Did I lose my chance in not buying silver?

Discussion in 'Silver' started by andyinven, Apr 22, 2013.

  1. MaC

    MaC New Member

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    Hold onto your proverbial hats ladies and gentlemen i have it on good authority from blind Freddy that this roller coaster ride is about to get seriously bumpy...
     
  2. trew

    trew Active Member Silver Stacker

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    somebody trying a quick flip
    I saw 16 kilo pamps come in at Peter Davis last week
     
  3. diggincopper

    diggincopper New Member

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    I got 6 1kg pamps last week. PM me if ya want their name cause it gets blanked out when I post it. Bought off them a couple times without any dramas.
     
  4. Ozboy

    Ozboy Active Member

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    Hi and welcome.
     
  5. motlynch

    motlynch New Member

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    @ spannermonkey:
    WHY ?
    Do we buy/sell in US $?

    Answer: Bretton Woods accord of 1944...

    I'd send a link if it were permitted.

    Tom
     
  6. spannermonkey

    spannermonkey Well-Known Member Silver Stacker

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    You guys in the states yes
    But not here in Oz we deal in Au$ ;)
     
  7. motlynch

    motlynch New Member

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    @ andyinven:

    I would start buying now. You're quite lucky to get in near the bottom of this recent, artificially created, dip. The longer you wait the more you'll kick yourself for not getting physical silver. Silver and gold are far oversold on paper contracts. When enough people realize it, the jig will be up, the music will stop and hopefully your butt will be in a chair!

    Good luck!

    Tom
     
  8. Byrnsy

    Byrnsy New Member

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    The answer is NO. I bought silver when the spot price was $28.35. I thought I hit the dip perfectly. With the premium I got each Oz for $29.12

    So let's look at the spot price at around $24 now. With premium's at current levels the price is $29.80.

    Is now a good buy. The answer is again NO. Wait a month. If the prices go up, premiums will go down. Otherwise just wait for the premiums to go down.
     
  9. CIRRUS

    CIRRUS New Member

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    Andy, perhaps you consider buying silver under bailment at BullionVault, so you own the physical metal in the vault at this lower price. The premium is tiny in comparison to bars in your hand. You can benefit when the price rises, sell it instantly and redeem your money within 24 hours, then buy metal in your hand when the excitement dies down and the premiums drop. It's a option for not missing out.

    I know a lot of people don't like the idea of bailment because the metal isn't in your hand. But the metal is real, not paper, and there is no counterparty risk and it's not on anyone else's balance sheet.

    Today you could buy allocated silver in a London or Zurich vault for around US$24.40/oz and 0.5% commission.
     
  10. johnmorris

    johnmorris Member

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    welcome.

    i think its welcoming stackers want to sell you some 15% above spot.

    shows they really believe in product - as frankly the top spread of the dealers now do..

    buyers market - buy !

    and then sell quick, or hold long.
     
  11. Numismatist

    Numismatist New Member

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    Okay so can i turn up to the vault and ask for physical delivery as in take out my silver allocation in bullion bars and carry it home?


    If not then what exactly is the point of holding actual physical silver if it cant be delivered into my greasy hands, Might as well then own paper futures which have even lower transaction fees.


    Also there is a matter of trust on the product itself as i am reminded of the previous behavior from the big boys in Wall street such as Morgan Stanley and UBS which were successfully sued by investors who were told upfront they would have physical silver allocated and stored in a vault and even charged storage fees however after many years it was discovered this physical silver did not actually even exist.

    http://seekingalpha.com/article/440...-segregate-client-assets-creates-default-risk
    http://www.reuters.com/article/2007/06/12/idUSN1228014520070612

    http://www.coinweek.com/featured-ne...s-of-charging-storage-fees-on-phantom-silver/
     
  12. DKStacker

    DKStacker New Member

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    Hi everyone.

    New poster here. I've been stacking for a while now and decided to join the community.

    I still think there's plenty of silver out there. What it really comes down to is having a good relationship with whoever you're dealing with. I rarely buy online, mostly due to very high shipping charges that wipes out any premium savings you might get online. I have a good relationship with a local dealer who buys silver and gold at around 20% below spot and sells it to me at spot +~5%. That's a pretty good deal for either of us, and I'm capable of stacking a whole lot more silver than I would otherwise.

    There are still places to go online, but most of the places just charges too darn much. For now I'm buying local.
     
  13. Lord_Dudley

    Lord_Dudley Active Member Silver Stacker

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    You are a newbie here and you are quick to brand our members as cheats. Be polite and say thanks for a generous offer. You don't have to buy it.
     
  14. CIRRUS

    CIRRUS New Member

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    Actually, yes, you can arrange to take personal delivery of the metal if you wish.

    In the bailment world it isn't recommended because the metal has never left the professional market and therefore its integrity is assured. Also, the moment you remove it from the vault the VAT becomes payable.

    Bailment is not a paper exercise in unallocated metal. Bailment is nothing more than a storage and insurance transaction to look after your exclusively owned, physical, allocated, independently audited metal. And if someone wants to be more certain, they can reserve specific bars so they know the exact serial number of the good delivery metal they own.

    Nothing beats having cool metal in your hand to stroke and gaze upon. But bailment has a lot of upsides.
     
  15. SULLA

    SULLA Member Silver Stacker

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    Buy as much as you can afford to; preferably locally, so that you can avoid the very high delivery costs.
     
  16. pug

    pug Member

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    My 2c worth:

    You didn't "lose your chance" to buy silver, but we may rarely see $22 silver again.

    You followed your instinct. If you can't trust that.. what can you?

    I think you did the right thing. But I'm just some guy so who cares what I think =p

    Premiums are high because dealers are playing a waiting game. If spot holds at this new low then premiums will come down eventually.

    Also I think mints are having a hard time minting to keep up with demand right now, but from what I read there's quite a bit of silver available produced from the mines fundamentally for a few years ahead.

    If you're getting into silver consider other strategies. Instead of going 'all in' maybe try dollar cost averaging, and buying some silver bullion every month trying to hit the lows. Buy in 10 oz bars or tubes of 1oz rounds, they're pretty liquid.
     

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