Posted on 04/15/2011 1:53:26 PM PDT by mikelets456
That’s a good point on the coins. If the US dollar does eventually crash, hyperinflation will destroy the currency. Gold will be so valuable that even 1/10th of an ounce will be much too valuable for most day-to-day transactions. Silver will become the currency of choice for daily transactions.
I bought at $12.
I used to be giddy about how well my “investment” (hedge) was doing.
Now I’m downright frightened. The current price action portends doom.
Simple: poor man’s gold.
I remember buying a bunch at $9.00, thinking I had to be nuts!
I bought in about 6 years ago and sold some recently for a toy but I will be buying more as current events suggest this is going to continue for years to come.
Gawd you sound like barflies at Harry Cipriani.
you jinx it by bragging on yourselves.
It’s called a bubble. Travel at your own risk. It always goes way more nuts than rational thought would suggest, but then one day...POP!
I'll agree with this much: when everyone's an expert then it's probably doom for the bull. This leg, at least.
Lots of people who study it say there is LESS - (and some say MUCH less) available silver on the planet than gold.
Gold gets recycled.
Lots of mirrors and photographic negatives and whatever are in landfills now.
Estimates are about 5-6 billion ounces of gold, and maybe 1-2 billion ounces of silver.
Kitco is showing spot at $43.05
My parents had a bunch of silver ingots, but Dad sold most of them a few years ago at $20/oz. Bummer.
Be careful with safe deposit boxes.
http://www.rapidtrends.com/safe-deposit-boxes-maybe-not-so-safe/
http://en.wikipedia.org/wiki/Executive_Order_6102
You should have it in multiple locations. Just sayin.
My family has silver dollar coins dated back as far as 1878 - 1928.
My dad decided to collect them for us kids. Do dates matter, or is it just the amount of silver in such coins?
I saw an ad on TV just yesterday that was handing out Liberty dimes as a bonus if you sign up for...(insert here).
On a side note, now is an excellent time to clean out the garage and take as much scrap steel to the dump as you can haul, because the price on scrap ain’t too shabby these days either...
Of course that means our light poles, metal bridge pieces and guard rails will be disappearing again soon as well....
“I remember buying a bunch at $9.00, thinking I had to be nuts!”
I bought “used” silver dollars and paid around $8.00 an ounce. Got to know how to shop. Hahahahahaha
I believe the current global economic order is teetering, go ahead and buy. It’s a great hedge. However, if you are just looking for an investment, silver isn’t really a good one.
I personally think that it is expensive right now. The govt and Wall St. don’t like this, so they will try to undermine it at some point.
By the way, I DON’T OWN ANY SILVER!!! (the Federales will probably try to seize gold and silver like they did in the 30’s).
I got in at $11oz...watching spot price is always a good new/really bad news kind of experience.
Don’t forget to supplement your physical holdings with lots of food, water and lead.
USUALLY there is a bit of a drop off, sell in May and go away.
Look at past years and you will see it in the silver charts.
Then somewhere in late July to early September, the price will go up again on into December. Otherwise known as “buy the dips”.
Silver has had a long run here, there MAY be a correction soon. Who knows? I wanted to buy more last summer and didn’t, had bills to pay instead.
Something to consider if you are long silver and concerned about the price falling, look into some of the silver inverse ETF’s.
For example ticker symbol ZSL (closed today at $17.65) is a double inverse of silver. You could buy a little of it to hedge against a sudden drop in silver, if you are worried about silver making some kind of top.
But you have to remember, if silver keeps on it’s current run up, the ZSL will lose it’s value twice as fast.
By the way, the 52 week high on ZSL is $164.80!
Good luck all.
Just watch this. I recall posting this 4 or 5 months ago. Some people called this B.S... Guess what he was right.
Anyone who has not watched, then please watch.
http://www.stansberryresearch.com/pro/1103PSIEOAVD/PPSIM400/PR
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