Gold and silver. Discuss

[javyn]

35oz? Wow a baller

 

[mikeman]

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.

 

[Crane's]

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.

 

[javyn]

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.

 

[Crane's]

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.

 

[otc]

Originally Posted by Crane's

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 ***** 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.

 

[javyn]

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.

 

[otc]

Originally Posted by javyn

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).

 

[Crane's]

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

 

[javyn]

Yeah, I think my father has the right idea with his love of regional banks

 

[Crane's]

Smaller banks are good that way. At my bank they greet me by name.

 

[Crane's]

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

 

[mikeman]

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.

 

[javyn]

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.

 

[Crane's]

Originally Posted by mikeman

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.