WTF is going on? ... will a permabull please explain?!

Discussion in 'General Precious Metals Discussion' started by wrcmad, Oct 23, 2019.

  1. wrcmad

    wrcmad Well-Known Member Silver Stacker

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    There has been physical gold for sale below spot for 3 days on the public sales threads.
    Never seen this before.
    Is it a precursor?
    Or can someone like JohnLGalt explain? :p
     
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  2. Bullion Baron

    Bullion Baron Well-Known Member Silver Stacker

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    It's a tough ask to cough up $500 more per ounce than 12 months ago. I haven't bought anything for a few years, but if I was looking to add here I would be heavier silver.

    I have picked up gold slightly under spot a number of times over the years, usually just unusual / unpopular coin types (e.g. Olympic coins).
     
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  3. wrcmad

    wrcmad Well-Known Member Silver Stacker

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    Fair call.
    But I still find it amusing that, by definition, paper is currently more desirable than phys???
     
  4. wrcmad

    wrcmad Well-Known Member Silver Stacker

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    Exactly my point.... what happened to the stacker mantra that you shouldn't measure anything in worthless fiat $, but instead only measure thing in oz's?
     
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  5. Bullion Baron

    Bullion Baron Well-Known Member Silver Stacker

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    Well, I guess you could look at it that way, but I don't think those turning their nose up at some bullion items here are necessarily heading to buy COMEX Futures instead :p

    I think the lowest under spot I paid on this forum was around -25% for a sterling silver coin set. Really nice African wildlife coin series that was ~40-50 years old. From memory the seller had higher offers from interstate, but didn't want the hassle of postage (they were housed in a bulky wooden coin case). Like any asset, physical bullion is only worth what someone is prepared to pay for it under the sellers acceptable conditions.
     
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  6. GoldenEye

    GoldenEye Well-Known Member Silver Stacker

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    I expect that with the rapid increases lately people are probably expecting prices to retreat a bit.
     
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  7. alor

    alor Well-Known Member Silver Stacker

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    hoarders hitting buckets at the same time, gold flow into markets...dealers plenty of supply
    2 months to +-- and new year 2020
    gold was going for 98% spot delivered
    for how long would this continue ???
     
  8. 66rounds

    66rounds Well-Known Member Silver Stacker

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    I would be all over gold at spot, but it's hard to come up with 2k+ for ounce plus sized gold. Everything over 1/4 ounce requires me to have cash sitting on the side, a tall ask for most families these days.
     
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  9. 66rounds

    66rounds Well-Known Member Silver Stacker

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    Definitely keen to hear. I have resorted to buying sterling jewellery just to have some silver on the side.
     
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  10. Silverling

    Silverling Well-Known Member Silver Stacker

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    I would like to buy some gold but a lot of the sellers wont post photos and there is no way I'm going to pay $2,200 + for something unseen. Last year someone bought a gold coin here with a red blotch on it and said "I bought this gold coin here in good faith from another member but I do not like blotches on the coin, so it's up for resale here". No one bought it.

    I do understand very well what each coin looks like but I want to see the condition it is in, the actual product and not a computer generated generic copy. Really, if I bought a gold coin for $2,200 and it had a red blotch on it then I would not be happy at all. Is it really that hard to take 2 decent close up photos? I mean 2.2K is a lot of money, I am not talking about cheap silver rounds at spot here.
     
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  11. wrcmad

    wrcmad Well-Known Member Silver Stacker

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    ^^This I totally agree.
     
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  12. Jim4silver

    Jim4silver Well-Known Member

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    Before I got into silver I was into gold coins. I bought a US gold buffalo UNC after they came out that had a red "spot" on it (I didn't see it at the store). I was really freaked out, not because of cosmetic reasons, but because I thought it was fake. I had no clue how 9999 gold could have any copper, etc. The old US pre 33 gold sometimes got red spots, but they had a good deal of copper in them compared to 9999.

    Here is how I got the spot completely out. I have no clue how it worked and I've never tried it again. For some crazy reason I decided to try "dabbing" that spot with various household chemicals to see what would happen. I figured I couldn't f' it up any worse now that I had cut it out of the little plastic sheeting and it had a red mark. I tried washing it with super hot water and it was still there.

    The first chemical I tried was hydrogen peroxide (like for wounds, etc). Didn't work. I then used the same cotton swab and put rubbing alcohol. Didn't work. I then tried household bleach with same cotton swab and GONE!

    I am guessing it was a combination of these that somehow did something? There was no coloring on the cotton swab such as from the red spot on the coin so whatever it did was to the coin chemistry somehow.

    Whenever I bought any gold after that it got looked at with a 5X loop.
     
  13. Silver260

    Silver260 Well-Known Member Silver Stacker

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    Speaking for myself. Even though I don't stack for profit, I do want to get the best value possible when buying. Which is why I've personally not been buying a lot lately.

    I honestly expect, with the upcoming 2020 US elections, that PMs will make a reasonable move downwards. The Trumpstar will do everything in his power to get equity markets moving upwards, because the Sheeple are morons, and think that the stockmarket has something to do with the underlying economy.
     
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  14. Skyrocket

    Skyrocket Well-Known Member Silver Stacker

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    Same here, and then I soon realised that silver was sale of the century and only been stacking silver since then.
     
  15. SilverDJ

    SilverDJ Well-Known Member

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    Horizontal instead of vertical?
     
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  16. GoldenEye

    GoldenEye Well-Known Member Silver Stacker

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    Is it our current decimal silver (nickel and copper) which is getting close to its metal content value.
     
  17. Jason1

    Jason1 Well-Known Member

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    thing is there is a point where something becomes un affordable in price for allot of people, it was a very big climb and a quick one at that, I can understand the caution right now on gold.

    Plus its getting upto Christmas and so credit cards are being maxed out right now lol
     
    Last edited: Oct 24, 2019
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  18. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    The stock market is as dangerous as the Australian property market, I don’t think there’s any serious buying at the moment. The smart money is not going in anyway.
     
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  19. Jislizard

    Jislizard Well-Known Member Silver Stacker

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    I have hit all my stacking goals! Last thing I need is more gold and silver. It is not like I have any spare cash sitting around to spend on any more, most is now in the offset mortgage account.

    However, having said that...

    The higher prices are bringing out more interesting items that maybe people wouldn't have taken the time or effort to offer for sale before. Anyone with mixed world junk silver might not bother to go through it at $19 per oz as it takes a bit of research in order to find out how much silver is in each coin. But at $25 an ounce it might be worthwhile!

    I have bought a couple of hundred dollars of junk silver the past few weeks, nothing spectacular but it all goes into the treasure chest after a bit of a clean.
     
  20. alor

    alor Well-Known Member Silver Stacker

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    gold mines productions up
     

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