Evening everyone....
I’m well aware that everyone wants to buy up some silver and gold right now with these prices. Especially the silver stackers.........
BUT..........
The dealers are currently gouging everyone with premiums right now. This is for two reasons. The first one is because they took a beating on current inventory with overnight plunges in spot price and are trying to recoup some money. The second is everyone wants to buy and they know it.
My suggestion is, not that I am a financial wizard, but I have been through a couple of these monster smack downs. Is to hold off buying for a couple of weeks.......
I have searched high and low, there are many decent deals out there. But the bullion dealers can’t hold out forever. They need to sell in order to have cash flow to buy. So once everyone realizes this and stops buying, they will lower their premiums to get people to buy.
Not only that but the spot price will not be going back up anytime soon with the craziness going on with the coronavirus.
Be safe everyone....
Wise words!
!trdo
!BEER
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Indeed, bestie... it is price gauging ☹️😖! First they declare that they are sold out for a few days (as they wait for spot to recover, if it does) then they try to capture the “increased” demand by price gauging, when in fact the increased demand was caused by the lower spit price. So to counter that, I too will forgo buying for a couple of weeks until they lower their selling prices to follow the spot price.
Be safe, bestie, and take care 🥰🌺🤙.
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Yeah luckily ray got me some at $15. Most people are wanting $22.
Is this in general a good time to buy. Sorry for the noob question but I just started recently to buy silver and not sure if it will drop much lower.
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Once the dust settles it will be a good time to buy. The premiums the dealers are charging now is stupid high. Wait a couple of weeks
that´s what I was thinking. Thanks for the advice
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I'm waiting to buy. I think there may be a run on cash for a while. Maybe a "bank holiday". GSR is 122-1. I think it's time to wait, and as they used to say... Keep your powder dry...
@silverd510 I agree with you, I have lived through this before too ...
One day 60 cents over spot, the next $2.00 over spot and the LCS watches people that stand at the door on closed circuit TV, and will only "buzz"in one customer at a time.😳
These are also very different times, and there is the old saying "Cash Is King"!
I know, I know, now self respecting stacker would say this, but I can tell you my local Bank is now closed.....TODAY!
I had to drive to the next town to find another branch open!
Not Financial advice but ....Stack, and also keep some powder in the keg for the next
volley!!! 😀😇
I dont have an LCS near me anymord. They all closed down after silver and gold went threw the roof $48 silver made them all rich and they all closed.
I was good friends with one, he wouldnt buy anything as it was going up in price. He was pulling everything out of his personal vault. I know he sold ovef 20,000 ounces in a month. All on stuff he probably paid $8-$10 an ounce for. He probably walked away with over a million dollars in profit.
Panic buyers are swamping the precious metal market in droves. It is all caused by the fear of missing out and not being able to possess real wealth during this financial meltdown.
Was watching and waiting for this price drop. Then flabbergasted at the insane premium spikes (a couple of nights ago found the CHEAPEST silver ROUND had a premium of just under 55%).
I'm waiting as well. No f'n way I'm paying that kind of premium.
On another note, I care not what the SSR premium will be. SteemSilverRounds are still my favorite pieces.
The premiums will go down, once the spot price stays in an range. The problem is that with on line purchasing the dealers took a beating because their prices are set to a certain price over spot per item. Over night the spot price dropped over $1.33 so they were losing money. Now they are trying to make it back.
Silver Shield are one of my favorite