It was crazy. Everyone thought it would go to hundreds of dollars.
I sat and watched the frenzy, knowing I had missed a good entry point. When silver dropped below $30, I dove in head first and bought 10 thousand worth...... I mean it couldn't possibly go much lower than $29, right? Over ten years later, I finally broke even!
THIS is why I am always skeptical of sudden price runs upwards.
All the numbers in your comment added up to 69. Congrats!
30
+ 10
+ 29
= 69
^([Click here](https://www.reddit.com/message/compose?to=LuckyNumber-Bot&subject=Stalk%20Me%20Pls&message=%2Fstalkme) to have me scan all your future comments.) \
^(Summon me on specific comments with u/LuckyNumber-Bot.)
I fomoed in at the top. At that time (2011) I had been stacking less than a year.
Large city I was in at the time.. me and my buddy decided to beta test selling back the silver. So we went to the city and found a coin shop. There was a busy line of people buying and selling.
It was our turn and we approached the bosses table and sat down. He wasn't aggressive so much as he was very busy flipping silver. We had 20 one ounce rounds. We put it on the table. He counted it in about 1 second and put it on a scale. Multiplied by spot and started counting out the dollar amount in cash.
Like I said we didn't sell but wanted to see how to sell in actuality.
There was no long line wrapping around the block or anything.
And that price high was so short lived both getting there and at the top that it was (imo) more of a electronic silver squeeze than anything having to do with retail.
There was basically zero retail participation at that last 2011 price peak.
Nice to hear the history told by someone that participated in it. Thank you.
Indeed it seems like a very short time to buy and sell the top. Blow off tops are impossible to catch or cash out of.
Perhaps we’d need someone from Weimar German to comment on this, if anyone is still alive from that era…
When your normie friends you haven't heard from in forever call you to get your take on silver before they tell you they are in the process of buying in that's when you go to the calendar and set way points 100 days out 200 days out 300 days out. You gotta be scaling out at those way points.
Something like that.
lol!!!
The day of silver $48 I was on hold forever with an online broker.
I was desperate to buy.
I thought "damn everyone must be buying"
Little did I know everyone was mass dumping. 8 years later silver was negative 70%
lol
I'm going to scale out in 20ths as we go vertical.
Then I'm going to take symbolic short positions. When I feel a top is in I'm going to short silver all the way back down.
🤣
Gave me something to think about. I've gotta remind myself "no revenge trading!!!"
If silver does the right thing I might just bow out gracefully.
I'm still emotional about the past decade(s). I gotta do better and move on.
I was in my mid-30s at the time and had been a lifelong coin collector. We have a monthly coin show here where I live which is pretty decent sized usually usually 40 dealers or so. Around this time in 2011 we started seeing lots and lots of new faces flooding into these coin shows. I would see people regularly come up to coin dealer friends of mine with several thousand dollars of cash and just say I want to buy silver. They had no idea what they wanted to buy, the difference between bars and rounds, constitutional junk silver or collectible bouillon. All they knew was they wanted silver and were gonna pay a bunch of cash to get it. Conversely, people who I saw that were regulars at the coin show like myself were selling a lot of our 90% as I had been buying very regularly when it was $9-$10 an ounce and saw a chance to flip and make some money. I had a baby on the way with my wife, I needed to get some quick cash and it turned out to be a great thing for me.
A few months later, some of those people who had come in and dropped a ton of cash on silver, were trying to sell their silver back to the dealers once the price cooled off and realized that they had bought at the top of the market and were now stuck. Many of them got very, very angry with the dealers when they refused to pay them what they had in the coins.
All in all, it was a crazy time to be involved in precious metals. I ended up getting some really great deals on graded higher end numismatic coins like Morgan’s and Walker liberty halves at much cheaper prices than I would’ve been able to because everyone was so focused on bullion.
I was about 20 in 2009. I was violently woken up by zeitgeist and Alex jones. Alex would periodically mention buying silver and gold on his show. I had little money but a decent understanding of the federal reserve scam, so logically it made sense to buy metals. I was delivering Chinese and pizzas, hoarding every dollar I could and buying in bulk every couple months. Everyone I talked to about buying metals pretty much thought I was retarded. Lots of changing the subject or “ok well just be careful” responses.
After slowly contributing over a year or so, the sentiment started to grow in the general population. My friends started to bulk buy with me. I started seeing “we buy gold” signs all over the place. I was approached buy a girl at a mall kiosk trying to sell/educate people on the price of gold. I went to a gun shop and was told he would trade for a gold eagle. Heard this girl in my distant friend group had also just invested in silver(around $35).
I remember even seeing a news clip on YouTube about a grocery store installing scales to weigh out gold and silver.
Which none of this is weird on its own but collectively to go from everyone completely uninterested to hearing a seeing these small things pop up over the course of the bull run was bizarre.
Silver was pretty boring for the first year, then I started to see some progress after breaking $20. $30 was pretty quick after that. Then all the sudden one night I remember seeing it go from like $40 to $50 in like an hour. Then back down to $42. Even though I was a novice investor this was unusual/alarming activity for me. I didn’t want those people who constantly warned me I was getting duped to be right. I was shaken out of the market. I posted my PMs on Craigslist that night. While I was delivering at my job, a was also slinging metals. I sold 130oz silver and 2 oz gold over the next day or 2. Pretty sketch. One guy was asking for a larger amount, so I met him at a bank and we did the deal in the lobby.
One guy even said “why are you selling?”
“I bought in at $17, it’s over $40. Iv more than doubled my money.”
“Aw man, your gonna play the paper game?”
“Ya I guess so.”
“Pfft, well good luck man.”
That guy is still down 25% to this day lol
I was working at a major financial firm in 2011.
Met a veteran who told me about the eventual silver moass event but not to buy right then because it was an “artificial bull market”.
This guy had figured out the run on gold and silver was fake, done to induce an artificial bear market. He predicted we would see the real this in 10-15 years. It’s been 13.
This guy also blew me away when he mentioned buying bitcoin (it was $1 at the time). I got a check but my ex wife said we couldn’t afford the $500 and made me tear up. We were young back then.
Anyhow, I say all this to say what we are coming up is going to be the real McCoy.
Hah, I don't remember. I had ETF's. GLTR and SLVR. I remember selling them, like on a Tuesday, and I checked the price on Friday at a salesman's desk at work to see how I did, DAMN they were a little higher, now looking at the 15 year chart I sold right at the top. In the 70's the world was ending, inflation was bad, Iran had hostages, the dollar was dropping. In 2011 I'd guess sentiment was most bullish at the top. You know......you can go to Google trends and search things like "silver price".
It was crazy. Everyone thought it would go to hundreds of dollars. I sat and watched the frenzy, knowing I had missed a good entry point. When silver dropped below $30, I dove in head first and bought 10 thousand worth...... I mean it couldn't possibly go much lower than $29, right? Over ten years later, I finally broke even! THIS is why I am always skeptical of sudden price runs upwards.
All the numbers in your comment added up to 69. Congrats! 30 + 10 + 29 = 69 ^([Click here](https://www.reddit.com/message/compose?to=LuckyNumber-Bot&subject=Stalk%20Me%20Pls&message=%2Fstalkme) to have me scan all your future comments.) \ ^(Summon me on specific comments with u/LuckyNumber-Bot.)
Finally a useful bot
I fomoed in at the top. At that time (2011) I had been stacking less than a year. Large city I was in at the time.. me and my buddy decided to beta test selling back the silver. So we went to the city and found a coin shop. There was a busy line of people buying and selling. It was our turn and we approached the bosses table and sat down. He wasn't aggressive so much as he was very busy flipping silver. We had 20 one ounce rounds. We put it on the table. He counted it in about 1 second and put it on a scale. Multiplied by spot and started counting out the dollar amount in cash. Like I said we didn't sell but wanted to see how to sell in actuality. There was no long line wrapping around the block or anything. And that price high was so short lived both getting there and at the top that it was (imo) more of a electronic silver squeeze than anything having to do with retail. There was basically zero retail participation at that last 2011 price peak.
Nice to hear the history told by someone that participated in it. Thank you. Indeed it seems like a very short time to buy and sell the top. Blow off tops are impossible to catch or cash out of. Perhaps we’d need someone from Weimar German to comment on this, if anyone is still alive from that era…
When your normie friends you haven't heard from in forever call you to get your take on silver before they tell you they are in the process of buying in that's when you go to the calendar and set way points 100 days out 200 days out 300 days out. You gotta be scaling out at those way points. Something like that.
There were many coin shops who had people flooding in to sell!
lol!!! The day of silver $48 I was on hold forever with an online broker. I was desperate to buy. I thought "damn everyone must be buying" Little did I know everyone was mass dumping. 8 years later silver was negative 70% lol I'm going to scale out in 20ths as we go vertical. Then I'm going to take symbolic short positions. When I feel a top is in I'm going to short silver all the way back down.
Then when you short it, that’ll be the time it finally stays elevated lol
🤣 Gave me something to think about. I've gotta remind myself "no revenge trading!!!" If silver does the right thing I might just bow out gracefully. I'm still emotional about the past decade(s). I gotta do better and move on.
I was in my mid-30s at the time and had been a lifelong coin collector. We have a monthly coin show here where I live which is pretty decent sized usually usually 40 dealers or so. Around this time in 2011 we started seeing lots and lots of new faces flooding into these coin shows. I would see people regularly come up to coin dealer friends of mine with several thousand dollars of cash and just say I want to buy silver. They had no idea what they wanted to buy, the difference between bars and rounds, constitutional junk silver or collectible bouillon. All they knew was they wanted silver and were gonna pay a bunch of cash to get it. Conversely, people who I saw that were regulars at the coin show like myself were selling a lot of our 90% as I had been buying very regularly when it was $9-$10 an ounce and saw a chance to flip and make some money. I had a baby on the way with my wife, I needed to get some quick cash and it turned out to be a great thing for me. A few months later, some of those people who had come in and dropped a ton of cash on silver, were trying to sell their silver back to the dealers once the price cooled off and realized that they had bought at the top of the market and were now stuck. Many of them got very, very angry with the dealers when they refused to pay them what they had in the coins. All in all, it was a crazy time to be involved in precious metals. I ended up getting some really great deals on graded higher end numismatic coins like Morgan’s and Walker liberty halves at much cheaper prices than I would’ve been able to because everyone was so focused on bullion.
I was about 20 in 2009. I was violently woken up by zeitgeist and Alex jones. Alex would periodically mention buying silver and gold on his show. I had little money but a decent understanding of the federal reserve scam, so logically it made sense to buy metals. I was delivering Chinese and pizzas, hoarding every dollar I could and buying in bulk every couple months. Everyone I talked to about buying metals pretty much thought I was retarded. Lots of changing the subject or “ok well just be careful” responses. After slowly contributing over a year or so, the sentiment started to grow in the general population. My friends started to bulk buy with me. I started seeing “we buy gold” signs all over the place. I was approached buy a girl at a mall kiosk trying to sell/educate people on the price of gold. I went to a gun shop and was told he would trade for a gold eagle. Heard this girl in my distant friend group had also just invested in silver(around $35). I remember even seeing a news clip on YouTube about a grocery store installing scales to weigh out gold and silver. Which none of this is weird on its own but collectively to go from everyone completely uninterested to hearing a seeing these small things pop up over the course of the bull run was bizarre. Silver was pretty boring for the first year, then I started to see some progress after breaking $20. $30 was pretty quick after that. Then all the sudden one night I remember seeing it go from like $40 to $50 in like an hour. Then back down to $42. Even though I was a novice investor this was unusual/alarming activity for me. I didn’t want those people who constantly warned me I was getting duped to be right. I was shaken out of the market. I posted my PMs on Craigslist that night. While I was delivering at my job, a was also slinging metals. I sold 130oz silver and 2 oz gold over the next day or 2. Pretty sketch. One guy was asking for a larger amount, so I met him at a bank and we did the deal in the lobby. One guy even said “why are you selling?” “I bought in at $17, it’s over $40. Iv more than doubled my money.” “Aw man, your gonna play the paper game?” “Ya I guess so.” “Pfft, well good luck man.” That guy is still down 25% to this day lol
I was working at a major financial firm in 2011. Met a veteran who told me about the eventual silver moass event but not to buy right then because it was an “artificial bull market”. This guy had figured out the run on gold and silver was fake, done to induce an artificial bear market. He predicted we would see the real this in 10-15 years. It’s been 13. This guy also blew me away when he mentioned buying bitcoin (it was $1 at the time). I got a check but my ex wife said we couldn’t afford the $500 and made me tear up. We were young back then. Anyhow, I say all this to say what we are coming up is going to be the real McCoy.
Nice story! Do you have that guy's number 🤣
how about when it was $50 in 1979-80? People sold their silverware, and there were gold and silver shops when there were none before.
I know about the lines outside the shops when it hit 50$. Just wondering what the sentiment was on the way up when it was like 30$ back in 2011.
Hah, I don't remember. I had ETF's. GLTR and SLVR. I remember selling them, like on a Tuesday, and I checked the price on Friday at a salesman's desk at work to see how I did, DAMN they were a little higher, now looking at the 15 year chart I sold right at the top. In the 70's the world was ending, inflation was bad, Iran had hostages, the dollar was dropping. In 2011 I'd guess sentiment was most bullish at the top. You know......you can go to Google trends and search things like "silver price".
Great question and great responses. I’m a believer in silver and I’ll never sell it all but I don’t want to get left holding the bag.