When Will Silver Hit $20 Again?

I for one will continue to buy at pretty much the same rate I've bought at all year. I'm not too worried about selling it off, as its more of a long term hold for me. Now, if something crazy happened and it did hit $50, I'd probably have to revisit that thought.

Copyright
Brian Trumbore

The Hunts

In 1973, the Hunt family of Texas, possibly the richest family in
America at the time, decided to buy precious metals as a hedge against
inflation. Gold could not be held by private citizens at that time, so
the Hunts began to buy silver in enormous quantity.

In 1979 the sons of Patriarch H.L. Hunt, Nelson Bunker and William
Herbert, together with some wealthy Arabs, formed a silver pool. In a
short period of time they had amassed more than 200 million ounces of
silver, equivalent to half the world's deliverable supply.

When the Hunt's had begun accumulating silver back in 1973 the price
was in the $1.95 / ounce range. Early in '79, the price was about $5.
Late '79 / early '80 the price was in the $50's, peaking at $54.

carmykle
Did a poll of when will silver hit $22

Hey Sgtbigred, that 59 to 1 factoid is startling. Back when the Hunt brothers caused a run and the price to hit 50, it was an anomaly. It is three fifths of the way there now, and under normal market circumstances, whatever that means. If the Chinese do decide to hoard everything on the planet, the US is... um... skewered, to spell it differently. Even though silver is 20 an ounce, you can still get an unc ASE for five bucks over melt, which is just pure plain crazy for sellers to sell that low. Silver may be 30 by Christmas, who knows, but I agree buying lots now is a good thing. We are almost at that magic 22 buck 59% ratio now, so that's an undervalued purchase at 25 bucks. One day lots of our grandkids gonna like us alot.