Silver price

[Heatho]

I started reading all about this silver squeeze the other day, quite interesting, especially after the Gamestop thing, anyway will try and do a bit more reading today to see if it actually happens. Could go either way.

One interesting thing I noticed as I was looking on ebay at silver and what was available, I'm not buying though and especially not from ebay but someone was selling a "rare vintage" 84g ingot that sold for $560, almost exactly like this one I found detecting in a park. Though mine is 77.8g 2.5oz, it's identical apart from the weight. Apparently they were given away by car dealerships in the 70's when purchasing a car. I reckon mine would maybe fetch a pretty similar price. So obviously very collectable to the right person.

 

[davsgold]

It's not like a rare coin, a bar of silver is worth what silver is worth at spot price, a bit over when buying and a bit under when selling, even the 1kg coin we bought the other day from Perth mint for around $1100 is now about $1200 and only in a hundred years time if only a few were minted by the Perth mint would they be a rare coin/bullion.

At the present silver spot price I reckon your silver bar is about $240 or there abouts, you can't really go on an ebay price as it is bogus a lot of the time, just like the $2 coins that have been sold recently on ebay for an imaginary $10,000 each

But it is a very nice find to get a silver bar when detecting a park anyway congrats.

cheers dave

 

[Heatho]

I agree DG but some collectors seem to pay big bucks for the ones the same as mine. The auction finished yesterday afternoon, had 24 bids and the final bid was $560 for an 84g ingot exactly the same as mine. Crazy I know. Mine has a letter "" stamped into the back of it.

https://www.ebay.com.au/itm/Vintage...265947?hash=item4dbc28b41b:g:j1oAAOSw~ZVgD6dP

 

[davsgold]

I agree Dave but some collectors seem to pay big bucks for the ones the same as mine. The auction finished yesterday afternoon, had 24 bids and the final bid was $560 for an 84g ingot exactly the same as mine. Crazy I know.

https://www.ebay.com.au/itm/Vintage...265947?hash=item4dbc28b41b:g:j1oAAOSw~ZVgD6dP

Yes for sure, and as always something is worth exactly what someone will pay and who are we to argue with that.

And whatever it is worth it is a great find, congrats

 

[Heatho]

The mind boggles sometimes as to what is collectable. I'll probably hang on to it but it definitely gave me a chuckle.

Cheers.

 

[Swinging & digging]

Remember the Bunker Hunts?

Yes, proves how little silver is available for purchase, if a few people can buy up a huge amount and control prices.
I am referring to actual existing metal rather than fancy paper manipulated pretend silver that does not exist.

 

[Swinging & digging]

The mind boggles sometimes as to what is collectable. I'll probably hang on to it but it definitely gave me a chuckle.

Cheers.

Yes like Barbie dolls & Pokemon cards? :lol:

 

[user 4386]

Remember the Bunker Hunts?

Yes, proves how little silver is available for purchase, if a few people can buy up a huge amount and control prices.
I am referring to actual existing metal rather than fancy paper manipulated pretend silver that does not exist.

It is surprising given the billions of ounces held as bullion for investment (so tens of billions of dollars worth, probably closer to 100 billion dollars). Around 800 million ounces per year are mined and about a similar amount is used by industry (so this is a continuous and not easily varied market), and 50% of this is "lost", unlike with gold where almost all is retained. In-ground reserves are huge, but 80% of this is a by-product in base metal mines - so it is hard to rapidly ramp-up production when silver prices suddenly increase (because most income in these mines is from base metals, so you can only increase silver output by proportionally increasing base metal output - in a base metal market that does not greatly vary in demand each year).

So a sudden increase in demand cannot readily be met rapidly, unless people start melting down jewellery because of high prices (as occurred when the Hunts drove the price up). And industry has to have it - it cannot readily substitute or hold off buying each year. Unlike with gold....

 

[Danny13]

Yep on the way up. Just a case of knowing when to jump off ?

Yeah you probably want to jump off before it reaches a $1000 layful:

 

[Heatho]

Yep on the way up. Just a case of knowing when to jump off ?

Yeah you probably want to jump off before it reaches a $1000 layful:

Even if it does peak at $1000 Dan, who in their right mind is going to buy at that price.... Offloading physical would be almost impossible unless you discounted heavily. If the price stabilises around $1000 that's a different story but would take a while for that to happen I'd think.

 

[Goldtarget]

https://www.abc.net.au/news/2021-02...t-since-2013-as-gamestop-traders-buy/13110992

Forget the Olympics this is far better entertainment.

 

[Goldfreak]

Running out of puff now. I am not on the Silver Train myself, I wonder if gold will be next? People are going mad about Lithium in the share market atm but I think Colbalt is the limiting factor for the EV change ? Could easily be wrong though as I don't have any personal knowledge about this. Opinions.....?

 

[Heatho]

Check out the price of rhodium if you want see silly...

 

[Goldfreak]

Lol. My friend was going to buy some of that a few years ago but bought gold instead. He tortures himself now and then by looking at it.

 

[user 4386]

Check out the price of rhodium if you want see silly...

Problem with controlling rhodium price is that it is a very minor by-product of platinum and palladium production - there is no such thing as a "rhodium mine". So you have to increase the amount of them available by a huge amount to get a little more rhodium onto the market.

Mainly used in catalytic converters I think....

Cobalt is a by-product of things like copper mining in central Africa - I am not aware of a primarily cobalt mine although there might be some potential for some. Important for lithium batteries.

Both are sensitive to political issues in the region (wars in DRC, strikes on platinum mines).

 

[Mackka]

Beats me how some people are privy to stock info , i would like to know the day before a stock breaks.
Mackka

 

[DrDuck]

Didn't last long.

Anyone buying silver should know that its called the devil's metal for a reason, said Adrian Ash, head of research at BullionVault. Volatility can be swift and violent, and it can be hard to miss the long-term uptrend in prices if you suddenly find yourself sitting on a loss.

https://www.ft.com/content/77e6fef6-37ff-4f8e-abd6-4c2d65ac120c

 

[Heatho]

Check out the price of rhodium if you want see silly...

Problem with controlling rhodium price is that it is a very minor by-product of platinum and palladium production - there is no such thing as a "rhodium mine". So you have to increase the amount of them available by a huge amount to get a little more rhodium onto the market.

Mainly used in catalytic converters I think....

Cobalt is a by-product of things like copper mining in central Africa - I am not aware of a primarily cobalt mine although there might be some potential for some. Important for lithium batteries.

Both are sensitive to political issues in the region (wars in DRC, strikes on platinum mines).

Yes catalytic converters in mainly high end cars, also alloyed with platinum in jet engine turbines and as plating on white gold jewellery. I remember when the price crashed down to about $800usd per oz and there was article 7 or 8 years ago that the price would go up again as car manufacturers were starting to use it again as it was cheaper than palladium at the time. I was going to buy some but I packed a saddie due the fact it was double the US price here from bullion dealers and there was also GST added on.

Also no bullion dealer in their right mind would pay that for it so I just didn't bother, would have liked a couple of oz's just as a collectors item though. $29000 per oz in Australia from one dealer at the moment.....

 

[Outback]

Good explanation of what happened to Silver .

[video=480,360]https://youtu.be/HLp4UDS4taw[/video]

 

[Danny13]

Yep on the way up. Just a case of knowing when to jump off ?

Yeah you probably want to jump off before it reaches a $1000 layful:

Even if it does peak at $1000 Dan, who in their right mind is going to buy at that price.... Offloading physical would be almost impossible unless you discounted heavily. If the price stabilises around $1000 that's a different story but would take a while for that to happen I'd think.

yeah was mucking around Heatho. Having said that though, that's what the experts thought about bitcoin too and look what happened.