Buying Silver?

[r_u_sharp_2]

There was a video posted of a guy saying each american should buy 4oz of physical silver. It would destroy the banking since they short silver regularly.

No idea to the accuracy...just what I watched.

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[TXJIM]

They can keep their silver at that big of a markup over spot. I doubt prices over spot got that crazy even during the run up last summer.

Their price has gone up to just shy of $44.00 per oz since I posted that....tomorrow may be an interesting day......

[Pineywoods]

Saw this on the interweb....

Email from APMEX minutes ago:

To our valued customers,
APMEX Statement On Current Market Conditions:

In the last week, we have seen a dramatic shift in Silver demand from our customers. For example, the ratio of ounces sold per day was running about two times earlier in the week and closer to four times the average demand by the end of the week. Once markets closed on Friday, we saw demand hit as much as six times a typical business day and more than 12 times a normal weekend day. Combined with the extremely high demand levels, we are also seeing a surge in new customers. On Saturday alone, we added as many new customers as we usually add in a week.

Any Precious Metal dealer will take a long position in the futures market to protect against spot price exposure when the markets open. We do this because it is our goal not to take a speculative position on metal. The weekends are unique as we are not able to real-time hedge our position. We took an aggressive position this weekend, but clearly could not have predicted the volumes that were seen. We have partnerships around to world that allowed us to cover these long positions, but only to a point. Once we exceeded our comfort levels, we had little choice but to stop the sale of Silver on our website. This was a difficult decision to make and unprecedented in our history.

As we evaluate the markets, it is difficult to know where Silver's price and demand will go in the coming day and weeks. APMEX is highly capitalized and has more than $150 million in inventory to support demand. We have made strategic decisions to procure additional metal, locking up any metal we can find in the market place. We suspect premiums will rise and rise quickly, as we are seeing significant increases in our costs, when we can even locate the metal. It is also highly likely that we will need an additional day or two to fill orders based on current order counts. The one guarantee we can make to our customers is that you will only be sold metal that is on-site, or we have procured the metal with a firm commitment date from our partners. In markets like this, we feel this is the best approach a retailer can take, as no one can predict product availability.

We want to thank our customers for their patience and understanding during these turbulent times. APMEX prides itself on best in class service and delivering on promises to our customers.
Sincerely,
Ken Lewis
CEO, APMEX

[EastTexasMan]

Been sitting on 200 ounces for years. Let’s ride the rocket

[retrieverman]

I’ve got just shy of 1000 oz, and if it gets above $40, I’m planning to sell.

[RiverRat1]

I’ve got just shy of 1000 oz, and if it gets above $40, I’m planning to sell.

I only have 300 oz but I wouldn't sell it for less than $70

IMO at some point in the next decade silver will run well over $100 maybe a lot higher. I just can't see it going back down below $20 ever again with what's going on in the world.

It's insane that one can't buy it for less than $40/oz right now yet it trades on markets at $27.

[EmergencyDoc]

I agree with RR1, the premiums are too much to try and pump/dump physical silver. Holding on to mine til at least mid 70s. If it drops back to low 20s, will keep adding.

[Tony Pic]

Wait. Your mom bought 72 oz for $129?

Yes. The bar is actually 110oz plus slag from the mold.
In 1968 the Fed Reserve called in the Silver Certificates. Mom was able to get her Silver certificates exchanged for Silver. They poured her a bar for the amount of certificates she had. $129 worth. Even the slag (.67ozs) from breaking open the mold was given to her.
I have it now.
IMG_20150806_220002 by Tony Pic, on Flickr

[texansfan]

Pushing above 29 now
I think it'll open above 30 tomorrow morning

I was spot on

[kerrbow]

Hoping gold is next.

[texansfan]

Hoping gold is next.

xau tops 2k and I'm shorting it

[kerrbow]

xau tops 2k and I'm shorting it

If it reaches that threshold I will be surprised, but here's hoping. I need to take the plunge though and p/u more physical. My crystal ball is fogged up these days.

[texansfan]

If it reaches that threshold I will be surprised, but here's hoping. I need to take the plunge though and p/u more physical. My crystal ball is fogged up these days.

It was already there not too long ago.
July/ August

[cgquinta]

anyone buy SLV? its up 8.64% from 1/25/2021. what do you think is the peak?

[Clark]

Yes. The bar is actually 110oz plus slag from the mold.
In 1968 the Fed Reserve called in the Silver Certificates. Mom was able to get her Silver certificates exchanged for Silver. They poured her a bar for the amount of certificates she had. $129 worth. Even the slag (.67ozs) from breaking open the mold was given to her.
I have it now.
IMG_20150806_220002 by Tony Pic, on Flickr

That’s awesome.
Thanks for sharing