Posted on 11/18/2013 5:40:14 AM PST by Errant
As Bitcoin soars over $600, another alternative to the fiat currency system is being monkey-hammered lower this morning as status quo support does everything it can to rotate stocks above the key levels we discussed earlier... because stocks rising on anything but fundamentals cannot be exposed for the liquidity-fueled excesses a rising precious metals price would unveil.
Gold is still holding above recent lows but Silver has broken to fresh 3-month lows...
Sounds like a buying opportunity.
My thoughts exactly. ;)
We are in Wonderland, for sure.
DITTO. Purchase of hard assets is a bet against gov debt driven system. If it implodes due to an unforseen event or it just reached its limits, gold and silver will protect your buying power when inflation and hyperinflation hits before the G7 nations meet to re set the currency. Gold and silver prices below mining costs plus China, Russia and India buying up available supplies at the low low prices, the supply of the metals cannot last forever at low low prices. All the naked shorting is causing physical supply going East to China, India and Russia. What is Wall Street going to do when people who brought prec metal contracts want delivery of physical bars in lieu of cash? Hope US Ft Knox is not going to loan their gold to Wall Street to prevent the ponzi paper gold scheme from collapsing. If that happens the American people will suffer when China and Russia decides to trade in their own gold backed currency and make it available as an alternative to US dollar.
I'm not doubting that, but is there a website that checks such things?
Someone actually figure out the silver mining costs by mining company. The avg cost was about $ 23 per troy ounce, but ranges from $ 19 to $ 32 by individual mining companies. Google it, you may find it. Mining companies can still mine below cost because they are suppose to have cash reserves for lulls, but they are having a tough time getting loans from banks and raising capital. If low prices are sustained, these mines must close or cut back mining operations. That will impact supply. You can find the same data on gold.
That “plunge” chart is all of $5.00. Silly.
There is no monetary protection for the little guy, well maybe stocking up liquor and ammo, but phys. gold and silver will be hard to keep and hard to trade if SHTF.
We may have been stupid enough to elect and re-elect this bunch of grifters, but the rest of the planet isn’t stupid enough to trust China or Russia’s slight of hand currencies.
In a SHTF scenario I will make you dance like a little poodle for a sliver of my gold and you will do it happily.
One of many articles about how it's done: Gold and Silver Price Manipulation from the Top Down
Why is anyone upset? This is how it works! The ratio of gold to dollars goes up and it goes down. Crying when it goes one way and not the other is stupid!
The dollar is big. Huge. There are plenty of dollars in circulation in the USA and the world that it will take 20 0bamas and 3 carters to destroy the dollar.
You can’t eat gold. If there is a crisis, all the people with gold will come out and shave off some gold and go looking for a loaf of bread. So will everyone else, and soon you’ll need a lot of gold shavings for your bread. Then the guy with the bread will be stuck with piles of gold and be starving.
Buy liike there is no tomorrow. Becuase there isn’t.
Everything in moderation. I’m pretty satisfied with where I’m at, but will buy a little more if the price is right. Been waiting for $18 silver for awhile now.
I’m waiting for the bitcoin crash so I can listen to all the FR’s who got stung in the sting cry about it. Gold and silver will always have value. :-)
For the next decade the direction of gold is down because USA oil production is up. That hardens the dollar. Its pretty much that simple. Here’s a graph. Notice the similarity between now and 1980.
http://www.macrotrends.net/1333/gold-and-silver-prices-100-year-historical-chart
$649! lol
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