Big drop

[Lowdown3]

Metal Bid Ask
Gold $1,477.10 $1,479.10 ($88.80)
Silver $25.78 $25.88 ($1.94)
Platinum $1,474.50 $1,484.50 ($52.30)
Palladium $705.90 $710.90 ($23.40)
Updated:4/12/2013 4:15:03 PM CST


Buying? Interested but still waiting? Hell no we won't go? LOL

Most of the silver I've purchased the last few years has been well above $26. spot, so this could be a buying opportunity.

Whatchaya'll think?

[610Alpha]

Metal Bid Ask
Gold $1,477.10 $1,479.10 ($88.80)
Silver $25.78 $25.88 ($1.94)
Platinum $1,474.50 $1,484.50 ($52.30)
Palladium $705.90 $710.90 ($23.40)
Updated:4/12/2013 4:15:03 PM CST

Can you explain the two prices before the parentheses?

PM's are not on my list...unless the prices drop to the point where its "buy em cheap and stack em deep" type of price point :)

[rockriver]

i'll try to answer

http://www.apmex.com/

this is a silver selling company.
look on the right hand side under their phone number
silver 25.78 is a bid offer to buy price of silver per ounce.
25.88 is an ask price to sell silver per ounce.

i'm not recommending this company.. it is just easy for me to follow the prices at their
website. in one day there has been a 1.94 drop in the price of one ounce of silver.

buying coins consisting of 90% silver.

http://www.apmex.com/Category/17/90_Silver_Generic_Bags.aspx

for a bag of 1,000. of face value (what you would need to put into a coke machine to buy coca colas) apmex will pay you 20,577.70
apmex will sell you the same bag of coins for 22,079.20

a dime that isn't worn slick is worth 2.00 or so.

finding the buyer and or the seller of someone's coins can sometimes be a hassle.

anybody got any coins they want to sell?

go by your local coin dealer or pawn shop and see what they will give you.
i'll bet you'll get more from the members of this board!!

rr

[Lowdown3]

Bid and Ask if I believe the technical terms for the two prices. Just like stocks has a "bid" and "ask."

It's only been the last couple years, after 2 1/2 decades of preparing, that I've looked more at PM's. And not for the I think misguided idea that some get that they will set up "Bartertown" Mad Max style in the PAW, but more as another way to diversity long term savings.

An illustration I use with the boy (who loves silver, I was buying these 1/10 of an ounce silver mercury dime repros Apmex had out a few years ago. I'd offer him cash for certain work and he'd ask to get those instead.) is that in 1999 someone I know, "let's say this fella" (LOL) put $10K in cash back. He could have been buying an ounce of gold a month back then $300. an ounce and it wouldn't have hurt him too bad. Now, that $10K in cash then (1999) would have bought 33 Kruggerands.

Compare them today-

33 ounces of gold = cash value of almost $50,000
$10,000. in cash = cash value of $10,000

$10,000. in cash today would buy 6 1/2 ounces of gold, a full ONE-FIFTH of what it did in 1999

And of course the $10,000. cash doesn't buy today what $10K in cash did in 1999. Then I could have bought a nice base model truck (think S10 or similar). In 2004 a base model import truck would have ran $12K with the S10 costing more. Now? I don't know, we keep vehicles 10 years at least so I guess I should start figuring that out huh!!!

I don't recommend folks get into PM's too early. I've met many a folks over the years that couldn't feed their family for a year but had beau coup amounts of gold and silver and figured they would just "buy some food" if they needed it. I'm thinking good way to fall on a knife 18 times backwards- show someone a gold coin in the PAW....

The when NOT to get PM's list according to LD3-
*If you can't feed your family for at least a year off of what you have stored.
*If you don't have six months of emergency CASH
*If you don't have your basic battery of weapons AND at least some professional training.
*If you are in debt up the ying yang

My problem was that for the first 10 or so years "on the land" their was always something that needed to be done, always something that needed to be fixed. And honestly I don't think that's ever going to change. However, things start running smoother after a lot of concerted effort. Backups are figured out and added in and backups to the backups. It's no longer an emergency for a well pump to mess up, it's something to bring the family around and teach them and see what they remember from the last time we did this.

Long story short, I'm interested a little bit in PM's now for the long term savings aspect. NOT in a precious metals Roth IRA, but in the bank of Lowdown3 situated 2 feet under FloriGaBama aka Southern Idaho LOL

[Rmplstlskn]

I have so many projects that need funding, the last thing I am thinking of right now is buying precious metals (except for ammo, where I buy whenever a deal pops up)...

Wish I did have enough disposable income to pay attention and buy on the dips...

Rmpl

[Lowdown3]

I know what you mean. I don't buy a lot, a 1/4 ounce of gold or 10 ounces of silver is a big purchase for us.

Dropped again, got an Apmex market alert that gold had touched $1,396. and silver UNDER $24.

Wonder how long the drop will go or how far?

[rockriver]

i remember paying a nice camper ?? about 27-28 ?? i think for silver eagles as part of a bigger purchase.

a group of us had plans to buy eagles when we could get them for 28. plus overage= about 31.... just a few months back.. we were all committed to big commitments.
today, we could get them for 28 and change... we are in astonishment...

in shock. thanking the Lord that we didn't.

any predictions on the floor?

rr

[miked2345]

Since I bought silver on Saturday, it's probably gonna drop 50%... At least that's my luck when buying stock!

[Lowdown3]

Anyone know when the trading, Comex I guess (?) for precious metals closes? Seems like I was seeing a "closing price as of 4:15" regularly for a while.

Now I'm seeing much later in the evening price changes?

[protus]

i havent bought any in a few years. but it was mostly 1-3 oz's here and there. my biggest bulk buy was 10+ oz's at once. silver was 9.25$ back then..i stopped buying once it crested 12-15$. other things needed the funds(food,ammo,debt etc).

i did the look back thing with the wife a few weeks back..I said " wife unit..we could have bought 2 oz of gold whenit was 800- and turned a profit..." but the more we talked we figured sure i turned a small profit(even with our silver we figured itout) but that profit was nothing more than covering inflation and the cost associated with it. Now if someone did the lets buy 2-300oz at once deal ( silver) atthe low prices from 8+ years ago,,,then yeah it works out to flip some of it.

either way..my PM's are growing in the garden right now LMAO and eating feed...guess thats where my bank sits right now..cuz i cant eat paper or coins when the time comes LOL

[Lowdown3]

Seems like they couldn't get their feet back under them all week-

Metal Bid Ask
Gold $1,407.50 $1,409.50 $14.50
Silver $23.23 $23.33 ($0.02)
Platinum $1,419.60 $1,429.60 ($0.40)
Palladium $673.70 $678.70 $7.90

I think many were looking for a large shoot up in prices. Looked that way for a half day one of the days, then dropped back. Silver's biggest "gain" since the big drop has only been a few cents IIRC.

Are these prices the new norm for the time being? Your thoughts?

I'm guessing since the timing of the drop coincided with the announcement that Cyprus was going to pay some of it's debt with it's GOLD RESERVE, that is why you saw the big drop in prices. The price was manipulated so it would be lower when Cyprus "cashed out".

[jimmycthemd]

I'm not sure the prices were manipulated. I'm not saying it isn't so but I think it's more like, with the possibility of gold being dumped on the market from Cyprus, some folks are getting rid of a large percentage of their holdings anticipating a larger drop in prices when it does happen.

[rockriver]

who knows/

my 3 friends who buy silver +/or gold are all concerned about the future of our
money system and the country

friend 1 navy captain. lots of contract work in the middle east. very smart. big hulking bear of a man. lives in sw in a town that is still prospering. lots of businesses moving there. he is sure u.s. economy/dollar will crash. his survival plan is two fold
he believes he can walk onto nearby military post, (not navy) flash his i.d. and they will need him and they will protect him. he says get out of ira's 401k's or anything related to your s.s. number. buying coinage heavily, same amount in frns every month... "dollar cost averaging" some would call it. he likes this time as he's getting more pm per dollar spent. gold and silver is on sale.

friend 2. profitable businessman. 60's. suddenly realized financial system in trouble and started racing to get prepared. faster and more commitment than anyone i know.
he felt like he was "behind" and needed to prepare. has made some goofs as he went ahead so fast. solar. weapons. food. training. machinery. built home on a remote farm he owned. moved there. trying to drag family along.
buying coins at discount through various business connections.
he says this is manipulation by big financial institutions to cover shorts. then day traders and others in the futures market got caught and had to sell rapidly to keep from going bankrupt. low margin purchases meant traders had to sell on the down market, continuing to push market lower. as other markets (like stocks) fall, folks will need to sell silver/gold to cover other losses.
i suspect there is huge truth in his statements.

friend 3 skinny retired ins manager. always trading in some item. born natural trader. came to one of ld's campouts. liked it, but not as much trading as i told him, so he hasn't been back. thinks the financial system is collapsing. lives in a prosperous southern city, so it's hard for him to see things collapsing. constantly buying silver
(and a little gold) and selling it by word of mouth, pawn shop contacts, newspaper ads, and a booth at a large ?antique/collectible? consignment place on the interstate. he says his contacts and sources have dried up as folks are scared.
trying to buy at normal markups/discounts but can't. he knew contacts had silver coins, but sat on them watching the market collapse ( and contacts value too)
as they were sure there would be a sudden turnaround. now that market has dropped this far, he thinks we are near bottom, but won't be surprised if it goes below $20for silver.

i think silver is on sale now, but i agree with all the 3 above.
market manipulation by big banks and financial
day traders/futures market, and covering other losses
folks are scared and don't know what to do so they freeze up.

my position. buy silver (not as much value in one small piece metal and folks in these days have never seen gold coins so they won't recognize them.)
if we have a collapse, and i have some bb's or chicken eggs for trade, and you don't have the medicine i need for my wife, i wll trade with you for silver coins. i'll then use the coins to trade for the medicine my wife needs. the guy with the medicine will recognize the u.s. quarter and half dollar.
i don't have all the other stuff i need. food, machinery, solar, diesel truck. fuel. boots, etc...
silver is just one of the things on a long list.

trying to buy the list when it's on sale.
apologies for the length of this