Where Is Silver Going !?!?

[Cimexus]

Hi Jedi,

I'll leave it to the pros to give you advice (I'm new to PMs myself), but I will point out that this dip is considerably 'better' for you using USD than it is for us using AUD. The Australian dollar is commodities-based so basically, it rises when PMs rise and falls when PMs fall. So in the last 24 hours the AUD and silver have fallen, but the USD has risen. The result is that silver fell over 4 bucks for you, but only ~$2.50 here.

Put it this way - I have bought during today's dip even though it's only half the dip that you're getting. I reckon it's not a terrible idea, so long as you don't go all out and put all your eggs in one basket ... leave some fiat for potential future purchases if silver continues to drop over the next week or two.

 

[RetardedMonkey]

Bullion Baron on the money. There's hardly a 'short' of PMs when spot dips. Maybe from stackers like ourselves but not from dealers.

 

[jedichampion]

Hi Jedi,

I'll leave it to the pros to give you advice (I'm new to PMs myself), but I will point out that this dip is considerably 'better' for you using USD than it is for us using AUD. The Australian dollar is commodities-based so basically, it rises when PMs rise and falls when PMs fall. So in the last 24 hours the AUD and silver have fallen, but the USD has risen. The result is that silver fell over 4 bucks for you, but only ~$2.50 here.

Put it this way - I have bought during today's dip even though it's only half the dip that you're getting. I reckon it's not a terrible idea, so long as you don't go all out and put all your eggs in one basket ... leave some fiat for potential future purchases if silver continues to drop over the next week or two.

i want some kooks but apmex is sold out

 

[MrSteve]

Its up a dollar already since it (bottomed?) ... we'll see...

That's a bull trap...

 

[goldpelican]

I couldn't get picky with the bars I was getting and there was a couple of months there where I could only place orders (which took a few weeks to fill), but was still able to lock in the price.

The problem with this situation is counterparty risk - I don't think Australia has had a PM dealer go bust since the 90s (can't find the name, but a Sydney couple lost a bunch of silver that was in storage with them) - but let's face it, there's a plethora of startup dealers springing up in this country. After the delays with the Dragon pre-sales, I'm hesitant to take long orders - but as customers you need to ask yourself "will these guys be in business in 2 months time?"

 

[f40]

I couldn't get picky with the bars I was getting and there was a couple of months there where I could only place orders (which took a few weeks to fill), but was still able to lock in the price.

The problem with this situation is counterparty risk - I don't think Australia has had a PM dealer go bust since the 90s (can't find the name, but a Sydney couple lost a bunch of silver that was in storage with them) - but let's face it, there's a plethora of startup dealers springing up in this country. After the delays with the Dragon pre-sales, I'm hesitant to take long orders - but as customers you need to ask yourself "will these guys be in business in 2 months time?"

Would paying with a credit card and taking the 2% hit possibly protect you against this?

You can always do a chargeback if the metals never arrive....

 

[goldpelican]

Should - that's the point of chargebacks on credit cards - to protect you fraud, including from the merchant.

Not a terrible lot of dealers take CC though.

 

[alor]

It will be very difficult to get in at the bottom.

I had no problems buying many, many kilos of Silver when it hit rock bottom in late 2008.

As I recall the AUD price of Silver only dipped to around $13 and I was buying kilo bars for $450-500 (usually around $30-40 per kilo over spot). I couldn't get picky with the bars I was getting and there was a couple of months there where I could only place orders (which took a few weeks to fill), but was still able to lock in the price.

I was buying round 50s for $5 and less a pop.

Why would it be different this time?

that time only have limited 1oz coins/rounds, bigger bars have plenty. (got myself 5oz instead)

 

[SilverSale]

She's goin' down.. down.. down.. To Funky Town!

Grinners, approx 80%.

 

[jedichampion]

it just dropped $0.80 in 15 minutes like 2 minutes after i locked in my order with apmex

thats my luck...

 

[BBQ]

I logged in after viewing the graph on another site.
Holy mother of...

Explanations?
*beep, beep, beep, beepI

That's the truck backing up!
(only to find all the stores closed, no doubt...)

 

[thatguy]

Holy crapasola, back up the truck time.

 

[Boomstix]

I was going to buy 20oz this morning when first seeing the dip but told my GF to convince me not to. She said dont buy! Buy me things instead. Somehow I feel I still got the wrong end of the stick...

 

[aleks]

Whats the 200dma at? $36?

 

[940palmtx]

Oh no, it was at USD 35 even then went back up 14 cents.

 

[940palmtx]

Finally 34.98. I sure hope I can buy at 30 or under, I'd feel like I got in earlier than I actually did

 

[Scorpion75]

Wouldnt be surprised if it went to $24. Then if it doesnt bounce up, down to $18 then game over for awhile.

Atleast we wont be short of door stops and paper weights.

Can see millions getting burnt and people going out of business if it goes below $20.

My real guess is a bottom at $33.50us



Scorp

 

[940palmtx]

Looks like a collapse, 60 cents in less than 10 minutes...cool!

 

[stinkypete]

its dropping so fast , what kind of money needs to move in order for it to drop off so fast Billions ?

 

[940palmtx]

Looks like a collapse, 60 cents in less than 10 minutes...cool!

Ugh! back up 20 cents. I bought at 35, I need some serious downward movement, c'mon Ag