COME ON $30

[JD-GA]

I had several conversations this year with people on Gold Vs Silver. Although gold has gone up im feeling quite good about the fact ive thought all along that silver stood a chance of doubling or even more this year very quickly compared to little chance of gold doubling due to the fact its already so dang high. Silver hit $26 today and is now just barely under. Now it could drop right back down under $20 where it spent all year but it could just as easily shoot up to $30 or even $40 in the next few months due to the fact silvers actual cost is still low compared to gold. I wont argue that gold is or isnt a better investment. But im sure glad i didnt pull the trigger this year at $18 when i wanted to, or $22 when my eyes were watering, or $25 when i about crapped myself. It may be wishful thinking but just due to the crazy market I still think silver could double again from where it is today long before gold will. If the economy goes bust and the dollar buys you nothing would you rather have 1 gold coin worth $1400 to feed your family with or a bag FULL of silver coins worth $1400 to do the same?

How many 40% kens make a troy ounce of silver anyway?

 

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[AGCoinHunter]

How many 40% kens make a troy ounce of silver anyway?

Just under 7 - 40%'s make 1 troy oz.

Up over $1 today, what a run. QE2 is kicking in full scale and the dollar is being pounded. Markets are being pumped up by excess dollars. I see nothing but total ruin for the dollar in the near future. This shell game will go on for a while but eventually the piper will have to be paid. That is when you are going to really enjoy owning silver and gold. If you need to money now I say sell some 40% but hang on to your purest AG. And yes, I would own gold also even if its $1400. At this point in the game its a place holder for your hard earned wealth. Remember its the dollar dropping not the metals going up.

 

[jim4silver]

If the economy goes bust and the dollar buys you nothing would you rather have 1 gold coin worth $1400 to feed your family with or a bag FULL of silver coins worth $1400 to do the same?

If the value was the same it would not matter to me. If I needed the money I would sell to the local coin dealer. When going to sell in rising markets gold premiums (when you sell) are better than silver from that I have seen (sometimes hard to get spot when selling silver but not gold). I guess if you sell on ebay or something like that this issue would not matter.

I don't believe we will ever see a "barter" situation like some talk about. All the masses that don't have any gold or silver (assuming that is what everyone valued) would riot and rob and kill those who do have it.

One interesting thought is what if the gov saw the price of silver going so high they banned the melting of US silver coinage, like they have done recently with copper and nickel. There is no reason for them to do that because silver money is not circulating hardly at all (especially lately) like the copper and nickel coins are, but since it is US coinage it could theoretically happen. US refiners would have no use for it at that point if they could not legally melt or export it. I don't think this will happen by the way.

Jim

 

[thrillathahunt]

Good points Jim, and what about confiscation of gold and or silver in the future by the government? It was done before by FDR....bought from the people at $20 oz. and then sold on the market for $35 oz. to make profit for the government. Could something like this be done again?

Just a thought.

 

[AGCoinHunter]

Good points Jim, and what about confiscation of gold and or silver in the future by the government? It was done before by FDR....bought from the people at $20 oz. and then sold on the market for $35 oz. to make profit for the government. Could something like this be done again?

Just a thought.

Sure it could. Gold ownership by the masses is very low so they would only be screwing a very small portion of the population. Cheating and stealing is what the governement does best.

 

[jim4silver]

Good points Jim, and what about confiscation of gold and or silver in the future by the government? It was done before by FDR....bought from the people at $20 oz. and then sold on the market for $35 oz. to make profit for the government. Could something like this be done again?

Just a thought.

It could be done, but in my opinion will not, at least not unless and until the masses own a bunch.

Back when it was done before gold currency circulated as money. The gov called in the gold and then basically doubled the value of gold (the price was fixed back then), thus in a sense almost doubling the value of the money that existed. The gold was used to pay foreign countries we owed money to if they chose to receive gold as payment (they could convert US dollars into our gold). Nixon put a stop to this in 1971. Further, what you never hear is that each person was allowed to legally keep up to $100 worth of gold, which would equate to 5 double eagle $20 gold coins per family member.

Today the gov doesn't need gold to double or triple, etc, the value of our money. They can quantitative ease all they want, they could not do that the same way in 1933, so they needed the gold. Totally different world now.

Also, I would estimate that less than 1% of the US population owns gold, other than jewelry and teeth. A bullion confiscation would be worthless right now since there is not much out there plus it would signal the world that the gov has lost all confidence in the dollar.

Maybe if gold truly became a mania and everyone was buying it and the dollar completely crashed, the gov would exercise its power to confiscate. I would hope to have sold mine before it got to that point.

All above is just my opinion.

Jim

 

[thrillathahunt]

Thanks for your insight Jim. Here is another scenario. What if the government decides to ban the private melting of silver coins like they did for copper and nickel coins? I don't see why they would do this, but what if?

Sorry JD-GA I didn't mean to hijack your thread.

 

[JD-GA]

If the economy goes bust and the dollar buys you nothing would you rather have 1 gold coin worth $1400 to feed your family with or a bag FULL of silver coins worth $1400 to do the same?

If the value was the same it would not matter to me. If I needed the money I would sell to the local coin dealer. When going to sell in rising markets gold premiums (when you sell) are better than silver from that I have seen (sometimes hard to get spot when selling silver but not gold). I guess if you sell on ebay or something like that this issue would not matter.

I don't believe we will ever see a "barter" situation like some talk about. All the masses that don't have any gold or silver (assuming that is what everyone valued) would riot and rob and kill those who do have it.

One interesting thought is what if the gov saw the price of silver going so high they banned the melting of US silver coinage, like they have done recently with copper and nickel. There is no reason for them to do that because silver money is not circulating hardly at all (especially lately) like the copper and nickel coins are, but since it is US coinage it could theoretically happen. US refiners would have no use for it at that point if they could not legally melt or export it. I don't think this will happen by the way.

Jim

I dont believe a barter system is ever likely either. But as the econonomy continues to decline and the government raises inflation even higher with making new bills while adding nothing to the market fear will continue to rise as well. Fear of dollars being worth nothing is a big reason to what drives people to invest in precious metals. Again people who think something bad could happen in my opinion would get further with a bag full of silver coins than they could with 1 gold coin if the dollar becomes worthless. In other words you can only spend that gold coin once, unless someone will except some shavings off of it lol.

 

[AGCoinHunter]

If the economy goes bust and the dollar buys you nothing would you rather have 1 gold coin worth $1400 to feed your family with or a bag FULL of silver coins worth $1400 to do the same?

If the value was the same it would not matter to me. If I needed the money I would sell to the local coin dealer. When going to sell in rising markets gold premiums (when you sell) are better than silver from that I have seen (sometimes hard to get spot when selling silver but not gold). I guess if you sell on ebay or something like that this issue would not matter.

I don't believe we will ever see a "barter" situation like some talk about. All the masses that don't have any gold or silver (assuming that is what everyone valued) would riot and rob and kill those who do have it.

One interesting thought is what if the gov saw the price of silver going so high they banned the melting of US silver coinage, like they have done recently with copper and nickel. There is no reason for them to do that because silver money is not circulating hardly at all (especially lately) like the copper and nickel coins are, but since it is US coinage it could theoretically happen. US refiners would have no use for it at that point if they could not legally melt or export it. I don't think this will happen by the way.

Jim

I dont believe a barter system is ever likely either. But as the econonomy continues to decline and the government raises inflation even higher with making new bills while adding nothing to the market fear will continue to rise as well. Fear of dollars being worth nothing is a big reason to what drives people to invest in precious metals. Again people who think something bad could happen in my opinion would get further with a bag full of silver coins than they could with 1 gold coin if the dollar becomes worthless. In other words you can only spend that gold coin once, unless someone will except some shavings off of it lol.

It is easier to carry around though than a bag of silver coins.

 

[jim4silver]

If the economy goes bust and the dollar buys you nothing would you rather have 1 gold coin worth $1400 to feed your family with or a bag FULL of silver coins worth $1400 to do the same?

If the value was the same it would not matter to me. If I needed the money I would sell to the local coin dealer. When going to sell in rising markets gold premiums (when you sell) are better than silver from that I have seen (sometimes hard to get spot when selling silver but not gold). I guess if you sell on ebay or something like that this issue would not matter.

I don't believe we will ever see a "barter" situation like some talk about. All the masses that don't have any gold or silver (assuming that is what everyone valued) would riot and rob and kill those who do have it.

One interesting thought is what if the gov saw the price of silver going so high they banned the melting of US silver coinage, like they have done recently with copper and nickel. There is no reason for them to do that because silver money is not circulating hardly at all (especially lately) like the copper and nickel coins are, but since it is US coinage it could theoretically happen. US refiners would have no use for it at that point if they could not legally melt or export it. I don't think this will happen by the way.

Jim

I dont believe a barter system is ever likely either. But as the econonomy continues to decline and the government raises inflation even higher with making new bills while adding nothing to the market fear will continue to rise as well. Fear of dollars being worth nothing is a big reason to what drives people to invest in precious metals. Again people who think something bad could happen in my opinion would get further with a bag full of silver coins than they could with 1 gold coin if the dollar becomes worthless. In other words you can only spend that gold coin once, unless someone will except some shavings off of it lol.

I agree and think a person should have both. There are interesting stories about people in the past fleeing from war torn or otherwise bad places who got out because they had gold to pay/bribe their way out. I have read specifically about Vietnamese fleeing during the war and bringing with them gold
bars (these really thin gold bars that look like gold sheets with imprinting-I cannot remember what they are called).

Jim

 

[Hi Ho Silver!]

According to the coin shops and dealers I have spoken to in the last few months the amount of gold jewelry and other gold items is coming in by truckloads!!!!! Silver on the other hand, well they are begging us to bring it in. It is being hoarded much more than gold.

 

[fistfulladirt]

wON'T sell. Are you kidding me? For worthless paper?

 

[apush]

Folks also utilized diamonds to get out of sticky situations historically, as well as gold. I think today, if the gov attempted to confiscate any precious metals from the American public, there would be a good fight on hand. My great-grandparents--although they thought FDR a hero (farmers in the South), did not turn in their very few precious pieces of gold coins and well, I have them now. They loved FDR, but their money was their money and the government could go to heck and a hand-basket. They believed that the big bankers and Wallstreet was pulling the wool over FDR's eyes. I still remember my grannie rocking in her chair talking about Roosevelt.

Thank you grannie and papa.

apush

 

[jim4silver]

My great-grandparents--although they thought FDR a hero (farmers in the South), did not turn in their very few precious pieces of gold coins and well, I have them now. They loved FDR, but their money was their money and the government could go to heck and a hand-basket.
apush

Actually, they did not have to turn it in, unless they each owned more than the equivalent of 5 double eagles each. Each person could still own up to $100 worth (face value) of gold coins when the executive order was signed. If one had a large family, it would seem that most would have been able to keep all their gold, unless they had a big stash, in that 5 double eagles per person was a decent amount back then due to the depression etc, that amounted to almost 5 ounces of pure gold per family member.

I am not defending that law in that I still think it was wrong. But almost nobody ever brings up this fact when they mention it.

Jim

 

[Rich Hartford]

If the economy goes bust and the dollar buys you nothing would you rather have 1 gold coin worth $1400 to feed your family with or a bag FULL of silver coins worth $1400 to do the same?

If the value was the same it would not matter to me. If I needed the money I would sell to the local coin dealer. When going to sell in rising markets gold premiums (when you sell) are better than silver from that I have seen (sometimes hard to get spot when selling silver but not gold). I guess if you sell on ebay or something like that this issue would not matter.

I don't believe we will ever see a "barter" situation like some talk about. All the masses that don't have any gold or silver (assuming that is what everyone valued) would riot and rob and kill those who do have it.

One interesting thought is what if the gov saw the price of silver going so high they banned the melting of US silver coinage, like they have done recently with copper and nickel. There is no reason for them to do that because silver money is not circulating hardly at all (especially lately) like the copper and nickel coins are, but since it is US coinage it could theoretically happen. US refiners would have no use for it at that point if they could not legally melt or export it. I don't think this will happen by the way.

Jim

There already is a barter system in place. Do a U-Tube search "Buying Groceries with Silver".
I know someone who bought a rifle for 75 Silver Eagles which was a good deal at the time(bit overpriced now).
I'm pretty sure that there is a listing of stores, gas stations, and sevices, where you can pay in silver coin.
HH
Rich

 

[jim4silver]

There already is a barter system in place. Do a U-Tube search "Buying Groceries with Silver".
I know someone who bought a rifle for 75 Silver Eagles which was a good deal at the time(bit overpriced now).
I'm pretty sure that there is a listing of stores, gas stations, and sevices, where you can pay in silver coin.
HH
Rich

RH,

If it is the same video I saw awhile back, it was a grocery store that bought silver and gold for cash. Then presumably you would buy your groceries with the proceeds. I think it was in California??

Jim

 

[Rich Hartford]

There already is a barter system in place. Do a U-Tube search "Buying Groceries with Silver".
I know someone who bought a rifle for 75 Silver Eagles which was a good deal at the time(bit overpriced now).
I'm pretty sure that there is a listing of stores, gas stations, and sevices, where you can pay in silver coin.
HH
Rich

RH,

If it is the same video I saw awhile back, it was a grocery store that bought silver and gold for cash. Then presumably you would buy your groceries with the proceeds. I think it was in California??

Jim

Yes it was Los Angeles. The groceries were rung up and the fellow then goes to the PM window to make payment.
On a side note I read a couple of years ago in the New York Times that some landlords would only accept rent payments in Euros.
Rich