I went to my local shop on my way to work today and they had a bunch of stuff in the odd buillion silver section a few 100 ounce and 50 ounce bars and even a couple 10 ounce JM bars. Im not generally a patient guy on things like this but my attitude toward silver and gold is longterm since I have started. I wonder If where these people get on the silver train makes a big difference for their expectations and where they choose to get off.
If you are in the US. People are HURTING. Selling what they got. Food in the mouth is better than Silver buried in the back plot.
true that I feel blessed that I get to make a bit of money even though my business is about one third what it usually is
Or you could consider 2 things. 1 - the psychological play of a recent price pullback. $30 down to $26 in under 6 weeks will force a panic to those looking for the quick play. Since we hit a top and it pulled back sharply, the more jittery stackers might have panicked and cashed out as soon as break even looked likely. 2 - We've just had the holiday season pass. People have been on leave. Annual billing in the first quarter rolls around. People are short of cash and offload to make up the shortfall. I will say again that if you're investing in physical silver, long is absolutely the way to go - but there's still plenty of short term speccies out there hoping to cash in. It's a bumpy ride, but if you're long physical, you just kick back and enjoy it.
Never know why people sell, often its forced. Need money for kids schools, new car, home repairs, whatever. If you'd bought at $20 6 months ago and think well 50% gain in 6 months is good enough and I need the cash, then, out you go !
Recently found that I needed to sell Ag for the School fee's... Yes it killed but I'm thankful to make the profit and pull myself out of the hole...I think of it as a 'magic' Piggy Bank - the longer you leave it in there the bigger in Fiat it gets Simply buying PM's is also a protection for the unknown...
What part of the US do you live? For me in the Houston, TX area... the people I see selling are retired people just cleaning out the old stuff. And a few people that are professional buyers... just turnning their profit.
Im in Idaho there are always people with tons of containers full of junk silver selling. I usually go through their generic bars and ingots that they do for a lower premium and I will see some real uniqe stuff leave then be back a month later. some of the stuff im pretty sure is being bought and sold back. they have odd weight bars that are poured then stamped with a really specific weight.
