Loading ...I really do think that we can make about 30 32 bucks on this run in silver. She has it in her I can feel it, and the last three rises shows it can be done. And that is without any jet fuel being added by outside disturbances. Let us ride her higher without margin like Equiz. He only traded beer money for her. HAAAA
“Never in economic history has there been a night like tonight. I am writing later than usual because of the enormity of all the converging forces. The euro reaches for $1.60, the Middle East oil producers are in shock, and the IMF tells the world to “plan for the worst.”
The reason this missive is late is because I am reverberating at the speed of the disintegration. These cursed OTC derivatives and their makers, who incidentally made the international banking community rich beyond your wildest dreams, are now unwinding at lightening speed.
Do you think any entity with any OTC derivative now has faith in the paper?
This paper is $550 trillion plus dollars in notional value. The horrible fact is that in bankruptcy notional value becomes real value with the capacity to destroy the world financial system.
The above is no wild assumption. It is hard, cold fact.”
I read on Gold Forum, and from some PM analysts, around the time that POG was struggling to advance from 300 to 400, when several spokespersons said they would start parting with their gold when the public started to sell silver or gold items from their family possessions, or when gold and silver prices started to appear on the front-page news and on prime-time TV news.
Well, we have all of the latter happening now, with an increasing number of the public becoming aware of gold or silver as a possible investment, or as a possible source of money for silver trays or old gold watches that they own.
But mercifully this time around we do not have persons on Goldtent posting that it is now time to dump one’s PM investments because a broader segment of the public is now getting involved.
Somehow I think many persons, exemplified by those who post on Goldtent, have probably matured their ideas since the time that gold was moving from 300 to 400. I think some subscription analysts might have matured their views as well, since that time 3 or 4 years ago. Education from persons like Mr. Sinclair no doubt had a big role in this maturing process. A lot of people now know when it is appropriate to hang onto the PM-related investments they already own.
I am so glad that there is no one posting now on Goldtent that it is time to exit this market because of some ill-conceived signal that the public is now starting to ditch their silver trays and cutlery. There will be more of that, of course, when silver hits $50/ounce.
But for now the ‘time to sell’ crowd are silent, and thanks for that. Best wishes. Equiz (who used some coffee money and beer money to buy a bit more physical silver today).
I told you I told you all. Goldrunner cannot get Gaye off his mind. The woman has a hold on him worse than Gold Fever. There is only one thing that will take his temperature down ..but I can’t say it cause we promised to keep the board clean.
Somewhere ..out there in the universe ,there is a bullish rising wedge.
Sometime after your post but before I had caught up to it, I used the phrase “something rotten in the state of Denmark” in a post and now I see that you use the same phrase before I did tonight…..so…….you need to go back and remove that phrase from your post so it doesn’t look like I borrowed it from you. 
hehehe Cheers, ipso
The little splash of silver trays and stuff being turned in will probably grow a little larger but the supply was pretty exhausted in 79 80. If we all were smart we would take out an ad in our local papers offering cash for silver and gold.
The whole turn in deal proves once again that J6 pack is a creature of habit. Sell now cause we are for sure going into a long bear decline soon on silver and gold …I know cause I bought a gold necklace for 1200 dollars in 1980 and it was only worth 200 in 1985. ……..God if I hear that story one more time I am going to hit the person with a 2×4 and do him or her a favor.
And again no one stands in for me at choir. I’ll tourture you I tell ya .I will sing from the time I get to Tottsville to when I leave.
The US Dollar was the world’s reserve currency for so long with its value always increasing that people probably got used to that. When traveling overseas….or to Mexico…..or to Canada, American citizens exchanged the almighty Dollar for “cheaper currencies.” The American Citizens didn’t want other currencies for so long that they don’t have a clue that the reverse can happen to them. Ditto the stock market bull. Most investors have lived with a stock bull for their whole lives. The don’t have a clue what to do when the stock market rolls over……..even worse a stock market that is falling while it is crashing against inflation and Gold. They don’t have a clue. I showed the charts in an editorial recently, and you should have seen the comments sent to me. Even though I showed charts of the falling dollar with the related explanation of how the price of Gold is affected by the moves in value of the current local currency, some wrote to argue that the Dow stocks were only crashing against Gold because “Gold was going up.”
One smart fellow wrote the best response. He asked something like, “Well, if my Dow stocks are really crashing against Gold and against inflation, and my real estate is too, the isn’t everything I own also crashing in value due to the US dollar fall?”
My response…………”You got it, buddy. Protect yourself with Gold and Silver.”
The answer to your question, IMO, is not arrogance…………….it is complete ignorance. Kinda like me and hockey pucks. For instance, all I really know about Canada is…..
1) There is some guy up in BC who spends a lot of time out at his wood shed.
2) There is a crazy dentist in the Toronto area who has a Gaye assistant.
3) Some smart but crazy guy calling himself “Inca Trails” lives up in the Canadian Rockies.
4) When we went to “Expo 67″ in Montreal they used square white bread for hamburgers instead of buns. Now, at nine years of age- that was “3rd world/ bannana republic stuff.” The upside- I still have Canadian coins from that trip that have increased in value against the US Dollar.
Supposedly today in Gartman’s newsletter he increased his positions by buying more gold and increasing his shorts on the SM. So… something seems to be rotten in the state of Denmark!
I WILL REPEAT THAT. TODAY GARTMAN TOLD HIS CLIENTS TO BUY MORE GOLD. NOT LIKE ON TV THAT IT WAS TOO LATE.
Cheers, ipso
That is a lot of stuff hitting the market. I am surprised that people are willing to sell now and not wait for higher prices. I guess it is a sign of the times, people are starting to hurt and need the money to pay bills or buy food.
Best
Dusty
The Buffalo-Batavia-Rochester corridor is close to the Canadian border and I would expect businesses there to be accomodative of both currencies through transactions every day. We find the same as we cross into the state of Washington. Bellingham businesses near the border know a Canadian dollar when they see one, but we have found that the situation seems to change once one gets south of Seattle. Anyway, I said to WANKA that I didnt want to beat this dead horse any more. Thanks you for your comments. Equiz.
When I was in the service I was stationed in Germany (’69-’70). At that time the Germans loved the US dollar. Never had a problem spending them in the local economy. Wouldn’t surprise me now if even the working girls would turn dollars down!!
>I don’t think we are going to see a whole lot of gold and silver hit the recycling >bin this time around.
I know what you mean about the ’80s having more of an accumulation. I’ve heard stories of whole dump trucks full of coins being scrapped back then. But there are serious loads of scrap coming out currently. Old silver trays and tea sets. Lots of jewelry. Worn coins. Spare pieces of silverware that’s mismatched or has monograms (less saleable) etc. Our little “hole in the wall” coin dealer shop, in a village of about 9,000, has a whole coffee can full of scrapped jewelry every few weeks. And a bucket of sterling. I have a guy I see weekly at a local flea market that brings in baggies full of rings and bracelets. At a recent coin show in Florida, a major coin dealer bought enough silver coins, bars etc. to fill 100 buckets. The price they were offering people by the end of the show kept dropping because they had so much already they really didn’t care if they got any more!
Naturally, the silly people selling their silver at $15-20/oz will be buying it back hand over fist when it hits about $50.00. That’s the way the world works.
…..Great Stuff….thats exactly why I have a Big Basket…..nothing more than 6% of the PF…..
