People are selling silver

L

long

While browsing Facebook marketplace I’m starting to run across ads where individuals are selling their silver. The one I just looked at is asking $33/oz for his stash. Maybe we’re at the point people are gonna dump all of the coins and bars they have hidden in a shoebox in the closet. Haven’t ran across any gold though.
 
long said:
While browsing Facebook marketplace I’m starting to run across ads where individuals are selling their silver. The one I just looked at is asking $33/oz for his stash. Maybe we’re at the point people are gonna dump all of the coins and bars they have hidden in a shoebox in the closet. Haven’t ran across any gold though.
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I dumped all my silver this spring/summer. The price wasn't nearly as good as now, but since I converted to bitcoin right away, I am already much further ahead.

The whole experience taught me how stupid it was to actually own it in the physical form. Its very difficult to use. You have to hope your city has a good dealer, and I'm sure trying to exchange anything more than $10k will result in lots of paper work and safety concerns. If what you buy it for is insurance, its actually a dead weight if the situation requires you to move quickly. You won't be able to run easily with it, and the whole point of insurance is to be able to navigate the world in a time of crisis. I can see having small amounts on hand, like 1 oz coins that you can exchange for goods or to "buy off" officials if you're escaping some place, but staking 10 or 100oz bars is a logistical nightmare when it will come time to use it.
 
NoahA said:
I dumped all my silver this spring/summer. The price wasn't nearly as good as now, but since I converted to bitcoin right away, I am already much further ahead.

The whole experience taught me how stupid it was to actually own it in the physical form. Its very difficult to use. You have to hope your city has a good dealer, and I'm sure trying to exchange anything more than $10k will result in lots of paper work and safety concerns. If what you buy it for is insurance, its actually a dead weight if the situation requires you to move quickly. You won't be able to run easily with it, and the whole point of insurance is to be able to navigate the world in a time of crisis. I can see having small amounts on hand, like 1 oz coins that you can exchange for goods or to "buy off" officials if you're escaping some place, but staking 10 or 100oz bars is a logistical nightmare when it will come time to use it.
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It made me think of the Jim Simons story about a gold top where he pulled the plug on a system that was long. Someone’s wife was a jeweler and was rounding up all the gold they had in the house to sell. Simons reversed his position to short I think.
 
I guess people are really starting to cash in on their hidden treasures. It might be a good time to keep an eye out for deals!
or go for long
 
eleanorK80 said:
I guess people are really starting to cash in on their hidden treasures. It might be a good time to keep an eye out for deals!
or go for long
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The prices I’ve seen are higher than the price on the board, but I don’t know anything about the physical market for metals. I think there’s a chance we’ve gotten to the price that will cause the general public to start selling whatever they’ve been squirreling away. High prices are the cure for high prices.
 
I just luv when my position is opposite. I am long silver long term and will continue to take longs/hedged on openings. Long way to go unless it violently spikes to highs of 2011.
 
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