Silver Wheaton Corp. Message Board

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  • tomg86402 tomg86402 • Mar 26, 2008 8:07 PM Flag

    Can Silver make your rich?

    Hey, I agree, you have to be able to sleep at night. My home is paid for and I will not put it at risk. However, I have about 50k on loan from low interest rate credit cards all invested in silver over the last 3 years. I was at the Las Vegas Coin show about a year ago and picked up a 100 oz .999 fine Handy & Harman Silver bar @ spot. I am sure glad I spent that $1287.00 on the silver instead of paying down my 3.99% Credit card loan.
    Cost of interest paid for one year was about $52.00.
    Price increase of my 100oz bar over the year...$558.00
    And, I sleep just fine at night with my $50,000.00 in credit card debt knowing I have the Silver to back it up.
    We all have to hold somthing, Federal Reservd Notes cost about 6 cents to create. $1 or $100 notes, still about 6 cents. I would rather hold Silver and owe FRN'S

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    • roaree roaree • Mar 26, 2008 8:29 PM Flag

      Check the Kitco site under Tech & Fundamentals Heading about 2/3 of the way down.....

      Read "The Silver Book--2008, January" by the Fortus Group

      Surplus 2007 6,141 TONS
      Surplus 2008 7,315 TONS est. (not oz's)!!
      Maybe the coin dealers are running the rabbit..........no---I'm shocked"

      • 1 Reply to roaree
      • mv_eric mv_eric • Mar 27, 2008 1:32 AM Flag

        "Surplus 2008 7,315 TONS est."
        OK, the value of this 7,315 tons of silver (220M oz.) is about $4.4 Billion. Considering that the dollar is collapsing and that individuals, companies, and even countries are wanting to buy something to preserve their wealth, $4.4B is not very much. This is like a week of spending on the Iraq war.

        I don't think you realize that the world financial situation is dire. Also, eight largest traders now hold a record net short position of over 400 million ounces in COMEX. That's twice the 2008 silver surplus. If the counterparties to these shorts demand physical delivery then the price of silver will skyrocket in the resulting short squeeze.

 
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