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SurvivalGround >> Price of Silver.


12/1/10 11:22 PM
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MoreThanUFC
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 Up around $1.50 since 11/29/10. 

I was going to buy another 50 oz when my last settlement check comes after Christmas.  God, I hope it doesnt keep up this pace until then.
12/2/10 10:17 AM
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MoreThanUFC
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 Managed to scrouge $3000 to make another buy.  I'm gonna wait until the price drops again prior the January contracts coming due.  If silver falls below $27 again, though, I'm all over it.
12/2/10 11:19 AM
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dentalninja
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Look for a peak at around $30-$32 this year, then a drop to below $25 in January.

I bought 1000 oz. this past April at $15.80 and have enjoyed the ride so far.
12/2/10 5:00 PM
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MoreThanUFC
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 You think a drop in Jan is possible?  Explain your thinking, if you would.  I, personally, am not seeing any protracted drop until the currency crisises are over, if ever.  But I am open to opinions....
12/2/10 6:45 PM
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dentalninja
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I could be wrong, but I believe that negative economic data released in January will result in a price drop, as 40% of all silver is used in manufacturing.

I don't think the drop will be protracted or severe (there is a lot of support around $25), and silver will more than likely quickly rise to end-of-year 2011 levels within a short period of time.
12/2/10 8:07 PM
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MoreThanUFC
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 Good points.

And I understand your commercial silver point, but so much is being made about the JPM/HSBC lawsuits and silver being depressed, plus gold is out of most people's price range as a hedge, I think demand is only going to go up ever more.  Hell, most of the long term food storage websites are out of stock, on back order, or limiting quanitities right now.... There is a push toward security.

I think I'm gonna buy more early next week.  $3000 will get me another 100 oz bar.
12/3/10 10:30 AM
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MoreThanUFC
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 It's gonna break $30 today.  I've been watching all last night and all morning.  Volatility galore. 
12/3/10 10:31 AM
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MoreThanUFC
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kvr29 -  I am seriously kicking myself right now, a little over a month ago there was a guy on craigslist who had 350 face in dimes and wanted 5000 for it, I backed out, today it's 7500, oh well I found a local coin dealer who has buckets of halves at spot and morgans for 1.00 over spot, I went to a local pawn shop and they had some american eagles they wanted 20% over spot plus sales tax, I was all set

 As much as I love my in state bullion dealer, that 7% sales tax is a killer.  Apmex is back in stock with what I want, so my next purchase is coming from there.
12/3/10 7:59 PM
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Redneck
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Its amazing to see how its climbed from when I advised people to buy up when it was $9.00.

I wish i'd been able to buy more now, damn.
12/3/10 8:00 PM
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Redneck
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12/4/10 6:48 AM
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Robert Wynne
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 :)
12/6/10 12:38 PM
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MoreThanUFC
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 We are almost at $30....
12/6/10 3:17 PM
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MoreThanUFC
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 And it's official. The $30 barrier has fallen.
12/9/10 8:21 PM
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MoreThanUFC
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 Nucleo has a hot deal up tonight.  $294 for 10 oz bars.  Gonna buy.  I was waiting again after the fall yesterday.
12/9/10 10:31 PM
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MoreThanUFC
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Edited: 12/11/10 11:36 AM
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kvr29 - how do you like nucleo? can you use cc or do you have to wire or send a check?

 CC up to $1500 but the surcharge is brutal.  I just mail a check, or you can wire over a certain amount, I think $5000 but that might be APmex or BullionDirect, dont remember.  My father is gonna pitch in some extra cash so we are getting a slightly better deal buying straight from the catalog.

Nucleo is the wtg if you are patient.  Best thing is just input a price you want to pay, and see if anyone wants to sell at that price, or until someone lists at your price.  I think its good for 30 days, that way you dont have to monitor it all day.  Say you want to pay 2900 for a 100 oz, just list it.  If someone lists to sell at 2900, you get an email.  You have to act real soon.
Funny thing, if you watch it long enough, you can almost predict the market.  Yesterday, early in the morning the spread between bid and ask was $800 for 100 oz bars, 2200 to 3000.  Well, silver plummeted 8% yesterday before rebounding.  Today the bid and ask were only $200 off, and it was a mild day.   I wish I knew how to make money off of that. 

Edit, I always spell input as imput... even though I know better....lol 

Edit again - Nucleo is $5000 for a wire, but they will hold your buys until you get to a point where shipping is cheaper.  I picked some more 10 ozers up yesterday and am gonna keep them in my account. 
12/10/10 9:06 AM
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sourcheese
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12/10/10 5:35 PM
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MoreThanUFC
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 Well worth the 11 minutes.  Price suppression explained.  "Managing the retreat...."
12/10/10 5:36 PM
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MoreThanUFC
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 Join the National Inflation Association if you havent already.  inflation.us
12/11/10 11:34 AM
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MoreThanUFC
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 The spread on the Nucleo is getting weird again.
100 oz bar, 2200 as an bid and 2920 ask, back to $700+.  Monday midday may look like a good time to buy if you go through the catalog.
12/13/10 9:29 AM
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MoreThanUFC
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 The Nucleo is losing it's mind.  There are some HUGE Bids out for 500 or 1000 piece contracts.  Someone knows something.... I realize how retarded that sounds, but the last time I saw Bids for those amounts, silve went from $21 to $28. 
12/15/10 10:39 AM
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MoreThanUFC
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 Things to think about from my NIA email:

   NIA estimates that over the past 30 days, JP Morgan has covered approximately 4,000 silver contracts, which has corresponded with about a $4 per ounce upward move in the price of silver. We estimate JP Morgan to still be short approximately 26,000 silver contracts or 130 million ounces of silver, which equals about 18% of worldwide annual silver production from mining of 709.6 million ounces. If JP Morgan covers their entire silver short position and the price of silver was to continue rising by $1 for every 1,000 silver contracts that JP Morgan covers, silver would rise to $56 per ounce.

   JP Morgan appears to be covering its shorts in a very managed and orderly way. We are not yet seeing anything that resembles a short squeeze, although one could occur at any time. If we see a major silver shortage and a real short squeeze, silver could literally rise to hundreds of dollars per ounce overnight. Silver's all time high of $49.45 per ounce adjusted to the CPI equals $139 per ounce in today's dollars.

"The current gold/silver ratio of 64 wouldn't be possible unless silver prices were being held artificially low through manipulation. I don't believe it is possible for the silver that JP Morgan is short to be backed by physical silver. Most likely, JP Morgan has been naked shorting silver, by selling paper silver that doesn't physically exist." Since the release of 'Meltup', the gold/silver ratio has fallen by a shocking 27% down to 47. Within the next few years, NIA expects the gold/silver ratio to at least fall to 16, which will mean another three times increase in the purchasing power of those who own silver." Pres. of NIA.
12/17/10 1:09 PM
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MoreThanUFC
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With this fresh arrival, and some moves I made on the Nucleo, I'm finally at 500 ozs.  I think unless I run into a really good deal, I'm done investing physical/exchange silver.   
12/20/10 10:40 AM
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AdamIE
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Nice silver hoard. Anyone ever sold it back? What kind of price below spot do most companies buyback at?
12/20/10 10:28 PM
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MoreThanUFC
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 Depends how you sell.  If you sell at a coin/jewelry shop the price can be all over the board, but usually the closing price from the day before is used. 

I keep most of mine on the nucleo exchange so that if I want to sell, I list a price and someone wants it, they buy it.

But this is all a long term hold for me.  We are still in a recession, and industrial demand is down.  If the tax rate extention does in fact help the economy, there will be substantial pressure on the price upwards.  Everything electronic contains silver.
12/21/10 4:11 PM
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MoreThanUFC
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 Hey everyone.

SLV, the ETF for silver which is managed in London, is continuing to add stock even as the price fluctuates from some naked shorting and profit taking.  JPM dumping naked shorts ( 4000 so far ) and the immediate pullback from $30 an ounce was a sure sign of simple profit taking as such a nice round number. 

Anyway, SLV by definition must be backed by 100% physical silver, and so far their stock has exceeded sales of shares, as they anticipate further interest in SLV.  SLV is adding 150+ tons per week right now.  If one of the PIIGS fail, as it looks like Greece is about to be in junk status and Ireland will be revisited again once their bailout money is spent off coupled with the failure of QE2 in the US, SLV seems to be betting on silver being the choice over gold and GLD.  GLD is backed by "investments in gold" not necessarily physical gold.

And again, there is light commercial demand right now for copper and silver, but we just his a record high for copper and silver is past nominal highs.  If demand for physical metals increases in the commercial market.... hold on tight.

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