Dirty Tricks In the Silver Market

As a child I fantasized about having a sack full of jewels and gold and silver. I think that’s a rather common fantasy for children to have. 

As an adult I became more enamored with silver, and recently copper. Gold just seems too rich for my blood, but silver and copper have been precious to humans since the first time they were extracted from the Earth. The huge bull market in precious metals seemed to burst last Monday when gold and silver lost close to 25% of their value in four days.Those who never participated in the market seemed to be really happy. 

For the four years I’ve been following precious metals I’ve seen the world change quite a lot. Preppers and conspiracy theorists have become commonplace. I’ve seen some of the sites I initially went to for information about prices and availability information turn into virtual havens for lunatics and malcontents who seem to think the end is near.

The end of what I have no idea, but whatever ends they seem to think they’re ready for it. Sometimes it feels like they actually welcome the collapse of civilization. That seems foolish to me. 

After silver flirted with an all-time high at fifty dollars an ounce then slowly plummeted to 23 dollars today I lost a lot of interest, but since I hopped aboard the bandwagon when silver was at about $25 an ounce I have always wanted to buy it at that price, so I started checking out prices. Despite the spot price being 23 dollars no one on the planet was selling it for under thirty dollars. I called the coin dealer I have been buying from for four years now and he laughed me off the phone. he said I wouldn’t find any silver for sale for weeks unless I wanted to pay a ten dollar premium.

So I have found myself in the unusual position of hoping a commodity i own plummets further in price. I’m several years from even contemplating digging my silver from out of its resting place, so I say let it fall, and let it stay low for a long time. Maybe enough people will lose interst that those who jumped on the bull when it was riding roughshod will sell of at a fraction of what they paid.

I love silver. The Silver American Eagle is one the most beautiful coins ever created. 

Image

2010 American Silver Eagle

I hope in a few weeks to go out and pick up a few of these at discount prices.

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