Buy Gold and SIlver Now, While They are Cheap!
Posted March 24th, 2008 by akak
output
Short article here that argues that last week's drop in the prices of the precious metals is actually a sign of the floundering and failing financial markets, and is a great buying opportunity:
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silver is low
just bought 1 100 oz bar from monex today
http://www.goldeneaglecoin.com/catalog_c65723.html
how about these guys?
http://lynncoins.com/jsilv.htm
anyone ever buy from these guys?
Buy While They Are Cheap? WS Con Job
920/oz is cheap? I bough at 675/oz shortly after the first debate when Dr. Paul said, "Just come home". That was the first time I had ever heard of Ron Paul. I followed him online from that day forward just like a stalker. I believed the guy. He spoke with facts, not fables. Appears gold has been one of the better bets don't ya think?
Thank you Ron Paul for waking me up.
Major silver dealers out of stock
"Three more major silver dealers are reported to be out of silver today: The U.S. Mint, Kitco, and Monex. This, on top of the major dealers yesterday, Amark, Perth Mint, CNI Numismatics, and APMEX, all reported sold out. Further, nearly all of Canada is reported to be out of silver, from Vancouver to Toronto."
http://seekingalpha.com/a...
they are not selling because
they are not selling because of the price drop.
And the US mint does have silver, just go to their website.
Exactly.
Those dealers ain't stupid. They can sense manipulation when it slaps them upside the head. Nobody in their right mind is "buying" this radical price drop as a real reflection of the market. They all know it's only temporary BS.....
http://groups.yahoo.com/g...
These people have
complained for YEARS that the Government has been manipulating the Precious Metals. Does it occur that now, with rising prices, they have THEIR OWN opportunity to do the same? Sell on rising prices, hold on falling pirces to lessen the fall. When did they stop selling (runout of stock)? Was it just about the same time prices began to fall?
Coincidentally yes,
they did run out of stock when the prices plunged last week.
Let's monitor and see if they are able to replenish their inventories at the same time silver reaches $21/oz again ;-)
Never know,
they may come up with a load of silver if prices go to $12/oz...
I am still blown away by the
I am still blown away by the fact that there is, overall in the world (above ground), significantly more GOLD than SILVER! Almost all the gold that has ever been mined (around 5 billion ounces) is still in existence, whereas most of the silver that has ever been mined is believed to have been "used up" and now unrecoverable in photographic film and electronics over the last century; most analysts that I have read place the above-ground stock of silver anwhere from 400 million oz. to 2 billion oz, just a fraction of the amount of gold.
According to info on Boris
According to info on Boris Sobolev's website (the author of the above Kitco article) the Publicly Traded Silver Mines claim reserves of 9.5 Billion ounces of Silver.
Big difference --- those are
Big difference --- those are RESERVES, meaning in the ground, meaning unmined silver. I was referring to mined and refined silver, i.e., above ground silver. You can't use unmined silver! (or gold, or anything else).
That is absolutely true,
But the silver in RESERVES is FAR in excess of the Gold in reserves, and they aren't running out due to its industrial use. Its use in the Photographic industry has dropped DRAMATICALLY in the last decade, and its only used in Black and White photopaper.
I was editing my post when you locked me out with your post :).
During the Nasdaq Bubble we learned a lot about analyst. They pimped their whore's wares all the way to the top, and even continued pimping them all the way down. Then after all was done they even give conversation to how irrational the public had become during the whole period. And these pimps, analyst, had an interest in the whole ordeal, generally directly employed by Investment houses. And as the whole ordeal was going up, they would give all kind of reason why their wares were such tremendous investments. And on the way down they would give all kind of reason why you should not sell ( buy for the long term, buy and holders shouldn't be bothered by this...). And people bought it. They bought it because these analyst, whom have an interest in the market going up, told them to buy. They listened to these analyst BECAUSE they had an interest in the whole ordeal, which made them "experts", and for the very reason they should have avoided listening to them.
The Real Estate Market went through near the EXACT same thing.
And now the Metals Market.
"Ya'll hang on here, their just trying to shake out the weak hands. We've gotta long ways up to go, it just getting started. Remember, we're in for the long haul..."
All kinds of rationalizations, but the bottom line is "Buy and Hold", this is what these people are telling you, AND THEY ARE SELLING THE METAL TO YOU FOR LITTLE PEICES OF PAPER!!!
What is a good price for junk silver?
How much should I expect to pay per dollar of face value?
Junk silver
At today's spot price (call it $17.00/oz), that would be approx. 12 X face value, give or take a tad.
you cn calculate it by taking the current spot price of silver (which can be found on www.kitco.com), and muliplying it by 0.72, which is the number of oz. of silver in $1.00 face value of 90%, pre-1965 US coins.
I hear it is getting very hard to find, though, along with most other forms of silver, except maybe for the 100 oz. bars.
A tip, Truthy
Multiply the spot price by .715. Then multiply the number of ounces you want to buy by that number. For example, right now, the spot price of silver is about $17.03. Take that number, multiply by .715 = 12.18. Then take the number of dollars that you'd like to buy (face value) say, $22.00. You then take the $22 (face value), multiply it by the 12.18, which = 267.96. So,you're buying $22 face value of junk silver for a price of $267.96
Or you could
Multiply face value of the 90% silver coin x 12 and get about the same result. So, a pre-1965 quarter for example w/be selling around $3.00; kennedy half around $6.00. Different dealers use different multipliers so don't be surprised to see it range b/w 10.5 - 12.5 based on spot + markup.
nice of the federal reserve
nice of the federal reserve to loan my money without asking me first...
http://www.lse.co.uk/Macr...
Good luck finding silver.
________________
Good luck to us all,
Lisa C.
www.women4ronpaul.com
tried to buy on friday
The line was out the door with people selling silver jewelry. The only inventory the coin dealer had was 3 100 oz bars, and some junk medallions. I asked him when he was going to get silver eagles in, and he said 4 to 6 weeks.
As of last Friday:
1) The U.S. Mint was out of silver
2) Kitco didn't have any silver maple leafs in stock
3) The Perth Mint is out of silver bullion
I can confirm the Perth Mint.
They are telling people 7 weeks.
________________
Good luck to us all,
Lisa C.
www.women4ronpaul.com
I know APMEX was limiting
I know APMEX was limiting orders temporarily, but I've had no problem buying silver through my local dealer.
Yeah, my mom said she had to
Yeah, my mom said she had to go to three different (large!) dealers in the Detroit area to get the 200 ounces of silver, just --- she wiped out two of them of the last they had (they told her, anyway).
Scary. If the market is NOT manipulated, why this nationwide shortage?
DeSaulinator
Where are you? I'm in Sterling Heights! My friend and I have been buying LOTS of silver this past month ... where are you shopping?
Justjen, I live in Alaska, but my
Oh, I live in Alaska, but my mom lives in Plymouth. She just went out today, and was told at two of the three stores that they did not have much left. At the third (a large and long-established dealer on Woodward Ave.), she was cheated, and charged $6.00 premium per silver Eagle! I made a heated call, though, and she is getting a refund.
Desaul ... Do you know if it
Desaul ...
Do you know if it was Abbot or Birmingham Coin and Jewelry? My friend is a huge silver bug -- he's gone to both of those stores regularly and has always been treated fairly - if your mom hasn't gone there, I would recommend (they are both on Woodward so I hope those weren't the ones that screwed her over!)
Yes, Justjen, she went to both of
Yes, she went to both of those, and it WAS one of those who cheated her on the silver Eagles ---- in addition to charging a rather high (but not outright outrageous) premium on some gold eagles. I had done business with both of them myself in the past, and was treated fairly, so I was very surprised by what she encountered. I hate to sound cynical, but my mom is elderly and not experienced in dealing with gold and silver, and I wonder if somebody there didn't see her as an "easy mark".
Desaul .....
Very interesting. I certainly hope they didn't try to take advantage - although it sounds like that's what happened. Sad. At least she's buying, though! Wish I could get my parents to do it ...
Justjen ...
Well, it took about three or four months of long-distance arm-twisting, but I feel much better for her having done it. And I also convinced her to NOT put it in the "safe deposit" box (yeah, "safe" for the government to confiscate).
Note that at Birmingham, though, they took her name and address, even though she paid with cash. Dammit, I tried to tell her WHY I wanted her to pay with cash, but she just didn't quite get it, and said the owner insisted.
DeSaul ...
My friend is here (the one that buys silver) and he has never given them his addy. Sounds like your mom may have indeed been seen as a mark. If you ever find out which store it was, pass it on - my friend said he will take his business elsewhere.
Best of luck to you guys!
It was Abbotts, to be
It was Abbotts, to be honest, that charged her the $6.00 premium for the silver eagles. Inexcusable.
I have some
but I am now buying survival stuff water filter etc.
Have been buying silver on
Have been buying silver on the dips!
That article sounds so much like
all the articles written in 2000 by financial "experts" talking about the Nasdaq in April 2000...
Bumped just for
Bumped just for OneLouseofTreason
A
nother bump i trust Jim Sinclaire. read what he says today!
The answer is simple - NOT today.
The stock market is running hard on the upside because a failed broker, Bear Stearns, is being purchased for $10, not $2.
Bear Stearns is down more than $190 from its high.
The rating companies are keeping Bear Stearns debt rated AA- which is quite high because Morgan is acquiring them. Morgan had to go to the Fed window to borrow last week, not to make such action without stigma, but to get the money.
You ask when the madness will stop. The answer is only when the grim reaper silences the US dollar.
You are most likely right, and my price objective for gold is definitely puny.
I prefer to take one thing at a time so let’s get to $1650 first.
Regards,
Jim
I second that bump!
for one final season of treason. season of treason would probably advise against investing in silver right now since the market is all better now.
My mom just went out (on my
My mom just went out (on my advice) and bought 200 ounces of silver today. I hope she will never have to use it, but am afraid she very likely will --- and her stocks and annuities may end up being just so many expensive memories.