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Thread: Silver madness!

  1. #151
    Quote Originally Posted by 2young2vote View Post
    Monarch Precious Metals sells all of their generic rounds for $0.69 over spot. Plus they have a particular round that you can purchase AT SPOT one round per order.

    http://www.monarchpreciousmetals.com...d=16&Itemid=53

    ____

    I just recently purchased a Silver eagle and have been considering getting more. I never realized how beautiful the coin was until i saw it in person. The detail is something that I never saw in any picture I've seen.
    Monarch Precious Metals are good people to deal with,I have bought from them a few times.
    However,they do charge for shipping,here is their price list from your link:
    Our shipping charges are based on your order total and can be calculated as follows:
    $0 - $99.99 ------------------------------- $5.95
    $100.00 - $199.99 --------------------- $7.95
    $200.00 - $399.99 --------------------- $10.95
    $400.00 - $599.99 --------------------- $12.95
    $600.00 - $749.99 --------------------- $15.95
    $750.00 - $1499.99 ------------------- $19.95
    $1500.00 - $1999.99 ----------------- $24.95
    $2000.00 - $2499.99 ----------------- $29.95
    $2500.00 - $4999.99 ----------------- $34.95
    $5000.00 & up -------------------------- $39.95
    So if you ordered ten rounds from them,it is really ~ $1.70 over spot.

    About mid-December last year,JM Bullion started free shipping,any amount,"for a limited time only" or some such.
    They are still doing it,so I always check there first.
    Last edited by mad cow; 07-14-2014 at 12:00 PM. Reason: math
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  3. #152
    Silver Maple Leafs,$1.99 over spot,any quantity,delivered to your door for $21.97 each,as I type this.

    http://www.jmbullion.com/2014-canadi...ilver%20Prices
    Inspired by US Rep. Ron Paul of Texas, this site is dedicated to facilitating grassroots initiatives that aim to restore a sovereign limited constitutional Republic based on the rule of law, states' rights and individual rights. We seek to enshrine the original intent of our Founders to foster respect for private property, seek justice, provide opportunity, and to secure individual liberty for ourselves and our posterity.


    A police state is a small price to pay for living in the freest country on earth.



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  5. #153
    www.silvertowne.com also sells some of their minted bullion with free shipping (ie. selected products). Very good deals for generic bullion direct from the (private) mint.

  6. #154
    Well , I have been busy , mostly just Barber Half dollars , some Walking Liberty halves and Peace Dollars, occasional California gold pc .Few Mercury dimes. Doing my part .

  7. #155
    Silver's one of the few assets that's still really cheap relative to everything else.

    Definitely a buy and hold.

  8. #156
    Quote Originally Posted by DFF View Post
    Silver's one of the few assets that's still really cheap relative to everything else.

    Definitely a buy and hold.
    I feel pretty good about it , if you compare it to gasoline , bacon , property tax , ins , etc , looks like a bargain.

  9. #157
    Still doing my part , what have you done ?

  10. #158
    Its dropping pretty low and fast.....

    We may never see it at 40$ an ounce in our lifetime again.

    On the bright side I found a 1947 silver quarter on the ground at a gas station. That was lucky.

  11. #159
    I picked up three silver Barber halves , a 1900 , 1903 & a 1904.

  12. #160
    Quote Originally Posted by Dogsoldier View Post
    Its dropping pretty low and fast.....

    We may never see it at 40$ an ounce in our lifetime again.

    On the bright side I found a 1947 silver quarter on the ground at a gas station. That was lucky.
    I fully expect to see silver above $40/oz in my lifetime, although I am only 24.



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  14. #161
    Quote Originally Posted by Shane Harris View Post
    I fully expect to see silver above $40/oz in my lifetime, although I am only 24.
    It was over $40/oz in your lifetime already, like a couple years ago. Weak hands being shaken....
    "Let it not be said that we did nothing."-Ron Paul

    "We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book

  15. #162
    Yesterday I picked up a small gold coin , tomorrow , going to look at some silver .

  16. #163
    with overall softness in other commodities (they tend to move in packs) , and QE tapering pushing up bond yields, it could be an ugly few months for metals...

    I let myself get fooled in a value trap around 22, not letting that happen again.

    I'm holding out for sub 15$ silver before I make any re-balancing moves, we are not that far.
    Last edited by Dforkus; 10-30-2014 at 08:05 AM.

  17. #164
    Quote Originally Posted by devil21 View Post
    It was over $40/oz in your lifetime already, like a couple years ago. Weak hands being shaken....
    Yeah I meant again. Unfortunately I bought some in the mid 30s in 2011 when I should have been buying bitcoin when it was under 5 dollars. Hindsight

  18. #165
    Silver madness is scary.

  19. #166
    Quote Originally Posted by Jim Casey View Post
    Silver madness is scary.
    "you have to buy now"

    This salesman has been saying that since it was around $30. I find the PM community, especially the silver guys in particular, very entertaining.
    What I say is for entertainment purposes only!

    Mark 10:45 The Son of Man did not come to be served, but to serve, and to give His life as a ransom for many.

    "If you want to make a lot of money, resist diversification." - Jim Rogers

  20. #167
    Silver's in a hardcore bear market, no doubt about it...the bottom though may not be too much farther off at $13.

  21. #168
    Quote Originally Posted by DFF View Post
    Silver's in a hardcore bear market, no doubt about it...the bottom though may not be too much farther off at $13.
    It's almost as if we are in a time when a lot of money on the books is crashing off of the books through default but the stock market is being artificially held up to hide the bubble burst.

    Some of the bubbles bursting and the dollar getting some value restored can be seen here if I'm not sadly mistaken.



    Latest Dow Candlestick

    http://www.barchart.com/chart.php?sy...03%2F2014#jump

    Could be time to sell stocks short.



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  23. #169
    Quote Originally Posted by DFF View Post
    Silver's in a hardcore bear market, no doubt about it...the bottom though may not be too much farther off at $13.
    Anybody know what the cost to extract an oz of silver is? What happens when the spot price is lower than the cost to extract?
    "Let it not be said that we did nothing."-Ron Paul

    "We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book

  24. #170
    That might force some producers out of business. Some will continue to produce hoping the price goes back above their production costs and recoup losses in the future. (mines don't usually produce just one metal- many for example also extract gold and copper from the same ores) so even that might not force them out of business. Supplies would go down which could drive the price back up again making them sustainable again. Supplies certainly won't go to zero nor would production.

  25. #171
    Quote Originally Posted by devil21 View Post
    Anybody know what the cost to extract an oz of silver is? What happens when the spot price is lower than the cost to extract?

    I believe it's around $20 an ounce. Unhedged, the silver miners are losing tons of money.

  26. #172
    This mine says they produce at $4.42 an ounce. http://www.hecla-mining.com/operations/

    operations

    In 2013, Hecla's Greens Creek mine produced 7.4 million ounces of silver at an average cash cost per ounce of $4.42(1). Hecla currently produces silver from two silver mines, Greens Creek and Lucky Friday. The Lucky Friday mine resumed operations and production in early 2013 and produced 1.5 million ounces of silver. In June 2013, Hecla's acquisition of Aurizon Mines Ltd., brought Hecla the Casa Berardi gold mine located in Quebec, Canada, which produced 62,532 ounces of gold during the last seven months of 2013.

  27. #173
    ^^^^^^
    An interesting data point but on the very low end for a single mine. Looking into the average cost to extract silver brings much confusion. $10/oz average is the generally accepted cash cost figure according to some 2013 surveys of miners.

    This article examines why, then, are miners still losing money on silver extraction? Interesting topic.
    http://silverseek.com/commentary/201...e-silver-13222

    Let me tell you why the Cash Cost metric is so insane. When a mining company calculates its cash cost, it takes total production costs and subtracts various items including what they call, "By-product credits." All silver mining companies produce additional metals (included in the ore) such as copper, lead, zinc and gold.

    For example, Endeavour Silver recorded a $7.92 cash cost an ounce in 2013. To get this low cash cost figure, Endeavour subtracted $111.5 million of by-product credits. This is a big amount when we consider that its total revenue for the year was $276.7 million. Thus, their by-product credits accounted for 40% of their total revenues.

    The mining industry would like the investors to believe that by-product credits are a nice BONUS for mining silver.... which is why they only advertise that useless Cash Cost figure in their publications.

    Again, using my formula, Endeavour Silver made an estimated $0.93 adjusted silver profit per ounce in 2013. Their average realized price for silver was $23.10 resulting in an estimated break-even of $22.17 last year. If we subtract their cash cost of $7.92 from their average realized price of $23.10, we would arrive at a hefty $15.18 cash profit.

    That's right... $15.18 an ounce cash profit. Unfortunately, Endeavour Silver only stated a $11.1 million adjusted income gain for the year after selling 7.1 million oz of silver. If we multiply $15.18 million by 7.1 million oz, Endeavour should have enjoyed a $107.7 million cash profit in 2013..... they didn't.

    Why? Because every primary silver mining company NEEDS ALL OF ITS BY-PRODUCT REVENUE to fortify its balance sheet. Can you imagine the losses Endeavour Silver would suffer if it excluded its by-product revenue??

    more at link
    For long term holders of PMs, don't forget that deflation comes first before any hints of hyperinflation. I think we're starting to see that deflation taking hold right now. Weak hands are being shaken out by this dive.
    Last edited by devil21; 11-03-2014 at 03:33 PM.
    "Let it not be said that we did nothing."-Ron Paul

    "We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book

  28. #174
    Quote Originally Posted by devil21 View Post
    don't forget that deflation comes first before any hints of hyperinflation.
    Umm, can you give any historical examples of this we're supposedly forgetting? Refresh our memories.

  29. #175
    Quote Originally Posted by devil21 View Post
    For long term holders of PMs, don't forget that deflation comes first before any hints of hyperinflation. I think we're starting to see that deflation taking hold right now. Weak hands are being shaken out by this dive.
    In the last 90 days, silver has dropped 16%. How much have food prices deflated in that same time period?
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  30. #176
    Quote Originally Posted by helmuth_hubener View Post
    Umm, can you give any historical examples of this we're supposedly forgetting? Refresh our memories.
    Nothing historical as far as hyperinflation is concerned, just the natural progression and end result of inflationary Keynesian economics. There's always deflation that leads to inflation (see: 1999/2007/2008) and eventually the helicopter will come out to combat terminal deflation with terminal inflation, under the guise that a few bankers can control it. It's a predictable cycle that always comes to an end. We're seeing the end stages now before the USD is dropped as global reserve, imo.

    Quote Originally Posted by TheCount
    In the last 90 days, silver has dropped 16%. How much have food prices deflated in that same time period?
    Prices? Who said anything about prices? Oh you mean that Keynesian measure of inflation. I don't follow that faulty metric.
    Last edited by devil21; 11-04-2014 at 02:41 AM.
    "Let it not be said that we did nothing."-Ron Paul

    "We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book



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  32. #177
    Quote Originally Posted by devil21 View Post
    Prices? Who said anything about prices? Oh you mean that Keynesian measure of inflation. I don't follow that faulty metric.
    I wish more people would understand this important point.

    Productivity should have led to a decrease in prices over the last 100 years. We have only seen that in some sectors, and I'd bet even those prices would be much lower if the FED didn't keep creating more and more currency.
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  33. #178
    Quote Originally Posted by Danke View Post
    I wish more people would understand this important point.

    Productivity should have led to a decrease in prices over the last 100 years. We have only seen that in some sectors, and I'd bet even those prices would be much lower if the FED didn't keep creating more and more currency.
    Oyarde disapproves of printing paper money .

  34. #179
    Quote Originally Posted by devil21 View Post
    Nothing historical as far as hyperinflation is concerned,
    There are many historical episodes of hyperinflation, actually, just none (that I can think of offhand) where a period of deflation immediately preceded the hyperinflation.

    I think that it could happen (deflation and then hyperinflation). But I do not think that there's any reason to think that deflation always comes first and then hyperinflation. There is no immutable causal link.

    There's always deflation that leads to inflation (see: 1999/2007/2008)
    I don't really understand what pattern you think you're seeing in those three dates.

    In any case, we could see a deflationary depression the next few or several years (good for long-term bonds!), or we could see high inflation or even hyperinflation (good for gold!). Or we could see prosperity (good for stocks!), or we could see a recession (good time for cash!). Since this thread is about silver: the inflationary scenario would be the one that would probably be good for silver. Although, consider: silver is much more of an industrial metal than gold, and so the monetary link is not as strong for it as it is for gold.

  35. #180
    Quote Originally Posted by Danke View Post
    I'd bet even those prices would be much lower if the FED didn't keep creating more and more currency.
    No betting required. They would definitely be lower.

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