Wife wanted out

Wife wanted out of her small silver position yesterday. She had bought seven 10 oz commercial bars about three years ago when the price was around USD24. With the premium, I recall the total came out to be around USD1700 and change.

When I went to my LCS yesterday, I told them this was my wife getting out, and she handed over just around USD2000 … she gave me a line that her wholesaler had dropped prices over the weekend.

I told them that my stack was going to wait.

Selling silver seemed to yield a symbolic gain. USD250. Even when prices have shot up to around USD30 from the low to mid 20s doesn’t get you much when there are premiums on both ends.

I guess I knew these premiums would be a doozey. But seeing it in real life made me think that I am either in for good, or will get out only if the price explodes … and STAYS exploded. Silver has been up for several weeks now, but even then, the premiums are up. I don’t want to be hit by such high premiums should I want to sell.

The LCS said there has been nothing but selling coming her way, so I guess (if that is the truth) there is no other way to push back on this selling pressure than premiums. So waiting for prices to stabilize at, say, USD50 is what I consider the only viable move for selling my whole lot.

Just wanted to share a semi-interesting experience.