Wow. PM prices decreasing dramatically.

PMs are good for diversification but problem is in those scenario's (War and HI) government can act in unprecedented ways for example implementing a price control for PMs or ill legalizing sales all together. History has proven (Soviet Union post collapse, Germany post WW1 etc)people holding PMs weren't the ones who came out an ahead (it is people with political connection who procured all the assets cheaply).

 

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The US Government.
Providing the American Public with a false sense of security for 236 years.

 

I've got both

Connections, networks AND PMs...

 

Howdy folks,

Concur with the majority that see a bullish future for the metals and in this case silver. The fundmentals are the same if not worse (or better dependent upon your side of the trade).

That said, I'm an old guy so I recall having saying that silver is always a buy under $5. Ok. It was. Is it today at these prices? Is it more so at 29 than 30? Cripe, I think everyone should have a minimum percentage of their wealth in physical pms. If you don't have that percentage - get it. DCA if that works. That sure evens out these rollercoaster prices.

Hey, I'm buying hockey pucks plus my annual regulars and have been for years, so a little volality is not an issue.

peace,

rono

 

We've been on this silver roller coaster for a while. It goes up to the low and mid thirties and then crashes back to the mid to high 20's, where it finds a bottom and then starts up again. It's great because when you feel that you missed an opportunity to buy you can just wait around until the roller coaster goes down and jump on there again. I don't know if it will stay this way, but it's a heck of a ride!

 

Jjack,
With all due respect I should like to qualify this comment, sir.

To be realistic, comparing peasants to ruling oligarchs is as absurd as comparing yourself or me to Warren Buffet or Bill Gates. "Why are YOU such a failure, then?" lol

Was anyone hurt by hoarding PMs in Eastern Europe? Doubt that. Are savings/emergency reserves be a 'bad thing'? I don't believe so.

I was in Eastern Europe less than a year after the Russians abandoned their bases there. At the antikvariats in almost every town, I saw with my own eyes that Silver & Gold coins were openly sold (commodity-money) at significant premiums over Spot; bullion, too (tons of Washington Quarters, too.) Where had all these coins come from? Prudent savers: doomsday reserves of common folk. This "investment" was sound.

In the USA, Wall Street and its dupes tout stock schemes as the superior investment always. That's rubbish! There have been several stock ponzi in Eastern Europe: millions lost all their life savings investing in equities through pyrmaid/ponzi voucher-lottery schemes. Literally WIPED OUT.

Holding PMs, by contrast, was a solid choice. I'll illustrate with an example on a new OP.

 

Drop baby, drop. The cheaper you get, the more I can buy.

 

I predicted on some faceless silver thread back in 2009 or so, that history would repeat itself and silver will fall back to $10-$15 again. Not all at once, but steadily, over a decade or so. Seems like when I try to find that post I cannot..... wish I could....

 

Here are the "fruits" of one of the most notorious Russian Ponzi schemes -- the infamous MMM vouchers of around 1991-92. Much too long a story to tell here, but the Wall Street Journal was gleeful in chronicling its demise.

 

Hard data on total investor losses eludes me yet, but this "better forgotten tale" is all too typical of what happened in ČSFR >>>> -90% Capital LOSS
http://money.cnn.com/magazines/fortune/fortune_archive/1996/12/23/219833/index.htm

Beyond the unlicensed company name-ripoff, Viktor Kozeny of "Harvard Capital & Consulting" didn't even graduate or nor attend Harvard University, though he may (or may not!) have audited classes at the Extension School lol

 

I am not saying savings is bad what i saying hoarding hasn't exactly helped people out as intended when things turn really bad. Russians had great amount of savings in jewelry and other forms, were forced to sell it off cheap to get a loaf of bread or chance to migrate out of there (same situation is happening in Syria). In Michigan there is a large Russian community and i have near heard anyone say they were able to sell their gold and silverware over spot price..

 

The best response to jjack is that Things are Different this time; I know you've heard that before, but there has never been a time when most of the nations of the world were technically bankrupt, and the global money supply is increasing exponentially. This cannot end well. Again, I will be satisfied to break even in terms of purchasing power. Those who are unconvinced and unprepared will be savaged a second time (the first time was a haircut on home values).

 

Even if you are correct, I am sure you are severly estimating how long TPTB could kick this can down the road. Good chance it could be not in your life time, so even if you are right, you can come up short. Better plan is diversification that can prepare you for a variety of different outcomes.

To state you know how it will turn out is just arrogance, and in the world of finance that will just get you broke.

 

Well, I ain't broke yet. And when you come to the door begging for a can of beans, I'll give you one, despite your attitude.

What "can" do you think TPTB's kicking? The only can in sight is QE-to-infinity. You are probably right about that particular can. But it, too, will end badly.

 

I've heard differently, if by "Spot" you mean the local OFFICIAL Paper Currency rates for PMs.

Have you ever looked at PM coin prices in war-zones or post-Soviet EE, for example? I have. The premiums paid over "official" Spot can be extreme. YES people do escape with their Gold, in fact - especially when the Paper (Zim$) itself is worth-less.

 

Mighty kind offer, but since I am diversified in farmland, PM, little bit of everything, I don't think I will need to take you up on your offer.

What are you going to offer me for a can of beans if "the whole world is going to crap" and no one WANTS any stupid metal, they want food.

Your argument is much stronger if you are arguing only the US is "doomed". If you say the whole world is "doomed", then there is no need for PM, since there would be no place to escape TO.

Just my opinion.

 

I don't necessarily think the U.S. is doomed, but our standard of living will decline in ways today's 20-something's never dreamed of, if they dreamed at all. We have a resilient resourceful people, and the world's best agricultural, technical and medical expertise. And plenty of cropland to keep us fed, if the Government will stop meddling. Nevertheless, the poor will demand (and get) plenty of benefits, without interruption, and the rich will increase their share of wealth. Both factors leave the middle class struggling.

I wish I could say the beans are under my bed, but there's nothing there but dust bunnies. The biggest losers will be today's children. Since World War II, children in traditional families have generally gotten a boost in life from their inheritances at the very time they needed it most -- buying homes, paying off college loans, and chasing the good life. In the worst case, inheriting a portfolio of rapidly-inflating cash, plus stocks, IRA's, and other dollar-denominated "assets," that boost may no longer materialize, and in turn, that happening at the very worst of times, a period of uncertainty, despair, and rampant inflation.

I think most everyone reading CT underestimates the greed, rapacity, and contempt the wealthiest 5% of this country revel in, and what that means for the rest of us when times get really hard.

 

Just for the record, my "attitude" is humble. I do not know the future. The best financial minds in the world cannot agree, and do not know the future. So since I do not know, a diversified, balanced portfolio seems to be the best idea.

If you believe you do know when the rest of are uncertain, that is an arrogant attitude. Do not take it as an insult, it is just a fact.

 

Doug, I have to tell you straight up. You are all over the place here. Yesterday, you were talking doomsday and only PM's would save you. Today, you are talking about the top 5% doing good, the poor getting benefits, with the middle class getting squeezed. This is not how the certain hyperinflation you were talking about yesterday would pan out. So what is it?

I can tell you exactly what it is. The fact is, you do not know the future, just like all the rest of us. If you can admit this fact, then you can start to realize the benefits of a balanced portfolio.

 

I think the dollar is stronger in comparison to the Euro and the Canadian dollar. Doesn't that mean it buys more silver, therefore the price is down in US dollars? The Euro is at $1.30 and the Canadian dollar is at 97 cents. They were at $1.36 and $1.01 earlier. I have heard that gold and silver didn't slip in other currencies, just the dollar because Italy is ailing, so the Euro is tanking and we look like the strongest currency.