Gold and silver prices are down

[Freddy Q]

SLV lost 13% since last week. 6.3% today

 

[chris_1001]

SLV lost 13% since last week. 6.3% today

Yup. Thought silver in general would have not been hit too hard.

D’oh.

 

[413guy]

Sorry we were snorkeling the Great Barrier Reef today.

enjoying life's silver and gold. cheers to you sir, winning.

 

[Individualist]

Sub $30 silver does a lot of damage to the charts. You might see $26 before $35.

Definitely a great buying opportunity.

I wouldn’t be surprised to see $26ish.

 

[Rockrivr1]

It’s interesting as I looked at a number of sites and all were still selling silver at $32-$33 per 1oz .999 coin. Nowhere close to $28 with tax and charges for cards.

 

[Parker Schreiber]

It’s interesting as I looked at a number of sites and all were still selling silver at $32-$33 per 1oz .999 coin. Nowhere close to $28 with tax and charges for cards.

Welcome to the world of the bid/ask spread. Kitco, for example, sells Canadian Maple Leafs for $32.68 as I write this. They buy them at $28.51. The typical spread is closer to $5.

 

[yogi]

It’s interesting as I looked at a number of sites and all were still selling silver at $32-$33 per 1oz .999 coin. Nowhere close to $28 with tax and charges for cards.

Don’t thrown in the towel! Dollar cost averaging is your friend. I’ve bought silver when it peaked around $40 and I bought when it dropped back into the teens. Good luck

 

[Varmint]

Yup. Thought silver in general would have not been hit too hard.

D’oh.

Two reasons I think, failing to breach $35, and general margin calls forcing traders to sell all winning positions to cover their bad ones.

 

[Varmint]

It’s interesting as I looked at a number of sites and all were still selling silver at $32-$33 per 1oz .999 coin. Nowhere close to $28 with tax and charges for cards.

I remember back in 2016 (?) when silver hit like $11, silver mint coins never dropped much below like $18.

 

[Freddy Q]

Last week, I bought 90% at 25 x face (~$34.50/oz) when spot was hovering around $34. Yesterday, despite the fact that spot was well under 30, 90% was selling for 23 x face (just under $32/oz). So while spot dropped like a brick, premiums went from almost nothing, to a couple dollars an ounce.

...and I remember when silver had dropped to $14 or $15 an ounce - but you couldn't find Eagles for less than like $25 and even rounds were $21 or $22. It was almost like, what does spot even matter?

 

[Varmint]

Last week, I bought 90% at 25 x face (~$34.50/oz) when spot was hovering around $34. Yesterday, despite the fact that spot was well under 30, 90% was selling for 23 x face (just under $32/oz). So while spot dropped like a brick, premiums went from almost nothing, to a couple dollars an ounce.

...and I remember when silver had dropped to $14 or $15 an ounce - but you couldn't find Eagles for less than like $25 and even rounds were $21 or $22. It was almost like, what does spot even matter?

Yeah exactly. The retail coins and bars are a small segment of the overall silver market, so they don’t track the spot or futures market too well.

 

[Win]

I double checked this: True

 

[Varmint]

I double checked this: True

View attachment 982395

Or real inflation numbers so employers and the government couldn’t pretend we don’t need raises.

 

[Trafficdiver]

I did not buy the dip… But who cares look how cool these are.

 

[Rockrivr1]

I went to the Coin and Antique shop in Sandwich yesterday and they had a ton of coins and bars. Most of the coins had prices but the bars were unmarked. The prices they were giving me didn’t reflect the dip but wasn’t outrageous. I realized quickly that I don’t know enough yet to make the right decisions on silver. I’ll need to do more research before going back.

 

[Trafficdiver]

I went to the Coin and Antique shop in Sandwich yesterday and they had a ton of coins and bars. Most of the coins had prices but the bars were unmarked. The prices they were giving me didn’t reflect the dip but wasn’t outrageous. I realized quickly that I don’t know enough yet to make the right decisions on silver. I’ll need to do more research before going back.

Nice restraint.

I don't think you can go wrong with American Eagles. You'll pay a higher premium but they are great looking coins and hold their value well. Some people say they would be the only silver coin the US government recognizes, but I don't care what the government recognizes. Silver is silver.

 

[steven grammont]

Nice restraint.

I don't think you can go wrong with American Eagles. You'll pay a higher premium but they are great looking coins and hold their value well. Some people say they would be the only silver coin the US government recognizes, but I don't care what the government recognizes. Silver is silver.

I'm not expert ,but this YouTube channel that I watch always says that the Maple Leafs are better than the Eagles. I believe the YouTube channel is YankeeStacker

 

[Trafficdiver]

I'm not expert ,but this YouTube channel that I watch always says that the Maple Leafs are better than the Eagles.

Why?

 

[steven grammont]

Why?

Why?

Because the Maple Leaf is 99.99% silver , and the Eagle is 99.9%. That's what he states.........

 

[Trafficdiver]

Because the Maple Leaf is 99.99% silver , and the Eagle is 99.9%. That's what he states.........

Yeah that makes sense. I like both of them.

On another note, the GSR is ow 105!!

That's the most since 2020 right before silver exploded.

Damn!!

 

[Freddy Q]

Some people say they would be the only silver coin the US government recognizes, but I don't care what the government recognizes. Silver is silver.

Pretty sure they'd recognize pre 65 US coins...

 

[Varmint]

I'm not expert ,but this YouTube channel that I watch always says that the Maple Leafs are better than the Eagles. I believe the YouTube channel is YankeeStacker

I like Eagles for patriotic reasons but Maples or the UK or Australian coins are always better values.

 

[DJBrad]

Gold is getting sold broadly to cover margin calls. Any idea on the levels to watch? I think we might test $2850 (futures).

 

[Varmint]

Gold is getting sold broadly to cover margin calls. Any idea on the levels to watch? I think we might test $2850 (futures).

I think on 5% down days gold and miners get dumped, while on 2% down days they get ignored or even go up.

So depends like you said on the margin calls. Nobody cares about price levels when they get the call.

 

[Varmint]

Gold is getting sold broadly to cover margin calls. Any idea on the levels to watch? I think we might test $2850 (futures).

S&P futures down 4.5% and gold is down $2. That’s interesting.

 

[steven grammont]

I'm not expert ,but this YouTube channel that I watch always says that the Maple Leafs are better than the Eagles. I believe the YouTube channel is YankeeStacker

The name of the YouTuber channel is Yankee Stacking

 

[Freddy Q]

I like Eagles for patriotic reasons but Maples or the UK or Australian coins are always better values.

I like Eagles too, but man Maples have some really cool anti-counterfeiting features. Also really beautiful coins to look at (not as nice as Lady Liberty and a Bald Eagle, but,,, still)

 

[DJBrad]

Gold futures drop below $3000

 

[Trafficdiver]

I like Eagles too, but man Maples have some really cool anti-counterfeiting features. Also really beautiful coins to look at (not as nice as Lady Liberty and a Bald Eagle, but,,, still)

Britannia's have a real cool background which I think is anti-counterfeiting as well.

 

[Varmint]

Gold futures drop below $3000

And back up to $3050 an hour later.