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Discussion in 'Preparedness & Survival' started by Just Jim, Dec 27, 2011.
Silver Price History
Look at the bottom chart.
Not really. seems like 20yr downward turn. Will definintly be affected by the election next yr. I bet goes higher with Barry getting re-elected( god forbid) or drops alot with new prez.
In the early-mid 70's the Hunt brothers decided to try to corner the market for silver. They bought all they could find plus a lot of futures contracts. By about 1980, they had run the price up tenfold to about $50. Then about 1980 NYMEX and the Federal Reserve stepped in and changed the trading rules to put a stop to it. Silver crashed almost overnight to about $5.
I don't say the price isn't going up, but I don't think we can predict the future based on what the Hunt Bros did. Even today just a few people hold most of the silver.
All I can say is vs the dollar it is a buy. Paper is vapor. The dollar has lost 94% of its value in the last 100 years and we are on the verge of a global economic collapse. 600+ trillion in debt derivatives; the Fed passing off trillions to foreign banks like candy; an empty Fort Knox. Silver, Gold and other PMs, are not the end-all, but vs the dollar, yes, it is a no brainer. Food, tools, lead, and a bunch of other things come before silver. Those with IRAs, savings accounts, Mutuals, stocks, aka as 'paper' are going to watch their savings evaporate in 2012-13 as the banks tumble and fall and the FDIC scam is revealed (opinion only of course).
http://theeconomiccollapseblog.com/ >>>> "During "the Obama Nation", the federal government has already accumulated more debt than it did from the time that George Washington took office to the time that Bill Clinton took office." - the printing presses have run nonstop for years now and it is coming to a conclusion.
You can own something rare - SILVER - or you can own something not rare FIAT CURRENCY, backed by nothing.
A couple of things to add to that. Apparently the Hunt's stopped accumulating in the mid $30s, and it was smaller specs (and of course the public) who took it on up to $50. The Hunts were not selling though, because they believed the whole fiat currency regime was coming down, and silver would be one of the few safe havens. Unfortunately for the Hunts they did not have an exit plan in case they were wrong (you don't want to be the largest holder if the market turns against you). When the exchange pulled the plug they were screwed.
Not that any of that info is particularly important; I just found it interesting. I often think about their belief that the system was coming down back then. They were way too early (all systems collapse eventually). I believe that time is now, but I could be wrong too. What I like about silver is, if the economies get moving again, the supply vs demand fundamentals (industrial uses) is fantastic. But if fiat does bite the dust the monetary aspects of silver make it great too. (I'm long a lot of silver producers and exploration companies, so I'm extremely biased
The only way I'm "long" on anything is to physically own it. The only things I'm short on is short guns as opposed to long guns, LOL. I wish we didn't "need" to have 401k's. We have no control over them, the tax consequences of selling are horrible, ours have no precious metals funds, so I'm just hoping the companies continue to do OK as they are now mostly due to cheaper overseas production. If inflation kicks in hard, stocks might do OK unless and until there's a real crash.
PMs will always be worth "something" and I can't say that for fiat money.
My father in law gave me a book in the 1970s that predicted an economic crash so the prediction is nothing new. None back then saw the rise of dirivitives. What happens when the banks collapse with no money? Zero Hedge has alot of information and if you have the time you can glean alot of onfo from them.
Let me add that the banks were not too big to fail but are too big too jail.
I was a banker in the early 70's, about when the silver run up started. The president of our bank was predicting an imminent collapse back then. We had just gone off the gold standard and fiat money was flooding the country and inflation was heating up. He said "no one can continue to print money and spend more money than they have without going broke."
That was almost 40 years ago. Gold was $35 m/l and silver was less than $5. I bought a new Cadillac De Ville for $5,500.
Therefore, I'm not sure that the next move is a big crash because I really don't know how long we can go on printing money and seeing inflation before a crash. It could be years or it could be this year. I don't know.
How does it all play out in the end? If we go back to PMs for currency then how does society put it all back together? Will you be able to keep PMs under a new society that needs them to print new script against? Is this the end of paper and the age of electronic money is comming? Alot of thinking about where we go from here but look who got us here and what they plan for our future.
They've been working on this for 100 years, literally. Look at the creation of the Fed. They don't need an economic crash to accomplish their goals if they can "educate" the young to follow them. Look at OWS. Look at the universities. "They" have already taken over the press, the schools, the government agencies, etc. etc. Share the wealth and hate the corporations and the "rich," baby. It's only "fair" that no one be rich or poor. That includes globally.
I'm a contrarian here. I'm not certain of a crash or riots etc. I'm not certain either way. However, if they can eventually get what they want at the ballot box by indoctrination (and that has been happening rapidly) then why destroy what's here if they are going to get it? Hitler took over because there was already a collapse, but the people who caused the crash didn't win.
They can crash the fiat money and quickly replace it without global collapse. The new money would give them control.
I don't know what's going to happen but I do know there are powerful people who want global socialism. Who wins, I don't know.
It should be obviouse that they have control allready by the way they have ruined the economy and have not gone to jail for it. I suspect there is more headed our way than a man can prepare for. It will be a true test of character and what you believe in in my opinion, for what that is worth.
Hope it all works out for yall
Hope it works out for you too, JJ. I didn't mean to imply that I don't prep. I don't know what's coming.
Kinda like sitting on the edge of the world huh LOL
This might be a good time to post the link to Armstrong's latest. Bleaker than s**t. The problem with Armstrong is he knows history, and knows economics. And he has personal reasons to put it all out in the open. So I take note when he says something is inevitable. I really hope he is wrong, but I personally would never bet against him. Here it is for anyone who can stand a 23-page read:
It is the essay at the top -- "The Coming Finanical Border Controls".
Martin Armstrong - UNOFFICIAL SITE - Economic Essays, Currency Trading, Global Economic Analysis, Princeton Economics, Kondratieff Wave, Kwaves, Prison, Business Cycles, Currency Trading, Gold and Silver Investing )
(Kenno would love this one
The problem with Armstrong is that he profits from selling for just $300 "the rest of the story." He will tell you all about the past for free, but charge you to find out "for sure" what will happen in the future." Like someone can see the future.
He wants to profit from your investments too. Like Peter Schiff, once he makes a name for himself, he then tells you how you should invest and then asks you to invest with him so he can make money.
Did you know that Armstrong spent 11 years in prison for securities fraud, plead guilty to part, and part is still on appeal? Of course his supporters blame it all on the government which may be partly true, but tell me why such a genius and wealthy man would plead guilty if there was a fight to bring?
Also, if Armstrong was so badly wronged, why isn't he suing the crap out of whoever did it instead of still defending himself against charges?
Yes, I am familiar with Armstrong's history (including Princeton Economics' work). I read his work whenever he released it while in prison (for "contempt"). That was years of material (at no cost to anyone). There is a LOT to that story. A lot of people will write him off based upon that history, but the reason I mention him on occasion is I consider him to be on a short list of "geniuses" who know what they are talking about, and willing to tell it like it is. I know most will not want to take the time to read his work (way too much history and esoteric stuff like cycles for most people), but some might be interested in it. He is extremely well respected by a number of good folks in the metals community.
Health tip to the posters in this thread: every once in a while loosen your tin foil hat so your scalp can breathe.
EEERRRR are you a doctor?:bluelaugh::bluelaugh: Ya I thought not
So why do you read all this stuff if it's all tinfoil hat?:bluelaugh::bluelaugh:
Nothing wrong with saving for a rainy day, even if it doesn't rain, LOL.
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