Hold on to your silver

[agent006140]

A squeeze is coming,banks are short ,they need to cover

Originally Posted by dsdominators

What about buying now?

well,did you see what happens today,both gold and silver fell.
A lot of unrealised profits built up in both ,so profit taking is expected.

I will wait .
Right now the retail shops are not buying your scrap silver (cups,dishes,plates,chains),why?
They are running out of money,they cant sell them to the wholesaler/refiners as they wont take them.
Why wont they take your silver?
Refiners make small profit,when they take in your silver and refine them into silver bars,they will hedge with London or Comex,by buying future contracts.
Say they paid $78 for your silver,but future contract said they can sell them at 75,it is called backwardation.
Some may take your silver coins thourgh and of course gold,refiners are happy to take your gold any time in any shape or form,refine them and sell to US govt.
This may be a good time to buy scrap gold on Ebay,
You may also want to take a look at mining stocks,most mine silver,gold,copper and zince,low price junior mining stocks traded on Vancouver Exchange between $5-$10 ,their all in cost for mining gold is $ 1600,they are selling them at $3700, per troy ounce

Central Fund of Canada actually holds physical silver,

China could declare silver as strategic material and domestic silver producers would need to apply for export license if it is over a certain volume.
Gold is a monetary alternative to fiat currency,but silver has commercial value,you need silver for solar panels,EV,etc.

Originally Posted by rsot

Physical reserves of gold I meant - clarification.

so what does it have instead of gold?

See,if you buy silver ETF,it does not mean the ETF can take your money and go buy some physical silver,there could be a shortage,so the ETF then is not fully backed by silver.
hence the difference between paper silver and physical silver.
I went to several precious metal dealers sites this morning,they do not have all the silver bars available and just promise a future delivery date.
There is no shortage of buyers for 10 troy ounce silver bars on Ebay,paying over $800 /bar.
Same in China,they are buying silver bars like they buy vegetables in open market?

US margin requirement has gone up ,forcing some traders to sell some of their positions last week..
China has officially announced silver export restriction,cant recall all the details,but most small silver companies would not be able export their silver.
So we should hear from Mexico as it is the largest silver producer in the world.
Frenzy continues on EBay as buyers keeps buying 10 troy ounce silver bar

Originally Posted by BlackLion

I'm hoping Silver and Bitcoin drops, so I can start buying more physical silver and btc etf's for the weekly and monthly pay.

I would not buy Bitcoin,but then I am not a crypto fan.
Bitcoin is like a sick patient ,been lying in bed for too long,not able to get back to above 90,000.
You draw your own conclusion.

Well,there is a bid and ask price,the coin shop,resale shop,pawn shops have to make some money too.
You can also sell to a refinery,skipping the middle man ,if you have enough volume to justify such sales.
But either way is better than selling on EBay,with Ebay fee and credit card fee,and INAD ,return shipping fee.

Originally Posted by BlackLion

I am not a crypto fan myself, but have watched crypto ETF's make a lot of people happy. I invest in those for the weekly/monthly dividend. Soon i'm going to buy a ton more, and hope btc price drops like it did a couple months ago when everyone panicked, because you'll be able to get into ETF's cheap.

Do not sleep on Platinum. It was under $900 last year, and today over $2,000. Silver and Platinum are the two to look after. It must be physical, never in stock form.

Adding this as i'm typing... Palladium is $1,681 today, last year was $886-$900+ and around $200 ish in the early 2000s. People only focus on Gold, and that's a big mistake. There's always an alternative for everything.

If only I made good money i'd be loaded because i know what to invest in when it comes to reselling, stocks/etfs/dividends, precious metals,etc

I dont know enough of some of those metals you mentioned,palladium,lithium,uranium? to trade in,I just work with gold and silver.
Those who make fabulous money selling their gold are those oldies who have held on to their gold for many years,but then I am not sure did they really make money,given gold may be lower,but cost of living is also lower.
Gold pays you no interest while hiding in your mattress

No,I dont think we have pawn shop here.

[dsdominators]

What about buying now?

[BlackLion]

I sold all of mine back at $22/oz due to hard times, and I was the one preaching to everyone to buy when it was $14-$15/oz

[BlackLion]

Originally Posted by agent006140

well,did you see what happens today,both gold and silver fell.
A lot of unrealised profits built up in both ,so profit taking is expected.

I will wait .
Right now the retail shops are not buying your scrap silver (cups,dishes,plates,chains),why?
They are running out of money,they cant sell them to the wholesaler/refiners as they wont take them.
Why wont they take your silver?
Refiners make small profit,when they take in your silver and refine them into silver bars,they will hedge with London or Comex,by buying future contracts.
Say they paid $78 for your silver,but future contract said they can sell them at 75,it is called backwardation.
Some may take your silver coins thourgh and of course gold,refiners are happy to take your gold any time in any shape or form,refine them and sell to US govt.
This may be a good time to buy scrap gold on Ebay,
You may also want to take a look at mining stocks,most mine silver,gold,copper and zince,low price junior mining stocks traded on Vancouver Exchange between $5-$10 ,their all in cost for mining gold is $ 1600,they are selling them at $3700, per troy ounce

I'm hoping Silver and Bitcoin drops, so I can start buying more physical silver and btc etf's for the weekly and monthly pay.

[rsot]

Originally Posted by agent006140

Central Fund of Canada actually holds physical silver,

On that note, Canada got rid of its physical reserves in 2016 so to speak...

[rsot]

Originally Posted by rsot

On that note, Canada got rid of its physical reserves in 2016 so to speak...

Physical reserves of gold I meant - clarification.

[rsot]

Exchange-traded receipt and other anecdotes to physical metals - all from the canadian mint website

[SaiJin]

Originally Posted by BlackLion

I'm hoping Silver and Bitcoin drops, so I can start buying more physical silver and btc etf's for the weekly and monthly pay.

isn't it back down to $74 now?

[BlackLion]

Originally Posted by agent006140

I would not buy Bitcoin,but then I am not a crypto fan.
Bitcoin is like a sick patient ,been lying in bed for too long,not able to get back to above 90,000.
You draw your own conclusion.

I am not a crypto fan myself, but have watched crypto ETF's make a lot of people happy. I invest in those for the weekly/monthly dividend. Soon i'm going to buy a ton more, and hope btc price drops like it did a couple months ago when everyone panicked, because you'll be able to get into ETF's cheap.

Do not sleep on Platinum. It was under $900 last year, and today over $2,000. Silver and Platinum are the two to look after. It must be physical, never in stock form.

Adding this as i'm typing... Palladium is $1,681 today, last year was $886-$900+ and around $200 ish in the early 2000s. People only focus on Gold, and that's a big mistake. There's always an alternative for everything.

If only I made good money i'd be loaded because i know what to invest in when it comes to reselling, stocks/etfs/dividends, precious metals,etc

[rsot]

All the "precious" metals have gone up - holding it physically, you have to deal with buying premiums of 2%ish and then selling premiums ...so the timing has to be right.

[rsot]

Originally Posted by agent006140

Well,there is a bid and ask price,the coin shop,resale shop,pawn shops have to make some money too.
You can also sell to a refinery,skipping the middle man ,if you have enough volume to justify such sales.
But either way is better than selling on EBay,with Ebay fee and credit card fee,and INAD ,return shipping fee.

You frequenting pawn shops?

[rsot]

Originally Posted by agent006140

No,I dont think we have pawn shop here.

Then what do you have around you to go an sell your gold or silver physically?

[agent006140]

I sell my gold to a dealer who sells to US govt,I wil tell him what I have for sale,carat and weight,he will lock in a price with US govt,then he turns around and give me a quote.
I will ship my gold to him,he will send it to the refinery and then once he gets paid from Uncle Sam,he will either send me a check or do ACH to my bank account.
Now I just found a refinery which said they will buy your gold without middle man,I dont know how good they are,but here is the site-
https://prospectorsgoldandgems.com/gold-refining/
If you want the name of this dealer,I can give it to you.
Silver is a different story.
You can go to Youtube,there is a lot of information on silver and gold.

[rsot]

Originally Posted by agent006140

I sell my gold to a dealer who sells to US govt,I wil tell him what I have for sale,carat and weight,he will lock in a price with US govt,then he turns around and give me a quote.
I will ship my gold to him,he will send it to the refinery and then once he gets paid from Uncle Sam,he will either send me a check or do ACH to my bank account.

That's very cool positive experience - sounds like you don't have to deal with a lot of % cut or losses

[agent006140]

Ebay at one time charged no more than $50 for gold transaction,I dont think it does now,those who sell scrap gold should find alternative venue to sell their gold.
It is interesting to see those who sell their gold to coin shops and pawn shops are elderly who bought their gold and held on to them for years and now they are happy selling them,younger folks prefer electronics rather than precious metals.
Gold serves no purpose ,you cant eat them,you cant access internet?

[rsot]

Full value lies with the mining companies and acquisition

[agent006140]

Have the world gone Mad?
10 TROY OUNCE SILVER Bars on Ebay,sellers keep raising prices and buyers keep buying!!!
https://www.ebay.com/sch/i.html?_nkw...315.m570.l1312

[rsot]

Not gone mad - ppl are speculating and maybe a bit of gambling...also maybe some scammers with chargebacks...

[agent006140]

silver has a lot of catchup to do,not speculation.
China has declared silver as strategic metal and export license is needed to export silver overseas.
Mexico starting next month will impose export tariff .
Copper will be next !

[rsot]

Fyi, copper is already rising like all the precious metals - money has been made there too

[rsot]

Originally Posted by agent006140

now a 10 troy ounce bar is $950 ,sellers are having problem filling orders.
This kind of mania usually does not end well

Never overextend yourself and hedge + diversify to minimize risk if market changes negatively

[agent006140]

I love overextending myself,this is how great fortune is made,also lost!!