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Is the silver market currently a sort of ponzi scheme?

 
Anonymous Coward
User ID: 1546285
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11/23/2012 03:02 PM
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Is the silver market currently a sort of ponzi scheme?
Sometime last year when the markets crashed 700 points in one day I purchased a few ounces of silver junk coins for 42 dollars per ounce. I hung on to them until I started to realize that the doom forecasters didn't really know what they were talking about (after the series of greek default missed budget deadlines, etc.) and sold them last week when silver was at 33 dollars per ounce. The funny thing is that I could only get 18 dollars per ounce at the silver store I went to, I was surprised to find silver is not a good store of value in the current market!
Anonymous Coward
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11/23/2012 03:04 PM
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Re: Is the silver market currently a sort of ponzi scheme?
Sometime last year when the markets crashed 700 points in one day I purchased a few ounces of silver junk coins for 42 dollars per ounce. I hung on to them until I started to realize that the doom forecasters didn't really know what they were talking about (after the series of greek default missed budget deadlines, etc.) and sold them last week when silver was at 33 dollars per ounce. The funny thing is that I could only get 18 dollars per ounce at the silver store I went to, I was surprised to find silver is not a good store of value in the current market!
 Quoting: Anonymous Coward 1546285


You sound like a member of a federal goverment budget committee.
Anonymous Coward (OP)
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11/23/2012 03:09 PM
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Re: Is the silver market currently a sort of ponzi scheme?
I don't believe the silver store was trying to rip me off, he tried to explain that they have to resell it as bulk to another dealer, but the price seems pretty slashed IMHO as each take their cut.
Anonymous Coward
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11/23/2012 03:15 PM
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Re: Is the silver market currently a sort of ponzi scheme?
I don't believe the silver store was trying to rip me off, he tried to explain that they have to resell it as bulk to another dealer, but the price seems pretty slashed IMHO as each take their cut.
 Quoting: Anonymous Coward 1546285


it compares better to the housing bubble. the homes had inflated "values". for quite a while, folks could trade them back and forth based on those inflated values. now, those holding those homes find their potential recoup at sale is nowhere near the price paid. bubble to bubble, to bubble to bubble. that's the "new economy". tech-tard, house-tard, pm-tard, all bubble-tards
IssueX

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11/23/2012 03:20 PM
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Re: Is the silver market currently a sort of ponzi scheme?
I don't believe the silver store was trying to rip me off, he tried to explain that they have to resell it as bulk to another dealer, but the price seems pretty slashed IMHO as each take their cut.
 Quoting: Anonymous Coward 1546285


it's all highly manipulated

rule of thumb in the markets for anything:

When they're crying, that's when you start buying

When they're yelling, that's when you start selling



in other words, be a contrarian, sell the pops, buy the sell-offs and bottoms.

Ignore 99% of what is printed out there as advice.

There is much more paid promotion in the markets for everything (including silver and gold) than you would believe

That said, I cautiously think silver is about to try and make a run for $36+ an ounce, unless the manipulators smack it back down to $30/$31 again, which seems to be a pretty solid support

gltu!
Anonymous Coward (OP)
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11/23/2012 03:20 PM
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Re: Is the silver market currently a sort of ponzi scheme?
Comic books are the same. They have an 'official overstreet guide' inflated value, and the comic stores are willing to pay upwards of 30 percent of these listed prices :D
Anonymous Coward
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11/23/2012 03:28 PM
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Re: Is the silver market currently a sort of ponzi scheme?
Comic books are the same. They have an 'official overstreet guide' inflated value, and the comic stores are willing to pay upwards of 30 percent of these listed prices :D
 Quoting: Anonymous Coward 1546285







NOW I KNOW you're either very young, very deluded, or totally lost! I vote for all the above.

Ignore the above: Why buy high and sale low? Do you know what an INVESTMENT IS and how to use one? NEVER MIND of course you don't!

One other question why would you come on here and make yourself look like a fool?
Dixie Normous

User ID: 11619293
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11/23/2012 03:30 PM

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Re: Is the silver market currently a sort of ponzi scheme?
Comic books are the same. They have an 'official overstreet guide' inflated value, and the comic stores are willing to pay upwards of 30 percent of these listed prices :D
 Quoting: Anonymous Coward 1546285







NOW I KNOW you're either very young, very deluded, or totally lost! I vote for all the above.

Ignore the above: Why buy high and sale low? Do you know what an INVESTMENT IS and how to use one? NEVER MIND of course you don't!

One other question why would you come on here and make yourself look like a fool?
 Quoting: Anonymous Coward 28349538


This ^
Anonymous Coward (OP)
User ID: 1546285
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11/23/2012 03:33 PM
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Re: Is the silver market currently a sort of ponzi scheme?
I hung on to the silver for almost two years, I just thought
some might be interested that they may not get their compete
investment back unless they resell it themselves.
Anonymous Coward
User ID: 6040884
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11/23/2012 03:34 PM
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Re: Is the silver market currently a sort of ponzi scheme?
Sometime last year when the markets crashed 700 points in one day I purchased a few ounces of silver junk coins for 42 dollars per ounce. I hung on to them until I started to realize that the doom forecasters didn't really know what they were talking about (after the series of greek default missed budget deadlines, etc.) and sold them last week when silver was at 33 dollars per ounce. The funny thing is that I could only get 18 dollars per ounce at the silver store I went to, I was surprised to find silver is not a good store of value in the current market!
 Quoting: Anonymous Coward 1546285


You got ripped-off when you bought the silver and ripped-off once again when you sold it. Silver isn't the problem, that I can assure you.
Anonymous Coward (OP)
User ID: 1546285
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11/23/2012 03:36 PM
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Re: Is the silver market currently a sort of ponzi scheme?
Sometime last year when the markets crashed 700 points in one day I purchased a few ounces of silver junk coins for 42 dollars per ounce. I hung on to them until I started to realize that the doom forecasters didn't really know what they were talking about (after the series of greek default missed budget deadlines, etc.) and sold them last week when silver was at 33 dollars per ounce. The funny thing is that I could only get 18 dollars per ounce at the silver store I went to, I was surprised to find silver is not a good store of value in the current market!
 Quoting: Anonymous Coward 1546285


You got ripped-off when you bought the silver and ripped-off once again when you sold it. Silver isn't the problem, that I can assure you.
 Quoting: Anonymous Coward 6040884


That's why I believe it is sort of a ponzi scheme.
I'm glad I only bought two ounces :D
Anonymous Coward
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11/23/2012 03:37 PM
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Re: Is the silver market currently a sort of ponzi scheme?
Dude, like I totally know what you mean. Same thing with gold. Some guy sold me gold for $4300 and ounce and I sold it today for $300 and ounce. That gold is just no good either.
Anonymous Coward
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11/23/2012 03:43 PM
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Re: Is the silver market currently a sort of ponzi scheme?
OP is a classic "sucker"! They saw him coming when he bought...and they saw him coming when he sold!!!
ANNONYMOUS
User ID: 8415236
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11/23/2012 03:48 PM
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Re: Is the silver market currently a sort of ponzi scheme?
5a

Yes/no to being ripped off it all depends on how you look at it. The dealer quoting you $33.00 was using the paper silver price as the base. That is the commodity exchange price. They all do that. If you have coins they quote you 85% of the paper price. Other silver like sterling silver flatware they quote you 85% then take 85% of that as the MELT price. The only way to reasonably by physical silver is proof coins or silver bars. Check E bay you will find a major disconnect between paper and actual metal but dealers use the commodities pricing as a base as they usuall are middlemen.
Anonymous Coward (OP)
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11/23/2012 04:02 PM
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Re: Is the silver market currently a sort of ponzi scheme?
After I brought up the fact that silver was trading at 33 per ounce the shop I called said they usually offer 20 times the coin face value, but when I went in he said due to the price fluctuations sometimes they only offer from 15 times to 20. Just doing the math now it the guy only gave me around 55 percent of the silver value.
Anonymous Coward (OP)
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11/23/2012 04:09 PM
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Re: Is the silver market currently a sort of ponzi scheme?
This is a semi-reputable 'buy silver' shop as as well, with frequent commercials on local t.v., so I wonder if this is the standard. I didn't get totally fleeced, just enough that I'll never get involved with it again.
Anonymous Coward (OP)
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11/23/2012 04:21 PM
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Re: Is the silver market currently a sort of ponzi scheme?
The main thing I was thinking regarding the ponzi scheme was perhaps the shop is getting somewhat fleeced as well, as it goes up the food chain, and some silver giant buys the silver at a severely reduced price to resell to new dupes.
Anonymous Coward
User ID: 28132195
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11/23/2012 04:24 PM
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Re: Is the silver market currently a sort of ponzi scheme?
The more you post the less you really seem to know how things in this world work...."Let Me Preach on it"...Now, Now Now a business ya see has things like a lease, and power bill, and taxes & insurance...and need to make that 'ol dreaded thing called a "profit"

Now how do you expect a "shop" to stay in business if they, in this case, buy at "spot" and resell at "spot"?


saw a guy at the "flea market" on Wednesday that was selling American silver eagles at $33 each while others were asking(and getting 35-38 each)...I ask why, he said that he had brought 16 ea and needed a little "Christmas Cash" and knew they would be snapped up at 33

maybe, just maybe, you should stick to other endeavors
Anonymous Coward (OP)
User ID: 1546285
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11/23/2012 04:27 PM
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Re: Is the silver market currently a sort of ponzi scheme?
Or I could take an ad on craiglist offering 21 dollars per ounce if I ever find I want any more reasonably priced silver :D
Anonymous Coward
User ID: 28305484
United States
11/23/2012 04:38 PM
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Re: Is the silver market currently a sort of ponzi scheme?
Sometime last year when the markets crashed 700 points in one day I purchased a few ounces of silver junk coins for 42 dollars per ounce. I hung on to them until I started to realize that the doom forecasters didn't really know what they were talking about (after the series of greek default missed budget deadlines, etc.) and sold them last week when silver was at 33 dollars per ounce. The funny thing is that I could only get 18 dollars per ounce at the silver store I went to, I was surprised to find silver is not a good store of value in the current market!
 Quoting: Anonymous Coward 1546285


Not the brightest one now then are you.

a: treasury classic example of ponzi scheme.
b: the value in silver is not in selling it.


c your way out: you really should be buying silver.
Anonymous Coward
User ID: 28448707
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11/25/2012 01:46 PM
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Re: Is the silver market currently a sort of ponzi scheme?
Or I could take an ad on craiglist offering 21 dollars per ounce if I ever find I want any more reasonably priced silver :D
 Quoting: Anonymous Coward 1546285


Anybody that knows silver, wouldn't sell you shit.

Not to mention you are talking "junk" silver. Which would be 90% of the current spot to start with.

And nice investment, 2 full ounces... Wtf!

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