Every time this subject comes up, it just drives me nuts. First off I am not trying to create any controversy or stir the pudd'n here but I do have a few thoughts on this.
I can certainly understand it if you are in a desperate financial situation and just have to have the money, sure, go ahead and unload some PM's but make sure you get a good price! For the rest, WHY SELL??
1) The law of supply and demand. If there is less supply out there the price should go up, right? I do say should only because of the reported manipulation of the silver market. If this manipulation is rooted out, well then Katey bar the door. I would also note that gold generally stays gold forever. Silver on the other hand is used up and gone forever in industrial applications. And, they still have not figured out a way to make more. Could there be a big discovery made down the road? Sure, but it will be very hard to get at and be very costly to produce. Pretty much all of the easy to get at PM's are gone.
2) Listen to the news. The US and world financial markets are in a precarious state to say the least. Every day govts. are borrowing more and more money that is not there. How in the world is this going to be paid back? Our sugar daddy nations that used to buy our debt are starting to turn there noses up against us. In my mind inflation HAS to start rearing its ugly head. Its inevitable. Some have said the govt. will provide us with jobs so there isn't much to worry about. Pffff! Do you realize that it takes 4-5 private sector jobs to just pay for 1 govt. job. If you think about it, govt. jobs are paid by tax payers money in the free market. Yes people with govt jobs pay taxes too,(at least the honest ones
) but they are basically paying back with tax payers money to pay for there own salaries. So when the tax coffers get low what will happen? Better raise the taxes on the private sector jobs that are left. When that runs out...well, better print some new money. This just can not be sustained without inflation going up. Remember, PM's are about the only hedge against this.
3) Its hard not to turn on the TV and not see an advertisement about a company trying to buy your junk and scrap gold. Since when is gold junk or scrap (a real oxymoron)? Do you really think these people are trying to do you a favor by separating you from your small bit of true wealth that you may have. They sure seem desperate to get as much of your PM's as they can. You think they may know something? hmmm
I guess I should stop ranting. In summary I agree with Golden Silver that you haven't seen anything yet. Like I said earlier, if your only option is to sell your PM's...you do what you gotta do. For the rest of you, I think that your nuts to sell at anything under 3 figures. Why trade in your silver for maybe a few Benji's (if your lucky enough to have that much silver) for some paper fiat $ that will not be worth tomorrow what it is today. Do yourself/children a favor and just put it back in the safe as an insurance policy.
You just never know when that 1961 Rosie will buy you and your kids that loaf of bread that they need. I'm also not one of the doomsayers types and this is just my opinion.
PF
