The New York silver market has been pushed down sharply on profit taking, to around $11.85 per ounce. (It was over $14 per ounce on Thursday, which was a 25 year high.) My advice: Look at this as a short-term buying opportunity. Buy on this dip! The silver bull should resume his charge in May.
Even at under $12 per ounce, silver is still quite high compared to just a month ago. OBTW, I recently bumped up my allowance on pre-1965 silver coinage to NINE times face value, for anyone that wants any of my mail order merchandise (or to pay for advertising, for that matter) and that would like to pay in silver coinage. (I had previously allowed seven times face value.)
The recent run-up in spot silver leads me to an observation:
In 1964, a basic blued steel Colt M1911 .45 automatic pistol cost around $65. Today they cost around $600. If you were to sell some of your cache of silver coinage at your local coin shop and then go buy a .45 at you local gun shop, you'd find that it is not autopistols that have gone up in price. Rather, it is paper dollars that have gone down in value. The bottom line: You can trust tangibles, but don't put much trust in paper currency in the long term!