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Posted by sak81 (Member # 3706) on April 25, 2011, 06:31 AM:
How high will it go?
Posted by Kokopelli (Member # 633) on April 25, 2011, 10:45 AM:
Don't know, but take this for what it's worth;
When the very sincere man in the commercial is telling you that the time to buy gold, silver, vintage porn, fill in the blank, is NOW!!!! what he means is that it's time for you to buy & for the company that he represents to SELL the stuff that they already bought before the market started to move up.
YMMV
Posted by Leonard (Member # 2) on April 25, 2011, 11:11 AM:
I seem to remember when the Hunt brothers cornered the silver market at around $4 an ounce. I think they lost their ass?
Good hunting. LB
Posted by TundraWookie (Member # 1044) on April 25, 2011, 04:35 PM:
Invest in ammo, it's a sure thing and if things get really out of hand who's gonna win, a guy with a boatload of silver or ammo?
Posted by Cdog911 (Member # 7) on April 25, 2011, 04:58 PM:
Coincidentally, I just got out of a two hour meeting with one of my financial advisors where we were discussing this very thing. Silver bullion closed at just under $47 today, putting it at a ~32:1 ratio to gold. At my request, he did some research and advises me that when things are doing as they have historically done, silver trades at ~ a 50:1 ratio to gold which means that silver, if it were where it should be, would be at ~$30 (per ounce right now). Long and short of thing? Silver is currently overprices and long past due for a correction.
Now, in a normal world, that would be happening any day now, but in his words, both gold and silver have abandoned any semblance of trading like precious metals and are now on a run up and are being traded very much like currency, and both seem to have detached themselves from the US dollar.
In the terms of what some of you rich bastards have in assets, my miniscule little pot o' cash would seem pathetic, but the amount we were discussing in that meeting represents ~12% of my nest egg and I'm as protective of it as anyone else would be and don't really want to throw it away on bad advice. The money has been sitting in the shelter of money markets for some time and I'd asked him to buy into gold/ silver six weeks ago. Today, knowing he hadn't made the buy yet, I went in there somewhat pissed, knowing that I'd missed out on a significant run up in the silver alone. I demanded that he explain his failure to act to me.
In short, he put in purchase requests for my, and a lot of other peoples' money expecting a correction which simply hasn't happened for unknown reasons. Had the correction happened, I'd have been bought in and would have cleared some money here. But, once I saw the charts and graphs, and he expalied what his strategy was, I just couldn't bring myself to pull the trigger at market value today with any confidence that the markets would still be climbing in a month. Instead, at his advice, I bought into silver mining, rather than the silver itself, because that stock is in the midst of a correction and, assuming that silver will continue to improve, silver mining is poised for some good advances. That was half my money. The other half is being invested in a multinational account that carries South Korea, India, Russia and Brazil. As long as our economy chugs along like it is, they're all doing pretty well staying ahead of us and I'll bank on that.
This guy is a real black helo/ conspiracy nut like me and, at his advice, I reapportioned my federal retirement holdings and in less than three weeks, have seen a better than 4-5% growth overall, so he may be nutty, but he makes me money.
To the original question? Silver dropped today for the first time in several weeks. Not a lot, but dropped nonetheless. I can't see people continuing to advance those prices with it being overprioced as much as it is, but then again, it's a crazy world. China's buying up as much of every natural resource commodity that they can grab, and they're buying them with US T-bills. When they get their holding pissed down to the point where dumping the remainder at one time won't tank their own economy, we'll find out just how much they think of us as "friends".
Posted by Cdog911 (Member # 7) on April 25, 2011, 05:10 PM:
Addendum: This guy plotted out what he thought was happening geopolitically better than four years ago and has been dead nuts on the money the whole trip. In his opinion, you won't see any big challenges to Obama's way of running our government and our economy into the ground because the Cons knew he would do what he's doing all along and they intend to see him kill the Dem party once and for all.
Like a lot of us, he's telling his clients to buy food and water to plan for a 30-60 day crisis period.
Black helicopters? He used to work for Edward Jones and they showed him the door when he refused to sell new products to clients while the market was going into the shitter four years ago. He was grabbed up by another agency and he took 90% of his clients with him. At the request of a very wealthy attorney client who wanted to know what the likelihood was that the dollar would lose its value and become worthless in the foreseeable future, he told the guy 15%. The lawyer scoffed and he called contacts within EJ to see what they thought a more accurate number might be. He spoke with an economist in NYC who, after some prying, finally admitted to him that they were operating under the consensus that there was a 50:50 chance the USD would become worthless,(china, Brazil and Russia are doing everything they can to see this happen) but were not publicly stating that fact.
My plan? I have a food locker and a garden to hold us through. My money is still invested in the stock market (domestic and international) and I pulled completely out of bonds. My ammo lockers are well stocked too, and I'm planning for the worst and hoping for the best because, as my advisor says, "I can guarantee you that your neighbors don't even have extra batteries for their f-in' flashlights."
Posted by sak81 (Member # 3706) on April 25, 2011, 05:38 PM:
Cdog911- Very interesting.
15 years ago a older gal came into my wifes bank want to sell all her silver coins at face value. Everyone in the bank wanted this gal to find a dealer, so she could get more for her coins.
Long story short, the gal exchanged the coins at the bank. My wife only had $150.00 to spend at the time, witch yielded her 500 merc dimes, 200 washington quarters, an 100 walking liberty halves. With silver prices they way they are right now, we had a guy say he would give 26x face value. Not bad for a $150.00 investment. But is that a good price? There is some speculation silver is going to hit $100.00 oz.?
Ammo is good no doubt, but if the dollar becomes worthless, silver an gold might be the only thing that has any value. Can't imagine things getting that f'd up. Then again I never thought I'd pay 4.50 for gas either.
Posted by Cdog911 (Member # 7) on April 25, 2011, 07:42 PM:
sak,
I will add that I inquired about buying silver in coins and he told me he had two online sources where, if I wanted to buy on a $10k contract, they would literally send me 60# buckets of silver coins, various denominations. I didn't have that kind of ching to spend, so he told me of a local guy with a pile of silver coins he wants to sell for market value to finance some upgrades to his farming op and I could buy as much or as little as I want and that he would be the go-between for us when and if I wanted to do that. We spoke briefly about what to do with them if I bought them and he said that he himself was stockpiling silver coins in a gunsafe. I asked him about putting them in a safe deposit box at the bank and he came right out of his seat, telling me no way in hell. If/ when things go to total shit, the banks will lock down and you won't have access to your silver. Keep it onhand and safe where you can get to it if you need to barter. We spoke about other barterable goods and he laughingly said he had thought about stockpiling toilet paper. I told him that after Katrina, Maxim magazine reported that the best thing to have for bartering in New Orleans was, of all things, beer.
As the Chinese say, "May you live in interesting times." They're just thinking about us.
Posted by Leonard (Member # 2) on April 25, 2011, 10:44 PM:
Yeah, don't forget the 50 gallon drums of water. I think I'll just drink pool water.
Back in the 70's, I was going to develop a natural gas compressor and fill bottles in my garage and convert my truck to run on natural gas. I don't know about other places, but CA regulates the price, it doesn't fluctuate like gasoline, diesel and propane.
Lance, I nominate you for the Black Helicopter Forum. All in favor, say Aye.
GH/LB
Posted by TOM64 (Member # 561) on April 26, 2011, 10:26 AM:
CNG is coming along quite well around here, lots of fleets have switched over and we even have a CNG filling station here in our podunk town.
Been stock piling ammo and components for a few years now but I keep shooting the stuff and it's an ongoing process. Throwed together a few get home bags and bug out bags and am waiting for obama to take the last step.
As for money, it'll be worthless and gold is too heavy to carry. Copper jacketed lead will be the new precious metal.
Posted by Leonard (Member # 2) on April 26, 2011, 10:57 AM:
Damn, are you bucking for Black Helicopter Forum? It's like everything else, Amigo, you are overqualified.
GH/LB
Posted by Kokopelli (Member # 633) on April 26, 2011, 10:57 AM:
If I'm not mistaken, it was the philosopher Attila of Hungary that said "Gold is fine, but you can't eat it & it won't hold an edge."
Shortly after the election of Reagan, I had a (liberal) neighbor brag to me that he had stockpiled five cases of wine and two cases of cheese to be ready for the imminent collapse of society. He asked what I had done to get ready and I told him that I had a .357 Mag. and that a neighbor was holding five cases of wine and two cases of cheese for me. Sum-Bitch didn't speak to me for three months.
Posted by Az-Hunter (Member # 17) on April 26, 2011, 11:02 AM:
I still contend, those who will make money in gold and silver....all ready have. If things go tits up, who in the hell would want gold or silver? what can you possibly do with it?
That which will have value, is what will be necessary to subsist, Id wager a five gallon sealed container of dried pinto beans, couldn't be bought for a wheelbarrow full of bullion?
[ April 26, 2011, 11:03 AM: Message edited by: Az-Hunter ]
Posted by Cdog911 (Member # 7) on April 26, 2011, 11:50 AM:
Valid point, Az, and if you look to see what the Chinese are buying the most of, it's commodities like iron, lumber, gold, wheat, corn and the like. I guess they recently took all their ag ground out of wheat and are growing corn out the whazoo. Makes you wonder.
Posted by Leonard (Member # 2) on April 26, 2011, 01:03 PM:
Still, predicting the future is a fool's errand. I heard that once. Maybe twice? Don't know? Wish I had invested in Microsoft twenty years ago. Or, Apple. Or gold. Man! I'm such a dummy! My money, (edit: such as it is) is in the Bank Of Charlatan at scandalous interest rates.
GH/LB
[ April 26, 2011, 01:04 PM: Message edited by: Leonard ]
Posted by TOM64 (Member # 561) on April 26, 2011, 01:05 PM:
Leonard, anytime you find an untruth in anything I say, feel free to point it out amigo.
Posted by Paul Melching (Member # 885) on April 26, 2011, 02:00 PM:
I have long contended that if it all goes to hell the guy with seed and food will be ahead of the game! {edit to add} and enough guns and ammo to protect what he has.
[ April 26, 2011, 02:01 PM: Message edited by: Paul Melching ]
Posted by Leonard (Member # 2) on April 26, 2011, 02:17 PM:
Have not noticed any inaccuracies, Tom. Why?
Posted by booger (Member # 3602) on April 26, 2011, 06:10 PM:
One of my bank customers runs a pawn/gun/jewelry shop.
He contends that it will go to $75/oz. or higher. He indicated that his conversations with the smelters show they are working night and day just to provide product. He had an order from one company to provide 1,300 ounces, and it took 6 weeks to get his order filled.
My wife and I bought a 100 ounce bar with some of the money we got from our wedding in 1983. We paid $6.25 an ounce...I told my wife that if it ever hit $20.00 we were going to sell...I am glad we didn't sell. It's tempting to sell now, but I want to see how high it goes.
Lance...interesting information from your brokerage guy. I am thinking that with the present situation our wonderful president has us in, that we could see a correction that made the one 2 years ago look small.
I am seriously considering cashing out my IRA's that are in mutual funds and sitting on the sidelines in CD's and cash accounts to see what happens.
Booger
[ April 26, 2011, 06:12 PM: Message edited by: booger ]
Posted by Leonard (Member # 2) on April 26, 2011, 06:28 PM:
Yeah, that's exactly what I'm doing! I just don't know, and how can we know when we have idiot evil bastards running things?
GH/LB
Posted by Cdog911 (Member # 7) on April 26, 2011, 06:55 PM:
I've been doing that for nearly three years, and although I'm glad I was there and saved my money from being lost, I regret not making something with it. Most of these guys will tell you that they honestly don't know what the hell to do. Geitner has a press conference tomorrow that will be very telling as to what they plan to do with the QE2. If they start talking QE3, we're screwed big time, and my guy thinks we pretty much are already. He agreed that a lot of what happens from here forward is on Obama and his people, both domestically and internationally since everything and everyone else is tied to the USD. Personally, I think that there's so much ego there to contend with that these stupid bastards will let it tank totally before admitting they didn't know what the hell they were doing. That's my main reason for going to metals and international stuff. I'm doing okay in the S%P right now, but when we get really BO'd, I don't want to be relying on American stuff to pull me through. It's all a crap shoot.
[ April 27, 2011, 11:40 AM: Message edited by: Cdog911 ]
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