As a general investing rule I avoid buying something that is at a 22 year high. This is especially true when talking about commodities like silver that have no possibility of growth, an ounce of silver will always be an ounce of silver.
Does anyone remember what silver was selling for in 1999?
Yes, exactly. OTOH, an unbacked fiat currency Federal Reserve Note dollar may not be worth a Continental in the future. That is, if it follows every other unbacked fiat currency in the history of mankind.
But an ounce of silver will still be an ounce of silver.
Generally, I sell anything that hits a 22-year high, and wait for a 22-year low before buying.
Literally true, but not figuratively or financially true.
The United States once held the greatest silver stocks of all time. Over twenty BILLION ounces.
It's gone. It's in the landfills in old busted TV's and such. Broken mirrors. Hundreds of billions of old negatives sitting around.
Estimates are that above ground available stocks of silver are now less than a billion ounces. All of it getting used fairly rapidly. And while your averageproduct that uses silver only uses 25 cents worth or so, it is absolutely indispensibe to the product.
To put it in perspective, there are somewheres between 4-5 billion ounces of gold avalable worldwide.
So an ounce of silver is an ounce of silver. Keep talkin that way. But remember...
It's getting used up. And, unlike paper used in a printing press, it don't grow on trees!
I didn't buy. I did go on to read various histories of the Hunt bust. Andrew Tobias had the best first hand account of it, iirc.
I had a neighbor that worked at silverware manufacturering company during the Hunts' attemp. He said the company made
more off the collectible value of the coins and antique silverware that people were selling to the company for the metal value.
The price og gold closed at $636.00.
News here in N Nevada is that a new gold strike may have been located near Tonapah/Goldfield.