Silver! Who Is On This Train?

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NoDrama

Well-Known Member
Johnny Retro said:
So when I buy a July silver future at 18.90 and take delivery at the end of the month, that is not reality? lol

Have fun buying spot from a dealer who got his ass handed to him and is making you pay a premium to make up for his loses.
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Oh johnny, you can't take delivery, who are you trying to kid? You don't have $100,000 of personal money to have the bare minimum to take delivery do you?
http://www.cmegroup.com/rulebook/NYMEX/1a/112.pdf
 
dannyboy602

dannyboy602

Well-Known Member
Balzac89 said:
That is a hell of a rate. I pay closer to 4-5%
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i give him a lot of business. In fact I stopped buying on line. I only buy through him and I guess he gives me a better rate?.. I just did a survey of his new home. I'm doing a landscape plan for him. He's paying me in silver eagles.
Even junk silver is 90% silver I believe. It's the cheapest way to buy silver. JFK halves and dimes before 1965. Are you saying theres a shortage? Or is it just hard to find where you live?
 
Balzac89

Balzac89

Undercover Mod
dannyboy602 said:
i give him a lot of business. In fact I stopped buying on line. I only buy through him and I guess he gives me a better rate?.. I just did a survey of his new home. I'm doing a landscape plan for him. He's paying me in silver eagles.
Even junk silver is 90% silver I believe. It's the cheapest way to buy silver. JFK halves and dimes before 1965. Are you saying theres a shortage? Or is it just hard to find where you live?
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There are too many people buying and not enough selling. I usually buy junk.

But all he has lately are peace and morgan dollars and he wants outrageous prices for them 25$ a piece with a melt value of 16?

I buy anything he will sell close to spot, but its not much.

I'm gonna go down tmrw. See what he has
 
Balzac89

Balzac89

Undercover Mod
I also get there when he opens his door.

Whenever he buys he told me he holds it for 5 business days before he sells it.
 
dannyboy602

dannyboy602

Well-Known Member
Balzac89 said:
There are too many people buying and not enough selling. I usually buy junk.

But all he has lately are peace and morgan dollars and he wants outrageous prices for them 25$ a piece with a melt value of 16?

I buy anything he will sell close to spot, but its not much.

I'm gonna go down tmrw. See what he has
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then I would buy elsewhere. You're being swindled. Buy off the web. Buy larger amounts and the shipping wont be so bad. Ten oz bars might be the way to go. Try bulliondirect .com I bought there for a while.
 
Balzac89

Balzac89

Undercover Mod
What a waste of my time. I stopped at the hydrostore and grabbed a few things.

Then stopped at the shop and he had two Franklin halves and that was it.
 
Balzac89

Balzac89

Undercover Mod
Johnny Retro said:
Thanks for telling me what I can and cannot buy. I'm glad you know the situation of my finances.
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[h=1]“Socialism never took root in America because the poor see themselves not as an exploited proletariat but as temporarily embarrassed millionaires.” [/h]
 
S

silasraven

Well-Known Member
Balzac89 said:
“Socialism never took root in America because the poor see themselves not as an exploited proletariat but as temporarily embarrassed millionaires.”
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berk stoke a couple of days ago it still has yet to sink into usa. now harry s dent , some "expert" says it will fall more and there will be a roller coaster effect. so far its yet ot be seen but stil does during the day. i dont no everything so what is it you no of investors talks in the market?
 
Balzac89

Balzac89

Undercover Mod
silasraven said:
berk stoke a couple of days ago it still has yet to sink into usa. now harry s dent , some "expert" says it will fall more and there will be a roller coaster effect. so far its yet ot be seen but stil does during the day. i dont no everything so what is it you no of investors talks in the market?
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Gold has been catching momentum, but it has lately been stalling out at around 1300.

Until a major crisis I don't see much movement in the price.

Who can see into the future>?
 
S

silasraven

Well-Known Member
Balzac89 said:
Gold has been catching momentum, but it has lately been stalling out at around 1300.

Until a major crisis I don't see much movement in the price.

Who can see into the future>?
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i sure as fuck hope your right. it caught last night but now its just climbing, the crisis you speak of i think is detroit filling for chapter 11. which was rejected on sunday, housing 1.2% down but prices are still high. so i hope it chills out some cause im not prepared and some self righteous christian fucked me big time. by the way the chart moves with the price of gold.1337



and something else, 37 million in silver was found over the week end and hauled out of the ocean and i still have no clue how the price isnt tanking.
 
N

NoDrama

Well-Known Member
dannyboy602 said:
then I would buy elsewhere. You're being swindled. Buy off the web. Buy larger amounts and the shipping wont be so bad. Ten oz bars might be the way to go. Try bulliondirect .com I bought there for a while.
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He isn't being swindled. The person he buys from has to make a living also and has overhead and taxes to pay. Physical is hard to come by, in the nearest city we have a gold exchange that serves a large area. THEY are having a difficult time sourcing eagles, buffalos, maples, krugs, Phillies, pandas and even medallions. The last time I was there the only thing they had were generic rounds, a few hard worn silver quarters and 10 ounce, 100 ounce, 1,000 ounce bars. They had very little gold or platinum. The place was packed with people, I have NEVER seen a line going out the door before in the last 10 years of doing business with them. Luckily the owners and I are friends and I got my purchase done over the phone and was waiting for me to pick up. This was 2 weeks ago. The owner said he had never seen anything like it, even in 1980 it wasn't that busy. He was doing millions of dollars per day in business and was able to charge 15% on the Eagles and 5% on the Junk and 8% on bullion.
 
N

NoDrama

Well-Known Member
Johnny Retro said:
Thanks for telling me what I can and cannot buy. I'm glad you know the situation of my finances.
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It wasn't a statement, it was a question. One that you dodged.
My point was, that it isn't so easy to just ask for delivery. You made it sound like you could get any amount of silver you wanted just by asking. Like it was something anyone could easily do. Unfortunately the reality is that you have to have a minimum amount in order to get delivery, and even then they can still buy you out and you really have no recourse but to accept the cash. Of the people on this board, how many do you think can pony up $100 large on the spot for a silver option contract and then let it expire into a physical deliverable? One which includes insurance and shipping on the purchasers dime?

Physical delivery is rare in the commodity options market, people don't play that market to get actual commodities, they use it to hedge their other bets.
 
Balzac89

Balzac89

Undercover Mod
NoDrama said:
He isn't being swindled. The person he buys from has to make a living also and has overhead and taxes to pay. Physical is hard to come by, in the nearest city we have a gold exchange that serves a large area. THEY are having a difficult time sourcing eagles, buffalos, maples, krugs, Phillies, pandas and even medallions. The last time I was there the only thing they had were generic rounds, a few hard worn silver quarters and 10 ounce, 100 ounce, 1,000 ounce bars. They had very little gold or platinum. The place was packed with people, I have NEVER seen a line going out the door before in the last 10 years of doing business with them. Luckily the owners and I are friends and I got my purchase done over the phone and was waiting for me to pick up. This was 2 weeks ago. The owner said he had never seen anything like it, even in 1980 it wasn't that busy. He was doing millions of dollars per day in business and was able to charge 15% on the Eagles and 5% on the Junk and 8% on bullion.
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I can't get my hands on any physical at the moment.
 
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