Where's the floor on this dip? Silver going below $20?
Buying physical gold/silver
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Last: 1 day ago by joekm3
Who knows? I bought some Maple Leafs this a.m.
Whats it cost the miners to get it out of the ground? 15 or so all in? Just a guess, been a few years since I researched it. Gold was about 7-800ish an ounce all in back then. Should still be under 1k, I would think.
I have a simple approach: Any time the precious metals market has a substantial dip like we have seen lately, I buy.
Certain segments of the stacking community flip out every time spot price drops. Me? I look at it as things are on sale and it's time to add.
Certain segments of the stacking community flip out every time spot price drops. Me? I look at it as things are on sale and it's time to add.
Andrew Dufresne said:
I have a simple approach: Any time the precious metals market has a substantial dip like we have seen lately, I buy.
Certain segments of the stacking community flip out every time spot price drops. Me? I look at it as things are on sale and it's time to add.
I think of it as two camps.
R/silverbugs like silver for being silver and want low prices.
R/wallstreetsilver want the collapse of the Fed and maybe even all of society and hope silver reaches $10000 per ounce.
Personally, I like nice shiny stuff and don't honestly expect any wild speculative gain anytime soon.
The prepper guys stacking dimes so they have useful denominations when the world ends... I just don't even want to be around having to live through that 'Walking Dead' scenario, lol.
I'll keep buying Australian, African, and Caribbean wildlife coinage that I look at, then eventually put in the safe while waiting on the next couple of ounces to deliver.
Esteban du Plantier said:Andrew Dufresne said:
I have a simple approach: Any time the precious metals market has a substantial dip like we have seen lately, I buy.
Certain segments of the stacking community flip out every time spot price drops. Me? I look at it as things are on sale and it's time to add.
I think of it as two camps.
R/silverbugs like silver for being silver and want low prices.
R/wallstreetsilver want the collapse of the Fed and maybe even all of society and hope silver reaches $10000 per ounce.
Personally, I like nice shiny stuff and don't honestly expect any wild speculative gain anytime soon.
The prepper guys stacking dimes so they have useful denominations when the world ends... I just don't even want to be around having to live through that 'Walking Dead' scenario, lol.
I'll keep buying Australian, African, and Caribbean wildlife coinage that I look at, then eventually put in the safe while waiting on the next couple of ounces to deliver.
That said, I do have some constitutional. You know, just in case. Lol.
The difference with me is that I really really hope it's never more than fun stuff with which to show the kids.
For those who dip their toes into commodities stocks
Uranium is the best performing commodity 📈🙏🎶 #silver #gold #copper #lithium #coal #uranium pic.twitter.com/vMeS13dCXb
— Uranium Corgi (@UrTokenCorgi) October 10, 2023
I dollar cost average in the URA ETF. No individual uranium stocks for me
I've had a nice run in UROY, buts a royalty company/financier. Don't have to get their hands dirty.
Say the top hundred wealthiest people in the world bought a billion dollars each of everyone's favorite precious metal of choice…gold…silver…pick one. The price would skyrocket. Everyone who was a precious metal purist would celebrate. But then so would the miners. Instantly, dollars would flow into the mining of that metal. More and more mines would come online and would be pushed to max capacity. The supply would then catch up and the price would tank back to the market equilibrium.
Anyone have any thoughts on that? I'm not trying to be a jerk…just something I've been thinking about and trying to figure out whether or not it's good idea to be buying a significant amount of gold or silver.
Anyone have any thoughts on that? I'm not trying to be a jerk…just something I've been thinking about and trying to figure out whether or not it's good idea to be buying a significant amount of gold or silver.
It is important to remember this one thing: All of the easy to mine deposits of precious metal in the world have already been found, and mined. We are having to become increasingly more creative to pull Gold out of the ground.
You're assuming that there is ample supply of Gold ore out there just waiting to be mined. This is simply not the case. Remember this fun fact: All of the refined Gold discovered thus far would fit in a cube that is 23 meters wide on every side.
Au is pretty rare.
You're assuming that there is ample supply of Gold ore out there just waiting to be mined. This is simply not the case. Remember this fun fact: All of the refined Gold discovered thus far would fit in a cube that is 23 meters wide on every side.
Au is pretty rare.
Quote:
All of the easy to mine deposits of precious metal in the world have already been found, and mined.
It's a big world..... I wouldn't be so sure that everything easy has been found & mined.
People have found entire cities in the jungle in Central America in the past few years.
Remember "Peak Oil"?
I don't know of any facts that contradict that statement, but I do bow up intellectually when I read stuff like that because there's no way to know how much gold has been discovered so far. I'm sure that you picked that factoid up from a gold bug, who picked it up from somewhere else. But the originator of that statement was making a SWAG (a swinging wild ass guess).Quote:
Remember this fun fact: All of the refined Gold discovered thus far would fit in a cube that is 23 meters wide on every side.
Also, gold prices may impact gold mining, but there are also other factors impacting the price of gold, specifically the gold mutual funds. They have no limit on the number of shares/units that they can print and sell. Not surprisingly, they are not audited, so no one truly knows how much physical gold they truly possess.
Of course random discoveries can still be made of easy to mine deposits, but these are and will be fewer and further between. Ask any big time mining CEO and they will tell you exactly that, but I'm sure you know better. I guess I should have said most instead of all.Apache said:Quote:
All of the easy to mine deposits of precious metal in the world have already been found, and mined.
It's a big world..... I wouldn't be so sure that everything easy has been found & mined.
People have found entire cities in the jungle in Central America in the past few years.
Remember "Peak Oil"?
..and conventional oil has peaked. It did so in 2006. Like I said with Gold, we are having to become increasingly more creative to pull oil out of the ground as well. See Fracking.
I won't disagree with you that we can't know exactly how much refined Gold is out there, but it's not that hard to make an educated guess.Jabin said:I don't know of any facts that contradict that statement, but I do bow up intellectually when I read stuff like that because there's no way to know how much gold has been discovered so far. I'm sure that you picked that factoid up from a gold bug, who picked it up from somewhere else. But the originator of that statement was making a SWAG (a swinging wild ass guess).Quote:
Remember this fun fact: All of the refined Gold discovered thus far would fit in a cube that is 23 meters wide on every side.
Also, gold prices may impact gold mining, but there are also other factors impacting the price of gold, specifically the gold mutual funds. They have no limit on the number of shares/units that they can print and sell. Not surprisingly, they are not audited, so no one truly knows how much physical gold they truly possess.
You tally known reserves from countries around the world and then take data on average individual ownership of Gold and add them up and you get a pretty decent answer.
Can it be higher or lower? Sure, but it's not going to be that much higher or lower.
Au is rare.
How do you know how much gold reserves China has? Do you trust China to tell the truth? How about India?Quote:
You tally known reserves from countries around the world and then take data on average individual ownership of Gold and add them up and you get a pretty decent answer.
Where does this "data" on average individual ownership of gold come from and how is it verified? Has someone audited every single Indian, Afghan, and UAE household?
GIGO.
Au is rare, but we really don't have any quantifiable idea on how rare it is.
Diamonds are something I used to have insight into. Despite their high market value, diamonds are not rare at all. Their high price is sustained by a very effective cartel formed and enforced by de Beers. Gold may be the same, but I really don't know.
Like I said, it's an educated guess. We work with the numbers that we do have. None of us will ever know the exact numbers, but I'd be willing to bet that its not far off. There isn't that much Gold in the world.
Now we are just going completely off the deep end looking for gotchas I guess. Diamonds can be synthetically made in a lab. Gold? Not so much.
ETA: let's say that the real amount of Gold is actually 25% higher, that cube is still only 28 meters on each side.
Now we are just going completely off the deep end looking for gotchas I guess. Diamonds can be synthetically made in a lab. Gold? Not so much.
ETA: let's say that the real amount of Gold is actually 25% higher, that cube is still only 28 meters on each side.
As a kid growing up the stat I heard was all the gold found in the world was equivalent to a small part of the base of the Washington Monument, so this stat or ones like it have been out there for decades.
Agree that gold is rare.
Agree that gold is rare.
Just a reminder to the thread that p-townag is a self proclaimed "Bitcoin Maximalist".. Bitcoin pumpers love nothing more than to bash Gold.
He comes in here trying to appear like he just wants to learn, but to me his question was a passive aggressive attempt at a gotcha.
He comes in here trying to appear like he just wants to learn, but to me his question was a passive aggressive attempt at a gotcha.
I know the Walmart credit card has been mentioned on this thread, but I recommend getting one. 5% cash back on Walmart online purchases, and you can immediately apply it to your account. APMEX, Bullion Exchange, and others sell on there. It's a nice discount on silver, and you can buy gold below spot in some cases.
Well few of us are a crazy silverbug like me so my hat's off to ya
Andrew Dufresne said:
Just a reminder to the thread that p-townag is a self proclaimed "Bitcoin Maximalist".. Bitcoin pumpers love nothing more than to bash Gold.
He comes in here trying to appear like he just wants to learn, but to me his question was a passive aggressive attempt at a gotcha.
I am very much a Bitcoin maximalist, but gold lovers and Bitcoin lovers are very similar thinkers. We both want sound money for the same reasons. I think we can agree the two best moneys are gold and Bitcoin, though we may argue the order of the list.
I'm not at all asking a gotcha. I know the Bitcoin argument about what I asked. I want to know the gold argument that contradicts the Bitcoin argument. We're both looking for the truth. One of us will end up being right; the other wrong. I'm open to having my mind changed, but I am concerned one of the big knocks on gold is the lack of true scarcity.
What is 'conventional oil'?Quote:
conventional oil has peaked. It did so in 2006. Like I said with Gold, we are having to become increasingly more creative to pull oil out of the ground as well. See Fracking.
The technology in that industry is constantly evolving & has always done so. From scooping up oil on the ground, to vertical drilling, then directional drilling, horizontal, fracking. Not to mention all the offshore stuff.
We're a greedy & creative species. The more valuable something becomes, the greater the lengths people will go to find it. We'll be mining asteroids in 5 generations if we don't blow ourselves back to the stone age.
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I'll troll your troll. When the federal reserve creates a CBDC and at the same time we outlaw all other cryptos, it won't matter how scarce or plentiful the others are. You'll be in prison if they catch you with it. They will make some examples. And don't kid yourself, they know exactly who owns it.
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Gold will be right no matter what happens with Bitcoin. Let's say that Bitcoin ends up replacing the USD and becoming the main ledger for the world. That does not mean Gold loses. It just means that Golds value will be measured in satoshis instead of dollars.
The value of Gold has the ability to transfer between economic systems. It's not a hard concept to grasp.
Gold is eternal. Bitcoin is not.
The value of Gold has the ability to transfer between economic systems. It's not a hard concept to grasp.
Gold is eternal. Bitcoin is not.
I DCA both BTC and gold and have no real dog in this fight. However, I'm not sure they have the legal authority to ban it outright. To the extent they do, we're 13 years into the BTC experiment and would have expected them to do it after Silk Road if they were going to do it.
I can see them trying to mess with incentives but the odds of an outright ban seem very low. Especially now that the SEC seems open to approving a spot ETF.
I can see them trying to mess with incentives but the odds of an outright ban seem very low. Especially now that the SEC seems open to approving a spot ETF.
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Uncle Sam doesn't like competition in any form. Right now, bitcoin isn't a competitor to the dollar. But when it is, BTC will be made illegal and you'll be smeared in the media as a traitor to your country if you continue holding.
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Haha, well I guess I'll deal with that if it happens. Feel free to keep yelling at clouds until then.
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Red Pear Realty said:
Uncle Sam doesn't like competition in any form. Right now, bitcoin isn't a competitor to the dollar. But when it is, BTC will be made illegal and you'll be smeared in the media as a traitor to your country if you continue holding.
Well Uncle Sam is a drunk fascist cocksuxker these days.
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I'm not yelling at the clouds. I'm just giving the troll something to think about.
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omg, smeared in the media? heavens to betsy
Andrew Dufresne said:
Gold will be right no matter what happens with Bitcoin. Let's say that Bitcoin ends up replacing the USD and becoming the main ledger for the world. That does not mean Gold loses. It just means that Golds value will be measured in satoshis instead of dollars.
The value of Gold has the ability to transfer between economic systems. It's not a hard concept to grasp.
Gold is eternal. Bitcoin is not.
I think this is a very good perspective, honestly. I also don't think either Bitcoin or gold will go away. Both have the ability to transfer between economic systems. I'm not sure I agree with the eternality difference.
Red Pear Realty said:
I'll troll your troll. When the federal reserve creates a CBDC and at the same time we outlaw all other cryptos, it won't matter how scarce or plentiful the others are. You'll be in prison if they catch you with it. They will make some examples. And don't kid yourself, they know exactly who owns it.
I don't think this is a valid argument between gold and Bitcoin. Gold gets confiscated by governments all the time. Less than 100 years the USA did it.
I don't think they'll outlaw Bitcoin. People who own Bitcoin can just move out, and countries will have an incentive to keep the major economic driver going in their country. The US is more likely to own Bitcoin than outlaw it.
Also, the more politicians buy and gain wealth from Bitcoin, the less personal incentive they'll have to outlaw it. Every day that passes, the more the SEC allows it (see upcoming ETF), the less and less likely it is that it'll be outlawed.
Red Pear Realty said:
I'm not yelling at the clouds. I'm just giving the troll something to think about.
Also, you keep saying troll. I know Bitcoiners can be EXTREMELY trolly and annoying. But I think this is actually a really pivotal time in the gold and Bitcoin space. I'm wanting to be on the right side of it, regardless of what I used to think before (I thought Bitcoin was just a nerdy lotto play, didn't know there was a difference between Bitcoin and other cryptos, have listened to hundreds of hours of Peter Schiff podcasts, etc). The more I read and listen about both gold and Bitcoin, the more convinced I'm becoming with regards to Bitcoin. And yeah, I might be totally wrong in the end.
And I know I stepped onto y'all's turf. I'll leave it be and stop filling up your thread with Bitcoin stuff.
Debate is good for the thread.
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