Predictions for gold and silver prices?

Okay, so I have quite a story to tell.

With gold at over $2,300 an ounce, I am planning to sell a quarter eagle of mine that I got a couple of weeks ago for $250. A $50 gold eagle is over $2,400, and that sounds quite cheap right now. I started collecting in November of 2022, and I remember that, near Christmas, $1,880 for one of these $50 pieces was like a record price, and it was way over the limit. Now, I would pray to have that price. This goes with silver, too. You likely pay roughly $2 for a dime, $5 for a quarter, and $10 for a half, but now these coins have actually become worth that in silver. A small dealer markup like mine would actually be a small markup as of right now, and while I wouldn't pay $9.50 over a month ago, I now dream of it.

However, as buyers, we basically need to be meteorologists of bullion prices, predicting every little step. I'm hoping to sell some gold and silver in the next few days, but I want to share my prediction with you.

I think that while gold prices are going up and down around $2250-$2400, I believe that it will soon drop dramatically. The same goes for silver, too, as prices for it had been about $22 an ounce roughly 3 weeks ago.

What do you believe will happen? Should we be buying before it goes up more, or selling while it's high?

 

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I don't know about the others, but I live by the " Buy low, sell high" method. I only have one 1/4 oz. of Gold, so I'm not that much of an investor. As far as Silver, I don't pay attention to value much as that part of the collection is just my "hobby coins.
I'm just interested in seeing what others have to say.

 

I'm with you on that one. I actually own less gold than you do, and I don't really watch the value of silver except for when I have a 1 oz round. I have over a pound of silver, but a lot of it that I have often will be sold, either as junk or Barber and Seated Liberty designs. I don't pay much attention except when I am buying or am deciding whether the price of war nickels at my coin club meeting will be $1.25 or $1.50.

The nickels are something I'm gonna have extreme trouble with in 2 weeks.

By the way, Sal, thank you for the compliment (the symbol)! I'm glad you like the post, and I definitely like reading replies on the posts.

 

What's that about the nickels? I have a small amount of graded Jefferson nickels. Don't know why someone would even spend the money for the grading fees. Do you? I got them in a Contest online. Mostly '50's and 60's.
Back to Silver, most of mine was purchased when Silver was low, maybe $7 to $10 per ounce. The rest were Xmas gifts for several years from a relative also into coins.
As far as Gold? Love the stuff. I remember in early 2000's, gold was around $700 per oz! Isn't that crazy compared to now!

 

Fun to guess, I reckon.
Thinking gold doesn't have much more room to run. Might hit 2400 before backing off some.
With gold becoming ever more unaffordable for the average Joe, maybe PM enthusiasts will buy more silver?
I do think silver could hit $35 before the end of the year.
Bullion dealers do report people are selling considerably more than they are buying.these days.
Don't look to me for intelligent guesses LOL.

 

Why sell while it’s on the rise? It a few weeks you’ll be thinking you should buy. Trying to guess what the PM’s are going to do is it a game, it’s insane. The younger you are the more time you have so hold onto it.

 

Bonds trending to lower highs and lows could be a headwind for PMs (higher interest rates). Looks like that bull market in US Trashuries is over, over...

https://finviz.com/futures_charts.ashx?p=m&t=ZN

 

Once again I will shake my magic 8-ball and see what comes up.... Shake-shake-shake...... And the 8-ball predicts "Anybody's Guess"...... Honestly I been buying gold since the 1990's and stopped buying when it went above $1800.00. Not that I have any sort of prediction in my back pocket. It had just become more than I felt comfortable spending. I was one of those guys that thought silver was a good buy in the early 2000's and I still haven't recovered from that...... Predictions? We will see $2400.00 gold, but it will drop below $2000.00 in the next 2-4 years. Either way, I am in fine shape.

 

Mainly for the war nickels, people have been cleaning them out at the 2 LCS's I go to. Another that I recently visited had a bunch of them, but they were $2.15 each, and the ones in this place (they sold about anything precious metal-wise) basically expected you to know the prices on everything, even though the prices were hidden and I was going in there for the first time.

And yeah, I think it's very crazy that gold is at such a high price. Nowadays, if Guinness was to step in on the world record gold price, they'd have to change it about every 15 minutes. Not too long ago, a commemorative $5 gold piece was about $532 on APMEX, but now the same piece can be over $600.

Rather than intelligent guesses, I think you're spittin' out straight facts. It is quite possible for silver to hit $35, as we have almost 8 months left in the year. I'm hoping it'll go down so I can buy it, but I'm glad that for once, silver didn't start going down when I talked about selling it.

That's a good point, but where I'm coming from is where gold was not too long ago. A couple of months ago, it went almost below $1,900, and that's what concerns me. It is also true for silver, as last summer, it hit roughly $26.50 an ounce but fell shortly afterwards.

For the quarter eagle, I am looking to sell it because it is basically destroyed. It's a love token, and is ex-jewelry, and the obverse details don't really give it any numismatic value. You wouldn't get much out of it over melt, and I'd rather make $30 while I can, plus money on other coins, without risking a potential extreme loss.

Sir, I think you found the best website to see all of this. It really seems like precious metals could go up quite a bit, especially if the economy doesn't get better. Currently I'll see what the future of gold looks like in the next month or 2 by checking prices, and I just might buy some.

What were the silver prices in the early 2000s? I know that in 2011, it was almost $50 an ounce, but I have no idea what it was before then. Knowing how foolish I was a year ago, I could've had silver at about $20 an ounce after the premiums. That was early in the year, though, when my coin collection was very tiny, and the most valuable thing in it was a 1 oz silver bar that I got for less than melt.

I really wish I knew more about coins and bullion then, because now I could've made some money as a coin dealer.

 

I was buying junk silver and ASE's between $30.00-$32.00.... I traded off a hefty amount of silver for a couple of double eagles 4-5 years back so I came out alright.... That silver gets mighty heavy for a hoarder like me.

 

same here.
I stopped after it hit 1800/oz although recently I've been buying a little at a time (AGE 1/10 or 1/25 oz) as I don't want to slap so much money down. I've been buying ASE silver again just 5 oz at a time.

I started buying silver/gold which was when I was in high school (1980s) but didn't really buy much until the 1990s ... it's only trended up in the long term. It has it's dips (for some times many years) but then it all depends upon one's perspective on price, whether their vision is recent or a long time ago, and whether they plan on holding for short/long term.

But since the $1,800/oz mark I only buy AGE/ASE/APE.

 

I could definitely see ASEs between $30-32, as they usually sell for along those lines. It definitely is not helped by the fact that silver can also get very bulky for someone who buys a lot of junk silver. Copper is the same way, too.

Just 50 pounds of copper pennies can be so many to handle that you start putting them in boxes and forgetting about 'em. I do think they'll be great when I start buying more gold and silver.

Currently I'm wondering if I should buy bigger gold pieces or fractional gold. Would they both be good in either time length?

For those gold eagles, I think 1/10 oz pieces are a great place to start. I really like fractional gold myself, and while it's a really long story of why, let's just say that it has to do with versatility.

 

Silver has had some wild rides in the past.
you can see historical charts here
Silver Price History

 

I actually don't like fractional gold. But I can't swallow spending $2400 for 1 oz of gold right now. And yes, I was buying those sets of AGEs from the Mint in the past but now the spot price point I haven't quite accepted yet.
I'm hoping for a big dip in spot .. but who knows.

My last ASEs were at $32.80 each, then $29.33 the month before.

What I did years ago, which some people strategize on Gold-Silver variances is collect Silver then sell and buy gold. I just didn't like a big bulk and sold some silver to get gold.

 

FYI in after hours trading silver is over 28!

 

@The Half Dime I completely disagree with your premise that metals are going back down, "but where I'm coming from is where gold was not too long ago. A couple of months ago, it went almost below $1,900, and that's what concerns me. It is also true for silver, as last summer, it hit roughly $26.50 an ounce but fell shortly afterwards." Prices move higher and lower for several reasons.

If you look at the technical charts, they are setting higher lows in the breakout, generally very bullish. I don't think you are going to be very successful trading 1/10 AGEs as the markup will tend to eat your profits. I would suggest that if you are trying to accumulate wealth you should look to the stock market vs. trading precious metals. Metals to me are a hedge.

 

Mainly when I'm buying gold and silver, there is usually a way to resell it. Junk silver is some of my favorite because I have a buyer for it, but I also believe that I may have not made my chart too clear.

To clarify it up, I'm not trying to make a killing off of metals, but I'm hoping that they will go down so I, and many others, could buy them and still make money. I'm not willing to pay $30 for a silver round right now, but because I have a buyer for junk silver, I may be willing to buy it at these prices under certain circumstances. Junk silver has a high demand, and that's why I prefer it.

Also, for 1/10 oz AGEs, I would be more of a seller for those than a trader. Those would be decent for bartering if you can get them at low prices, but for trading, I would do a 1/2 oz or an ounce.

 

Love the fact that gold is climbing

 

I heard a commodities analyst a few days ago on Bloomberg--he predicted that gold & copper would keep going up. When they asked him about silver, he said that it is the "Devil's Metal", based on his bad experiences with it.

I'm old enough to remember the giant silver Mania in the late 1970's, & then the horrific crash. However, I have a fair amount of silver left, & may start selling some if it goes to $35 or so. (Not that I don't like silver, I have some Unc. rolls of Franklin halves That I just like having around.....)

 

Since I believe gold will easily hit $3,000 by 2030 (maybe sooner)...I'm a buyer of bullion.

My numismatic coins -- mostly Saints -- I want to add, too. Maybe if gold hits $5,000 and ounce I will part with some but these I treat like art pieces for my enjoyment.