I told people on this board back around the first of july, that there is a glut of silver and the price would drop to around $10.30-$10.70. A bunch of people told me I was nuts and to stop bashing silver. Well reguardless if I am nuts, I certainly hope that took my advice. Silver has broke down, its not breaking down it has already broken. A P&F chart shows a triple bottom breakdown which is very bearish. These charts to me are very reliable on trends and price movements, up or down. I have done very well when using them to buy or short investments. People in the bullion market and silver stocks better prepare themselves for $8.75-$9.50 silver.
That's funny because just about every economist in the world is openly discussing the very real possibility of a major currency crisis. You may not have learned this when you were attending your local community college, but there is no more bullish thing in the universe for a skyrocketing silver price than a potential currency crisis.
My advice to you is to sell all your silver and load up on nice fresh US dollars.
Everything's going to be just fine. Sit back. Relax.
I'll hock stuff to buy silver at those prices, but I'm not inclined to think that we'll see that sort of Blue Light Special ever again. The Federal Reserve has been steadily stacking the deck against your position and the outlook is for subtantial inflation.
You have some good points ...but there is no glut of silver....no one is dumping silver bullion into the markets to take the price down...what is going on though is people are selling their ETF's like SLV to make their margin calls on the hedge type CDO's and the like and of course that has the same effect...but that is not real delivery of silver bullion but paper silver shares unallocated and never taken for delivery ...guess what...? the industry will need to replenish their inventory soon and the Amero will be backed by silver so I see that in the long run silver looks very profitable...the powers that be do have the power to manipulate the market with pixelated ledger sheets of silver sales so that is the problem we face until real delivery of bullion has to be made....
How do you know the Amero would be backed with silver? Just a guess about things to come or did you hear it somewhere. THat's interesting. The Amero in general is interesting. I guess I better learn Spanish.