Ok... Here's my take. This video is essentially the predicted outcome of a discussion I had with Mike Maloney, and Dave Morgan in Singapore. This was when silver was in the 20s. The previous pullbacks are greater than this one, and this one was pretty much "on the RADAR". I'm not sure if Mike sold any of his position before the drop, but I know that Dave sold his investment silver, sticking to his core position only. Dave pretty much predicted this downturn in his subscription newsletter. Would have like to be on that mailing list. Both these men agreed that it was likely that there would be pullbacks of this magnitude. This is the "Climbing the wall of worry" that is often spoken about with reference to bull markets. Bullion dealers, from my experience, profit MORE on buying back than on selling. So for a dealer to be discouraging selling back to him, he is committing to buy silver from suppliers like PAMP, etc, at higher prices than he would buyback from us. If he was biased in favor of his bullion business, he would be encouraging you to trade out during the dip and buy back in later. He isn't. Mike Maloney is NOT god! But he is a genuine person, whom I admire for his quest to educate others... Ck.
To be fair, MM does acknowledge that he sells silver. It's not like he's being unethical for failing to disclose. Again, it's buyer beware.
Well no need to put my 2cents worth in im sure everybody knows where i stand i will anyway Profit = cash..... I love cash . :
And why wouldnt you Last time i checked, thats what you used to buy food and get them hot cars to roll in Gold and silver is just a way to get a better standard of living, its its silver right now , bring it on, if its gold right now, OK, if its potash or dirt or land next time ... im fine with that too :lol:
I agree that there will come a point in time where PMs will become overvalued, but we're pretty dam far from that point right now. Your next point is contentious at best and downright wrong at worst. Under the current fiat system which is on a destiny with collapse i seriously doubt that holding fiat will ever be a good idea in the years ahead. if you dont hold something tangible - you aint got shit! Also, people holding real money - gold and silver - will never LOSE ... simply because it will hold its average value throughout time. it always has and it always will. The situation with property is wildly different! Those who followed Steve Keen's advice in 2009 will be seen in years to come as geniuses. Those still stuck with property a this point - myself included are bluddy fools Again - it's what you do with that profit which is important. Neglect to protect that profit (by leaving it in fiat form) and pretty soon you'll end up being a loser to the thieving bankers and government who thieve from people through their engineered inflation.
actually you're wrong about that. i've been buying silver a couple of years now and can see that it has increased my purchasing power by a long way. selling bits of silver now and then when i need cashflow buys me a whole heap more than if i had just planted the money in my mortgage. if you havent figured that out yet, you're slow It probably wont happen overnight, but it could happen quick enough to catch you with your pants down! it will certainly happen quicker than what your salary will go up ... and you can take that to the bank!
So you're saying that those who agree with Maloney (and many other great minds including Faber, Schiff and Chapman) are ignorant and biassed?? Mate- you've gotta be a couple o cans short of a sixpack ...
YKY - the rest of your quote is pure unbased BS but this statement is exactly right. If you actually believe this statement you will get a long way but my suggestion is that you look outside of PMs and think "what if I'm wrong - what if fiat does not collapse in the way I think". The one thing I have learnt in all the time I've been investing is that it never works out the way you expect and you need to plan for backups. If the US $ collapses - something will replace it and I will guarantee it wont be silver. The original reason silver and gold were replaced by bits of paper was that they were too cumbersome to use in everyday life. That is why EVERY society has created some form of money - whether that be paper, coin, rocks, shells, bags of wheat or pretty much anything else you can think of. If you are right and THEY scrap paper money and replace with money backed by bales of wool or oil or other hard commodities - where will your silver stand? Sure - it wont be at the bottom of the pile but it will still be just another industrial metal but this time trade in bales of wool instead of US $. malachii
Yippee im afraid you suffer from the "all your eggs in the one basket " syndrome & quite a bit of narrow mindedness towards other investments.which could well be your downfall
As I've challenged you before on a previous thread - show me ANYONE with credibility that thinks that silver is not an industrial metal. malachii
Well it's definitely used the most in industry NOW no doubts about that. However history has told us that Silver and Gold have been historically used as 'currency' for exchanging goods and services alongside with cupro-nickle or bronze coins I believe. Romans used silver coinage; chinese used silver coinage; US dollar bills; we used silver coinage before in Australia etc (not pure silver always but there'll be a mix of silver in the coins) Even up until the year 2000 there were central banks around the world that used Silver as the base for currency. http://en.wikipedia.org/wiki/Silver_standard I found this interesting, never thought about it myself (has nothing to do with this discussion just thought it was interesting ) China's use of silver as a medium of exchange is reflected in the name for bank "" (literally "silver house" or "silver office") and for the precious metal and jewel dealer "" (literally "silver building" or "silver shop"). http://en.wikipedia.org/wiki/Currency
I didnt sell any, but i've bought some more during the dip and i'll probably buy some more this week again. The important thing is my stack is growing month by month...
It has been used for money for millennia - This doesn't change the fact that it is still an industrial metal and always has been. malachii
Has it really always been an industrial metal? I can't find anything on Wikipedia or the net to suggest so. It really was only in the past century that Silver's unique properties allowed it to be used with our technology and industries such as bombs, mirrors, medical equipment, stuff that requires high conductivity etc Throughout history the only uses of silver have been either as: Currency Disinfecting food/water Wound treatments Keep liquid potable Ornaments & Utensils Source: http://en.wikipedia.org/wiki/Silver#History
