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<p>[QUOTE=&quot;NorthKorea, post: 1869050, member: 29643&quot;]But medora... &quot;<b>this time will be different</b>.&quot;</p><p><br /></p><p>In all seriousness, though, I find it entertaining that &quot;Steve&#039;s&quot; arguments are:</p><p><br /></p><p>1) Money in silver ETFs represent some small fraction of M3, less actively circulated cash.</p><p>2) Sometime in 2011, China became a net importer of silver.</p><p>3) Fiat currency system will collapse with peak oil (a commodity), so you should buy silver (a different commodity).</p><p><br /></p><p>All of those events are logically explained away:</p><p>1 - Duh. Banks typically don&#039;t denominate deposits in ounces of silver. Since silver isn&#039;t the primary store of economic value, it will represent a small percentage of M3. That one is pretty obvious.</p><p><br /></p><p>2 - The most recent peak in the silver market was mid-2011. Obviously China would be exporting silver during the run up (due to silver bugs and stackers buying). Once the peak hit and those with liquidity problems (silver bugs and stackers who went &quot;all in&quot;) started selling, China had no one to sell their silver to, so they became net importers on a small scale. This was at least partially due to Canadian-owned silver mines in China limiting operations and buying on the open market to fill contract orders, rather than paying to keep mines open operating at a loss.</p><p><br /></p><p>3 - We&#039;ve already passed peak oil. The fiat system didn&#039;t collapse. Instead, humans used their brains and adapted new technologies to expend energy. Solar homes, electric cars, natural gas, etc, are all examples of post-peak oil technology. The major petroleum corporations anticipated this. That&#039;s why they were willing to explore nat gas deposits at a net loss for the last decade or so.</p><p><br /></p><p>I believe that the market for silver has about 35% more upside, but for reasons that article didn&#039;t begin to address. I would feel really bad for anyone who subscribes to a newsletter from that individual.[/QUOTE]</p><p><br /></p>

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