Silver now $35 per ounce

[hazek]

I´ve read a german book about goldprice-manipulation (dimitri speck - Geheime Goldpolitik [secret goldpolitics]) and it seems the swiss national bank was under heavy preasure by the fed and bis (bank for international settlements) to do so. The public then was told that gold is an "old relict from the past" etc. A few years later, things got even worse: A part of our goldreserves were sold to fund social security and state deficits

I kind of imagined something like that must have happened..

There is just one good thing about our gold: We still got enough reserves left, so our total money supply is in fact 100 % backed by gold - at the current prices. Look at this gold chart (gold in chf: http://www.finanzen.net/rohstoffe/goldpreis/chf), it still hasnt reached its March 2010 highs in swiss francs!

Can you explain what you mean exactly? Did the gold price in CHF appriciate enough to keep the same ratio as it was in 2001?

As you happen to live in slovenia: You got some other countries not so far away, maybe one of it has no or a lower tax on coins/bars (austria?).

Yeah I'll probably have to research my options and Austria might be the answer.

 

[swissaustrian]

Can you explain what you mean exactly? Did the gold price in CHF appriciate enough to keep the same ratio as it was in 2001?

Yep exactly. And now finally our currency is backed by our goldreserves again although we dont have a gold standard. It seemed interesting to me that gold priced in swiss francs didnt appreciate in the last year considering the fact that it is backed by gold. Hopefully that makes sence not only to me

 

[hazek]

So the ratio is still the same but you can't take your CHFs and go to the government and demand gold now can you?

 

[swissaustrian]

Yes, we have a fiat currency. The gov will not give you anything for it.
I dont have exact numbers on the gold reserves and moneysupply so i can´t calculate the goldbacking of the chf, but i´ve recently read an article of a former chief economist of UBS (klaus wellershoff) about that issue and he obviously made these calculations.

 

[2young2vote]

The company that I bought my silver from isn't making a single OZ of their own silver now.

http://www.monarchpreciousmetals.co...ategory_id=22&option=com_virtuemart&Itemid=53

That 1oz is their most popular product and they don't have any. I got it for $18 I think in May of 2010. Just a few more $ and i will have doubled the value of my silver. The problem is that if companies are expecting the price to go down in a few months and are not willing to buy silver right now then the silver that i have is basically worthless. If nobody is willing to buy it then it is just a hunk of metal sitting in my lockbox. This is why it is good to have something like the Silver Eagle. Silver Eagles will still have a dollar value even if the silver content is worthless.

 

[enjerth]

The company that I bought my silver from isn't making a single OZ of their own silver now.

http://www.monarchpreciousmetals.co...ategory_id=22&option=com_virtuemart&Itemid=53

That 1oz is their most popular product and they don't have any. I got it for $18 I think in May of 2010. Just a few more $ and i will have doubled the value of my silver. The problem is that if companies are expecting the price to go down in a few months and are not willing to buy silver right now then the silver that i have is basically worthless. If nobody is willing to buy it then it is just a hunk of metal sitting in my lockbox. This is why it is good to have something like the Silver Eagle. Silver Eagles will still have a dollar value even if the silver content is worthless.

That's one of the most absurd things I've read in a long time.

If the value of the silver content is worthless, then I assure you, the dollar value of it will be worthless as well.

 

[Acala]

The problem is that if companies are expecting the price to go down in a few months and are not willing to buy silver right now then the silver that i have is basically worthless. If nobody is willing to buy it then it is just a hunk of metal sitting in my lockbox.

I'll buy 100 ounces of it right now. $30 an oz. You might not like the price, but I just proved it isn't a worthless hunk of metal, yes?

 

[devil21]

Goddamit silver - slow the fuck down! I need more and not getting cash to spend for a couple weeks. At this rate itll be $40/oz before I get to add more. It's so personally conflicting to watch silver go vertical since it proves our economic theories correct but it's starting to get too expensive to buy a lot at a time.

 

[PeacePlan]

Looks to me that they are naked shorting the stocks. Look at the XAU at the bottom of this link http://www.kitco.com/market/

This has been something they have done many times. There have been cases when more stocks are short than exist in the market. This is one of the ways to suppress the price of the real metal. Stocks are paper just like fiat dollar and is used to manipulate IMO

Silver is up 1.34 and XAU down - profit taking? Maybe - naked short selling is my guess.

 

[ctiger2]

wow