Posted on 03/02/2006 7:12:11 PM PST by Atlas Sneezed
at the close in N. Y. - now up to $13.82!
$14 by Friday / we've been looking at a buck upwards-every ten days
Makes me wonder if there is a run on silver or is the dollar depreciating that quickly?
OK, this is getting creepy.
You know, I've read some many articles, here and elsewhere that say such and such, and this and that, but I wanted the 'bottom line' so - I just made a call to my friend the coin dealer/smelter and he gave me the latest on what is going to happen and I will relate his comments here, exactly as he told me (and btw, this person has been in the silver/ gold smelting business, along with buying and selling rare coins - since 1978). He told me that there are two things that come into play right now. Firstly, it's the vote by the FCC on this 'Electronically Traded Fund' issue (it's a silver fund) -so each share of stock, represents silver). Now, I don't like what he told me, but I'll put it in quotes: "No matter how the FCC votes on the ETF, silver will come down"!
This -I did not want to hear (I wish he had said that silver might go $44 an oz or higher) but it made sense as he went on. Whether or not the FCC passes this ETF - it is speculation that is driving silver up right now.
As a long time friend, he adised me that silver might go $5 higher than todays close at $14.00 ($19 an oz) and concluded with: "that is where you want to sell your silver holding."
So, this is the latest and best information that I have and with this personal friend of mine being in the business (truly being in the know)- I've now set my goal - and will sell all of my silver holdings at $18.85 area. (he did go on to say that silver could very well go to $25, but I won't be greedy and my goal is now set).
Also, for all silver followers here, he also stated that the FCC is "keeping it a secret as to when they will vote on this ETF issue!" So, I'm a gambler of sorts and will go with what I've just been told today at 5:25pm cst and I'm setting my goal in stone so to speak. My goal for selling silver my own personal holdings of silver - is now: $18.85.
The last thing I asked my friend was this: "Aren't I correct that this ETF issue and silver spiraling upwards so drastically the past four months - has no relationship to gold going up." -And he stated - "that is correct." I then said..."that when I do sell my silver -shouldn't I then immediately (the same moment) put the proceeds in gold (U S Eagles or South African Kruggerands) and he firmly stated "yes."
So, that's my goal here and I hope my fellow FReepers will benefit from all that is posted here in this thread. / bttt
fyi my above/for what it's worth/bttt
He is "over the top" in his writing style but, well researched in his articles...
**** Mogambo sez: As I found out the hard way, life is hard when you are stupid and it is even harder when you act stupid. If you want a definition of "acting stupid," then how about betting all your money and all your retirement that now, after it has failed every time in history, a government with the power to create unlimited money and credit (this time courtesy of a criminally compliant Supreme Court and Federal Reserve) will not destroy the currency and the economy by over-issuing money? Want to take that bet?
If, on the other hand, you want to bet that this time, too, like all the other times in history, the over-issuance of money will destroy the currency and the economy, then buy gold. You heard it here, and you hear it everywhere that smart people who know what they are talking about, say, "Mogambo Guru who? Never heard of him!" And, you hear it from people who have just gotten their retirement mutual fund account quarterly statements and they note that their gold holdings are up 22% in the first quarter and up 68% in the last year.
But, that said, maybe now is not the precise time to plow into gold, as the lease-rates spread is again very wide, which means that the gold-market manipulators will again borrow and dump tons and tons of gold on the market, driving the price of gold down and compressing the lease rates so that they can profit when they again widen.
(mid) Night trading April 19th, 2006:
Gold for April @$620.50
Silver for April @$13.760
Platinum for April @$1114.1
You hit the strike price and far exceeded it. Bingo, right on the money! The only thing remaining is when do metal & energy prices double+? The answer is when Tehran's insane Mohammedan fanatics & their preplanted jihadist moles begin targeting supertankers and the huge oil & natural gas fields all over the oil rich Persian Gulf region.
The countdown is already underway. Oh throw in a few devastating hurricanes for good measure.
Crude futures dip to just above US$71 a barrel after overnight record settlement
While it is tempting to trade the silver/gold market, it is far more prudent to accumulate both over time as longterm insurance! Just as one hopes not to "benefit" from a life insurance policy..., we should hope that the day never comes when we must depend upon silver/gold holdings to eat! Should the latter day arrive, we'll also be depending upon brass/lead holdings!!!
Over the past 33 years, I've seen where gold has tumbled after a country such a Russia -back in '82- had dumped a large amount of gold on the market. I suppose that can happen on any given day in history. bttt
Well said!
I see where silver is already at $14.25 now.
Getting too "frothy" for me. Picked up my last engelhard bars on eBay for &12.50 -$12.70/oz. over last weekend...
And I got my last batch @ $11.68.
(Gold now at $624.90)
I'm curious (and to give the reader other options on buying silver from a coin dealer) how can a person buy Engelard bars - on Ebay if you have time to explain please? How is this possible? Who is the seller if you know that?
Actually, this morning about 3 AM they were calling silver down, it was sutting at 13.95 for quite a while.
Broke the pattern though, gold now at 633.85 and silver up .49 at 14.56
Short squeeze. Silver is gonna go to at least $75 an ounce.
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.