Strap yourself in.

[obsessedwithsilver]

It's only 6:30 a.m. here on the east coast and the Asian Market has already driven silver up to $28.35. I have been enjoying the recent changes in silver price and calculating how much my "hedge against inflation" has grown in value.

We may be in for a wild ride.

In the meantime I have continued to get moderate to good scores here and there. I hope to add 10 more ounces of silver to my CRH hoard by the end of the year.

I hope you all do the same or better.

OWS

 

[SFBayArea]

Seeing where Gold is, silver should really be at $50/oz. Looks like it's going to $30

 

[maine_Jim]

Wow - quite a spike. Makes me wish I had spent more time scrounging around for silver when it was cheap at $10 times face! Still holding onto my little hoard but it gets harder to not take a little profit each day while this goes on. Looks like $30 may be coming before the end of the year.

Maine_Jim

 

[FreedomUIC]

Wow - quite a spike. Makes me wish I had spent more time scrounging around for silver when it was cheap at $10 times face! Still holding onto my little hoard but it gets harder to not take a little profit each day while this goes on. Looks like $30 may be coming before the end of the MONTH.

Maine_Jim

Fixed it for you.

 

[AGCoinHunter]

Continuous spikes in silver and gold prices really make me reflect of how our federal government is washing the dollar down the drain to delay the inevitable. Instead of sound fiscal policy we are going attempt to inflate ourselves out of our financial problems. Inflation is going to kill the middle class where many of us are barely hanging right now. While I love seeing my stashes value grow by leaps and bounds this is a bittersweet moment as I silently cry inside for my generation, my children's generation and many generations to come. Remember your silver and gold are not gaining in value, your fiat is dropping and dropping quickly.

 

[MauserMan]

This is crazy! I think politics are involved here, and professor Obama is the dollar's genius captain. It's neat to see the event, but I kind of hope prices drop.

 

[jim4silver]

Continuous spikes in silver and gold prices really make me reflect of how our federal government is washing the dollar down the drain to delay the inevitable. Instead of sound fiscal policy we are going attempt to inflate ourselves out of our financial problems. Inflation is going to kill the middle class where many of us are barely hanging right now. While I love seeing my stashes value grow by leaps and bounds this is a bittersweet moment as I silently cry inside for my generation, my children's generation and many generations to come. Remember your silver and gold are not gaining in value, your fiat is dropping and dropping quickly.

I would have to agree with you. But it is kind of fun being right about gold and silver, to all those friends/relatives who thought we were nuts for buying gold and silver.

Jim

 

[gold eye]

Hi ho silver it is of and running when will it stop love to see my small investment grow and grow happy hunting to all . RON

 

[FreedomUIC]

$28.90 as of 12:32 Strap yourself in and lean back.....

 

[mts]

Remember your silver and gold are not gaining in value, your fiat is dropping and dropping quickly.

I disagree. Last time I checked the price of a computer, home, car, food, etc., etc. has not gone up by 60% in the last 6 months. So you can't blame the falling value of the dollar. Silver has been undervalued for a long time due to price manipulation and other factors. What you see going on now is fear as well as the natural adjustment to that manipulation. I'm not saying that the value of the dollar isn't going down. The value of the dollar ALWAYS goes down. It's called "inflation". But you can't completely explain the surge in silver/gold prices by only looking at the value of the dollar.

Every generation "cries inside" for the next generation. Yet things aren't nearly as bad as they were back in the dark ages. :P

 

[mts]

I just wish I would have picked up more silver earlier this year! At the time it was all just speculation. Of course, it still is!

 

[packerbacker]

Got up over $29 and now it's dropped rapidly to $27.85. Crazy!

 

[AGCoinHunter]

Remember your silver and gold are not gaining in value, your fiat is dropping and dropping quickly.

I disagree. Last time I checked the price of a computer, home, car, food, etc., etc. has not gone up by 60% in the last 6 months. So you can't blame the falling value of the dollar. Silver has been undervalued for a long time due to price manipulation and other factors. What you see going on now is fear as well as the natural adjustment to that manipulation. I'm not saying that the value of the dollar isn't going down. The value of the dollar ALWAYS goes down. It's called "inflation". But you can't completely explain the surge in silver/gold prices by only looking at the value of the dollar.

Every generation "cries inside" for the next generation. Yet things aren't nearly as bad as they were back in the dark ages. :P

MTS, mock me all you want about what is in store for the next generations. I truthfully cannot see how my children's future will be better burdened with trillions of dollars of debt and hyperinflation triggered by our recklessness. Yes, we are not in the dark ages as man has evolved into making life better for ones self through liberty and individual freedom guaranteed to us not only by the constitution but by a higher authority.

As far as your bold statement of dollar always goes down, I respectfully disagree. A dollar backed by a physical commodity such as gold becomes a restraint on the amount of fiat that can be created hence creating a currency that rarely declines sharply in value. Yes prices inflate through natural inflation when demand cannot keep up with supply but what we are seeing currently a ballooning of the money supply which in turn is going to create a scenario where double digit inflation or hyperinflation will become the norm. Inflation is a lagging indicator which is why it is so hard to fight. Prices now are reflective of what has been produced or grown in the past. Over the next year you are going to see your prices go up more than you ever dreamed.

I just read this from the WSJ....
"Corn is up 44%, milk is up 6.5%, hot rolled coil steel is up 4%, copper is up 29% and oil is up 14% from a year ago… Across Corporate America, more companies are wrestling with when and how much to raise prices as raw materials costs climb.”

And this is happening in a time when we are supposed to be in a recession or near depression? No, your goods are not up 60% right now but give it time.

Mock, mock, mock all you like sir. We are all in for quite a roller coaster ride.

 

[MauserMan]

Wow, it dropped to 26.93?! Wild! I hope it keeps tumbling though (gotta stock,) but I'm pretty sure these will be tremors and it will inevitably go up.

 

[mts]

MTS, mock me all you want about what is in store for the next generations. I truthfully cannot see how my children's future will be better burdened with trillions of dollars of debt and hyperinflation triggered by our recklessness. Yes, we are not in the dark ages as man has evolved into making life better for ones self through liberty and individual freedom guaranteed to us not only by the constitution but by a higher authority.

As far as your bold statement of dollar always goes down, I respectfully disagree. A dollar backed by a physical commodity such as gold becomes a restraint on the amount of fiat that can be created hence creating a currency that rarely declines sharply in value. Yes prices inflate through natural inflation when demand cannot keep up with supply but what we are seeing currently a ballooning of the money supply which in turn is going to create a scenario where double digit inflation or hyperinflation will become the norm. Inflation is a lagging indicator which is why it is so hard to fight. Prices now are reflective of what has been produced or grown in the past. Over the next year you are going to see your prices go up more than you ever dreamed.

I just read this from the WSJ....
"Corn is up 44%, milk is up 6.5%, hot rolled coil steel is up 4%, copper is up 29% and oil is up 14% from a year ago… Across Corporate America, more companies are wrestling with when and how much to raise prices as raw materials costs climb.”

And this is happening in a time when we are supposed to be in a recession or near depression? No, your goods are not up 60% right now but give it time.

Mock, mock, mock all you like sir. We are all in for quite a roller coaster ride.

Do you know why we went off of the gold standard? Because inflation was kicking the price of gold in the ass. Gold is only worth what someone else thinks it is worth. So inflation can happen even when you are on a gold standard. And it did happen. We had to go off of the gold standard because other countries could basically buy our gold for pennies on the dollar. And even if all countries go on the gold standard (which will never happen because not all countries have equal gold resources available to them), the value of gold can still decrease. Gold has no inherent value. In other words, if all hell breaks loose (real Mad Max Road Warrior crap) gold will be worthless. I agree that the value of the dollar is going down. And I agree that fiat currency is not a good system. But gold is not the panacea that so many make it out to be.

Whether or not the dollar will be completely worthless soon is a matter of opinion. You are entitled to your opinion and I am entitled to mine. The "doom and gloom" that is spread on this forum day and night is one of the things that I disagree with. So we can just agree to disagree at this point.

 

[AGCoinHunter]

MTS, mock me all you want about what is in store for the next generations. I truthfully cannot see how my children's future will be better burdened with trillions of dollars of debt and hyperinflation triggered by our recklessness. Yes, we are not in the dark ages as man has evolved into making life better for ones self through liberty and individual freedom guaranteed to us not only by the constitution but by a higher authority.

As far as your bold statement of dollar always goes down, I respectfully disagree. A dollar backed by a physical commodity such as gold becomes a restraint on the amount of fiat that can be created hence creating a currency that rarely declines sharply in value. Yes prices inflate through natural inflation when demand cannot keep up with supply but what we are seeing currently a ballooning of the money supply which in turn is going to create a scenario where double digit inflation or hyperinflation will become the norm. Inflation is a lagging indicator which is why it is so hard to fight. Prices now are reflective of what has been produced or grown in the past. Over the next year you are going to see your prices go up more than you ever dreamed.

I just read this from the WSJ....
"Corn is up 44%, milk is up 6.5%, hot rolled coil steel is up 4%, copper is up 29% and oil is up 14% from a year ago… Across Corporate America, more companies are wrestling with when and how much to raise prices as raw materials costs climb.”

And this is happening in a time when we are supposed to be in a recession or near depression? No, your goods are not up 60% right now but give it time.

Mock, mock, mock all you like sir. We are all in for quite a roller coaster ride.

Do you know why we went off of the gold standard? Because inflation was kicking the price of gold in the ass. Gold is only worth what someone else thinks it is worth. So inflation can happen even when you are on a gold standard. And it did happen. We had to go off of the gold standard because other countries could basically buy our gold for pennies on the dollar. And even if all countries go on the gold standard (which will never happen because not all countries have equal gold resources available to them), the value of gold can still decrease. Gold has no inherent value. In other words, if all hell breaks loose (real Mad Max Road Warrior crap) gold will be worthless. I agree that the value of the dollar is going down. And I agree that fiat currency is not a good system. But gold is not the panacea that so many make it out to be.

Whether or not the dollar will be completely worthless soon is a matter of opinion. You are entitled to your opinion and I am entitled to mine. The "doom and gloom" that is spread on this forum day and night is one of the things that I disagree with. So we can just agree to disagree at this point.

Call it doom and gloom. I call it sticking your head in the sand while dreaming about rainbow ponies. I hate to see it happen as much as the next person but I am going to live in the reality of what is actually happening, not just walk around telling myself everything is going to be alright. You have your opinion and I have mine. I will be prepared, will you?

 

[JD-GA]

" Gold is only worth what someone else thinks it is worth." Quoted by Mts.

The reason so many millions of people think it is worth $1400 an ounce and going higher daily is because dirty green american paper money being printed as fast as it can be printed will soon not be worth nearly as much tomorrow as it is today. In the history of economics across all governments when you throw money into an economy without providing anything tangible to back it ,costs go up across the board. A few months ago I joked half heartedly about a cheeseburger costing $20 at a fast food restaurant sooner than later and of course got a jab or 2. However that same cheeseburger just 3 years ago was with fries and cola was $4.85. Today i got the same combo from the same restaurant for $7.78. Im not going to show how non genius i am by attempting to show the math but i can say that inflation is 60% or more just from how hard it hurt taking the money out of my wallet to pay it. I agree silver going up this much this fast isnt going to represent how quickly inflation goes up, but when you see REAL money such as precious metals take huge spikes upward like this due mostly to fear..............well the fear is real for a reason.

This may give you an idea how serious things are getting. Today an old friend and work buddy of mine who now owns a restaurant told me he had a job opening for 1 waiter. He did not advertise in the paper. He simply put a sign near his businesses front door. In 1 week he recieved 122 applications for 1 position waiting tables. When i worked in a restaurant in my late teens near Atlanta we would have multiple table waiting positions opened year round. I made $30k plus a year at this restaurant in tips 17 years ago back when that was a lot of money. This friends waiters average only $20k a year yet had 122 applications for 1 job. Besides an asteroid heading strait for us this is about as serious as it gets. Being optomistic is a great character quality ive always thought. Being incapable of facing reality though because of it is quite scary.

 

[FreedomUIC]

If you have noticed lately, the prices for "Some" groceries have definetely stayed the same. Although the price is the same the quantity is not. Take beer for example, used to come in a case (24 Bottles/Cans) for roughly $15.00. Take that same beverage
now, it is still $15.00 dollars but you only get 18 Bottles/Cans. Same for Soda/Pop.

Milk that used to cost 2.99 (Premium milk, not the grocery store brand) now costs upwards of $5.00, but you can buy a half gallon for $2.99.

Some spices used to come in 1 oz containers. The containers look the same now as they did a year ago but you get only 3/4 of an oz instead of the full oz and they charge the same amount.

Take cigarettes for example (no comments please), there is almost $30.00 dollars of tax imposed on a carton. There is a store in town that sells loose tobacco, tubes and a machine to make your own. Cost of a pack of smokes is roughly .90 cents because the law says you are entitled to make them for home consumption. I buy enough "Bulk" tobacco and tubes for three or four cartons at a time and I still haven't spent as much as I would have for one carton of Brand name smokes. They are trying to stop
the business because they are claiming they are manufacturing cigarettes, they are not and the law can't touch them.

The reason I am giving the example above is because people are going to start doing this more and more, not just smokes, but
everyday staples. Gardens are going to become more popular, Brewing your own beverages, including soda/pop, raising chickens
for eggs and meat and on and on.

These are just examples that I have noticed over the past 12 months or so, there are literally hundreds of more examples
I could use. We are heading for tough times and I do not believe we have even seen the end of the recession/depression we are
currently in.

I am thankful that I have a somewhat stable job, I feel for those people who can't find employment and want to work. Those that live on the governments handouts and like it, that group I could careless about.

End of rant.....<Stepping down from soap box now>

 

[Rich Hartford]

MTS, mock me all you want about what is in store for the next generations. I truthfully cannot see how my children's future will be better burdened with trillions of dollars of debt and hyperinflation triggered by our recklessness. Yes, we are not in the dark ages as man has evolved into making life better for ones self through liberty and individual freedom guaranteed to us not only by the constitution but by a higher authority.

As far as your bold statement of dollar always goes down, I respectfully disagree. A dollar backed by a physical commodity such as gold becomes a restraint on the amount of fiat that can be created hence creating a currency that rarely declines sharply in value. Yes prices inflate through natural inflation when demand cannot keep up with supply but what we are seeing currently a ballooning of the money supply which in turn is going to create a scenario where double digit inflation or hyperinflation will become the norm. Inflation is a lagging indicator which is why it is so hard to fight. Prices now are reflective of what has been produced or grown in the past. Over the next year you are going to see your prices go up more than you ever dreamed.

I just read this from the WSJ....
"Corn is up 44%, milk is up 6.5%, hot rolled coil steel is up 4%, copper is up 29% and oil is up 14% from a year ago… Across Corporate America, more companies are wrestling with when and how much to raise prices as raw materials costs climb.”

And this is happening in a time when we are supposed to be in a recession or near depression? No, your goods are not up 60% right now but give it time.

Mock, mock, mock all you like sir. We are all in for quite a roller coaster ride.

Do you know why we went off of the gold standard? Because inflation was kicking the price of gold in the ass. Gold is only worth what someone else thinks it is worth. So inflation can happen even when you are on a gold standard. And it did happen. We had to go off of the gold standard because other countries could basically buy our gold for pennies on the dollar. And even if all countries go on the gold standard (which will never happen because not all countries have equal gold resources available to them), the value of gold can still decrease. Gold has no inherent value. In other words, if all hell breaks loose (real Mad Max Road Warrior crap) gold will be worthless. I agree that the value of the dollar is going down. And I agree that fiat currency is not a good system. But gold is not the panacea that so many make it out to be.

Whether or not the dollar will be completely worthless soon is a matter of opinion. You are entitled to your opinion and I am entitled to mine. The "doom and gloom" that is spread on this forum day and night is one of the things that I disagree with. So we can just agree to disagree at this point.

Call it doom and gloom. I call it sticking your head in the sand while dreaming about rainbow ponies. I hate to see it happen as much as the next person but I am going to live in the reality of what is actually happening, not just walk around telling myself everything is going to be alright. You have your opinion and I have mine. I will be prepared, will you?

"I call it sticking your head in the sand while dreaming about rainbow ponies"
That's a good one !
Which reminds me of a story.
The Reality Check
Everyday at noon I go to the loading dock to catch a smoke break.There are about fifty people doing the same thing,and like creatures of habit,we all have our spaces along the wall. Mines by the door.
Like clockwork, this young tub of lard, wearing a designer sweatsuit,expensive sneakers,and carrying a nutritious bottle of what is really fluoridated tap water opens the back door to the loading dock, and makes a big scene of waving her free hand about,to cut through the smoke rings. She feigns a cough for sound effects to her little act.
She then waddles off,flat footed, to get her lunch, which is about all the exercise that 4X sweatsuit has seen.
She returns a few minutes later carrying a sack with a half dozen cheeseburgers,or whatever.
"Here we go again" As she approaches me by the door she goes through the same routine,waving the smoke away,and feigning a cough.
I catch this act every single day for about 6 months.
So I'm thinking that this lady is on a different plane of reality. She's like on some type of health kick. Maybe she thinks she is an athlete,or the next centerfold for "fat girl magazine".
It's time for her to get a reality check !
So one day as she returns with her sack of cheeseburgers,and goes through her coughing routine.I speak to her for the first time. " You know, carrying that extra 200 pounds, and stuffing your face with a half dozen cheeseburgers everyday, is way more dangerous to your health,then my second hand smoke that the State of California lists among a thousand other things as hazardous".
Her eyes bugged out, and her mouth widened to a red lipped circle. Looked like she was catching her breath after having her head in the sand for too long.
She never replied,and entered the building. I never saw her again. Probably used another exit.
HH
Rich

 

[mts]

All of you should understand that I in no way ever said that the world is rosey at this time. But the world is also not black and white. I understand that things are hard for some people. And I also understand and agree that the Fed is not helping matters by printing more money. That only devalues the dollar further.

But just because the dollar is going down in value doesn't mean that it will be completely worthless in less than a year. It doesn't mean that "your fiat is dropping and dropping quickly". It may be dropping "quicker" now than it was a year ago. But "quick" is a term that is open to interpretation. My opinion is that the Fed is not going to allow the dollar to become worthless. You are entitled to have a different opinion.

Reading this forum you'd think that we should all be hunkered down in bunkers with shot guns pointed at the front door. I personally will live my life with the understanding that things could certainly be better. But things aren't as bad as what people who have allowed fear to rule their lives want you to believe.

Just because someone doesn't agree with you doesn't mean that they have buried their heads in the sand and are dreaming about rainbow ponies. Perhaps they've actually spent way more time analyzing the situation than those people who blindly believe all of the rhetoric being spewed on the Internet...