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Gold and silver. Discuss

Discussion in 'Business, Careers & Education' started by Valproate, Feb 20, 2011.

  1. javyn

    javyn Well-Known Member

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    35oz? Wow a baller [​IMG]
     
  2. mikeman

    mikeman Well-Known Member

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    Nice turn around in the markets today. Lots of people saying we are going to see a pull back in silver soon. But who knows, maybe we will just go onward to 40.
     
  3. Crane's

    Crane's Well-Known Member

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    Well the deal on the junk Silver dollars didn't happen so I visited my local bullion guy yesterday. I added an ounce of Gold two ten ounce Silver bars and ten Silver Eagles to the collection.

    Javyn, my local guy has some of what you're looking for and his margins are some of the lowest in the country. We should probably talk.
     
  4. javyn

    javyn Well-Known Member

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    Sure Crane! I just added 40 1991 Eagles to my collection but want more. Bank had the nerve to tell me I was "withdrawing too much money" when I tried to get cash out to buy the last Monster Box they had. Infuriated me, it's my friggin money, who the hell is Chase to tell me how much is too much to withdraw?! Even heard the teller say to someone there they are going to red flag my account.

    I'm taking EVERYTHING out of it this week and going to a local bank.

    Interested in more Eagles, Canadian Maples, maybe even some junk silver. Mercury dollars, war nickels, etc.

    It's getting so nuts now people are even starting to hoard nickels heh....which probably isn't that crazy since the Coin Modernization act passed, the 75% copper nickel is surely going to be a thing of the past soon. The value of the metal in a nickel is worth 7 cents now, they are going to have to address that.
     
  5. Crane's

    Crane's Well-Known Member

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    Javyn

    42 to 45 nickels are high in Silver. I went on a junk silver binge this weekend and did well. I bought a bunch of half dollars and quarters at -6 bucks spot. I found several boxes of nickels marked a buck each and bought every 42 to 45 one I came across. That equates to 50% spot value.

    Antique malls can be very profitable.

    Man your bank sucks dude! I might see them bitching if you were taking out 10K a day but even then it's your money.
     
  6. otc

    otc Well-Known Member

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    Man your bank sucks dude! I might see them bitching if you were taking out 10K a day but even then it's your money.

    Still though, they shouldn't bitch about it. They should make really sure that you are actually you...and they should file the form required for a 10k cash transaction...but unless you have some special account with withdrawal limits, they shouldn't care that you are taking it.
     
  7. javyn

    javyn Well-Known Member

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    Banks just don't carry reserves anymore. When I took money out of an account at another bank to buy some bullion a few weeks ago they could barely put together 7K. I ended up getting the last 200 in 50s and 20s.

    Not exactly comforting.
     
  8. otc

    otc Well-Known Member

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    Banks just don't carry reserves anymore. When I took money out of an account at another bank to buy some bullion a few weeks ago they could barely put together 7K. I ended up getting the last 200 in 50s and 20s.

    Not exactly comforting.


    I suppose that is true to an extent. They have reserves but it not all sitting in cash in some branch office (especially since everybody uses ATMs...there's got to be thousands of dollars crammed into every ATM).

    If you call them in advance though, they should be able to get the money together (your plan to move to a local bank would alleviate this somewhat since you would be able to go to the main bank instead of some branch office).
     
  9. Crane's

    Crane's Well-Known Member

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    My bank is a little rinky dink local one and they have no problem coming up with that kind of cash.
     
  10. javyn

    javyn Well-Known Member

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    Yeah, I think my father has the right idea with his love of regional banks
     
  11. Crane's

    Crane's Well-Known Member

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    Smaller banks are good that way. At my bank they greet me by name.
     
  12. Crane's

    Crane's Well-Known Member

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    Interesting buying potential going on thanks to panic selling. I think I'll keep track of things closely this week.
     
  13. mikeman

    mikeman Well-Known Member

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    Yeah, PM going to be super volatile for a while. Do you guys believe the people who say theres a good chance for silver to dip back dow to 22? I think thats a bittt low.
     
  14. javyn

    javyn Well-Known Member

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    I don't think it will, but if it does go that low that means more silver for less money. I'd be happy w/ that.
     
  15. Crane's

    Crane's Well-Known Member

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    Yeah, PM going to be super volatile for a while. Do you guys believe the people who say theres a good chance for silver to dip back dow to 22? I think thats a bittt low.

    I doubt it'll go that low. A dump like that would put Gold at way less than a K an ounce if it follows the trend. Of course if it did do that it just means more bang for my buck like Javyn says. PMs are a long term investment for me. Just another bump in the road.
     
  16. javyn

    javyn Well-Known Member

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    Seems like PMs should be going up now to me. Catastrophe, uncertainty, revolution, war, these are things that drives money to them. I think this is just panic selling. JMHO
     
  17. Crane's

    Crane's Well-Known Member

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    Seems like PMs should be going up now to me. Catastrophe, uncertainty, revolution, war, these are things that drives money to them. I think this is just panic selling. JMHO
    Part of it is. Some of it is profit taking. I thought about doing a bit of that myself and decided against it. I also think some of it is necessity in order to fund rebuilding in Japan. Depending on how it goes this week will determine whether or not I stick with my normal weekly buy or add more to the pot and take advantage of the drop.
     
  18. javyn

    javyn Well-Known Member

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    Yep, more need for materials, and higher inflation coming. I'm not being shaken out. But, I am rather stubborn. I'll hold a losing position for years until it comes back around. Did that with NOV, would have no problems with silver and gold, not that I think I'll lose 66% on that like I did NOV for 2 years before I recently made all my paper profits back on it.

    edit: Hell, when I was holding International Steel Group, Inc. a few years back, there was an over 10% drop in share price one day for no reason at all. Lots of people got stopped out and/or bailed, but I held on. The next business day it was announced ISG was being bought by Mittal Steel, and I ended up with a very nice profit.
     
  19. Crane's

    Crane's Well-Known Member

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    Yep, more need for materials, and higher inflation coming. I'm not being shaken out. But, I am rather stubborn. I'll hold a losing position for years until it comes back around. Did that with NOV, would have no problems with silver and gold, not that I think I'll lose 66% on that like I did NOV for 2 years before I recently made all my paper profits back on it. edit: Hell, when I was holding International Steel Group, Inc. a few years back, there was an over 10% drop in share price one day for no reason at all. Lots of people got stopped out and/or bailed, but I held on. The next business day it was announced ISG was being bought by Mittal Steel, and I ended up with a very nice profit.
    In PMs I have so much silver that's been bought at 5 to 6 bucks an ounce that I really don't care about what some would call a huge price drop. I've been sitting on some of this for 2 decades and will sit on it another decade if the bottom fell out of the market today. Oh and I'll just keep right on buying no matter what goes on. DCA is a wonderful thing. Javyn, I'm seriously looking at Palladium right now. It's taken a major hit and if it keeps falling like a rock I'll suspend my Gold buying for a bit and play with it. you might want to consider it yourself.
     
  20. javyn

    javyn Well-Known Member

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    Unfortunately I'm a paralegal, not a lawyer. Palladium is a bit too rich for my blood [​IMG]
     

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