2011 GOLD high $1,500.00, SILVER high $24.00

LMAO!! That one deserves the "Yakpoo Shout-Out"!

Krispy...you may recall that last year I was predicting a significant early Fall 2010 correction in PM prices.

I based that prediction on the "bond market" anticipating an increase of Republican representation in Congress (which happened) and the resulting fiscal conservatism and economic improvement to push up long term interest rates.

All this came to pass except that the idiot bond analysts didn't predict it! Well, we're seeing it now and it's no surprise (to me, anyway) that long term rates are rising and PM prices are falling...(duh!) :scratch:

 

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I do indeed recall your prediction and I'm glad you are here to recall it for us! Good call!

 

I'm here for ya Krispy! :cheers:

It's about time for you to go hear your beloved BO tell us how he plans to enslave us all with more government spending...enjoy!! :burger-flip:

 

I know you can't wait for his spouse's coin to come out!

 

Nope...no matter what I think about BO's politics, he's still MY president!

Wow...I'm listening to his "State o' the Onion" and have to ask myself, "When did BO become a Republican?!" ...I haven't heard anything yet that I disagree with!!

 

He's an intelligent man. I hope that comes before parties no matter one's affiliation. I respect intelligence and can only hope to aspire to the same. He even manages some humor! :smile

 

Barring common sense...humor's always good! :thumb:

Until I hear a politician promote the Fair Tax as the replacement of the Federal Income Tax, he/she doesn't get my support. That's why Mike Huckabee was my pick in 2010!

I'm leaning towards Ron Paul this go around...although I can't say I care for his isolationist views.

 

I'm not really sure any politician is going to be able to reverse course. The GOP may be able to slow it down a tad bit....

You'd probably need to replace the GOP with an actual "Tea Party" full of Austrian-liked minds.....


Hey Dessertgem,

Good call a couple weeks ago. I remember you saying you were going to get out of PM's for a little while......

 

BO only said what he said for politics, I agree with alot of what he said except in spending to get there and the real proof is does he actually do any of it...time will tell....til then it's just playing the politics game...

 

The reason I feel that Silver may be driven slightly by the private ownership in China is that it's more affordable than gold and secondly, the wealth of a great number of Chinese has risen substantially over the past few years and their economy is doing better than ours. I expect that economy to rebound faster than ours by far and the standard of living would be greatly improved for many citizens. Add the notion that many poorer people have a great distrust of government and the banking industry initially, when families acquire the ability to purchase PMs in any amount, many will do so. That multiplied by the great number of people not only in
China, but India and the rest of the east as well, creates a substantial market. Even in '68 when I was in Nam, I became aware of the distrust of currency and banks by the poorest people there. And nearly every one owned PM of some sort. A coin, ring, token, whatever. Asian people have a greater love and need for PM's than we do. IMHO

 

In the case of Vietnam in the era you mention, I should think that the people were reacting to years upon years of distrust after constant war, strife and subjugation due to Colonialism by the French, the Japanese, and finally the Chinese and Americans simultaneously waging ideological (undeclared) war inside their nation. Banks (and currencies, especially outside) just were not much use for common people, especially a predominantly rural and agrarian culture, for the greater half of the 20th Century.

 

Gold up $20 so far today to 1346.80
Silver up from $26.75 to $27.60

 

Krispy,
With Asia, that attitude has persisted I believe largely because of a continued state of unrest practically forever up to today. After Vietnam, there Was Cambodia, tensions over Hong Kong, threat of war with Russia, nuclear North Korea, Militarized Japan, Tibet, etc. For thousands of years tensions throughout Asia have made people aware that at any given time they might need to flee their homes and relocate. Everyone knows that the fare paid by refugees is in PM's. You buy your way out with Gold, Silver or Diamonds. Since coins have the "known quantity" factor, that has always made them the choice form of insurance.

Certainly, times have changed, instead of black market purchases. They can now buy PM's legally and at a lower buyer's premium than recently.

I only know that I am not going to sell any now or right away. I truly believe Silver still has room to run, and as Chinese economy grows, so will demand for Silver bullion coins.

gary

 

+1. I very much agree and understand what you are saying and the direction you feel silver is heading.

I would also add that I only limited my earlier comment to the 20th century since we are speaking more of global factors and fiat currencies which have been in play, or replacing those currencies backed by PMs, for most of the time line I mentioned. You are absolutely right about the persistent attitude/fears in that region of the world for ages as well as the form of payment needed by peoples in flight.

 

$1319 as of noon today.....

Pretty nice drop.....

Good thing I held off buying any PM's during the holidays! Good call Krispy. ha!

I wonder how many bought gold at $1420 near the height?

 

:thumb:

 

$1317 now....major smackdown!!!

 

Are you putting the same amount of money into gold as you would have put? The reason I ask is alot of people out they would normally put say $3,000 into gold when it's $1,500/ounce but when it dips for instance to say $1,000/ounce only buy 2 ounces and think the $1,000 is a profit when gold goes back up or a big savings...but why not just put that into another ounce of gold...I personally think if you believe in pm's you should put the same amount into them on the dips as you would have done on the highs...it's all about who has more and at the lowest price that makes the profit or storage of value.

 

I think you make some pretty good points. Pretty much everyone knows about China manipulating their currency, but that can't hold out for long and when the Chinese people experience the volatility of their currency, they most certainly will want to hedge against it.

 

Last night, before I went to bed, I decided to buy the Buchanan unc. spouse coin. So, you know how I felt this morning when I read that the mint just lowered the price today!