Silver starting to move

[Lemon Thrower]

2 consecutive days over $34

[pmbug]

If silver manages to break through $35, it's likely going to run hard.

[Cu Penny Hoarder]

We've all been long-suffering since 2011.

Let's DO IT!

[Lemon Thrower]

I don't have a prediction but will note that the GSR is extended and you have to be a masochist to be a silverbug, and I say that having bought my first silver in early 1980.

[shinnosuke]

I like predictions that don’t include the words “if” and “likely.”

[Cu Penny Hoarder]

I don't have a prediction but will note that the GSR is extended and you have to be a masochist to be a silverbug, and I say that having bought my first silver in early 1980.

I was buying rolls of pre-'21 AU-MS Morgan's for $125 back then. Nobody wanted them after the 1980 crash. Still have all of them.

[Lemon Thrower]

$35.66

[Cu Penny Hoarder]

$35.66

$36.07.

This could be the big breakout we've been waiting for. Hopefully it can keep going. I won't be surprised if TPTB smash it back down though.

The people saying silver was dead and dumped it all are going to regret it. FOMO to hit soon.

[68Camaro]

If silver manages to break through $35, it's likely going to run hard.

We'll have to make your our official Ag predictor! LOL

[Lemon Thrower]

$36

[68Camaro]

Yesterday's $36 (bid price) was a singular moment - the rest was all futures prices. Today we are over $36 and staying there. Yay! Now we need to see consistent performance for multiple months, and a trend approaching the 40s and ready to move into the 50s and 60s, to get the GSR back to where it should be based on mining data and use. By historical norms silver should now be at $100, so for anyone not yet into silver, any of these prices will later be considered a good price to buy in.

When silver went to $6 and people looked back and said, but it used to be $3 - this is crazy, who can afford to buy $6 silver? Would that now stop you from buying $6 silver? Of course not. A few years from now, people without silver will be kicking themselves for not buying "cheap" $36 silver.

[Lemon Thrower]

Silver hit $36 in 2011 also - and went higher. So singular is not the right word.

Let hope it takes out its all time high from 2011 and 1980.

[coindood]

Silver is $14 from $50/oz. The last time it was $14 less than the current price was only in 2023. Could we conceivably see $50 in two years? Maybe sooner?

[shinnosuke]

Silver is $14 from $50/oz. The last time it was $14 less than the current price was only in 2023. Could we conceivably see $50 in two years? Maybe sooner?

The Fed is going to have to print to refinance government spending gone wild. Print and print and print. I predict $50 before the end of 2025.

[68Camaro]

Silver hit $36 in 2011 also - and went higher. So singular is not the right word.

Let hope it takes out its all time high from 2011 and 1980.

Singular within yesterday's market, but not unique across all time.

[68Camaro]

$36

Still largely holding above 36, I like that. I always wonder and rarely understand what drives the silver market in a given window of time. Same with this move. I don't know if there is tightness in physical deliveries, or a short squeeze in the futures market, or both, or something else.

[68Camaro]

And it crosses 37! (Though currently just below.)

[Cu Penny Hoarder]

Been waiting for this since 2012. Next big hurdle is the $50 area. I'll have to sell a few 100oz bars if it makes it there.

[Recyclersteve]

Two important things that haven’t been brought up yet:

1) If you take the $50ish highs from 1980 and 2011 and adjust them for the inflation we’ve had since, it’s plenty easy to understand silver going WAY PAST $50- maybe past $100. I do expect silver to run into resistance in the $50 area and pull back to perhaps $45-47 before attacking $50 a second time. And a move past, say, $52-53 would have to be SUPER BULLISH.

2). Another way (maybe even safer) to play this is to buy SLV (the silver exchange traded fund) in the stock market. It is MUCH CHEAPER and likely safer to own than silver coins or bars. The difference between the Bid and the Ask is almost always just ONE CENT for an ounce of silver, which is staggering. Imagine buying silver coins from your local coin dealer and needing to sell them back because of a sudden emergency. How much would the dealer markup be?
Another huge point deals with safety. Think about this. Which is safer- having coins stored at home or having paper assets in an insured brokerage account? Furthermore, insurance for coins and precious metals is expensive- I was paying what seemed to be 20-25% a year before I decided to be self insured. This is NOT an issue for someone with a brokerage account who owns SLV.

[68Camaro]

Which is safer? Given reasonable opsec (no one should know you have PMs, and where they are, except immediate trusted family, and the locations must be distributed across a broad range of little known and hard to find sites, and perhaps even amongst those others in the family), most holders I know would say that holding physical is safer than holding distant promissory notes.

I also do not know anyone who carries insurance for PMs at home. I'm not even sure getting such is possible - I seem to recall a rider on our most recent policy specifically excluding them. An appraised numismatic collection might be able to be insured - my wife has a jewelry insurance policy (though I doubt it is worthwhile).

But why would you essentially advertise the presence of PMs by getting such a policy, if you could? It doesn't seem wise to me.