34.14 right now lol feels like a SHTF senario I love it

in regards to where's a good company to buy precious metals from:

This company gets consistently high rankings in terms of customer satisfaction, and generally seem to have the best prices, too.

http://www.gainesvillecoins.com/

I have no affiliation with this company.

I know all of you silver bugs are squealing with glee ($34.23 holy #Q@$!!) but as I asked in the gold thread over in the economic forum, do you have a target price at which you will begin selling? If silver gets to $40/ounce, will you sell 10%? $50/ounce 25%??

Or will you never sell, preferring your PM holdings to "fiat currency" regardless of world prices?

my answer for that is thought out but too long to repost, but you can't measure something easily with a shrinking yardstick so I'm not thinking in terms of price in fiat dollars that I will sell -
when should I sell my silver?

Also, +1 on your suggestion of Gainesvillecoins, they are a solid company. Also heard good things about Provident Metals, especially for smaller orders. I've got no affiliation with them (I wish) because they don't do affiliates, which helps keep premiums down.

I also bought from Gainesville coins and was happy with their prices and service.

I compared what I bought from them to Goldline and holy crap are Goldline crooks! Stay away imo.

is 1.3$ over the spot for new johnson matthey bars decent?

HSBC is your custodian to hold the gold, HSBC uses sub-custodians, many of those sub-custodians use sub-sub-custodians.

From the GLD prospectus.


"the Custodian is not liable for the acts or omissions of its subcustodians"

"Shareholders cannot be assured that the Trustee will be able to recover damages from subcustodians...for any losses relating to the safekeeping of gold by such subcustodian".

Is this counterparty risk accurately priced into GLD? No.

Based on all the recommendations, I bought some 10 oz. bars from Gainesville Coins at the dip.

Silver trading down 3.5% right now could be an opportunity

Yet its still above Fridays close (last official trading day). I have no real opinion on silver. I think I understand the argument on both sides. But what I do know is this. Whenever any commodity starts moving exponetionally like silver is you better be careful. Very careful.

I can't believe there is value in silver at these levels but that doesn't mean it can't double or triple (at least temporally) from these levels. Nobody and I mean NOBODY really knows the true value which is why we see the hypervolatility.

There is great investment demand which greatly outweighs right now the actual industrial demand. People want silver to hoard. But at some point those hoarders will be burned. I am not sure when or why but moves like silver is having are unsustainable.

Why?

No. Silver is definitely NOT rallying on industrial demand. It is rallying because people have little faith in fiat money and the major economies of the world. Whether they are right or wrong time will tell. But there is plenty enough silver for industrial use but not enough for the economic skeptics to hoard.

Why are China and India's middle class going to hoard silver and drive the price up 7-fold?

To those who have faith in the fiat currency's longevity, please comment in my thread in Economics: http://forumserver.twoplustwo.com/11.../#post24983021 (or silver backers too who have opinions to voice!)

(if linking one thread in another is against forum rules, sorry)

How's NWTMint? They're local to me so I like the idea of physically driving cash to a mint and picking up my bars.

I was planning on picking up 100oz or so (like I've been planning on since silver was at $12). Are 10oz bars a decent size to sit on? 1oz bars seem like they have a pretty hefty premium compared to the larger stuff.

ok I also bought from gainsville coins a few years ago and they were pretty good

I've tried to read as much about this (and similar subjects) as I can but would love if somebody could explain or give possible explanations for why western central banks, the IMF and many other big banks seem to be in the business of selling/betting against gold right now?

It seems like it would be such a strategic error for them to sell something that everyone *knows* is going through the roof. I just remember in ~2007 when everyone was investing in real estate while the banks were essentially in the business of selling homes. Things seemed to work out quite well for them.

Have the banks been backed into a corner or something this time or am I simplifying too much?

I don't think I have strong feelings either way on this thing but I'm afraid to buy when sentiment is at a high and when gold/silver bulls are soooo sure they're right that they treat you like a total idiot when you disagree.

I tend to agree with the guys who say this is a likely bubble. I don't know the timeframe on it, however.

I do know that silver futures had a pretty brutal reversal today. A new high of 34.33 in March was reached yesterday only to close over 4% lower this afternoon. That doesn't bode very well for silver in the short term.

I sold my entire platinum position @ $1825 (I sold 50% @ $1725) and my palladium @ $800. I have targets for gold and silver but selling my core position of bullion and/or gold and silver miners would depend on a whole lot of macro issues.

China decreased exports of silver 40% and increased silver imports roughly 400%. In one year.

You can say this about anything and if you say it long enough you'll be right one day.


.

Well then why the three paragraphs?

The industrial demand for silver is roughly 800,000,000oz/ year. The whole reason we had backwardation and this run-up was a shortage of sellers at the lower levels. Annual industrial demand greatly outweighs net implied investment demand (though the investment demand is causing the actual shortage).

I've ordered from NWTMint before and received my order in a timely fashion. However I've recently read of several weeks delay on some orders from them (this was on kitco silver forum). Someone in that thread responded that they were local and order from them all the time with no problems, so you should be fine.

With regards to NWTMint: IMO anytime you can buy local & take immediate delivery that's a win. Even more so if you can pay in cash & there's no record of your purchase.

I'm likely the world's worst investor & don't have the pool of knowledge or experience necessary to have an informed opinion of whether metals are in a bubble at the moment.

A large part of my brain says that "quantitative easing" = currency debasement, and that's there's a large probability that the goverment is going to continue to debase the currency in order to pay off debt, so investing in metals is a great way to store value/purchasing power of one's capital.

That said, $1,400 gold & $33.40 silver blows my mind, so I also wonder if/when prices drop hard & fast & I will all look back at these times & prices & with the benefit of hindsight think to myself--just like I do with regards to real estate prices during the bubble years--"wow, it was so obvious that those prices were inflated & unrealistic, why didn't I sell??"

did you sell because your target sell price was reached & you wanted to lock-in profits, or did you simply sell Plat & Palladium & put that money into gold &/or silver because you thought the upside to those metals was greater than the platinum metals?

I haven't bothered to figure out what the historically ratio is between gold & platinum over the years, but I'm guessing it's significantly higher than it is currently.

Perhaps it's folly to fight the herd (or is it genius?) but gold & silver are ripping it up, but not so much platinum/palladium. I believe they are supposed to be much much rarer than gold (well platinum anyway) plus they both have industrial uses.

Earlier in this thread (or maybe the gold thread over in economic forum) someone mentioned the affect that billions of Chinese & Indians would have on metal prices as populations in those countries moved from poor>middle class & middle class>rich. As their wealth increases their standard of living & wants / needs will increase, meaning they will buy more stuff, more cars, computers, cell phones, etc. Won't that necessarily mean higher platinum & palladium prices?

Those two metals seem to be being ignored at the moment by masses & mass media, but why? Similarly, rhodium is a metal I'd really like to buy, but I have never found a way to invest in rhodium bullion.