Silver Price Madness

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The price of silver fell by around 30% in just a few hours' trading today (30 January). As suggested in the thread title, this is a crazy market.

I am a watcher yes

Now may be a good time to pick up some silver.

https://www.msn.com/en-us/money/markets ... 469c&ei=10

My take on this is that the silver market was going to go down because too many people cooking in the same pot. I am a long-term investor, so the plummet really does not affect me. It dropped down fast because the newer investors panicked about it going down, so they dumped their supply on the market. It started going back when it hit the stability floor level that started a bit of buying. I think that it will still be going higher this year. Too much silver on paper vs. physical supply demand to keep the price this low very long.

https://www.msn.com/en-us/money/markets ... f521&ei=98

Here is some more input to look into on the silver market.

I view silver as a bad long-term investment compared to stocks and real estate. Like I dont even think of it as an investment. It wont really grow your wealth over the long haul but it might keep you wealthy.

This situation is extremely volatile and is often changing dramatically by the hour, but as I write, silver (at $87) and gold (at $5050) seem to be staging at least a semi-recovery.

If you look at charts for things like stock markets, commodity markets etc, you'll know that a so-called 'double top' is a very well known and common phenomenon. I'm wondering whether both gold and silver might return very briefly to their highs of a week or so ago, or something very close to that, before plunging dramatically again, thus giving punters who were taken by surprise first time around a second opportunity to take advantage of those stratospheric prices and exit the market.

If that happens, I'm going to be sorely tempted, as a precious metals bear market can last an awfully long time (eg the 1980-2001 period).

silver is in the 70's as I type this.

10% drop, almost vertical, in the space of two or three minutes at around midday NY time today ($83 > $75).

I have a stash of silver hidden in my living space, but I have no intention of selling it, because I view it as a contingency plan in case the dollar collapses rather than an investment that I hope to make money on. Precious metals are generally not a good investment because they're very hard to liquidate. Typically you have to sell them way below market price, which defeats the purpose of the investment.

^ True, that's why I'm looking into the feasibility of ETFs for short to medium term trading, while still holding physical metals over the long term. That said, I did find a jeweller in my area recently who bought a couple of gold bullion items from me for more or less the spot price.