cazlane

Nice quote.

NOBODY is bigger than the market!

yeah - and it rained today so there's no global warming

Denial-it is not just a river in Egypt you know Still on for my $6 silver by year end at this rate

I ordered 100 ounce silver coins over the weekend. I will wait until the end of the week before I pay for them in case the price drops, in which case I will reorder and cancel existing order That way I wont be too disappointed if it does fall further!

Who on earth lets you order and cancel like that? Most of em tie you in once you've placed an order...

Can't quite see that. But I will be very interested to see how your silver short is doing by then.

Tell me, when you bought at $15 or whatever it was did you at all envisage it pulling back to the level it's at now? Didn't think so BTW I don't 'short' anything-spreadbetting is a mugs game pet

The latest bank to fail was called ‘Silver State Bank’

 

Do you think it really had Silver and was forced to sell?

 

http://www.greenenergyinvestors.com/index....ost&p=57240

Goodness knows but I doubt it-think the current hits are more to do with the paper trades although as I previously stated I do believe we are now in a severely deflationary environment which will hammer everything.

The concencus opinion seems to be at least another year or two.

Indeed, I would not be a bit surprised to see silver at around 2004 levels by the end of the year ($6ish).

I feel like the next Silver Sammy... Just exchanged quite a bit of my gold for silver yesterday! Shite.

Yerr, nice one pipples-in future could you let us know before you decide to buy, cheers

Some people seem to think Kiyosaki is a crook. Not sure what the status of the public debate on this is. He claims in the show to have sold gold at $700 and that he has been in the oil business since 1966 (that's when he was 19).

 

http://en.wikipedia.org/wiki/Robert_Kiyosaki

What I am most curious to know is were they REALLY making toothpaste tubes out of lead when he was a kid as he claims in his book?

PMs getting Daddy-splashed again by the looks!

Did you notice how silver 1kg bars went from about £301 to £316 on coininvestdirect tonight? Whys that, sterling devalued? Does the rate change on weekends?

Something peculiar is definitely afoot with coininvest it would seem-earlier we were going to order a 1kg lunar mouse; they usually tick up and down at same prices as the kilo kook and koalas, however when I took another look the price on these had shot up £53 more than the others. I rang to enquire whether this was an error and they said it seemed like it and they'd check. Heard nothing back and didn't receive an invoice for the Koala I ordered instead 2 mins later online so either they're struggling with volume at the minute or some other odd explanation.

Now, I did mention the other day having spoken to a 'little bird' who happens to be another bullion dealer and they had commented that in spite of the drops they have seen an astonishing increase in volumes purchased in the last few days-obviously they've seen it pick up pace on dips before but not like this! Monday will be very interesting indeed

sure he can defend himself - but re dow 15000 the situation changed and he changed his forecast before the dow fell

Im sure he can LRYMS, however, if I and several others could see this was clearly not the case when he made these ridiculous comments how is it he could not? IIRC his reasoning for US out of recession was that Walmart shares had picked up of all things-he's a so-called professional investment advisor ffs...had you acted on that kind of advice you'd be pretty p!ssed off about it now even if he did 'correct' his view afterwards.

FP has made good calls all along. I only wish I'd listened to him more closely.

On HPC today he's predicating it might fall to $730 but will be $1,200-1,500 by spring 2010.

 

Which is helping me not to panic too much, I guess.

What you mean like his DJIA at 15000 and the US out of recession by June-yeah the guy is a genius....

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>>>>

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NOT!!!

Very droll. But the problem is that it is perfectly possible for us to have inflation in living costs at the same time as deflation in the value of commodities - in fact the latter deflation feeds into inflation. Corporations and financials are faced with a reduction in their wealth base, so they try to claw back what they can from increasing their margins. Their actions feed back into further cost inflation for other companies and so on. Meanwhile the wealth destruction and deflaion continues at a larger scale.

 

Biflation is maybe a better word for it. Don't let rising prices fool you into thinking inflation is the only word for it. I thought everyone here went with the view that rising prices are a symptom, not inflation in themselves. In this case they may be a misleading symptom - they are reflecting the past surge in money supply, not the current freeze and collapse of wealth.

Precisely Magpie-IIRC biflation is also a bit too short termest in my view. Ironically (and as I said before quite counter-intuitive) it's the very fact we have inflation in commodities now that we will have a sharper and quicker deflation than we would otherwise have had. Why? Simply because the few with net wealth as opposed to net debt will see their holdings eroded even more quickly ergo less to spend into the economy longer term ergo even greater risk of a sharp and painful deflation. If you are still in any doubt by all means throw the kitchen sink at gold now, it's your funeral

Goldfinger. Thank you for this. You are worried about deflation. I am interested by your perspective on what might happen to the price of gold if deflation did take hold. How would you see this affecting PMs?

 

(I'm not asking how likely you think deflation is, but how you anticipate deflation affecting PMs should it materialise)

 

Wanderer

I think he was trying to be sarcastic. Goldfinger it amazes me that you still totally fail to understand what I have repeatedly hinted that you need to look at to determine where the trend is going NOT where it is now-future expectations (or in this case not a la Merv's latest revelation) are for no growth whatsoever in the coming 12 months. I think he's being way too optimistic. Deflation it most definitely is and yes I do think PMs are screaming the message loud and clear-ignore them at your peril. FWIW I may soon be thinking of buying in again on an average in basis-first purchase was the dip on wed but that's it now until we see more falls. When the price of silver has reached what I consider to be deflation adjusted lows then Im in. May the force be with you

As most of you already know, a Sighting of Silver Sammy (SSS) has occured. Therefore an update on the Silver Sammy Contrary Indicator (SSCI).

 

 

Draw your own conclusions, but I am too busing buying to write more. :lol: (Just kidding, really.)

Yes and he's having the vapours alright poor sod

I might buy some junk silver soon. Not sure whether I will go American or British. British are less recognizable and only 40%, I think. So, maybe I go for American 90% coins.

 

The good thing is that while your gold coins will (inconveniently) buy the whole supermarket when the SHTF, a silver coins will be good for one shelf only. It's just handy to have some.

The 'junk' silver has gone a bit mental of late so Im just wondering if you'd be any better off than just buying .999 stuff since I haven't seen that much of a saving to be had tbh. I keep an eye on fleabay to see what drifts past unnoticed by the majority due to end times at odd hours and so on. Having spoken to my own 'little dicky bird' this afternoon I am going to stick with my original thoughts on this-it can go lower, so am hanging on to see what tomorrow's fix brings.

Silver bottoming? I dunno HOWEVER am still very tempted to take a spot on a few kilos today-decisions decisions

Is this your personal 'back up the truck' number?

 

I think after this plunge, somewhen later this year or next year, we will see the mother of all rebounds. Maybe when one of the big ones, like UBS or RBS, goes belly-up.

 

Maybe this is the time for me to start getting into mining shares? Although, I wanted to wait on the City/Wall Street crash first. Hmm, decisions... Otherwise, I will continue accumulating physical silver, some gold, and maybe Palladium.

Not me personally, I just wouldn't be at all surprised if we reach that level in the near term. Im more likely to buy into more silver if we see a big enough dip-OH was champing at the bit to get more this week but Im gonna wait it out a while longer to see how low it will go. Palladium and platinum are looking like good buys again though I wouldnt be surprised to see more downside in platinum in the coming days. Last time I bought platinum it was not much above $1200 an oz and I traded out half at around the $2200 mark-I can easily see a retrace all the way back down to $1265 or thereabouts taking place so Im holding off for now.

Holy Moly these are some steep drops-can't blame this one on the PPT ppl See you at 666

Even though people may not actually have much paper fiat, fiat is more than cash.... it is faith in the monetary system. This is why people felt so secure when their house prices were going up... and why they are positively traumatized when they continue to decline.

And not forgetting that a great many people have viewed property as their 'pension' in one form or another, be it increased equity in their own pad or that nice little BTL portfolio they accumulated. Given the condition of the stock markets and wider economy at the present time I think traumatised probably doesn't quite cover the panic some people are now feeling as they approach retirement having placed so much blind faith into the system in general.

Chrysophobia.

 

According to basic internet dictionaries, this means "fear of gold". By analogy with the word "xenophobia", I think it might be taken to mean more generally a "morbid fear, dislike or hatred of gold".

 

Just that, as I'm sure many of you have noticed on other BBs, a thread about gold is often a highly polarized slanging match. I've taken part in one yesterday, which got me thinking (don't laugh ) about why it is that some people are so against gold.

 

Major features of chrysophobia seem to be:

 

1) failure to recognize what money is in its entirety, and what it's for (exchange, store of value)

2) failure to realize that gold still is money (ultimate form of payment according to Greenspan)

 

Now those are perfectly understandable, if one has not taken time to read up on the subjects. No sign of emotional disturbance.

 

But, get this.

 

3) hatred of others having money

 

So, perhaps there is an internal conflict, possibly subconscious, between ideas that gold is a useless metal and that it is real money. I think that at heart this is what really bugs them.

 

Thanks to GF we already have the colloquial term Haterz^TM.

 

Please add your views on what characterizes this common syndrome, chrysophobia.

 

Many of us on this thread are the converse of chrysophobes, chrysophiles. Unfortunately, I don't know equivalent terms for silver.

I think you are certainly right with your points wren-and I don't think it matters what medium you store wealth in there will always be those who begrudge you having it especially if they don't perceive you deserve/earned it. Envy can be a dark emotion that makes some people very bitter and resentful towards others.

Now gold in particular-I do not dislike gold, in fact I have some (mostly handed down and still will be into the future). My main gripe is that most people have no clue about the REAL cost of gold or plainly have no conscience about it and Im not talking about the spot price here. Gold mining is highly exploitative at social and environmental levels and that is an area that I cannot consolidate too easily with my own views and the experiences of my ancestors (native american indians) in this respect. See here: http://www.ethicalcorp.com/content.asp?ContentID=5139

I do not see much consideration of these factors when people talk about 'loading up' or at whose expense they are doing so.

STC, good to see you all well. I see your comments are of an as high quality as usual. Tell everyone over at HPC my best wishes. GF

Why thank you kind sir...it was sarcasm btw

I think the simple answer is they make money on buying cheap and selling at a higher price.

It doesn't really matter what the long-term price trend is, they presumably buy and sell fairy quickly, as that's where they get their money from. Not from buying and holding onto it.

That's my guess anyway.

 

In a way it's no different to something like Gold Money or Bullion Vault, or any dealer. They make money on the buying and selling, just like an estate agent

That is about the size of it-most brokers/dealers will pay less than what they'll sell for ie there is a spread on buy/sell.

Interesting question regarding silver a couple of pages ago-as some know i prefer it to gold not least because it is more utilitarian and ergo a better investment armageddon notwithstanding. Mitsui mining recently released information stating that they have developed catalytic converter technology using this instead of Plat group metals but as far as I can ascertain only for Diesels so far-anyone know any more about this?

Edit: http://uk.reuters.com/article/rbssIndustry...T26231020080423

To add an article with some info-your thoughts appreciated on the scope/potential etc

Hellooo campers Glad to see you're still alive and well GF and Magpie Have been meaning to pootle over here & GHPC now and again to see how we're all doing (especially in terms of gold investment naturally lol), but somehow I keep gettin sidetracked back into that other most noble of forums ~cough~. Sorry it's the minx in me-I just can't help it

Oh and of course can't leave without saying 'SELL SELL SELLL YOUR GOLD'

Hehe-hello Pluto and Goldfinger, glad I found you both alive and well over here. Wow, bit of a blaze of glory there over on the HPC forum-Im impressed

Edit to add something ON topic: Hope you're right whoever mentioned $100 silver!