HA! That makes me feel so much less of an idiot in the economical stuff.Originally Posted by sellersm
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HA! That makes me feel so much less of an idiot in the economical stuff.
There is a lot more that goes into that statement. Hardly any mines in modern large scale mining will mine purely for gold and silver. The larger companies will typically pull the fine particles out through different processes of the main ore extraction. Copper mines will typically have larger gold content within the main ore body, so while the price of gold/silver might be tanking... the main mineral that is being mined will keep the operation above water.
The operations that are hurt the most are typically local, smaller companies that do not have the capital to weather the storm of mineral prices as they go through their ups and downs.
Here is an example (albeit a large one) of how a mining operation functions on copper production with gold/silver being byproducts that are worth processing from the large amounts that can be recovered and the relatively high price (at least for gold right now) they can be sold at on the market. If you have 3 commodities working for you... typically you will be processing one (or 2) for free while only paying for the actual extraction of one.
http://en.wikipedia.org/wiki/Grasberg_mine
Down, down, down. $15.30
But...
http://www.reuters.com/article/2014/...0SV2RP20141105Nov 5 (Reuters) - The U.S. Mint said on Wednesday it has temporarily sold out of its American Eagle silver bullion coins following "tremendous" demand in the past several weeks.
Last edited by hollohas; 11-05-2014 at 16:49.
I just got a little of each. JNUG at 3.24 and NUGT at 10.60. I didn't know how long they would keep dropping like that, so I just got in when I could. I'll be holding them for a while, just like I'm buying silver and gold for the long term.
I'm mostly into UGAZ at the moment. I got a whole bunch of it at 11.25/share on Oct 20th. It's currently climbing like crazy. It's very tempting to sell right now...
Back to gold and silver though... I think I'll buy some more silver if it drops below 15.
Last edited by HoneyBadger; 11-06-2014 at 15:22.
My Feedback
"When law and morality contradict each other, the citizen has the cruel alternative of either losing his moral sense or losing his respect for the law." -Frederic Bastiat
"I am a conservative. Quite possibly I am on the losing side; often I think so. Yet, out of a curious perversity I had rather lose with Socrates, let us say, than win with Lenin."
― Russell Kirk, Author of The Conservative Mind
Nice!!! I sold my DUST at $30 and I've been kicking myself, but I never thought it would continue to fall for this long. I'd like to go back into DUST or NUGT but they're not for the faint of heart.I'm going to keep buying physical, the kids are having a great time filling the quarter books with pre-65 qtrs. I need to make another buy and then I'll sell a bunch of the dups here. Might as well make it fun for the kids too.
Nicely done!
Probably old news but I'd never scene these before tonight, I think they're pretty cool -
Silver Bullets - http://www.jmbullion.com/silver/silver-bullets/
Those are cool and all but I try to think. If there was no currency that I trusted or no currency at all, and some dude came up to me with those for trade, and another guy wanted to trade me for the same weight in ASEs... I wonder what I would take. And, would I be worried about the next guy who I wanted to trade my "silver bullets" for something I needed... would there be another guy next to me trying to get what I wanted but what he had to trade were ASEs? hmmm...
Last edited by rbeau30; 11-06-2014 at 19:00.
Novelty items are cool, ASEs are practical and ASEs/junk are your best bet if you plan on barter.
I agree but if anyone has one of the 30mm silver shells I'll give you $1500 tomorrow.
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