cougar14
US Veteran
I believe the next few days, a week or two, will be volatile. The movers and shakers in this market are anticipating some big moves. It's going to be a bumpy ride.
Silver steep rise!
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s&wchad
Staff member
Day traders on Reddit are driving the price up, much like they did with GameStop last week. GameStop topped $400, but now it’s back down to $241. They sure caused some damage to the market last week.
These are amateur investors using their ranks to drive the price. The market is the place to be long term, provided you invest in sound companies or mutual funds. These short term manipulations can take a big bite out of your savings in short order.
These are amateur investors using their ranks to drive the price. The market is the place to be long term, provided you invest in sound companies or mutual funds. These short term manipulations can take a big bite out of your savings in short order.
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Well I sure hope the Lone Ranger has a good supply of silver. He does take reloading to the next level!
vt_shooter
US Veteran
People are paying a $14.45 / ounce premium over spot to buy silver eagles - 49% more than the silver is worth. That's nuts.
This is the same crew that drove the price of GameStop stock through the roof. A few more of these shenanigans and the Feds will revamp the rules - but it won't affect the mega-investors or hedge funds, because it almost NEVER does...
My advice: Stay away until things settle down.
My advice: Stay away until things settle down.
Time to sell
vt_shooter
US Veteran
More than a few. The big online bullion dealers can't keep up with the demand, even at those premiums.
Yeah, they were raging against the machine and targeting hedge fund short positions.
It will be interesting to see it play out. A consortium of little guys using technology and targeted pooled resources as a weapon against the evil establishment.
The harsh truth is that there have to be losers among them. Once the stock price jumps it is the same as a Ponzi scheme, the last in take the biggest losses. The model isn't sustainable and the money is made by the organizer who buys in at the start of the upward trend then sells at or near the peak before the downward trend.
Once the participants lose their stake game over.
It will be interesting to see it play out. A consortium of little guys using technology and targeted pooled resources as a weapon against the evil establishment.
The harsh truth is that there have to be losers among them. Once the stock price jumps it is the same as a Ponzi scheme, the last in take the biggest losses. The model isn't sustainable and the money is made by the organizer who buys in at the start of the upward trend then sells at or near the peak before the downward trend.
Once the participants lose their stake game over.
Tonto told me the Lone Ranger had switched to silver plate.
s&wchad
Staff member
Easy come, easy go... 
Looks like GameStop closed at $90.50 yesterday.
I feel bad for the people who got sucked in at $400/share last week.
Silver hit $29.42/oz on Feb 1st.
Silver closed at $26.40 yesterday (Feb 2nd), down 10.27% from the previous day.
If you bought into silver at the recent low on Jan 27th and sold at the high on the 1st, you made a tidy 15.87% profit. A sterling performance! If you jumped on the silver bandwagon on the 1st, you’re not a happy camper.
Looks like GameStop closed at $90.50 yesterday.
I feel bad for the people who got sucked in at $400/share last week.
Silver hit $29.42/oz on Feb 1st.
Silver closed at $26.40 yesterday (Feb 2nd), down 10.27% from the previous day.
If you bought into silver at the recent low on Jan 27th and sold at the high on the 1st, you made a tidy 15.87% profit. A sterling performance! If you jumped on the silver bandwagon on the 1st, you’re not a happy camper.
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Suckers holding the bag now, that was quick and brutal.
An acquaintance of mine where I worked had to join Gamblers Anonymous because of all the money he was losing in the stock market. I knew his wife, as she, too, worked for the same employer. She told me "He should keep to banging on tin and leave the investing to people with 3-digit IQs!"
I couldn't agree more! Those Local 12 guys always thought they knew more than the designers & architects, too!
Know your limitations. That's why I pay someone to handle my money because I sure can't!
I couldn't agree more! Those Local 12 guys always thought they knew more than the designers & architects, too!
Know your limitations. That's why I pay someone to handle my money because I sure can't!
There is a big difference between investing and speculating. There is a place in a portfolio for speculating, but it is a the very top of the investment pyramid and you never do it with money you can't afford to lose.
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I really doubt with total confidence silver will never reach the high it did in 1980.
Unfortunately I was buying silver then. I was buying it to learn how to melt it, run it through a centrifuge into the lost wax process of a casting mold. I had changed my major from commercial art/advertising to metal smithing. Yes that was a major.
I remember standing in line to pay @ $50.00 an oz and that really sucked. I don’t think what the Hunt Bro’s did could ever happen again but who knows. Things are getting weird.
Jim
Unfortunately I was buying silver then. I was buying it to learn how to melt it, run it through a centrifuge into the lost wax process of a casting mold. I had changed my major from commercial art/advertising to metal smithing. Yes that was a major.
I remember standing in line to pay @ $50.00 an oz and that really sucked. I don’t think what the Hunt Bro’s did could ever happen again but who knows. Things are getting weird.
Jim
Were you making bullets for the Lone Ranger?
Silver actually went just a tad higher in 2011 than it did in 1980.
I have a couple hundred US Eagles I bought when I was working at the pawn shop. I have traded silver for guns a couple of times.
I gave my daughter and son in law 100 ounces for a wedding gift in 2016. I gave my granddaughter 20 ounces for her 1st birthday, and will give her another 20 ounces her 2nd birthday in a couple of weeks. I probably have about $18 per ounce in what I have. If it were to hit $50, I would dump it and look for something else.
