Loading ...1970’s silver bull market
I often just put line charts or weekly/monthly candles… I didn’t like those dashes. But after Noman told us about those repetitive lock-limit days back then… I think I now know what he was referring too! Insanity to have lived through that.
One has to know this sector. I wonder how Noman did with his trade:
https://goldtadise.com/?p=469738
As said in post I reversed at 53.70 GDXJ. Price rules.
I for one would like to hear more anecdotal accounts of what it was like during these lock-limit days to buy/sell bullion – esp silver – I’m guessing it was just a ‘pricing vaccuum’ where people just negotiated their own (private sale/buy) price. Was the local coin shop not buying (or selling). I’m guessing ‘premiums’ were non-existent. At what discount to spot were coin shops buying inventory? Did people just buy/sell amongst themselves (perhaps in front of the coin shop)? Interesting indeed. Thanks.
Yeah, there were days when coin shops (more plentiful back in those days) simply would not sell you any coins. You could see them in the safe or behind the counter, but they would not sell. Buy, yes, sell, no. Went to a lot of coin shows in those days. Always got better prices and could barter a bit if you bought “more.” That’s where I picked up my junk silver, at coin shows. Bought a little bit at a time, got a lower premium in so doing. Gradually built up a nice little stash. Then eBay came along but they charged a ton of commission + PayPal fees. I figured out how to circumvent those guys after a single sale. Then I bought direct and got much better prices.
Wish I had the $$ to buy gold coins now. But those days are long gone.
“Not every market has price limits. Gold, Silver, Coffee, Sugar and Cocoa are among the contracts that do not have price limits.”
https://www.danielstrading.com/2014/02/21/limit-up-limit-down-markets
I guess this might apply for now and maybe not when things go crazy.
Found this… https://www.cmegroup.com/trading/price-limits.html#metals .. still circuit breakers… not sure how that works though.