What Happens To Gold And Silver Next? Look Out Below?

BTW Fed minutes out now, watch the REACTION of silver and gold to the news, ignore what is said, thats not important.

well... we got clear resistance mapped out. I was thinking tho, with all the talk about silver here and higher prices, plus a plumber telling me last week to buy silver,, I thought hmmmmmm lol


more later

I'm starting to buy Silver again. I lucked out and sold all my Silver in early 2011 when it was around $40+ an ounce. Most of it was Liberty Walking half dollars and sold fast. I'm finding now that dealers are wanting a 30% markup over spot for these Walkers.

How much mark-up for 90% Sliver coinage should we be paying. I had a friendly dealer tell me he likes Silver now also, but he prefers to by Silver Bars - claims there is less variance from spot prices when buying or selling. Any comments on the best way to buy Silver and what to pay for it now.

If I can hit Warren Buffet's Billion Dollar NCAA Basketball Bracket I'll have enough to "Corner the Market".

I recently read (in chapter one of "Of Permanent Value - The Story of Warren Buffet" by Andrew Kilpatrick) that Warren is sitting on 129.7-million ounces of Silver that he purchased in Feb. 1998 (if melted and poured into a solid block , would fit into a space 26-feet by 26-feet by 26-feet).

The Danester

Ding DING DING DING DINGGGGGGGGGGGGGGGGGGGGGGGGGG @ Mr Basebal21.

Thats exactly it, why I dislike Buffet (and most pundits on financial TV), why its disingenuous when he gets on TV and talks. Stop thinking of Mr Buffet as a nice cute cuddly teddy bear. Hes a million steps ahead of everyone by the time he says hes bought something or he says to buy something.

By the time you know, its too late. That is why we follow, as traders, PRICE and volume. They are the only two things that dont lie and cannot be manipulated without getting your attention.

I tip my hat to you Mr Basebal.

Seriously.............that just means that 5% of his net worth is in PM's. That is just what any normal person should have.

Go ahead, mimic away

Probably not even 5 percent but him owning any shouldn't be a justification for it. I'm not really sure how accurate that is if you believe what he says he's against metal investing.

The one problem I really have with the comparison though is buffet bought at a time where they could basically only go up. That isn't the case now which gets back to my point about timing. By the time it's known what buffet did it's to late. If he endorses something he's just getting you to put your money to work for him and is done with his move. He wants prices going down when he buys so that he can get more cheaper.

I'm sorry I mentioned the Warren Buffett February 1998 Silver buy, as it was not my real reason for the post. My question was how much mark-up over spots should I expect to pay for 90% Silver coinage (specially Liberty Walking half dollars)? Or, is there a better way own physical Silver? Give me some feedback and I'll tell you a little more about Warren's Silver buy.

Warren bought the Silver for Berkshire Hathaway for about $5 an ounce, amounting to about 2% BH's Capital at the time (quote "This whole episode will have about as much impact on Berkshire's future as Warren's bridge playing") To date there is no indication any of this Silver has been sold nor any more purchased. However the book states, BH would be required to report a big stake in a stock, but there is no such rule for sliver purchase.

Buffett said at the Berkshire Hathaway Annual in 1998 meeting: "We didn't want to buy so much that we disrupted the market. We had no intention of replaying any Hunt Brother scenario". So, I don't think this was fast move by Warren to make a quick buck on physical Silver. He did what is professed on this board - have 2-5% of your net worth in physical Gold and/or Silver. I think Warren got all this from his father, Congressman Howard Buffett - a hard asset, inflation concerned type of guy. When Howard died in 1963 his portfolio in addition to $334,739 in Buffet Partnership included: 300 shares of DeBeers Consolidated Mines (the diamond company), 300 shares of Dome Petroleum, 200 shares of Handy and Harmon, 500 shares of Kewanee Oil Co., and 100 shares of Weyerhaeuser - all positions reflecting concern about inflation.

The Danester

You don't need much inside information for those stocks. If inflation goes up they go up in price.... they are all commodity based stocks.




Still looking for feedback

The Danester