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Thread: People are going crazy for silver...

  1. #1

    Default People are going crazy for silver...

    A few months ago I noticed many large buyers sending purchases out of the country. I tried to tell the dealers I speak with weekly. This past weekend I posted a lot of modern uncirculated and commemorative coins to a public forum. Hundreds of messages came asking for 90%, morgans and eagles. I responded to a few letting them know some may be available at the right price. The offers were more than I would have expected. $34 for $1 face on 90%, $40 on eagles, $40 on circulated morgans, $40-45 on silver eagles. Not sure if this was a tiktok panic, but one guy explained how he saw video after video on tik tok telling people to buy as much as they could as soon as possible.

    I spoke with a guy that sells at a large local flea market. He has pretty high premiums and doesnt sell much, but sold out Saturday morning by 9am.

    Any thought on if this is a good time to off load lower quality silver at a high premium? or just hang on for the ride?

  2. #2

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    I guess when I think about these things my first thought isÖ what am I going to do with the money? I donít need anything. I donít buy/sell trying to increase my stack (nothing wrong with that and itís a viable plan, just something Iím not educated enough or have a desire to play that angle). So I hold, actually hoping I never need it. Iím 70 btw, if I was younger I might look at this completely different.
    Good luck with whatever direction you take.

  3. #3

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    Jed Clampett
    I guess when I think about these things my first thought isÖ what am I going to do with the money?
    Exactly.

    Sell it to have the cash just sit there losing value while silver keeps going up in value?

    Notice I now say value, not dollars.

    Would be ok if you used it to buy gear, food or gold. Otherwise just hold.

    We are coming to the part of this story none of us really wanted to see.
    Politicians and diapers must be changed often, and for the same reason. -Mark Twain

    The purpose of life is to matter, to be productive, to have it make some difference that you lived at all. -Leo Rosten

  4. #4

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    I'd have to agree with Jed Clampett and Miteysquirrel in that holding on to what you have may be the way to go. That's my plan at the moment. I'm looking at adding small amounts to the stack from time to time (generic bars and rounds most likely)

    As a disclaimer, though, if an unexpected expense comes up suddenly then selling some silver may be one of the options to consider to cover it. Absent that type of a scenario I wouldn't be in a hurry to sell.

  5. #5

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    I was buying and selling back in 2003 until now. I kick myself for not selling close to $50 back in 2011. I did sell around $40 and $32. Glad I did. Silver tanked shortly after that. Needless to say, if you feel in your gut you should sell some then its not bad to take some profits. One thing I do know. Silver goes up, and it Falls down. Good luck to you whatever you do. Cheers.

  6. #6

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    I remember those days. I did the same did-30's to mid 40's

  7. #7

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    I've been crazy for silver for years.

    Don't know about you guys.
    https://youtu.be/BJrvcOyS6Fg
    "Compulsory altruism is none too altruistic." - me

    "All of us necessarily hold many casual opinions that are ludicrously wrong simply because life is far too short for us to think through even a small fraction of the topics that we come across." -- Julian Simon

  8. #8

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    Per Silver Seeker on Youtube there's about 7 ounces of silver fro every person on earth.
    Do your own due diligence

    I stand united with my friends & family in Canada who seek freedom.

  9. #9

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    I have bought in the single digits, all the up to $40s and back down to $13 and ever since. I was mostly referring to the insane premiums right now. For example, I bought 100 Morganís for $1300 in 2019. To see people paying $40-50 each in circulated coins seems crazy. The 90% also seems crazy. My main fear would be even if premiums come down, prices go up and never being able to replace what I sell at a lower price.

  10. #10

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    yes, jiggy, i have the same feelings. that is why i do not sell my morgans, peace, or business strike ASE's. actually i stopped selling my 90% as well. if push came to shove i would sell the rounds i have accumulated and then the bars.

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