Gold and silver prices are down

[Coyote33]

1oz is an excellent size to buy gold in for investment purposes; not that great for bartering after an apocalypse. You need to decide which is more likely - cashing out on an investment or bartering when the US has gone several steps beyond Greece.

I'm guessing 50/50, maybe leaning a little more toward the Greek scenario.

 

[enbloc]

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[Prepper]

1oz is an excellent size to buy gold in for investment purposes; not that great for bartering after an apocalypse. You need to decide which is more likely - cashing out on an investment or bartering when the US has gone several steps beyond Greece.

Do both.... Some for bartering, and some 1oz gold for cashing in. How much of each is up for debate though. I recon if I have to do more than a few thousand dollars worth of bartering that things are really bad and I am screwed anyway.

Sent from my LG-H810 using Tapatalk

 

[Rob Boudrie]

I'm guessing 50/50, maybe leaning a little more toward the Greek scenario.

The curious thing about the Greek scenario is that the funds in the bank accounts were denominated in Euros, so they still had value (despite the tanking economy). The banks just couldn't handle the run, so the govt imposed limits so everyone had to keep their fictional fractional reserve balances in the bank. The only way fractional reserve banking works is if most money is kept in banks, and only a small amount withdrawn.

 

[CoastieRon]

everything falling again today.......

 

[saltydude]

everything falling again today.......

Yup keep holding out gents. How much are we all down now?

Whatever it's not about a monetary investment for me. Last time we had a dipidydooda like this I remember tempers flaring a bit.

 

[Varmint]

Gold will bounce the next time the Fed looks at the sky-high dollar and says “you know about that rate cut? Yeah, uh, we won’t be doing that in September, maybe . . . later.”

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everything falling again today.......

Everything except the big premiums over spot.

 

[ToddDubya]

Everything except the big premiums over spot.

Seriously. It seems the premiums just makes the overall price stay the same.

 

[Romokid]

Seriously. It seems the premiums just makes the overall price stay the same.

Yup. Some of the best deals that I got off of some of the ebay sellers was when silver was higher and they would drop the spot to $0.49 over. Now, it seems like they are raising it just to keep the price up.
I can wait them out.

 

[CoastieRon]

Everything except the big premiums over spot.

No kidding x2

 

[drumenigma]

Everything except the big premiums over spot.

I think companies are trying to minimize losses from the price drops. I've been looking at the compare silver prices website and it seems like silver eagle prices have stayed pretty consistent. Generics did drop some but still seem high over spot in some cases.

 

[Christian]

Yup, today's premium on ASE is more than double the premium than what I paid with the same seller.

 

[Varmint]

I think companies are trying to minimize losses from the price drops. I've been looking at the compare silver prices website and it seems like silver eagle prices have stayed pretty consistent. Generics did drop some but still seem high over spot in some cases.

I think it's more than that - demand for physical metals is very high - while the spot price is being driven down by electronic selling of gold futures and ETFs. I wonder if physical metals will stop following the spot price? That would be really interesting.

 

[76Too]

Should I be keeping my finger straight and off the trigger? I've been waiting to buy my first roll of silver eagles for years now, and it DOES seem like the price is way to high over spot to justify purchasing. If people stop purchasing for this reason, the dealer will have no choice but to drop their selling price, right?

 

[ToddDubya]

Should I be keeping my finger straight and off the trigger? I've been waiting to buy my first roll of silver eagles for years now, and it DOES seem like the price is way to high over spot to justify purchasing. If people stop purchasing for this reason, the dealer will have no choice but to drop their selling price, right?

Same boat, great analogy .

I do have two mags loaded into my account with a round in the chamber.

 

[Varmint]

Should I be keeping my finger straight and off the trigger? I've been waiting to buy my first roll of silver eagles for years now, and it DOES seem like the price is way to high over spot to justify purchasing. If people stop purchasing for this reason, the dealer will have no choice but to drop their selling price, right?

If you're buying Ebay i think you'll see another $2-2.50 over spot deal soon. I got a roll for $365 like a month ago, so not paying $380 today.

 

[Coyote33]

...- demand for physical metals is very high - while the spot price is being driven down by electronic selling of gold futures and ETFs. I wonder if physical metals will stop following the spot price? That would be really interesting.

I'd say the spot price is the best price you can get it for, and that hasn't seemed to change, according to what people here are saying.

 

[76Too]

Buts can you ever get it AT spot? That doesn't seem possible.

 

[Rob Boudrie]

I think it's more than that - demand for physical metals is very high

When th eprice goes down, demand goes up.

It's not like a stock or bond where you are paying spot plus a brokerage fee, but a traditional retail transaction. What makes this retail transaction unusual is transparency of the wholesale price.

 

[Varmint]

$1149 for gold Eagles, lowest I've seen recently. Since you can never get Ebay bucks with US Eagles, this is as low as it gets.

http://www.ebay.com/itm/SPECIAL-PRI...a6e83b288c0&rpp_icid=55b2617ee4b04ff8212d6689

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Buts can you ever get it AT spot? That doesn't seem possible.

Only with things like 4x or 5x Ebay bucks, or the occasional 10% Ebay coupon. Either one gets you up to $100 off a $1200 coin.

 

[Marcus5aurelius]

I've noticed vendors playing with the premiums as well. Jmbullion would pretty consistently pull their inventory of platinum bullion if it dropped below a particular spot price.

 

[the_shootist]

good price for silver rounds

http://www.ebay.com/itm/SPECIAL-PRI...e-Lot-of-20-/121710043360?hash=item1c567be0e0

 

[enbloc]

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[Romokid]

You can definitely find silver at spot with NO PREMIUMS. But it's not where you think.
It's amongst ourselves.

This^^. A year a go I was able to snag a little gold off a guy on ARFCOM. The price I paid per gram for gold (in seal assays) was just under $30 shipped, I just wish he had more at the time.

 

[In God We Trust]

Yup keep holding out gents. How much are we all down now? [.

Let's just say that I try not to think about it. I panic bought some when it was pretty high. I think my cheapest silver buy was when it was in the low 30's

 

[enbloc]

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[413dan]

good price for silver rounds

http://www.ebay.com/itm/SPECIAL-PRI...e-Lot-of-20-/121710043360?hash=item1c567be0e0

have never ventured into the PM market, but pulled the trigger for the first time with these. will keep an eye on the market for future deals. as well as this thread. I'm in my early 20's so this is more a long term forget about it kind of venture. had an extra 330 i could part with so hopefully in some years they'll be a nice little ROI i've forgotten about.

 

[Varmint]

how's this, $92 for 5, $368 for 20 American Eagles. From MCM.

http://www.ebay.com/itm/Lot-of-5-20...oin-SKU33770/381093213229?hash=item58baecf42d

 

[Steve Marshall]

$3+ over spot, the new "not bad" price.

 

[Christian]

how's this, $92 for 5, $368 for 20 American Eagles. From MCM.

http://www.ebay.com/itm/Lot-of-5-20...oin-SKU33770/381093213229?hash=item58baecf42d

Well the roll price didn't last long, it's at $383.95 now.

We had better hurry though, "Limited quantity available".