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I think the final shake out will be a new currency backed by metals and other commodities. At some point, I will sell enough physical silver to pay of my debt in dollars but will wait see what the final "currency" is to get out completely. For all I know it could be Yuan it could be Amero - who knows?
I think if things were to get extreme - like Silver prices in the hundreds per oz, they would close these 2 and 3x ETF's and Etn's like they did the OTC Silver Market I used to trade on Forex.com. They closed the OTC Silver because it too was over leveraged.
This is just a guess but we would get our money plus gains on the close of them like I did with OTC Silver.
So - its risky but the % moves are great
There is one heck of a lot more dollars floating around than there is Gold. To back the dollar by 50% would require huge amounts Gold and it would put a shock in such a small market instantly. At that point, Gold would be the money not dollars anymore. That is why the Fed maintains Gold is not money but an asset. Sure they could stimulate the economy by buying Gold but they choose to buy treasuries that are unending - they can always originate more T bills whereas Gold isnt so easily manipulated. The minute the FED capitulates and buys Gold the dollar is dead.
None of them are a safe since they are only tracking instruments with nothing backing them. They are only good for trading or high risk capital longer term.
P&F Chart turned bullish today with huge volume. Bullish price objective is now 41.00
USLV last print 25.79 after market
AGQ is 2X and USLV is 3x
Gold roller coaster ride
Im lookin for action that is why I went long both AGQ and USLV. On a day like today my positions are lookin pretty sweet
You could probably sell that ounce of junk for more than you paid for it on ebay. At the very least, you would get most of your money back. The real price of physical Silver is much higher than spot and you see it in the premiums on ebay
A dime is worth 2.00 bucks according to coinflation
Those ebay deals seem too good - it is buyer beware you know?
My advice is to look under rolls of junk dimes. type: "roll silver dime" and look at junk dime rolls. That is where I would start if I was you. Each roll is 50 dimes. If you can get rolls below 100.00 its a screamin deal IMO
Look Here www.coinflation.com
Both Provident Metals and APMEX buy Silver back. You can also sell on ebay. I suppose one could hold physical until its re-monitized. I wouldnt really worry about selling silver I would worry about getting the best price since its getting scarce.
Many people use APMEX and Provident metals to purchase physical. Lately I have heard that people are waiting 4 or more weeks for delivery of junk silver. Junk silver is becoming more scarce but you can find a few deals on ebay still. I would invest in Physical before I bought a vehicle like SLV. When you own the metal there is no counterparty risk and it maintains its value at around 40 an oz on ebay.
Bought some USLV alongside more AGQ
USLV is a wild ride
I thought I would pass this along in case you missed it.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=76029923
Still holding my USLV and AGQ
Hope you had a nice holiday weekend.
If spot gets to 65 this will be at about 300 - wont take until 2018
Ive been selling the mining stocks Ive been in. Not that they wont go up at some point, but, Im tired of sitting on dead money. My AGQ position is looking better and I put on another position in USLV today too. Im going to play these derivatives for a while. If we are at the bottom then there will be big gains in these but if we are still not out of the woods I wont stick around long.
If Silver is at 9 bucks an oz there wont be "pallets" of it lying around. The cheaper it is, the faster it gets consumed. There is only limited supply contrary to what some people say. Why do you think Sprott has such a hard time sourcing Silver?? Because there isnt pallets of the stuff lying around now!
It was just a general question. Looks like we are bouncing hard currently. BTW - extreme4reality doesnt understand that 9 dollar Silver will implode the Comex. Who cares how low spot goes. A lot of my physical already sells for huge premiums on ebay and its not going down but UP!
Watching and wondering if I should get out of AGQ. Bought at 41.26 which I thought was the pullback. Now Im unsure. Are we going to hold these levels and move higher?? Wish I had the answer!
Anyone think we are headed for new yearly lows??
I wouldnt get bullish yet. I bought what I thought would be a dip and it turned out to be a large decline in price. Best bet is to save your money until we get a true reversal.
PM's getting mutilated - wish I had held off on buying AGQ Im getting my head handed to me
I bet Silver ends up for the day. Yeah, always waiting for money to move :)
Money finally cleared
Long AGQ on the dip
Maybe the company is full of s#it
I think Gold has a hurdle at 1640 - if it breaks that things will get exciting!
Gold just broke out too! Up we go!!!!
Im away from home and using kitco. Ummmm - was that me or did the ceiling on the chart just go up? - lol
Here comes some violence I hope!
Yes, I agree at this moment - lol
I have been following closely we just missed having a major sell off. Looks as if a bottom has been formed. I was ready to see another 5 buck drop when it started dropin once the NYMEX closed but the short sellers didnt flood the market for once and its recovered. Maybe it was capitulation but it wasnt violent...or should I say hasnt been yet.
The shares are restricted. Someone saw fit to take shares for services. Maybe it was capital improvements - we dont know. It would be nice to know the terms but I really dont care and apparently nobody else is cryin either.
This resounds much louder with shareholders:
"As we increase production and our milling operations, we anticipate that the revenues will continue growing at an accelerated rate."
The dollar index looks like it might pull back here at .80-81. One day I read how the Bernanke has technically broken the dollar the next its on a tear for the next 10 or so days. So - nothing is making sense.
I think Silver is holding up rather well. Mike Maloney says there will be a deflationary period just before we move into a hyperinflationary period. If he is right, this could be it. Then again maybe he doesnt now either :)
From the AGCZ PR:
"As we increase production and our milling operations, we anticipate that the revenues will continue growing at an accelerated rate."
OK - I guess we can discuss Silver here. Silver is far more distressed than Gold mainly because of the Comex trades many multiples more of supply in just one daily session than actually exists. Eventually, a fair value will transpire once supply runs out. This could happen at any time and is already getting ready to happen. Silver prices will explode when the SHTF at the Comex. Im more bullish on Silver because the Gold to Silver ratio is so out of whack. Ordinarily, we should be around 16:1 and we are far from that.
Im more bullish on Silver but that is off topic.
Trying to make sense out of things that are more or else random makes no sense. If silver gets too oversold supply will evaporate (if it hasnt almost already). I listen to people like Sprott - he maintains there is very limited Silver supply. They can push it down furthur but its going to bust the Comex. There have been large withdrawals lately anyway. Seems like the end is coming faster than the panic.
Eddy - We are in the final throws of a correction in the Gold market. When Gold resumes its cycle there will come a flood of new investors into gold mining stocks. What I mean by a flood is that we will see mining shares trading many multiples above their intrinsic value. Not unlike the Tech bubble of the late 90's. Many on hopes and dreams with nothing much behind them.
You can try to time this occurance but Ive learned not to try to time stocks that I know are headed a lot higher. AGCZ should be a beacon in the market as a small producer even though its currently a pink. Most mining companies are a farce - they hold leases but dont actively produce. They will go up but the true producers will go into the stratosphere.
Now I know you own a lot of miners so I suggest you stay fully invested. Let the daily noise ripple off and look at the big picture. Many central banks are buying Gold. This is the new trend that is consistant. The mining stocks havent participated but their true counterparts: Gold and Silver are in a bull market. Mining stocks will eventually take on the same characteristics as their counterparts gold and silver. The flip flop will occur Im 100% sure of it. Im just going to sit tight and wait for it.
The highlight of the week came from the Census and Statistics Department of the Hong Kong government. New data showed that gold shipments from Hong Kong to Mainland China surged to 135,529 kilograms (135.5 tonnes) in the first-quarter, compared to only 19,729 kilograms (19.7 tonnes) in the same period last year. Shipments in March alone increased 59 percent from February.
http://wallstcheatsheet.com/stocks/gold-silver-finish-week-lower-dollar-rallies-for-10th-consecutive-day.html/