Six signs the Silver market has gone nuts

[Denny]

I just saw an ad on a stock site I frequent that said gold will hit $5,000 an ounce... lol

Eh... maybe some day, but I can't stand guys like Mike Maloney proclaiming that we're on track for $1,500 silver and $15,000 gold with nothing really backing it.

[347Mike]

I just saw an ad on a stock site I frequent that said gold will hit $5,000 an ounce... lol

[Denny]

Short Sellers Now Screaming About a Buy Side Silver Conspiracy (complete flip-flop)

http://billionaires.forbes.com/article/01vU92La7M6tU?q=billionaire+OR+billionaires+OR+billionaire's

And now the brokers are the buyers (on the physical side), offering above SPOT prices

http://www.zerohedge.com/article/apmex-starts-reverse-inquiry-seeks-buy-any-quantity-silver-clients-3-over-spot

Freakin' nuts, I tell ya! I hear that a lot of the physical holders aren't selling, even during this correction.

[AnthonyS]

I actually just traded some silver Eagles I paid $18 for around 2.5 years ago and got my wife a gun.... I don't think it will hold either, but it is an impressive run up.

[Denny]

We just had a recent wild run, the MACD was showing overbought and now we're just having a correction. I was calling for the correction somewhere around $50 and I honestly think it'll be a healthy one. Right now, APMEX is buying both gold and silver over SPOT.

[347Mike]

Wow. I remember I was keeping an eye on this a month or two ago and they were consistently priced on eBay compared to places like apmex and Kitco with only a dollars over spot. BUT now, they are going for $50-60 an oz? jesus... All of them have 10-15bids on them.

[Broncojohnny]

Those who are wondering what a bubble looks like...you're watching one.

I remember being in line at a book store in Scottdale, PA and hearing ladies in line talking about the short financial ETF and how they really had to get in. Needless to say, that's a selling indicator, lol. All we need now is for GS to publish a report saying silver is going to $100 a la their $200 oil call, lmao.

It will be coming out any day now I think. And their guys will be buying every $20 put they can get their hands on before the ink is dry on that thing...

[slow99]

Another sure sign of mania...the uneducated buyers. That is because they heard their uncle Roy/some dude at the truckstop/some guy on the internet talking about buying such and such asset.

Those who are wondering what a bubble looks like...you're watching one.

I remember being in line at a book store in Scottdale, PA and hearing ladies in line talking about the short financial ETF and how they really had to get in. Needless to say, that's a selling indicator, lol. All we need now is for GS to publish a report saying silver is going to $100 a la their $200 oil call, lmao.

[Forever_frost]

Denny, do you have a suggested place to pick it up?

[Forever_frost]

I sure hope you're not buying @ 100-120% over SPOT like every other buyer I've talked to.

No, I'm being cautious. I pick it up where I can as I can and I'm not dumping more than about 20 bucks a month in it if that. I don't get caught up in crazes like this and if nothing happens, I can use it to make rounds

[Broncojohnny]

I'm seeing $4-$5 one ounce coins on ebay too!!! That SPOT price is in pounds. 32oz in a pound, right? 32x4 or 32x5? Ouch!

Another sure sign of mania...the uneducated buyers. That is because they heard their uncle Roy/some dude at the truckstop/some guy on the internet talking about buying such and such asset.

[Denny]

I'm seeing $4-$5 one ounce coins on ebay too!!! That SPOT price is in pounds. 32oz in a pound, right? 32x4 or 32x5? Ouch!

[Denny]

100% over as in 80-90 bucks?

Copper. As in $4-$5 SPOT, going for anything from $9-$12 on places like ebay, with an occasional $8-$10 on CL.

[347Mike]

I sure hope you're not buying @ 100-120% over SPOT like every other buyer I've talked to.

100% over as in 80-90 bucks?

[Denny]

I've been watching silver, but I'm not ready to dump a lot of cash on it so I've been picking up copper and waiting for it to jump.

I sure hope you're not buying @ 100-120% over SPOT like every other buyer I've talked to.