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Ahead of this morning’s ruling by the Supreme Court on ObamaCare, the cartel has just cascaded a double-waterfall smash in gold and silver.
Gold was smashed vertically down in 2 waves $20 from $1574 to $1554, and silver was smashed nearly a dollar from $27.13 to $26.31.
Look for an even more massive move once the Supreme Court releases their decision.
Strong buying continues to emerge between $26 and $26.50 in silver, which has now stopped the metal’s decline at least on 5 separate occasions:
Gold is holding above $1550 for now.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif)
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It looks like the banks will short it to the low 20′s. Every day its the same thing. You wonder why the big players dont start buying large lots of physcial at this point? Perhaps they will step in soon and put the floor in.
SMASH GETTING WORSE NOW!!!
What makes this so sick is that NOTHING has changed. Silver should be over $100.00 now. Its unbelievable how much power the paper pushers have. Something has to GIVE. If we can stomach it out, we might get our pop this fall.
Let’s see how the media comes up with retarded explanations for gold and silver’s decline. The timing of the sharp dive has nothing to do with Europe, as that news front has nothing new to digest in the last two hours. Meanwhile, much of the Obama “Care” program will go through and spike the deficit higher. Maybe we’ll be told bigger deficits are good and have no tie-in to future money printing — which is pretty much a given for the US unless we proactively devalue the dollar to a new, much higher gold price. But no. Our “leaders” would never do something intelligent such as revaluing gold higher, proactively dealing with the decline of the US’ reserve currency status, while slowing down the migration of precious metals to Asia, the Middle East and a smattering of nations in other regions.
Silvergood1:
Some big buying has indeed come in at this level and that’s why we keep bouncing off the $26 floor.
As Gold heads south towards $25, a Gambler would back up the truck and fill it at this point.
But those stackers who ‘dollar-cost average’ and pick up a few oz on a regular basis – like 2OZ – will eventually end up with a nice stack that was purchased at a decent price.
Remember the story about the Tortise and the Hare…slow and steady wins the race. You see, everything that you really neeed to know in life, you already learned it when you were a child.
Flying Wombat, the EU leaders meet today and tomorrow for the 19th summit on the region’s debt crisis. They will conclude their meeting saying, for the nineteenth time, “Europe is saved!” and PM’s will rally higher, but only until the sugar-buzz wears off.
It looks like we may have already bounced off that $26 floor; let’s see what happens next week after the summit, when EUphoria wears off and the US is away on the July 4th holiday. Then – for a few days at least – other countries will be steering the PM market.
DOC….Please bring out the RAID can tonight…we need it!!
Amen to that Mammoth. I personally don’t want to deal with any requirements of having to report ANYTHING, up to and including making purchases in any way that can be tracked / traced easiliiy (i.e. debit / credit purchase, checks, etc). Cash & carry in small amounts is where it’s at, so I’m in the same crew with 2Oz, 4Oz and others. Simply hit up the LCS weekly, say hi to the friendly guys I’ve gotten to know pretty well for the last couple of months, buy my handful of ASEs from them with reasonable premiums, and go my merry way. *I* have a good accounting of what i own and what I paid, and my cost per oz is close to breaking down thru $30 personally (when I add in the ounce I won here and a few other “lucky” things I’ve hit for much less than the prevailing cost). I just WISH I’d be on to this back in the days of $8 or $15 silver, wow.
Either way, buy the dips when ya can, keep buying week in and week out, and we’ll all end up far, far ahead of most of the masses out there. We’ll be the “wealthy” when the paradigm finally shifts.
And hey, there’s nothing like knowing that you’ll be able to say “well, I know yo’ure pissed I bought this wihtout telling you, wifey, but that few thousdand dollars I spent on this over months of time, slowly buying it up? It’s worth 5-10x that now.” I await the day where I can at least in the world of theoretically number crunching look at a stack of silver ounces and know that what I initially paid say $3000 or so for is now worth anywhere from 50k-100k “fiat dollars” or more, assuming silver does what all the fundamentals seem to indicate it OUGHT to do in terms of “price”.
Yes, it seems all the bad news for fiat gets absorbed in the silver price. It is blatant and illegal silver price suppression for sure, but not to worry. We will just continue to buy and stack physical silver.
How do they (even virtually) relate this to gold?
Honestly who gives a shit, I just cleared the 1000 of phyzz this morning………YEEE HAAA!!Don’t get me wrong I don’t like to see prices going lower but what a great opportunity.
Thanks Jamie, Ben and the rest of Ringling Bros for the paper smash it is greatly appreciated.
I will continue to stack every chance I get, get what you can boys and girls.
Have a good one.
Anybody stacking on today’s dip? The other day we debated buying fractional Silver (Koalas, dragon-asses, etc.) vs. pre-1965 90% Silver US coins. APMEX is selling 2012 ½ oz Silver Koala for $18.05. But they are also selling .999 Fine 1/2 oz Silver Round (Andrew Jackson & Liberty Lobby) for $2.10 less, at $14.95
Linkey:
http://www.apmex.com/Product/40007/1_2_oz_Silver_Round_Andrew_Jackson__Liberty_Lobby_999_Fine.aspx
However, the 2011 ½ oz Koalas are selling for $31.26, so by comparison the 2012’s are a bargain. No thanks, I think I will just stick with pre-1965 90% Silver US coins. And The Doc has bags of 90% on sale today!
I don’t know if it’s a sales gimmick, but I’ve found the following at eBay…
“Up for sale is a rare opportunity. Our coin shop was recently contacted by a local farmer who had just inherited an old barn from his grandfather. Inside one of the abondoned silos, he came across his grandpa’s massive hoard of old US silver coins stored in HUGE agriculture barrels. These things were practically immovable- each barrel weighs around 1000lbs. Everything from dimes to silver dollars were present in varying grades. We have pulled out everything from seated liberty coins to Carson City Dollars. Our customer’s grandpa had been prone to stashing things away and not telling anyone about it. Not such a bad thing, with silver prices sky-rocketing in the past couple of years. We bought the collection in auction and now have decided to share it with you…”
Source: http://www.ebay.co.uk/itm/10-oz-US-90-Silver-Coins-Bullion-Junk-Silver-/261025505951?pt=Coins_US_Individual&hash=item3cc655229f
SB, Thanks for sharing, but my B/S. detector went into the red-zone when I read that. The photo in the ebay ad shows a new-looking, shiny, unscratched barrel – not likely to have come out of an old abandoned silo. Nice story, but I prefer Aesop’s fables for my fiction fix.
Also, note that nice 1891 Morgan in the center of another photo there. Go ahead and buy ten oz of 90% for $304.99*, and you will like receive a bunch of Barber smoothys, dateless Standing Liberty quarters, and who knows what else.
* When you do the math, you will find you will pay $33.88/oz for the Silver content in those worn-out coins. Not much of a bargain when you consider the spot price is currently sitting at around $26.50/oz.
I’m with Mammoth, I went to the ad. The barrels are new and the ad promises a half pound, then ten ounces, I got confused just reading it.
They need to sell it in lots, with a picture of each lot. Then it can be valued/bid upon. A pig-in-a-poke is no way to buy silver.
Zerohedge brings out the irony and answers my question http://www.zerohedge.com/news/us-citizens-dump-stocks-and-precious-metals-afford-obamacare
silverbullion:
It’s a crap deal. First of all, the guy is lying. Those are new barrels, not something that has been stored for years. Just look at the picture. Second, the premium is sky-high and Mammoth’s math is actually not correct. The deal sucks even more than Mammoth figured. Here’s the math, with the key being the fact that the seller is offering standard ounces of 28.35 grams, not troy ounces of 31.1 grams.
10 “ounces” x 28.35 grams = 283.5 grams
283.5 grams divided by 31.1 = 9.1158 troy ounces
reducing to 90% purity = 9.1158 x 0.90
——————————-
= 8.20422 troy ounces of actual silver content (and that’s not factoring what likely are very worn coins, but then again, the guy probably tosses a bucket on a scale and gets actual weight so the worn coin factor probably isn’t an issue as one would end up getting more coin to make up for it so long as his scale is accurate).
Auction buy-it-now with shipping included: $325.44
$325.44 / 8.20422 = $39.67 total cost per ounce. Total crap deal.
I
don’t know about the old timer stacker story, but there might be a reason why
the barrels are new. We’re only assuming that the coins were stored in the
barrels featured in the pics. Needless to say, I’ve contacted the seller for clarification.
Who cares about the barrels and his story? His price is highway robbery.
Flying Wombat Thanks for the break down. It seems like a good story, true or not, that comes with a crappy deal. lol
Guys, I contacted the seller with the old timer stacker story… lol
The subject line of the listing reads: ^^ 10 oz US 90% Silver Coins – Bullion Junk Silver ^^ and he states inside the listing for one: “Each Lot Contains over 10oz of SILVER Pre-1965 Silver Coins” + “No war nickels, pennies, or 40% half dollars”
He says: “The auction says this is for 1 half pound of 90% silver”
My reply: The subject line of the listing states: “^^ 10 oz US 90% Silver Coins – Bullion Junk Silver ^^” – How do you get 10 ounces out of 1 half pound?
In other words, he is charging $325.44 (including shipping) for 6.5625 troy ounces of silver, which works out to $49.59 per troy ounce of silver.
SilverBullion, thanks for doing the footwork and sharing the results. Sounds like a good deal – for the seller, not the buyer. Also, I noticed this seller isin the UK. Why would somebody stash barrels filled with US Silver coins in jolly old England when there are already plenty of old Silver coins in Europe?
Everybody here at SilverDoctors should contact this liar and confront him.
Great time for buying but certainly not from ebay. Great breakdown FW and SB but it’s so sad people will fall for it. Live and Learn.
SD Bullion is the best.
Heck, if silver goes to $20 an oz and gold at $1,400 an oz I will sell naked pictures of myself on EBay, sans M4 and flak jacket Just boots and Kevlar helmet. I will only take silver rounds for the pictures.
AG;
When sellers like this one speak of “pounds” it’s wise to verify they’re not talking “troy pounds,” which are 12 troy ounces. Just another thing to keep in mind.
I’ve bought silver and gold and numismatics off eBay for about 12 years. I’ve had amazing success, but it takes time to find good deals, and some learning on how to find stuff and dissect listing descriptions. This particular seller’s “story” actually is an initial red flag. More often than not, the real deals are just stated with basic facts and nothing more. The sales pitch story this person used is actually a form of distraction used to help sucker people.
There were a number of years when paypal and eBay and other services like MrRebates.com would all run promotions on transactions — and they were frequently able to be piled on top of each other. In the good old days it wasn’t hard to get 10% or more off transactions. Sniping 90% silver at 5% below spot and then taking 10% off that really was great fun. In fact, there was so much of that stuff going on that it distorted the pricing a bit higher, giving people that use eBay for a means of judging physical demand somewhat tainted information. That’s long gone now. But some people still look at eBay pricing without looking at actual closed sale listings. Looking at the former isn’t helpful because eBay lets people list for free quite often, which means there’s no harm to a seller tossing out silver at $45/oz right now, as but one example. Keep this in mind when you visit sites that show eBay pricing as a market information data point. Be sure they designed their data mining system to be looking only at actual closed sales. Otherwise, the info you’re getting is not worth much.