Cgreens...Mainman! To be a contrarian in the most unloved sector as it reaches for a bottom is supposed to be where a wise investor places his bets....erh...I mean money. We have witnessed the greatest debasement of fiat currencies in history, ie, QE's, 0% interest rates for 7 years, and accelerated debt accumulation. And yet, against this backdrop, PM's flounder lower. It just doesn't make sense.
The Fed's henchmen promise to raise interest rates to their natural level by 2017 which is about 3.75% (Fed funds rate). And the public accepts this garbage. If interest rates rise by 3% the carrying costs on our national debt will quickly rise by an additional $550 billion annually. Add the demographic tsunami now hitting our shores (10,000 citizens attaining the age of 65 per day) and one has to wonder where all the magic money will come from to support this system. Not going to happen! Default or printing masses of fiat are the only alternatives. Gold and silver should be thriving in this environment. But apparently we are arriving a little too early and we will have to wait at the doorstep for who knows how long for the party to start.
Good luck to both of you. As Cgreens states, our shares have sunk so low, why sell them now? Capitulations are inflection points whereby the last holdouts give up and sell their shares and nobody but buyers are left in the game. I'm hoping we are at, or at least close, to that point.