On 10 July 2015 the AUD/USD exchange rate was 0.7486 On 10 July 2014 the AUD/USD exchange rate was 0.9397 19.11 cents difference. http://www.rba.gov.au/statistics/historical-data.html#exchange-rates
Yeah, that's how PM's in Australia work, it goes up and down with the aussie dollar. That's a practical reality for those who buy PM's here in AUD. That is why silver is unlikely to go back to the lows we saw in Nov, if you didn't get in then you missed the boat. There is very little on the horizon to suggest the AUD will rise back up that high again in the foreseeable future. Most things point toward it going even lower.
Given that silver is pretty darn low, and the AUD looks to be dropping further, it's still not a bad time buy PM's in AUD. Once again, those who didn't buy on the dip this week, missed the boat. That boat could come back to shore for a bit and we might have sub AUD$20 silver again, but the odds are not good. Even if silver in USD stays flat, it will continue to go up in AUD as the aussie dollar falls further.
It will probably make another dip before a big rally. I don't mind waiting to see some substantial support before investing heavily.
I'm over AUD$1 up (>5%) on the silver I bought on the dip the other day. I didn't wait for any support, I hit the trigger the instant it went under AUD$20, now it's almost AUD$21 Complete luck of course, I had no reason to think it would go back up, I just liked AUD$20 as a round number, and it went under that for a few hours so I grabbed a chunk. I was willing to average down if it kept on dropping. Now the problem is having the will power to hold off again until it drops again, and not fall into the trap of thinking is back on the up side so I should buy now and average up a bit before it goes even higher. Does anyone have a rule of never averaging up?
I've been dollar cost averaging instead of "buying on dips". I find that the "dips" USUALLY have heavier premiums - making it actually MORE expensive to buy. Any purchase price under $17 USD is kosher with me.
And bam, down she goes again, under US$14.20 Hasn't been that cheap since late 2009. PITA Aussie dollar still keeping local prices up though
10 cents cheaper as of now in both AUD and USD... USD is at $14.10oz... I would sell everything if we can buy that cheap in Australia right now... I could be even homeless for sometime instead of paying rent... Basically will save 10oz PM silver bar every week
I think the bottom retaining wall is in at USD $14. My guess is that we will see a slow bumpy climb upward....not a rocket to the moon. USD $14 is a great bargain for silver in 2015 considering just a few short years ago people were gladly paying more than $40 / oz for common, junky silver blobs. .
Haha, I think some people are still paying more than $40/oz for some silver blobs, just not junky or common
Are the premiums on Silver Eagles always so high? I notice they are steadily 5 or more dollars over spot (at least for smaller orders).
Pull up a longer-term chart.. Ag in USD is now cheaper than it was back in May of 2006. How's that for a head-explosion? If one had been in a coma during this time & just woke up, it's like nothing happened at all -- and spot has been flat all this time.. :lol:
I'd gladly pay USD $1,000,000.00 / oz for some silver. It's the nutty fool who believes the value of all coins/ medals are derived solely from the metal content. Obviously, I am not such a fool but others are. .
Is it possible the silver selloff is to fund the purchasing of cheap shares? This is a buying opportunity particularly for those with USD.
That's an interesting theory. Maybe another period of QE is on the near horizon which will pump up stock prices to the moon and dampen PM prices. At some point they'd sell off equities and buy PMs when everything is about to tumble down.
