they talk mining stocks, not the metals themselves, I think that’s what you mean. Cause the media are already talking gold.

 

[DJBrad]

When they talk mining stocks, not the metals themselves, I think that’s what you mean. Cause the media are already talking gold.

Yes. When Cramer says, “I like Silver Tiger. Great project. I love the stock!”

 

[Win]

Looks like gold is starting to build a $2,000 floor.

 

[richc]

View attachment 739035

Hi Rich,
If you're actually looking to buy or sell, then your best bet is probably to call, or better yet - visit, a couple local dealers to get quotes. If you're just looking for a general idea of prices, then you can check the reputable online sellers like Kitco or MCM. If you buy and/or sell on a regular basis, then it would probably be to your benefit to establish a rapport with a reliable local dealer who is willing to test each item in front of you; there are a lot of good Chinese-made fakes out there, even in fake NGC or PCGS holders.

You may find there is a fair amount of disparity between different local dealers, often depending on whether they're interested in doing a lot of bullion business or do it as kind of a side thing to numismatic or jewelry business. I don't go out of my way to do a lot of bullion business because it's just not worth the time and effort for such low margins. If someone offers me bullion, I can usually pay around Kitco's published buy prices and I flip quickly at below Kitco's published sell prices. With a volatile market and the slim margins, I don't like keeping bullion in stock any longer than I need to.

It's more idle curiosity, actually. Seeing what people are paying for certain gold and silver items.

Sell Gold Silver Bullion | Highest Payout Online | SD Bullion

this can give you an idea. spot bid and ask prices are listed live on their site as well. places like Apmex don't publish their prices like SD, but you can request a quote from them.

Thank you, sir. That's what I was looking for. Sell prices are everywhere. Buy prices far less common. Apmex used to post them but stopped some time ago.

At the moment I'm definitely not selling. I just like to keep my fingers on the pulse of true buy/sell pricing.

I've been thinking about heading up to the NH coin show on Friday. Just to look/see. Talk with some folks. A little personal research.

 

[HappyHarry]

It's more idle curiosity, actually. Seeing what people are paying for certain gold and silver items.


Thank you, sir. That's what I was looking for. Sell prices are everywhere. Buy prices far less common. Apmex used to post them but stopped some time ago.

At the moment I'm definitely not selling. I just like to keep my fingers on the pulse of true buy/sell pricing.

I've been thinking about heading up to the NH coin show on Friday. Just to look/see. Talk with some folks. A little personal research.

Kitco posts buy prices online. Keep in mind that selling to them would involve the risk and expense of shipping.

Sell Gold, Silver, Scrap Coin, Bars & Bullion | Kitco Online

Sell gold, silver, platinum, palladium coins and bars as well as rhodium and precious metals pool. Take advantage of high gold & silver prices today!

online.kitco.com

 

[richc]

I call this a "Viagra" price movement...

 

[richc]

Kitco posts buy prices online. Keep in mind that selling to them would involve the risk and expense of shipping.

Sell Gold, Silver, Scrap Coin, Bars & Bullion | Kitco Online

Sell gold, silver, platinum, palladium coins and bars as well as rhodium and precious metals pool. Take advantage of high gold & silver prices today!

online.kitco.com

Harry, if I'm looking in the correct place, Kitco buy prices don't compare to SDBullion.

Plus I'm not selling anyway. So shipping is irrelevant...

I have three grandchildren, all under 2. When they were born I gave each of them an ounce of gold. And on each birthday. I figure by the time their 18 it will buy them a decent car or pay for some college.

My oldest daughter asked me why gold? What's the point? She didn't get it.

I asked my daughter if I gave them an equivalent amount of cash, what would the cash buy when they turn 18? My daughter got it instantly. I explained that cash does not keep up with inflation. But gold tends to.

An excellent learning moment.

 

[richc]

US dollar taking a dump too.

Early Monday morning, premarket open, The USDX index traded as high as $103.04. This is a HUGE move to the downside.

 

[Rat187]

Whoa....