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Silver Rises Above $20 an Ounce for First Time Since 2016


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2020 Jul 21, 5:26am   931 views  9 comments

by Onvacation   ➕follow (3)   💰tip   ignore  


Unlike gold, silver’s price is largely driven by a host of manufacturing applications. Morgan Stanley estimated that industrial demand makes up 85% of silver demand. The metal may be poised to benefit from a push toward less-polluting energy technologies such as solar power, according to BMO Capital Markets.


https://finance.yahoo.com/news/silver-rises-above-20-ounce-122532255.html



Still well under 1980 price before the Comex changed the rules.

Comments 1 - 9 of 9        Search these comments

1   EBGuy   2020 Jul 21, 1:49pm  

If y'all had bought when I told ya you'd be sitting pretty; it looks like SunnyvaleCA got in while the gettin' was good. Sigh, wish I could follow my own advice...
2   HeadSet   2020 Jul 22, 7:37am  

TrumpingTits says
I am soo old I can remember when gold was $20/oz.


And it was illegal to own....
3   B.A.C.A.H.   2020 Jul 22, 7:50am  

HeadSet says
And it was illegal to own....

Only for a short time between the confiscation and the repricing at $35.
Legal to own for decades at $20 till then.
5   SunnyvaleCA   2020 Jul 22, 10:49am  

EBGuy says
If y'all had bought when I told ya you'd be sitting pretty; it looks like SunnyvaleCA got in while the gettin' was good. Sigh, wish I could follow my own advice...

Yep. Picked up some SLV too last week when I dumped PM (which I had been holding only short term after it crashed in March). Winning in GLD and SLV is bittersweet, as it partially indicates that the US Dollar is just depreciating.

People holding physical at their homes should also have a bunch of lead, if you know what I mean.
6   clambo   2020 Jul 22, 11:38am  

My friend always bought silver coins and kept them in a safe, especially since 2008.
His reasons 1. “The economy sucks!” 2. He is avoiding taxes and this is unknown to uncle Sam.

For fun and to humor him I bought SLVR ETF and doubled my money and sold it. I only spent a little and so made a little.

Around that time, I recall him buying silver at over $45/oz. I argued with him that he wasn’t going to make jack shit.

I was correct, he’s underwater on thousands of dollars in coins. I yelled to buy stocks, I had rolled the dice and make big bucks on AAPL shares.

I’m amazed that he still tries to say he made money, but denial is a strong emotion.
7   Onvacation   2020 Jul 27, 7:59am  

clambo says
Around that time, I recall him buying silver at over $45/oz. I argued with him that he wasn’t going to make jack shit.

Had he put that money into the stock market he would have quintupled his money.

Silver over $24/oz ; up a buck today.
8   NDrLoR   2020 Jul 27, 8:36am  

clambo says
I recall him buying silver at over $45/oz
Trying to corner the silver market was the Hunt brothers undoing. They did, but then forgot that once they stopped buying, the price would collapse. A similar thing happened in the world of mechanical musical instruments. A majority owner in the Richard Hudnut company was paying astronomical prices for every kind of vintage orchestron and related machines back in the 80's, driving the prices to the stratosphere to everyone's delight and everyone was buying right along. Then he got pretty much everything he wanted and stopped buying and many others watched their investments in their own machines fall 50% or more.

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