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Silver drops below 12 pound


Youngsliver90

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This price is amazing. I have no funds at the moment to make a purchase :(

I bought a roll of liberates a few days ago and could have saved about £9 or so if I waited until now.

Now is the time to buy a few bits of pure bullion, as the prices will be really cheap.

My posts are my personal opinions, they do not constitute advice or financial advice.

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Nice Youngsilver90. Where did you order from?

The question is, will we see a sharp bounce from around these levels, or is it possible that silver might break even lower than recent lows?

I believe a break down is unlikely, though a sharp spike down, followed by a strong bounce is possible.

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Those PAMP bars do look nice. I would be temped to take it out of the asset card though, (can't be good for resale) but I think they would look nicer in some sort of capsules, if they can be found.

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The general consensus seems to be that a break lower is likely.

I too am spent out for a short while. May work out well.

Will be interesting to see where the price of silver/gold is at in 2-3 weeks when I have money to make a small purchase. If gold is at recent lows then I might have to sacrifice the kilo purchases for a bit of gold.

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I've been looking at buying gold but can't stop thinking about how much silver I can buy for that 1oz of gold

Yea! That's why I think silver is a good precious metal to invest in, a lot of people can start saving in silver, silver is relatively affordable and over a few years of continuous stacking it will soon add up to a considerable size.

Silver is also a lot more affordable to collect sets of, it's relatively easy to collect a set of silver series 2 lunars. But a set of gold series 2 lunars. That's a serious investment. Also I find silver to be a far more beautiful metal than gold.

Gold is very good for transport though. And you can sell to any dealer for spot and not loose much as the premiums on gold are lower compared to silver, and there is no VAT.

So both have advantages/disadvantages. I wish I just had more money to buy everything I like the look of :)

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Just made a decent purchase of silver not too long ago. If I just waited two weeks I could of got 10 more oz for the same price :(

These things happen mate, just imagine if it had jumped £2 an oz. You will make it back and more in the long run.

10 years from now, hoping the forum will still be here, we will all be laughing our heads off at how we bought at £17ish an ounce.

Stacker since 2013

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Sounds like a lot of us are all spent out i think we all have been buying at these low prices, don't worry that it has gone down well done for getting in at these low prices in the first place.

Keep stacking shipmates.sell the trash into cash and buy some more.

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I hope it stays like this for another 2 weeks, infact I hope it goes down even more. Im in it for the long run, so bring it on, these low prices will make the short term investors turn away, which is a good thing for us long term investors. 

can someone please explain to me what it was like during the 2011 peak?, was there alot of buzz around silver to skyrocket to the low gold to silver ratio (around 15:1) 

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can someone please explain to me what it was like during the 2011 peak?, was there alot of buzz around silver to skyrocket to the low gold to silver ratio (around 15:1)

I remember it well.

Silver still sold well, and there was a ton of people buying thinking it was going to keep going higher.

I'm lucky, I sold my numismatic coin collection at £27 and did very well out of it.

Then it dropped and I started buying bullion at around the £22 mark but semi-numi so I paid more than that.

I'm happy with where I'm at.

Stacker since 2013

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Hi,

 

I'm a little bearish on silver for the short term and bullish for the longer term.

 

According to the World Silver Survey 2013 supply is higher than demand. I'm just waiting for the 2013/2014 figures to see what has happened in the past 12 months.

 

I know some guru's are stating that the cost of extraction is $20 but I think this mainly applies to pure silver mines (which represent 30% of silver produced) while some of the larger PM mines have quoted costs (with silver as a bi-product) to be around the $10 mark (which represents 70% of total mining). So I believe extraction costs average overall between $13 - $15 per oz. So I think there is a dollar or two still to go downwards. 

 

Having said that I will purchase silver on a monthly basis at these levels as any adverse change in the geo-political situation could change this dramatically - but I am hoping that we may still have a year or two to purchase gold and silver before the price starts to rise significantly again. (I am more bullish for gold in real terms not % terms though).

 

Only time will tell.

 

BTW of course I may be totally wrong, but I do think that the USA Fed can still taper for a few months yet which will have a downward effect on gold and silver. However once the Indian elections are over, I think they may remove the tax increase on gold and then we shall have both China and India purchasing around 2,000 tons between them this year - which will under-pin the gold price at $1200 - $1400. (As best as I can assess, gold extraction costs are generally quoted to be around the $1200 level which again will support this as a 'bottom').

 

Well that's my sixpence worth [silver sixpence of course ;-) ]

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A very interesting insight Richard, and I tend to agree with pretty much all of it.

I think a drop in the next couple of months and a return to the £13's by the end of the year, unlikely to go higher than that.

I doubt very much that it will dip any further than £11.50 either.

I may well be wrong, but they are my predictions based on a ton of reading and gut feeling.

Finally, I think we will see £30 before 2020, possibly slightly more.

I'll probably look back at this in 6 years and realise how little I actually understand!!!

Stacker since 2013

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I just hope gold gets to it's recent lows in 2 weeks time. Then I can balance out the portfolio.

Silver being already at recent lows, I think a drop down of gold might push silver to new lows.

My posts are my personal opinions, they do not constitute advice or financial advice.

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I just hope gold gets to it's recent lows in 2 weeks time. Then I can balance out the portfolio.

Silver being already at recent lows, I think a drop down of gold might push silver to new lows.

I agree Chris, 

 

Gold is falling this morning - the price is being driven down quite hard. Silver, I believe will follow.

 

I foresee (as I've said on another link) tremendous buying opportunities over the next 3 -4 months. 

 

Before I make a large purchase i'm holding off until I can see a 'new bottom' being formed and prices edging up from that bottom.

 

However, my small monthly purchase plan will stay in place.

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However, my small monthly purchase plan will stay in place.

 

Very wise Richard,pound cost averaging,who know when this will turn to the upside,it will come but maybe not a quickly as some people anticipate.

The problem with common sense is, its not that common.

 

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