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 Replies: 23 / Views: 3,428 |
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Bedrock of the Community
United States
10982 Posts |
P.S. I did buy that silver lot tonight and will have about 10ozs for sale next week at melt price w/insured delivery in the U.S.
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Valued Member
United States
314 Posts |
What silver lot are you talking about BH?
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Pillar of the Community
United States
2661 Posts |
At that price I would probably be trading some for bullets.
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Valued Member
Philippines
386 Posts |
next step for me is hoard gold coins...
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Pillar of the Community
Canada
3692 Posts |
Maybe then you could change your name finally to CopperHawk74.
But seriously, you're really praying for a global catastrophe, here. $150/oz? I hope it never reaches that ridicule.
What kinds of medals do you collect? Olympic? War?
Edited by Libertad
04/22/2011 08:32 am
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Pillar of the Community
United States
1126 Posts |
AyeJay I know several who have sold recently. They are banking on a correction to 30-32 to get back in. Free silver. Problem is, that's like running to Vegas and slamming your money on Black. Sometimes that correction never happens.My feeling on the whole thing is that this rapid rise in price IS a price correction. After decades of institutional price suppression I feel that silver is just racing to find it's historic value area of 16 to 1 ratio with gold. As far as what to do with it after selling. Hard to tell everyone's situation is different and when someone sells who knows what condition the economy or the country for that matter will be in. If things are very bad then maybe some land near a water source for growing food for ones family. If things have not gone to a Mad Max World, Heck maybe a new toy that you can enjoy. After all we spend a lot of time in our chosen hobby learning all these aspects of the world economy and how they influence each other. Why should we not greatly benefit from it and have even more fun than we do with our hobby. given that we had the fore sight to buy tons of a metal that almost every "financial expert" on the planet screamed at everyone was just a barbaric relic of the past and was not worth anything any more. When it has been actual money for thousand of years. For myself, I don't think I can ever have too many motorcycles. So another new one would be fun if the S*&T Does NOT Hit The Fan.   Edited by stewart
04/22/2011 09:47 am
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Valued Member
United States
314 Posts |
Stewart I am in the same boat as you. I believe this IS a correction to it's true value as well. Also, I do not fall for the "you don't want silver to be $150 an ounce" thing.
People saying that bread would also be $10 a loaf, gas $10 a gallon, yadda, yadda. It has already risen 300% in a little over a year, and I can still buy a loaf of bread for a buck.
What's going to make it all of a sudden change?
It's not the price of silver that will determine food and gas prices going parabolic, it's the value of our dollar, which seems to be in a death spiral.
Anyone who has read some of my posts, already knows I am a huge silverbug. But here is my simple philosophy.
I have a vast collection of various rounds, bars, silver coins, and .999 silver from around the world. I have most everything in Mint state, housed in airtites. I also have rolls of common junk silver in various denominations. I do have a sell price for the latter, but will convert that into BU items as well.
If our dollar tanks, or we move to a different currency, the people who are left with dollars, will certainly lose a portion of their wealth during the transfer to the new currency, maybe even a great portion, as they held out too long. Once the dust settles, precious metals will be revalued in terms of the new currency, and I will have more wealth than those that held out.
Scenario B: We get our economy back on track, the future starts looking bright. People will most certainly move away from metals and get back into the markets, bringing the price down, maybe even rather quickly. I have not lost anything. My net worth may go down, but I still have a great collection, with alot of variety to enjoy, and I live in a country that is finally going in the right direction. I can then keep adding to my collection, only cheaper. Win Win.
I prefer scenario B personally. I have almost 30 years left to retirement, I can afford to put my money into a collection that also provides me insurance.
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Pillar of the Community
United States
1126 Posts |
AyeJay, Amen to Plan B  That is the one I am hoping for. Coins are my hobby that enjoy immensely. Which has afforded me the knowledge of the precious metals as a store of wealth. My whole collection is going to my son one day anyway So it is actually going to be a store of wealth for him and my grand children (When he has some) Unless the whole system crashes and we end up having to use it sooner. I would rather have it and not need it  than need it and not have it.  Edited by stewart
04/22/2011 1:58 pm
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Pillar of the Community
 United States
3670 Posts |
I agree with Ajay an Stewart, as were all in the same boat.... Libertad, so Copperhawk74 eh! Now that has a good ring to it, rof .... |
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Bedrock of the Community
United States
10982 Posts |
Quote:
What silver lot are you talking about BH? This lot: 1- Lincoln Unc. S$1 Commemorative 1- 1989 S$1 Commemorative set 1- 2006 Washington Mint $100 bill..one ounce silver 3- 1988 Canada Maple Leaf 2 -2010 Britanna Proofs 2- 1990 Australia Kookaburra1- 2007 Chinese Panda 14- one ounce .999 silver rounds 1- five ounce .999 silver round 1- two ounce .999 Mexican Round 7- one ounce .999 bars 7- Modern Commemoratives S$1 3- 1971 Ikes, 40% silver proofs 1- Olympic medal set, .999 silver ounce 1- .999 silver oblong ounce in silver holder |
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Bedrock of the Community
United States
14454 Posts |
for silver to hit 150 an ounce our country will be in dire straights and we will have allot more to worry about than selling silver. I think at the 75.00 BH was talking about would mean some real hard times for our country and may end up being something we would not be able to turn around from, but 150 an ounce would mean a total economic break down for the US dollar. They are already talking about if they don't get the debt down they will remove our tripple A credit rating which is a major problem if they do
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Pillar of the Community
United States
3670 Posts |
Yes, I am going with Ayejay1974's advice as we are on the same course in life, and we both should retire around the same time. So I am gonna lock it in for the long haul and just keep added an oz here and there, and in time it will be a ridiculous amount. Minus something happening major where I need cash it in asap, which is unfortunately a real possibility, but I will just replace it in time as well if that happens....
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Pillar of the Community
United States
4008 Posts |
Quote:
P.S. I did buy that silver lot tonight and will have about 10ozs for sale next week at melt price w/insured delivery in the U.S. BH1964 Good job on the silver buy. I really hope that it works out well for you and delivers a nice profit.   |
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Pillar of the Community
United States
4008 Posts |
Quote:
for silver to hit 150 an ounce our country will be in dire straights and we will have allot more to worry about than selling silver. - Bryan1315 I'm thinking that if the p00 hits the fan big-time, having silver and being able to sell it or trade it to buy food and fuel might very well be THE big thing in our lives at that point. Consider the alternative... a horrible financial catastrophe of some kind and NO way to buy much of anything because all that a person has is a bunch of fiat paper dollars that are in very low demand. Also, I understand that today's silver prices are due to silver fundamentals and that the early 1980s price spike was due to a lot of things, including the Hunt brothers trying to corner the silver market, but... adjusted for inflation, that $50 price would be more like $125-130 today... and that is not so very far below the $150 mark suggested by Silverhawk. As to prices... I thought that $500 gold was ridiculous at the time, having seen it around $250 in 2001. Then it became $1000 gold and now $1500 gold. Can anyone say with a straight face that we definitely will not see $2000 or more gold? I can't. If the gold:silver price ratio does decline to its historical value of 16:1 and we have $2000 gold, what does that make silver? Hint: $125! Before rejecting even higher prices for PMs in the next several years, we need to look at what it was that pushed them to their current price levels. Inflation via over-printing of the US dollar plus rapidly increasing demand from Asia and other parts of the world. The supply of silver is currently tight, which means that consumption and production are in rough equality. What happens if a major silver producer goes out of production because of a flooded mine, political problems, labor problems, equipment failure, mine explosion or collapse, or military action? Answer: silver prices would literally explode upwards. That may or may not last for very long but it could definitely happen under this scenario. Finally, all of the signs that I see in the silver market indicate that we are in a multi-year bull market. We may well see some sell-offs and a lot of price volatility along this path. But the trend in silver prices will be higher for some time to come. Yes, I could be wrong about this but I would rather have a bucket of silver on the chance that this is right than not have it on the even slimmer chance that it is not. My alternative is pretty much to hold dollars or dollar denominated assets of various kinds. Anyone feeling really cheery about the US dollar about now? How about over the next 5-10 years? Still no cheer? Can't say that I blame you! |
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Pillar of the Community
United States
3670 Posts |
What if supply dropped enough over the next say five to ten years, where as silver may hit 150, without the country turning into a post apocalyptic war torn waste land? Is it possible?
One thing I have learned in my short time, is people are set in their ways and beliefs and do not change easily, but the world is constantly changing around them, and that change seems to result in technology and THINGS COSTING MORE than before. Inflation accounts for something eh, the reason why we will probably never she gas less than 2 bucks a gallon ever again. The gold example Ed used above and many have said something along the lines in this example as, "Thought we would never see the day of 1000 or 1200 or 1500 gold", but here it is and beyond. Why not silver too, as we seemed to have had it connected to gold since the beginning of civilization?
Edited by Silverhawk74
04/23/2011 02:56 am
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Posted 04/22/2011 04:26 am
