Silver hits $24.00
Zapp Brannigan
Fed announced it will engage in "quantitative easing" of the currency (that
means they are going to set up a second shift at the BEP and start printing more
dollars folks).
I previously opined that gold would hit $1500 and silver $25 at year end.
Now it looks like that might happen by the end of October!
Happy Inflation Everybody!
Jim_Higgins
I wonder if the words "Weimar Republic" rings a bell?
http://en.wikipedia.org/wiki/Inflation_in_the_Weimar_Republic
--
Service Guarantees Citizenship
oly
In real purchasing power dollar terms, we still aren't anywhere close
to the silver top in the 1979 - 1980 silver bubble. We are probably
still 80% below the top compared to that time.
oly
Zapp Brannigan
"oly" <oly...@aol.com> wrote in message
news:0e55c639-1745-45b4...@k10g2000yqa.googlegroups.com...
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The silver bubble of 1980 was an anomaly caused by the Hunt Bros. failed attempt
to corner the market, as you are no doubt aware.
Silver is way up again today and may hit $25 by next week.
oly
> "oly" <oly2...@aol.com> wrote in message
>
> - Show quoted text -
You are discounting the high inflation and overall national malaise of
the late Nixon, Ford and Carter years.
The Hunt Brothers did not appear out of a vacuum.
Right now, lots of people are missing the rapid fall of the dollar and
tons and tons of newly discovered financial malfeasance that
originated in America in the last decade and is only now coming to
light.
We would probably get our butts kicked harder except that the U.S.A.
is still physically very safe compared to most other places.
To compare to the brief top of $50 or so in 1980, to the present day,
you've got to multiply by at least three, maybe by four.
oly
oly
Zapp Brannigan
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No doubt that there is heavy weather ahead for the US dollar.
Obama's Treasury is printing money at a phenomenal, unprecedented rate.
Silver could very easily top $100 by next year, more if the Dems retain control
of Congress.
The fiscal condition of the Union is a disaster and Obama doesn't have a clue as
to how to deal with it other than sticking to the failed Keynesian paradigm of
trying to spend his way to prosperity.
Like rats abandoning a sinking ship, Obama's key advisers are leaving his failed
administration in droves.
There is serious talk about Hillary running for POTUS in 2012.
But the Republican's hand aren't clean in this entire fiscal fiasco - Dubya's
wars are bankrupting the country and his administration's lack of oversight in
regards to the financial community was criminal.
oly
>
> - Show quoted text -
I basically don't disagree. But at the cabinet level and just below,
how many Bushies were ever replaced by Mr. Obama??? IMHO, if you keep
the old team mostly intact for two years past the point where they
should have gotten their walking papers, then the old policies and
mistakes become YOUR policies and mistakes.
I went into the coin store two days ago and bought four new Australia
one ounce silvers. I got four one dollar FRNs back from my $100
bill. After, I got two hot dogs from the gas station and still had
about six quarters left over.
This is nutsy, but I am a coins and PM and cheap nasty hot dog addict.
I really think we should see a small-ish pullback on PMs somewhere,
before they go higher.
oly
oly
>
> - Show quoted text -
P.S. FWIW, there is a lesson for buyers of small lots of silver in the
above story.
If the coin dealer sold the stuff to me at $24.00 on a day when spot
was $23.50 or so, that means the dealer bought the coins BACK of
spot. Well below spot.
Caveat emptor.
oly
Bremick
Caveat emptor.
_________________
Isn't that the normal business model for PM dealers? At the moment, Kitco
is selling at $24.39 and buying at $24.17. I suspect your small local coin
dealers will have a much wider spread.
oly
>
> - Show quoted text -
Buying back of spot is normal/ usually normal for silver. But many
people don't realize this.
Here in Springpatch we have an unusually good source for silver - we
have a U.S. Mint primary dealer in American Silver Eagles here.
That's not normal for a city with a population of 120,000 persons.
oly
Bremick
__________________
I just read where the Mint has raised the premium to those "authorized" ASE
dealers to $2.00. That should soon bring the retail price of the 1oz ASE's
pretty close to $30 each, if it's not there already. The big dealers with
weekly coin pub ads must be having a tough time keeping up.
Zapp Brannigan
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My local dealer sells me junk silver halves more or less at melt.
Over the years I've managed to put together a couple of decent sets of Franklins
and a fair-to-middlin collection of Walkers - not to mention the occasional
Barber half he tosses in from time to time just to give me a cheap thrill.
I get silver Eagles for a very small markup over spot and gold Eagles for around
5% over spot.
I've been in his shop when he's buying and know he pays less than spot for his
gold and silver from the general public but not outrageously so.
Plus I recently got a gorgeous NCG Proof 64 Barber Quarter from him for way less
than Grey Sheet bid.