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user_Bill1713's Blog

01 Feb 2021

Precious Metal Prices

| user_Bill1713

Several online retailers of gold and silver bullion temporary stop selling various precious metal products (or were sold out) over the weekend due to the Reddit investor frenzy that moved from GameStop to the precious metal market and caused a spike in the price of silver last week.
Going to keep an eye on this story.

Comments

Mike

Level 7

I doubt silver will hit 50.00 . The last time that happened was a scam from a bank. This will put silver back after a while.o

CentSearcher

Level 5

It was crazy. The highest I saw silver go up to was $29.63 an ounce. Thanks for the update!

I bet if silver shot up to the $50 price from 1980 the degree of cashing in and melting would be more constrained due to so many coins being slabbed today. After all, who'd break out a coin from a slab only to melt it? Of course, that's just logical thinking....

DaNumisMasta

Level 5

I am with Bama here. The trading and selling of slabbed silver would continue. No one would break it out, but charge more BV on top of NV.

user_Bill1713

Level 3

That is a good point about slabbed silver. I guess it would really depend on the price your current financial situation.

I. R. Bama

Level 5

Oh, I think there would be quite the market for those coins at that price. They wouldn't melt them down, they would collect the Numismatic value on top of b.v.

DaNumisMasta

Level 5

Yeah, this is seriously bizarre behavior from sellers. We will see if this artificial demand holds up. I will probably keep my hand out of the silver market for a while and wait for those >$16 oz buys.

Long Beard

Level 5

What I've noticed is that modern commemoratives are selling on EBAY for less than bullion. Guess few pay attention to the market.

I. R. Bama

Level 5

A Reddit group wants to push up the value 10x current value. Let's see what happens next. Big government will not want that.

Mokie

Level 6

I am thinking the frenzy after the frenzy will push Silver to $50 for a bit. We shall see. (:

user_Bill1713

Level 3

It's definitely going to be a wild ride.

Golfer

Level 5

Sometimes I wonder what is going on with bullion. When the prices tanked last year and went to around $12 an ounce, you could not find any for sale. It had to be out there, they just didn't want to sell it at a loss? Now silver is up around $30 and it's scarce again? Maybe they are holding out for higher prices? After all some of these places only have so much on hand until they have to buy more at a higher price? Really interesting what is taking place and exciting to watch.

Kepi

Level 6

It's a crazy roller-coaster ride for sure! Lots of sites seem to be "sold out" or "down" like Longstrider said.

Longstrider

Level 6

I notice that some are "Down for Maintenance". The rest are sold out. Happens all the time. Crazy. I believe some do have SAE. Not at bullion prices however. Thanks

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