Originally Posted by jigg (Post 18119645)

My understanding is that there isn't enough gold out there, even the US gov't gold reserves are supposedly in the low hundreds of billions at today's prices.

Originally Posted by SmokeyTheBear (Post 18124709)

if you took all the gold in the world that has ever been discovered it would fit inside an olympic size swimming pool

Originally Posted by facialfreak (Post 18119848)

A perfect example of how the rich keep getting richer!!! David Rockefeller used a similar bullish move in 1929 to influence the stock panic responsible for the great depression, and all the while, he was buying masses of people's promissory notes for literally pennies on the dollar!!! This is very similar to how the Rockefeller Dynasty was obtained.

Originally Posted by Lint (Post 18124716)

Exactly, and it is a pretty fucking useless metal, too.

Originally Posted by PornoMonster (Post 18124848)

Not sure if this is posted or not, but Silver will go higher than $50 IF it can get past that $50 glass Ceiling.

Many people have sell orders in around $40.30 ish.
I do see it rising super fast again, but I expect it to hit $65 maybe even $85 easily if it can go above $50 for a couple of days.

Originally Posted by facialfreak (Post 18119848)

Me too!

My father died last week, and the inheritance I am receiving from him will be put about 70-80% into silver, so this dip in the price is a godsend .... allowing me to make my next purchase at last year's prices!!!

I have been following silver for a long time, and know/understand the catalysts that are partially responsible for the price drop.

I have been calling silver for the past almost a year .... and I also predicted it was going to be a bumpy ride!

In the past year, silver is still up 20%, and in the past 5 years, its still up 135%. Gold in comparison is up 28% over the past 5 years.

One of the catalysts that influenced the silver "panic" of the past two weeks, is that Eric Sprott - of Sprott Asset Management Inc - who managed a very large silver ETF portfolio, sold off almost 75% of his silver stocks (approx. $35M), causing market analysts to take note and to "panic". If Eric is selling silver, shit must be about to hit the fan!!

What they did not see coming, is that Eric is re-investing all of the cash from the sale of his silver ETFs into ..... you guessed it - physical silver bouillon - and he is buying it at almost 30% less than he would have been able to do so 3 weeks ago!!

A perfect example of how the rich keep getting richer!!! David Rockefeller used a similar bullish move in 1929 to influence the stock panic responsible for the great depression, and all the while, he was buying masses of people's promissory notes for literally pennies on the dollar!!! This is very similar to how the Rockefeller Dynasty was obtained.

Like previously mentioned ... the sharp drop in silver prices in the past two weeks, smart investors will see as a GOLDEN (pardon the pun) opportunity!

BUY UP - AND THEN BUCKLE UP AND ENJOY THE RIDE!!! :pimp

http://www.theglobeandmail.com/globe...rticle2007195/

Originally Posted by Coup (Post 18125454)

The precious metals bubble about to pop?

Originally Posted by The Demon (Post 18125789)

I've got to hand it to those idiots who are calling precious metals a "bubble". That's some hilarious shit, advertising your lack of knowledge.

Originally Posted by PR_Glen (Post 18126175)

its not the same as other markets no, but it can still be over inflated. Especially when gold/silver isn't as rare as they claim it to be. Do you think diamonds are truly precious too?

As for having no confidence in the US dollar... try going to a grocery store and pay with gold coins, let me know how far that takes you... currency is a necessary means for civilized society, even the romans used it so it's not going anywhere anytime soon.

Originally Posted by PR_Glen (Post 18126175)

its not the same as other markets no, but it can still be over inflated. Especially when gold/silver isn't as rare as they claim it to be. Do you think diamonds are truly precious too?

As for having no confidence in the US dollar... try going to a grocery store and pay with gold coins, let me know how far that takes you... currency is a necessary means for civilized society, even the romans used it so it's not going anywhere anytime soon.

Originally Posted by The Demon (Post 18126277)

Terrible argument. Fiat currencies aren't necessary, they're just the status quo which is why I'm not going to be paying for anything with my precious metals. Lol@civilized society though, considering fiat currencies have caused us great pains in the long run whereas commodity currencies have succeeded for millennia. Even in today's age, we can certainly have a fractional reserve commodity system.

Originally Posted by Houdini (Post 18124921)

I agree. Watch for a double bottom next week down to mid 30's, then short covering/squeeze will start the rebound. If/when it hits $50, we will see $5 and $10 dollar days and it will sky rocket.

Originally Posted by wig (Post 18133729)

Backing currency with commodity(s) is stupid.

Originally Posted by wig (Post 18133729)

Backing currency with commodity(s) is stupid.

Originally Posted by bill8 (Post 18135680)

oh - what about commodity baskets?

If backing currency with commodities is stupid, what, if anything, should they be backed by?

If currency reflects the perceived differences in economies around the planet, as decided by a multinational marketplace, but are only convieniently used locally, what does that mean for the local currency users and the concept and rule of nations?

Originally Posted by The Demon (Post 18135777)

qft.....

Originally Posted by The Demon (Post 18135193)

Great thing history shares your point of view. Oh wait.

Originally Posted by Bill8 (Post 18135873)

well, I'm not suggesting they might be usefully backed with gold or metals with perceived rarity.

currency is transforming before our eyes, in our lifetimes, and the future of currency is an interesting problem.

commodities baskets have been proposed in the past - in a sense a commodities basket is just a proxy for international sentiment - so they have to be put on the list of possible future models for currency.

baskets have advantages over single metals, in that they reflect use, not storage of value thru rarity and resistance to decay.

wig just started his argument, I wanted to see where he would take it.

currency and teh rule of nations is a tough problem, and we are likely to see some wild swings this century.

Originally Posted by Bill8 (Post 18135873)

well, I'm not suggesting they might be usefully backed with gold or metals with perceived rarity.

currency is transforming before our eyes, in our lifetimes, and the future of currency is an interesting problem.

commodities baskets have been proposed in the past - in a sense a commodities basket is just a proxy for international sentiment - so they have to be put on the list of possible future models for currency.

baskets have advantages over single metals, in that they reflect use, not storage of value thru rarity and resistance to decay.

wig just started his argument, I wanted to see where he would take it.

currency and teh rule of nations is a tough problem, and we are likely to see some wild swings this century.

Originally Posted by wig (Post 18136478)

They should not be backed by anything. The argument that backing currencies with commodities will avoid economic "black swans" or keep the supply of money stable are pipe dreams.

It would only ensure the economy itself is stably at a Stone Age level.

I'll expand on this but I am going out of town so perhaps early next week.

Originally Posted by L-Pink (Post 18124674)

They don't have probate in Canada with a mandatory minimum waiting time for disbursement of funds?

.

Originally Posted by facialfreak (Post 18136917)

My father had money invested in RRSPs (Registered Retirement Savings Plan) that is to be divided up amongst us three children - my sister and I get 33% each, while my baby brother gets 34% - just the way the bank decided to split it.

Because my father and his mother are well known in the community, and well known by the bank holding his RRSPs, the bank has agreed to let us cash out his RRSPs as survivor benefits ... meaning we will claim it as income on next year's taxes, but allowing us to cash it out immediately (with a simple letter of direction to the bank signed by the three children), rather than tie it up in probate to be later disbursed as a tax-free inheritance.

Also, having the funds tied up in probate would see us spend approximately 20% of the funds in lawyers fees, so cashing out the RRSPs as survivor benefits made much more sense from a financial standpoint.