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Know Common Cents
Penny Pincher Member
195 Posts |
 Posted - 05/20/2008 : 18:33:37
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I was told today by my dealer contact that the US Mint is again rationing 2008 American Silver Eagles. This is similar to what was happening in March, 2008.
Also was told that silver bars (10 oz and 100 oz) are in short supply now or unavailable completely. Regardless, if you're able to find rounds or bars I'm told that the premium over spot silver is $1/oz or more.
I'll be interested in learning if this "situation" can be confirmed in other areas of the country. Might be a good time to buy some Ag if you can find it at an affordable price.
Am I buying more? I did today even though there was a higher close on silver.
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Here in Wisconsin, we have some of the highest property and gasoline taxes in the US. We're squeezed so much, I have to make my daughter wear penny boxes for shoes. At least she has an endless supply. |
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nckt
Penny Collector Member
USA
304 Posts |
Posted - 05/20/2008 : 22:05:19
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| i bought 20 Morgans today, and a 12 ounce round. thats a lot for me because i am in middle school. |
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Steiner
Penny Collector Member
Canada
278 Posts |
Posted - 05/20/2008 : 22:57:56
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Silver 1 oz are in rare supply lately Look at Kitco You must be logged in to see this link.
Right now I am paying 19.95 per silver maple and they don't even put them in the nice RCM bag anymore they are raw.
Steiner |
Steiner |
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Saul Mine
Penny Collector Member
USA
343 Posts |
Posted - 05/20/2008 : 23:29:49
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Silver follows a two year cycle. There will likely be several chances to buy between $16 and $21 for the next year and a half. Gold has a prominent one year cycle. You can buy in June - July and make an average 12% gain. Average over the last seven years, I mean.
Another consideration is the gold/silver ratio. Currently gold is 53 times silver. If you buy an ounce of gold now and hold it until the ratio goes up you can swap it for silver, which means getting your silver for almost half price. When the ratio drops back around 50 you can swap again and double your hoard again. Just pay no attention to prices in paper money. They don't matter with this method.
As for the shortage, I have been collecting reports about that for years. It appears that the only group that can't get as much as it wants is investors, of which we hoarders are a small subset. There is a real shortage, the world just hasn't been forced to deal with it yet, and that means the market does not show any such thing. So the squeeze that we keep expecting will not happen until large numbers of nervous investors start clamoring for metal. Investors at this time are not a bit nervous. Uninformed perhaps, maybe even ignorant, but not nervous.
I suggest you base your investment plans on fundamentals, not predictions. Fundamentals suggest that the bear market will continue a while longer, but nobody can predict the timing of a panic among buyers*. Your best investment plan is to buy when you can and don't sell until you get a better opportunity in something else.
* Even the great and magnificent Saul Mine was 3 months off in predicting the peak last winter! |
A penny sorted is a penny earned!
Please use tinyurl.com to post links. Long links make posts hard to read. |
Edited by - Saul Mine on 05/20/2008 23:32:13 |
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misteroman
Administrator
USA
2565 Posts |
Posted - 05/21/2008 : 00:32:25
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quote:
Originally posted by nckt
i bought 20 Morgans today, and a 12 ounce round. thats a lot for me because i am in middle school.
Where the heck does someone your age get that kind of scratch?That's about $600 alone in one day. |
Buying CU cents!!!! Paying 1.2 unlimited amounts wanted. Can pick up if near Ohio area. |
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CoinHunter53562
1000+ Penny Miser Member
USA
1805 Posts |
Posted - 05/21/2008 : 08:04:05
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| Not sure but the mint rationing the ever popular Eagles is a possible sign. As far as the future of silver, there was an article on 321gold.com predicting silver to hit $24.50-$26.50 by the end of 2008/early 2009. I wish I had bookmarked the article because I cant seem to find it now, but it had technical analysis and reasoning to back up the predicted prices. I'll keep searching for it... |
My hobby: collecting real money 1 copper cent or nickel at a time.
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CoinHunter53562
1000+ Penny Miser Member
USA
1805 Posts |
Posted - 05/21/2008 : 08:05:47
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| This isnt the article I mentioned, but another one from that site that mentions $26/ounce as a target: You must be logged in to see this link. |
My hobby: collecting real money 1 copper cent or nickel at a time.
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nckt
Penny Collector Member
USA
304 Posts |
Posted - 05/21/2008 : 08:46:03
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quote:
Originally posted by misteroman
quote:
Originally posted by nckt
i bought 20 Morgans today, and a 12 ounce round. thats a lot for me because i am in middle school.
Where the heck does someone your age get that kind of scratch?That's about $600 alone in one day.
544.88 is how much it cost.
i got the money from when i was 5 or 6 i loved money and invested all of it in stocks, and mutual funds (only reason i did that is because my dad is a broker dealer)
so i got that money for buying real money now, and i have a job, plus i taking care of people pets while they are on vacation, (average pay 20$ a day!) i am usually taking care of about 3 or more peoles pets at once so that is 60$+ a day, not including my other job, and thats how i buy silver. |
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knibloe
1000+ Penny Miser Member
USA
1066 Posts |
Posted - 05/21/2008 : 19:50:42
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nckt,
Good for you. Nobody helped me like that when I was a kid. I am trying to do so for mine. |
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Saul Mine
Penny Collector Member
USA
343 Posts |
Posted - 05/21/2008 : 23:13:46
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quote:
Originally posted by CoinHunter53562
This isnt the article I mentioned, but another one from that site that mentions $26/ounce as a target: You must be logged in to see this link.
Pshaw! That was the target for this last April! (I was predicting $23 to $28.) Check the historical charts at kitco.com until you find the two year cycle. Silver jumps 70% to 100% in winter of even numbered years, then drops back to the previous year's high. So you have a year and a half to wait and then spot goes to between $32 and $42. It's unlikely to go above $21 or below $16 before then. |
A penny sorted is a penny earned!
Please use tinyurl.com to post links. Long links make posts hard to read. |
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 05/23/2008 : 15:31:06
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quote:
Originally posted by nckt
quote:
Originally posted by misteroman
quote:
Originally posted by nckt
i bought 20 Morgans today, and a 12 ounce round. thats a lot for me because i am in middle school.
Where the heck does someone your age get that kind of scratch?That's about $600 alone in one day.
544.88 is how much it cost.
i got the money from when i was 5 or 6 i loved money and invested all of it in stocks, and mutual funds (only reason i did that is because my dad is a broker dealer)
so i got that money for buying real money now, and i have a job, plus i taking care of people pets while they are on vacation, (average pay 20$ a day!) i am usually taking care of about 3 or more peoles pets at once so that is 60$+ a day, not including my other job, and thats how i buy silver.
Well you are definately going to be a real successful investor. Most kids would rather play video games then work like that. If they get $$ they will spend it on candy, toys, and other consumables.
Ignoring your part time job, $60 a day for watching pets X 365 = $ 21,900 a year! which equates to working full time (2000 hours) at $ 10.95 an hour. Better income than many adults make. Plus if you are in middle school I doubt you have any rent, grocery, or utility bills to pay so you are really far ahead financially of most adults.
Good for you! When do you plan to retire - age 30? |
“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw.
Why Copper Bullion ~~~ Interview with Silver Bullion Producer Market Harmony
Passive Income blog |
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CoinHunter53562
1000+ Penny Miser Member
USA
1805 Posts |
Posted - 05/25/2008 : 09:01:11
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quote:
Pshaw! That was the target for this last April! (I was predicting $23 to $28.) Check the historical charts at kitco.com until you find the two year cycle. Silver jumps 70% to 100% in winter of even numbered years, then drops back to the previous year's high. So you have a year and a half to wait and then spot goes to between $32 and $42. It's unlikely to go above $21 or below $16 before then.
History does tend to repeat itself, and there are definitely noticeable cycles. However, over the past 10 years or so, has our economy been anywhere near as bad as it is now? With inflation climibing at an alarming rate and gas prices going through the roof, how much stock can you put in historical data that didnt have similar global economic conditions? |
My hobby: collecting real money 1 copper cent or nickel at a time.
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Know Common Cents
Penny Pincher Member
195 Posts |
Posted - 05/26/2008 : 19:35:27
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There was an article in the Wall Street Journal over the weekend about this very 2008 American Silver Eagle shortage.
Here's a link to the exact text of that story that I picked up on another site today:
You must be logged in to see this link.
Get 'em if you can. |
Here in Wisconsin, we have some of the highest property and gasoline taxes in the US. We're squeezed so much, I have to make my daughter wear penny boxes for shoes. At least she has an endless supply. |
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redneck
1000+ Penny Miser Member
1273 Posts |
Posted - 06/06/2008 : 07:03:51
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Found this today;
US Silver Eagles Illegally Rationed
Excerpts;
The law is clear that the silver coins must be supplied to the US public in "quantities sufficient to meet public demand" EVEN IF it means the US Mint drives up the price of silver bullion on the open market in order to obtain the silver needed to produce the US Silver Eagles. That rise in price should, theoretically, decrease the current voracious demand for US Silver Eagles and allow for the true price discovery of silver bullion. That's how our freely traded markets are supposed to function in order to determine the “fair market value” of any asset.
(1) Sale price.--The Secretary shall sell the coins minted under subsection (e) to the public at a price equal to the market value of the bullion at the time of sale, plus the cost of minting, marketing, and distributing such coins (including labor, materials, dies, use of machinery, and promotional and overhead expenses).
(e) Notwithstanding any other provision of law, the Secretary shall mint and issue, in quantities sufficient to meet public demand,
Link;
You must be logged in to see this link. |
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fb101
Administrator
USA
2856 Posts |
Posted - 06/06/2008 : 07:40:53
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quote:
Originally posted by nckt
i bought 20 Morgans today, and a 12 ounce round. thats a lot for me because i am in middle school.
I think that's phenomenal for someone your age! Congratulations! |
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CoinHunter53562
1000+ Penny Miser Member
USA
1805 Posts |
Posted - 06/06/2008 : 07:50:07
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quote:
I think that's phenomenal for someone your age! Congratulations!
I second that! I wish I had the foresight to get my hands on silver when I was your age. If I even only took 10% of my allowance, and then 10% of my earnings when I started to work and put that towards silver, I would be sitting pretty right now after 20 years of accumulating. |
My hobby: collecting real money 1 copper cent or nickel at a time.
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n/a
deleted
139 Posts |
Posted - 06/06/2008 : 08:45:48
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i had an early start collecting silver coins.
i cut grass from when i was 13 or 14 and put away cash to get coins.
nckt-good for you get all you can,it adds up quick.ive been collecting half dollars and dollars for 16-17 years now. for the past 10 or so that ive had my job i get at least 1 silver dollar every week. just 5 years ago i was buying gold for half of what you see it now,and silver even less. in 10 years from now youll be saying wow i only paid 550 for those!! congrats |
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TenBears
1000+ Penny Miser Member
USA
1021 Posts |
Posted - 06/06/2008 : 09:53:48
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quote:
Originally posted by nckt
i bought 20 Morgans today, and a 12 ounce round. thats a lot for me because i am in middle school.
I find this post amazing. It is very good that you are learning the money game at an early age. I wish someone had taught me about money way back when. Good for you nckt. |
"Rich," the Old Man said dreamily, "is not baying after what you can't have. Rich is having the time to do what you want to do. Rich is a little whiskey to drink and some food to eat and a roof over your head and a fish pole and a boat and a gun and a dollar for a box of shells. Rich is not owing any money to anybody, and not spending what you haven't got." Robert Ruark
there are too wild Indians...
there are too wild Indians...
there are too wild Indians...-----still taunted
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jorhyne
Penny Pincher Member
174 Posts |
Posted - 06/06/2008 : 11:01:48
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| I'm a senior in high school, I've taken a slightly less conventional approach to earning money. Mostly playing poker online (made $100 in past 12 hours) and selling stuff on eBay including pennies. Overall I've converted most of that into silver, I'd estimate I have about 120-130 ounces of it laying around. |
Pennies For Sale: http://tiny.cc/jorhynespennies |
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Another Silver Shortage Developing?
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