Originally Posted by Bosox Plum Crazy
BTW eventually, the rest of the economy will turn around and gold will drop below a $1000. a lot of hobby investors who bought small amounts - say less than $100,000 - will have a problem.
MAYBE, it will drop below $1000......... eventually. And what if they SELL their metals at a much higher price???? People holding physical metal know what they bought it at and have a good idea what they'll sell it at. Its quite different than pissing around with digital numbers on a computer screen. There a couple of things youre not seeing and refuse to entertain Bosox. What if I told you that its projected that gold will hit $5000 an ounce? Or silver hitting $200 an ounce? There are alot of insiders projecting much higher prices than those. I don't think its much of a stretch seing gold at $2500 oz and silver at $60 oz by the end of 2014....next year.
Right now the Chinese, Indian, Russian, and Japanese govts are trying to buy all the PM's they can get their hands on. Platinum is actully trading at a higher price than gold?????
All of these countries and the IMF, central banks, are doing everything they can to suppress PM prices and for VERY different reasons. Those that are buying gold (Chinese, indians,) want to accumulate as much PMs at the lowest prices possible. They (china) actually mined 35% of their acquisition of gold last year. They have very good reasons to suppress metal prices.
The US, western govt's, the IMF, and western/cental banks want to suppress PM prices because it devalues their "paper". They also have good reason to suppress PM prices, but for just the opposite reasons.
The underlying issue is that ALL of these players can foresee that the $$$HEET IS ABOUT TO HIT THE FAN. I'm betting the chinese and the metal thieves are right. Ya you heard me right,.... metal thieves. Even copper is being stolen and hoarded.....that alone should tell you something. People are hoarding old pennies....the copper ones. They are worth much more than 1 cent. Old money (metal) is currency....new money is tokens and parchment (paper). Can you believe the stupidity of our govt still minting (token) pennies that are nothing more than copper plated zinc. It costs far more than 1 cent to mint them. I'll tell you why theyre still minting pennies and nickels....its to keep up the facade that our "currency" is worth what they're telling you it is.
In closing I'll just say this,..................... PM's are still a bargain, especially silver. Buy it in smaller weights 1-10 oz. Even junk silver (old mercury dimes, silver quarters, 1/2 dollars, and dollars). Buy it from reputable dealers NOT Ebay and the like. Learn how to test it by weight and chemisty (very simple).