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deleted
42 Posts |
 Posted - 08/16/2007 : 12:36:32
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Silver has dropped to $11.30 today
I honestly forgot when was the last time it was this low, but most likely a whole year ago!
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deleted
192 Posts |
Posted - 08/16/2007 : 13:02:03
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Silver is down, but Nickel is what really got whalloped.
Nickel reached $24 and is now at $12,
50% off it's high.
By contrast, Silver is down from $14 to $11,
22% down from its high.
Nickel not only dropped further, but also faster.
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Don't believe everything you think. |
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Canadian_Nickle
Penny Hoarding Member
Canada
938 Posts |
Posted - 08/16/2007 : 14:29:16
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Yep, lots of stock market fools are unwinding their physical metal positions to cover margin calls as the market tanks. It's a good time to buy if you have the cash.
________________________
"A nickel's nothing to scoff at."
C. Montgomery Burns
HoardCode0.1: M28/5CAON:CA5Ni35000:CA1Cu1200:CA100Ag345:
CA10Ag250:CA50Ag100:CA25Ag30:CA500Ag48:US100Ag20:CA1000Ag16
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Edited by - Canadian_Nickle on 08/16/2007 14:29:38 |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 08/16/2007 : 17:31:49
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Kitco reports the low at $11.15. It's back up to $11.70 as I write this. Yes, nickel prices really tanked. It's hard for me to believe that stainless steel production is down that much.
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Fanaticism is doubling one's efforts, yet forgetting one's purpose.
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 08/16/2007 : 18:16:36
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You must be logged in to see this link.
Central Banks are not Stopping Credit Crisis
By Chris Laird
Key quote:
"Gold is selling off again for liquidity reasons to cover margins and redemptions, and also because the general commodity complex will suffer if there is a serious economic slowdown. There is competition between flight to safety into gold and liquidity driven selling out of gold."
This is the Achilles heel of base and precious metals. The fear of deflation pushes everything down and owners of metals sell to cover their losses elsewhere or in a panic if they don't sell now they might face steeper losses later.
The forces really driving the prices are not the physical buyers of metal, but the speculators/commodities dealers whom, if they don't move out a matter of seconds won't have a second chance to reduce their losses.
Fear has hit all markets, what happens from here on out is anybody's guess.
Just take a deep breath and remember your stash of gold, silver, nickel and copper are like a lifeboat for your financial ship. Paper wealth, when things go very wrong, revert to their intrinsic value, best to have some metals to ride out the storm.
I should have chosen "Cut-n-Paste" as a forum name, since that is what I do, mostly. |
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n/a
deleted
42 Posts |
 Posted - 08/16/2007 : 23:08:52
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quote:
Originally posted by me2
Silver is down, but Nickel is what really got whalloped.
Nickel reached $24 and is now at $12,
50% off it's high.
By contrast, Silver is down from $14 to $11,
22% down from its high.
Nickel not only dropped further, but also faster.
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Don't believe everything you think.
If only I had hoarded some nickel or paid attention to that huh? We'll see about tomorrow, if it's just a day, it's a lottery chance and we can forget it, if it's a few days, it's either :
1. a HUGE opportunity to buy
2. a beginning of mass deflation, in which case the whole world will laugh at us, I'll take that risk. |
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n/a
deleted
42 Posts |
Posted - 08/16/2007 : 23:11:15
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quote:
Originally posted by pencilvanian
Just take a deep breath and remember your stash of gold, silver, nickel and copper are like a lifeboat for your financial ship. Paper wealth, when things go very wrong, revert to their intrinsic value, best to have some metals to ride out the storm.
I agree with you 100% No matter what happens, we've done our part to secure some of our money. Deflation or inflation, we watched out. |
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Canadian_Nickle
Penny Hoarding Member
Canada
938 Posts |
Posted - 08/16/2007 : 23:58:52
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Be prepared! That's the Boy Scout's marching song,
Be prepared! As through life you march along.
Be prepared to hold your liquor pretty well,
Don't write naughty words on walls if you can't spell.
Be prepared! To hide that pack of cigarettes,
Don't make book if you cannot cover bets.
Keep those reefers hidden where you're sure
That they will not be found
And be careful not to smoke them
When the scoutmaster's around
For he only will insist that it be shared.
Be prepared!
Be prepared! That's the Boy Scouts' solemn creed,
Be prepared! And be clean in word and deed.
Don't solicit for your sister, that's not nice,
Unless you get a good percentage of her price.
Be prepared! And be careful not to do
Your good deeds when there's no one watching you.
If you're looking for adventure of a
new and different kind,
And you come across a Girl Scout who is
similarly inclined,
Don't be nervous, don't be flustered, don't be scared.
Be prepared!
________________________
"A nickel's nothing to scoff at."
C. Montgomery Burns
HoardCode0.1: M28/5CAON:CA5Ni35000:CA1Cu1200:CA100Ag345:
CA10Ag250:CA50Ag100:CA25Ag30:CA500Ag48:US100Ag20:CA1000Ag16
How to read a HoardCode:
You must be logged in to see this link. |
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Canadian_Nickle
Penny Hoarding Member
Canada
938 Posts |
Posted - 08/17/2007 : 00:02:12
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Also, $11 is hardly rock bottom. I bought most of mine at 7. It was undervalued then, and its undervalued now (as it was at 15)
________________________
"A nickel's nothing to scoff at."
C. Montgomery Burns
HoardCode0.1: M28/5CAON:CA5Ni35000:CA1Cu1200:CA100Ag345:
CA10Ag250:CA50Ag100:CA25Ag30:CA500Ag48:US100Ag20:CA1000Ag16
How to read a HoardCode:
You must be logged in to see this link. |
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n/a
deleted
42 Posts |
Posted - 08/17/2007 : 00:38:58
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quote:
Originally posted by Canadian_Nickle
Also, $11 is hardly rock bottom. I bought most of mine at 7. It was undervalued then, and its undervalued now (as it was at 15)
Yes, I bought some before it was cool too (around 7 then).
But that was years ago, to go to that price again would be as likely as going to $4-5 10 years ago (and who knows?). |
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deleted
35 Posts |
Posted - 08/18/2007 : 05:37:47
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Hi guys,as you know i'm quite new to this silver buying/collecting/hoarding game and it has to be said the falling spot price doesn't really seem to have to much effect on what i and i dare say other uk buyers have to pay for our small bars as we still have to get most of it from the us(postage,import tax where applicable).
the really great bit about all this stock market panic is that sterling mining shares are cheaper.while i still make no claims to being any kind of financial genius or anything the following must logically apply:-
a)cheap shares are better value than expensive ones
b)if silver is getting scarcer then its worth holding onto
c)if you can afford it you should add to your hoard while its cheap
d)if the sunshine mine is restarting production in december this can only be a good thing for shareholders
so from where i'm sitting it looks like you american guys are in a pretty good position if silvers your chosen metal so chin up chaps as long as you dont own any mortgage companies you'll be ok
and yes if the share price goes any lower i will be buying some sterling mining sharesw!!!
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deleted
42 Posts |
Posted - 09/09/2007 : 15:50:42
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quote:
Originally posted by Canadian_Nickle
Also, $11 is hardly rock bottom. I bought most of mine at 7. It was undervalued then, and its undervalued now (as it was at 15)
Hardly rock bottom? I'd beg to differ (by now). in less than 3 weeks, 11% bounced back, BOOYAH! |
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5 Posts |
Posted - 09/09/2007 : 19:47:53
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I'm right there with you. Whether your vessel of choice is silver, gold, platinum, guns, or cans of food, nearly ANY tangible store of wealth is worth more in effort and usefulness than the FRN's it took to purchase them. Goods represent Foresight, Effort, and Human Capacity, while fiatdollars represent nothing more than manipulation, misrepresentaion, and misplaced faith.
Keep fiat dollars for your fireplace when this is wildely realized. Keep Precious Metals for when people start demanding respect and effort in repayment for their skills and resulting goods.
"I swear by my life, and my love of it, that I will never live for the sake of another man, nor ask another man to live for mine." Ayn Rand's "Atlas Shrugged" |
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5 Posts |
Posted - 09/09/2007 : 19:58:19
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Silver and gold will eventually reach $20 and $800, respectively. You will be tempted to sell, as you might realize a quick profit in FRNs. This will be a test, and you will have to ask yourself if you want your effort to be stored in indefinable, fickle, and innumberable dollars or gold.
Unless, of course, you cash out some to buy food, guns, and supplies. The West is currently practicing Bastardized Capitalism, which is not Equal Renumeration for equal effort or skill but is 'Get as much as you can for as little effort possible.' Our Bastardized Capitalism will mean that when the time comes, all efforts will be taken to take from you what is yours.
"I swear by my life, and my love of it, that I will never live for the sake of another man, nor ask another man to live for mine." Ayn Rand's "Atlas Shrugged" |
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5 Posts |
Posted - 09/09/2007 : 20:03:44
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If a man on the street attempts to rob me of my dollars, I will sigh and hand them over for fear of harm.
If a man comes to my home and attempts to rob me of my Metal, he will get his share of metal between the eyes. For fiat is not something to fight or die for, as it represents noting of value to me. My Metal, however, is the fruit of my labors, and any man attempting to take that is stating that my worth is fleeting and dispensible. That man has no worth, and will die at my hands or at his own.
"I swear by my life, and my love of it, that I will never live for the sake of another man, nor ask another man to live for mine." Ayn Rand's "Atlas Shrugged" |
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snappy
Penny Collector Member
USA
301 Posts |
Posted - 09/09/2007 : 20:09:31
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quote:
Originally posted by Canadian_Nickle
Also, $11 is hardly rock bottom. I bought most of mine at 7. It was undervalued then, and its undervalued now (as it was at 15)
I purchaced a lot a while back price was just under $5 and I paid $3/oz at a yard sale most were one oz prospector rounds some silver maple leafs some johny mathis some generic but all silver. I took all they had over 200 of them..... I want silver to go back up to 40+ |
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42 Posts |
Posted - 10/03/2007 : 23:36:43
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| I did cash in this weekend on silver's peak, too bad most of the profits ate away by shipping and eBay fees, I'll be more careful next time. |
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URGENT : Silver rock bottom TODAY
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