The price of silver

Hi

https://silverprice.org/silver-price-history.html

Silver just dropped one fifth of its value in one month, that is from approx. 25 USD/oz to 20 USD. And it seems it is still falling, slowly. I guess most of small time sellers around the globe did not see this massive change and the local prices are still crazy high. Well, here in Slovenia, local sellers are selling Silver like its almost gold. Beware of bullshitters…

LP

Thanks for that Mikimaus :)

A dealer once tried to get me interested in silver – bullion coins rather than real coins – as an ‘investment’. I figured that the price was about to fall!

An issue with coin collecting is that to some degree the price of common silver coins in circulated grades is tied to the value of silver.

mikimaus

Hi

https://silverprice.org/silver-price-history.html

Silver just dropped one fifth of its value in one month, that is from approx. 25 USD/oz to 20 USD. And it seems it is still falling, slowly. I guess most of small time sellers around the globe did not see this massive change and the local prices are still crazy high. Well, here in Slovenia, local sellers are selling Silver like its almost gold. Beware of bullshitters…

LP

 

Reality is setting in all over the world, as it could be expected under the current circumstances. There are more sellers than buyers because people with debt have to pay much more for their loans after almost a decade of ultra low interest rates. The trend will continue for some time until most zombie companies have thrown in the towels - there are a lot of companies struggling to make ends meet.

Gold is dropping too. 

the almighty Dollar is dropping too!

where is the smart money going?

where will be the bottom? when will it be a buy-buy-buy opportunity?

Mr. Midnight

the almighty Dollar is dropping too!

https://www.axios.com/2023/10/04/us-dollar-value-chart-today-currency-exchange

What are you talking about?

Its the same here, people carry on that silver is so valuable etc. Massive spread in price. Silver translates to $36 an ounce in our dollar. The NZ dollar is volatile against US one. And the rate has varied between 87 cents and 38 cents over the past 25 years, mostly in the 60s, now its low at 58 cents. But that does not justify all our silver seller places charging $47 or more per one ounce round, that is a 28% premium.

They will always quote 15% GST as an excuse, volatile NZ Dollar and importation costs. Some sellers have generic silver rounds sold at like $59 an ounce or some 60% above melt! I am sure every country in the world has some sort os stupid sales tax. Yet we pay through the nose for everything here, worthless currency, limited market, import dependent economy.

Its also why we are paying $3.20 for a single litre of fuel.

odessaholand

Hi LP, I understand your concern about the drop in the price of silver and the potential impact it may have on local sellers. It's important to be cautious and informed when dealing with fluctuating commodity prices. 

I acknowledge that! Prices of Silver here in my dump under the Alps are still rising / growing like mushrooms after Chernobyl. This "silver junk" is probably an absolute winner in the category of this coin itself (https://www.bolha.com/avstralija-in-oceanija-numizmatika-kovanci/lunar-ii-year-of-the-mouse-leto-misi-podgane-2oz-2008-bu-oglas-5903122). In case the advertisement goes away:

LP

Today in Euros gold almost reached an all time high, while silver went up quite a bit the past 2 weeks. Should I be concerned about the Euro?

I wanted to reply to this & just say “BUY!”

I bought most of my silver when it was $25 CDN per ounce or about $20 USD per ounce but this was when the CDN $1.00 was about 0.83 to the USD, so I know I'm still ahead (I got a lot more silver for less than what you could buy it today). Today, the CDN dollar hovers around 0.73 to the USD (so you do the math). 

Precious Metals (PM) are a pretty good bet if you're worried about the value of your currency IMO.  Any currency (Euro, Pound & CHF, Yen, USD or whatever) sitting in your savings account won't hedge against inflation like PM. Gold & other PM's may even perform better (at least mine did). 😀