Warning Fools! Silver Will Fall by 66%

[KevinR]

I bought high, and now I'm buying low. No regrets!

 

[matt0611]

If I had more money laying around I'd buy in more now.

 

[cbc58]

I think anyone who is buying gold and silver is doing so on the belief that they will be able to store or increase the value of their dollars. They better hope that:

a.) they sell it in a timely manner before the end of it's run-up and potential confiscation by govt., or;
b.) there is an established system to use it for the purchase of goods or services that they want/need.

I have personally tried to use it to purchase products and services by using the spot price but the adoption has been about
1 in 25. The one time it was accepted was by someone who wanted the coins I had, which were Morgan dollars in very
good condition. They accepted it at spot + a 10% premium because they wanted them for their collection.

 

[Seraphim]

This.

If interest rates on UST's go to just over 10%, the USG immediately becomes bankrupt as it will no longer be able to cover INTEREST costs on the debt.

That figure was 11.7% about to years ago but it's dropping as the debt goes parabolic.

This game is to destroy the debt by debauching the currency. Certain bubble aspects of the economy can and will burst, but not the inflation machine as a longstanding trend.

USG default = world war. USD devaluation = trade war.

"Leaders" have chosen the latter with the hope it does amount to the former.

That's great and all but means nothing since the Fed won't move from ZIRP, much less 20%.

 

[Seraphim]

This is not correct.

Some may be doing so, but most around these parts are storing gold/silver as a store of money until the new global credit/banking system is rolled out. It is coming, it's a matter of when, not if.

Most of us don't really care what the value of the metal is priced in these transient fiat currencies.

Gold is MONEY. Currency is a bill of credit.

Look at the global system of banking and credit. It is FUNDEMENTALLY FRACTURED. Broken and on life support.

In such a scenario, where should your hard earned long term savings go?

Unleveraged specie? Or leveraged debt obligations?

The choice is extremely simple.

I think anyone who is buying gold and silver is doing so on the belief that they will be able to store or increase the value of their dollars. They better hope that:

a.) they sell it in a timely manner before the end of it's run-up and potential confiscation by govt., or;
b.) there is an established system to use it for the purchase of goods or services that they want/need.

I have personally tried to use it to purchase products and services by using the spot price but the adoption has been about
1 in 25. The one time it was accepted was by someone who wanted the coins I had, which were Morgan dollars in very
good condition. They accepted it at spot + a 10% premium because they wanted them for their collection.

 

[PaulConventionWV]

As an atheist, I agree with the above sentiment

"Where the spirit of the Lord is -- there is liberty."

You agree with that, do you?

 

[Dogsoldier]

Well if it does go down I'm stocking up. Heres a thought....I wouldn't sell an oz of my silver for 50$....Its much more valuable to me then that. Market can do whatever it wants cause to me silver is soooooo much more valuable then a peice of paper.

 

[PaulConventionWV]

$29.44 silver today.

What to do now? Back up the truck to buy under $30, or panic sell?

Buy, baby, buy!

Bought my first silver a couple of weeks ago at ~$31. Looking to buy more under 30 tomorrow. It's like Christmas. I'm ready for large rise before the end of the year.

 

[cbc58]

Anyone care to comment on this post: http://www.econmatters.com/2013/01/when-gold-bugs-start-selling-look-out.html Says Schiff selling some gold...

Some may be doing so, but most around these parts are storing gold/silver as a store of money until the new global credit/banking system is rolled out.

I think some are doing that, but many are buying some to try and make money... if we are being honest with each other. The powers that be are not going to welcome private gold ownership if a gold-backed system emerges.. and if it looks like that is going to happen, I would bet that most who hold it would try and get out and into something else prior to conversion. If I knew what that was I'd be sitting on a beach sipping pinacoladas right now...

 

[GunnyFreedom]

$28.70 kinda wishing I had FRNs to buy with right now.

 

[GunnyFreedom]

Buy, baby, buy!

Bought my first silver a couple of weeks ago at ~$31. Looking to buy more under 30 tomorrow. It's like Christmas. I'm ready for large rise before the end of the year.

I started buying at $14 and I'd still be buying now if'n I could.

 

[ronpaulfollower999]

I'm not planning on selling for a while, so I welcome this sale. Hopefully it'll last through the summer. $26 will be a very important number if we get there.

 

[Brian4Liberty]

$28.47 and falling...

 

[Zippyjuan]

This.

If interest rates on UST's go to just over 10%, the USG immediately becomes bankrupt as it will no longer be able to cover INTEREST costs on the debt.

That figure was 11.7% about to years ago but it's dropping as the debt goes parabolic.

This game is to destroy the debt by debauching the currency. Certain bubble aspects of the economy can and will burst, but not the inflation machine as a longstanding trend.

USG default = world war. USD devaluation = trade war.

"Leaders" have chosen the latter with the hope it does amount to the former.

I assume that UST means US Treasury notes? They haven't been double digits since the 1980's. But it would not take much of an increase in rates to cause the costs of servicing the debt (interest) to soar. If the Treasury is wise, they should be selling as many long term notes (20- 30 years) and lock in these low rates for as long as they can.

 

[GunnyFreedom]

I'm dreadfully unhappy that I just had to sell 13oz AG to make car repairs after whacking a deer, but I have to visit all 100 counties in the next 3 months, and need my car operational.

 

[Zippyjuan]

Did they let you keep the meat? (Some states do- I have relatives in PA and they don't mind not having to clean up the carcass- or did is survive and get away?). That would help defray some of your costs with good meat to eat.

 

[GunnyFreedom]

Did they let you keep the meat? (Some states do- I have relatives in PA and they don't mind not having to clean up the carcass- or did is survive and get away?). That would help defray some of your costs with good meat to eat.

They would if I could have gotten to it. It went over a 10 foot embankment at 2AM. I went back at first light and couldn't find it. Not that I could have done much, I've never cleaned a deer in my life. I'd be all...

 

[Zippyjuan]

Sorry. Those things can do some pretty serious damage to a car. In the town I grew up in somebody was killed on their bicycle from a deer- bicycle coolision.

 

[GunnyFreedom]

Sorry. Those things can do some pretty serious damage to a car. In the town I grew up in somebody was killed on their bicycle from a deer- bicycle coolision.

Thanks, and sorry about the guy from your town. Deer can certainly be deadly.

I'm usually very good at avoiding them. I've only been hit by a deer once before in my life, and that was 23 years ago. And I didn't hit it, it hit me. In the side.

This time, the thing jumped out of a ditch right in the middle of a hairy s-curve and went right in front of me. I slammed on the brakes as hard as I could, but my car has ABS. (I can stop faster WITHOUT ABS)

Without ABS I might have managed to avoid it entirely, adding another half second before impact.

But I hit this critter HARD. The deer went airborne and was doing a flat spin, launched off another 30 foot off the other side of the road and down the aforementioned embankment. It was pretty bad. And it's a lot of damage.

If I were to go to a normal body shop, it'd cost me $4000 or better. Instead, I can get parts and do the work, and be back to normal for around $700

But I did NOT want to sell $700 in silver when it's in a dip like it is now. So I sold just enough to do the mechanical repairs (headlights, hood) and I'll worry about the fenders later.

 

[Zippyjuan]

Last year my Dad's car got hit (by another car while he and my Mom were going home from visiting my brother) and was totaled. He had to sell some of his PMs to get a new (used) one to replace it (insurance didn't cover everything) so I understand what you are going through.