Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.
Posted on 12/28/2010 2:07:47 PM PST by mikelets456
Wow... I only bought 30 - 40 oz of Silver as a hedge against inflation or if all hell broke lose. I can not believe it blew past $30 Oz and shows no sign of stopping....or perceived that way. I keep reading about a 16:1 ratio of Gold to Silver on this planet. Does that mean Silver could go for around $100 per ounce when all is said and done? Are more industries using Silver, people investing in it or the dollar dropping like a rock that is causing the rise? I assume all three but I would like to hear from people that have a good insight on Silver as i have only been at this for about 1.5 years. I thought I was stupid for buying in at $16 per ounce. Is Silver still a bargain?
My coin dealer prices junk and bullion with a 1-3% margin on what is on his Kitco screen RIGHT NOW. His low margins and resulting high volume have made him very comfortable economically. He is debt free and owns property overseas (his wife’s birthplace) to where he intends to retire. He was going to retire last year but the income started ramping up big time so he is still at it.
Try to sell silver ounces today to a dealer or coin shop.
I wouldn't sell to a dealer, I would sell on Ebay or some such transaction.
Oh, and the biggest historical industrial use of silver is photographic film. That's a rapidly shrinking market. There are other uses, but for industrial use, demand for silver is not in high demand. Most of the demand now is speculation and distrust of all paper currencies.
The market for photographic film has already mostly dissappeared, and it was a reason that silver went down to a few dollars a few years ago. Now more industrial uses are filling in the gap, and industrial demand is growing at 18% per year.
Hope I didn’t make a mistake today. Bought 50 ounces of silver through APMEX.
Goldbug Ping.
The industrial uses are increasing, and the monetary/investment uses are increasing at the same time.
There is also a widespread belief that the silver market is manipulated to keep the price down. Somewhat like in countries such as Venezuela, when the government establishes price controls to control inflation, it only creates a run on the product and shortages, because buyers perceive they are getting something below the true cost, and sellers can't or refuse to sell at that price. Whether silver is manipulated or not, the perception is that $29 an ounce is "on sale", which is causing frenzied buying. Silver needs to find a new level that will once again put buyers and sellers in equilibrium. This will reduce buyers, and some owners of silver will be convinced to part with their metal, and the market will function more efficiently again.
$500/oz within 24 months.
Back to your sports Tv.
(Just in case you thought I discounted your perspective, Frantzie, I don't, I just have fun with your myopia)
You need a new dealer
My dealer will give you about $1 less than spot for the junk/art bars and bullion, spot for the more well known popular bars/bullion (i.e. Englehart, Sunshine, NWT, etc) and slightly more than spot for government bullion like eagles, maple leafs, philharmonics, etc.
LOL
Yes, JP Morgan and HSBC have been manipulating the silver market to depress the price for decades, using the Comex futures exchange. The 'silver bugs' and their 'gold bug' cousins have been pointing this out for years, and it has gone largely ignored.
Finally, after being hounded the head of the CFTC (Commodities Futures Trading Commission) stated publically that, yes, it did indeed look like the markets were being manipulated by a "large participant" a few weeks ago.
Today the first of many shareholder lawsuits was filed on behalf of the SLV ETF fund, which was bought by (guess who?) yep, the JP Morgue, fairly recently.
One of the leading clearing house sites for details on this is the Gold Anti-trust Action Committee (GATA).
As a result of the publicity that GATA and other whistle-blowers have generated there has been a call to 'bust the Comex' by having futures buyers demand physical settlement of their contracts (which is routine in some commodities, and by real hedgers like oil retailers buying heating oil, or bakers buying flower, but much less common in the PM futures markets which are mostly speculators.)
Perhaps some of the large players (like the Chinese? Russians?) are not so amused at a few crooked bankers in New York and London manipulating the prices for commodities that they produce for decades.
On a smaller scale there has also been a lot of individuals buying silver due to the Ben Bernancke and his policies, which they believe are destroying the dollar.
So, I think this is involved in the silver spike. Whatever the JP Morgue has been doing they are probably stopping it, or reducing it now that the whole world is watching. For what it's worth GATA has maintained for years that if the manipulation is ended the prices for gold and silver will go way up.
It's nice to see a fringe 'conspiracy theory' more or less proven. It will be even nicer to see the lawsuits and CFTC investigation run their course.
If you want to collect coins you need to go learn about them. Lots of books with lots of details, how to grade coins, etc. Real collectable coins are mostly old, not instantly created in massive quantities to be sold via radio ads to Glenn Beck listeners.
I wrote a guide to investing in bullion which you can find by visiting my Freeper home page.
“flowers” = flour. One of the more horrible manglings of mine recently. Sorry!
If the trends hold true, everything will inflate to record levels.
Must be a lot of werewolves out there.
True “copper going up” Did you know a nickel has more metal value than face value? (a nickel is 75% copper 25% nickel)
$0.066 or 6.6 cents!
And a pre 1982 penny is $0.027 almost 3 cents.
Don’t get millions but maybe have a few for when it is worth more than paper.
Yes.
Thanks.
I have many thousands of nickels already due to FReeper Travis McGee's suggestion a couple years ago.
And, a big pile of scrap copper and aluminum out back.
In fact, I've made a rough calculation that 10 pre-1982 pennies are worth about 35 cents today. A Troy ounce of copper is worth about 35 cents too.
I was in the Loop Coin Shop about a month ago and they were selling 100 pre-1982 pennies in zip lock bags for $4.25 each bag.
I use Scottrade.
Only Kemo sabe.
Leni
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.