projects to 12.50
Yup.....Happy Ho posted this a few weeks ago.....I also know the current value of the box rental and the VERY UNLIKELY bank that would rent him several hundred security boxes.
But this self ordained "Chart Expert" predicts $12.50 silver as of just a few days ago......same expert that has the several hundred security boxes........Well, $12.50 is pure BS as is his several hundred boxes at $20 each.
He also has rare morgan dollars at that are graded by some planet in a different galaxy.....BUT they are rare.......
Need a few laughs? Go back and read his posts.
Not just that, but why store it at a bank? You can obviously afford to buy a custom made safe in your island home. Complete with voice and retinal verification, as well as motion-triggered turrets to keep the little guys with 5K oz or less(me) out!
As for the FED, those loosers are going to ease again. Freddie is against the wall, and they "say" inflations under control. Yeah, its like that bear at the circus! Itll ride the trycycle and balance on that ball, till it realizes " Im a bear!" and turns on you. And, damn, not much you can do to fight it off, once it turns!
Damn, that sounds like bull to me. I have 3 deposit boxes, and pay 100 a year each. I consider it a fee like any IRA account has attached to it. As for 100,000 ounces, well, I have 10000 and it required a massive rearrangement of my finances and lifestyle. If your rich enough to afford 100000 then why are you not hiring a cpa to run your empire and living in tahiti?
PS: I totally agree that this price of $14-15/oz is an accumulation level.....
I believe that we will be north of $16-16.50 by February....esp is\f the Fed eases again. I see no alternative but for them to ease.
So you are an expert chartist too? It must work very well for you as you have indicated that you have over 100,000 ounces of silver stored in several hundred bank security boxes.
Always glad to read an experts opinion.
Know we had our differences desktop, but I think youre dead on. I indicated I thought yesterday was an ample buying opportunity as I see $14 the new floor resistance, and see $20 a question of when not if. I think whats interesting is gold's drop during this period, while silver remains strong. Long this EFT, and not selling, but looking for Jr. mining companies now to get a multiple boost.
I'm in the buy the dips camp... if you weren't buying this week you might get a chance next week at best but the fundies say we go up. 1000$ gold and 18$ silver by year end. JMO. All it takes is for one bank or mortgage insurance company to go belly up for the fed to reconsider it's stance of no more rate cuts and $USD to continue it's fall. It's depressing actually but you have to protect yourself with the metals and oil. Once again.. .merely my opinion!
Also looking at the daily gold chart over the last 5 years, I see the price of gold could not stay above the 200 DMA for more than 13-16 months without needing to test it again.
One could read the chart to say that we need to test the 200-dma in the next month or so, meaning that the recent gold top was it. We are already into a big correction heading toward $700 after which gold would level off around the $753 range and stay there for a while. Coincedentally, $700 gold corresponds to your $12.50 silver level.
Another reading of the chart could suggest that the recent rally is the second leg of a large move which should be followed shortly by the third and largest leg which would peak at a new high sometime between Jan-Apr.
Interesting times to follow. Curious to see which of the 2 scenarios materliazes.
For me, the long term fundementals are extremely bullish especially for someone who is not trading these markets and not using margin.
As the extent of the actual value of much of the category 3 assets in the major banks becomes evident over time and the subprime / credit melt down really just getting started, more entities and individuals will seek a safe haven for their wealth. While the precious metals are highly manipulated, and there is a desperate battle to keep gold under $800 and siver under $15, the fact that the chart of the dollar looks worse than the pre-enron crash and oil is moving in the wrong direction, make it apparent to me at least that my money is safer in silver and gold than in the stock market or for that matter in CD in my bank, especially holding the physical. We'll see volatility, but I believe I have to stay with a fundemental conviction that the massive infusion of liquidty and the massive debt overhang and the highly unstable financial system, means that precious metals are a better bet long term than paper assets. Of course, these are merely my opinions.