In order to participate in the GunBroker Member forums, you must be logged in with your GunBroker.com account. Click the sign-in button at the top right of the forums page to get connected.

Went to a coin shop today and heard..........

William81William81 Member Posts: 25,408 ✭✭✭✭
edited February 2011 in General Discussion
"Oh my God, the price of silver dropped .72....time to sell all of it." [;)]


The gentleman left and the owner said the guy comes in about twice a week whinning about how the price dropped or rose. Some people are never happy. [:)]
· Share on FacebookShare on Twitter

Comments

  • thorhammerthorhammer Member Posts: 989 ✭✭✭
    edited November -1
    I was buying silver Morgans at 14.00 each, 2 years ago, now they doubled in price.

    I think they'll double again, unless Obama stops the spending, shuts the printing presses down, only spends what the govt takes in, and pays back the national debt.
    · Share on FacebookShare on Twitter
  • MaxOHMSMaxOHMS Member Posts: 14,715
    edited November -1
    It's been heading back up all afternoon and evening.
    · Share on FacebookShare on Twitter
  • William81William81 Member Posts: 25,408 ✭✭✭✭
    edited November -1
    And it will drop again in the future...and then rise again...and fall

    That's why I posted this. I remember 1980 well when it went crazy and crossed 50.00/0z those were crazy times. Every day there were people standing in line at a coin shop near where I was attending college.

    Investing in metals is not for the uninformed or faint at heart...
    · Share on FacebookShare on Twitter
  • thorhammerthorhammer Member Posts: 989 ✭✭✭
    edited November -1
    As remember back in 1980, silver went only to 30.00 per ounce. I believe the Hunt brothers were trying to corner the market on silver.

    This time America is facing real hyperinflation, the devaluing of our dollar is actually happpening.

    I read "Bankruptcy 1995" and "The Coming Economic Earthquake" one by industrialist Harry Figgie and the other by Larry Burkett now deceased.

    They said America would be bankrupt when they hit 7.5 trillion in debt. Were living on borrowed money from China.

    The times are not the same.
    · Share on FacebookShare on Twitter
  • William81William81 Member Posts: 25,408 ✭✭✭✭
    edited November -1
    No it broke 50.00 an oz in Jan. of 1980. It was also during the wonderful Carter years. Mortgage loans at 15%, car loans were well over 10%, unemployment was higher then also. Inflation was pushing 10%. The cost of gas doubled in those days.

    I remember the couple of CD's I had at the bank paying 13%, which was pretty much 0% given the inflation rate.
    · Share on FacebookShare on Twitter
  • skicatskicat Member Posts: 14,431 ✭
    edited November -1
    quote:Originally posted by thorhammer
    As remember back in 1980, silver went only to 30.00 per ounce. I believe the Hunt brothers were trying to corner the market on silver.

    This time America is facing real hyperinflation, the devaluing of our dollar is actually happpening.

    I read "Bankruptcy 1995" and "The Coming Economic Earthquake" one by industrialist Harry Figgie and the other by Larry Burkett now deceased.

    They said America would be bankrupt when they hit 7.5 trillion in debt. Were living on borrowed money from China.

    The times are not the same.

    You are witnessing the end result of 30+ years of writing bad checks. These are definitely different circumstances today.
    · Share on FacebookShare on Twitter
  • RtWngExtrmstRtWngExtrmst Member Posts: 7,456
    edited November -1
    But if the world's largest economy collapses under the weight of unsustainable debt, it takes the rest of the world down with it. Who will be standing to buy your silver?
    · Share on FacebookShare on Twitter
  • gruntledgruntled Member Posts: 8,218 ✭✭
    edited November -1
    quote:Originally posted by William81
    No it broke 50.00 an oz in Jan. of 1980. It was also during the wonderful Carter years. Mortgage loans at 15%, car loans were well over 10%, unemployment was higher then also. Inflation was pushing 10%. The cost of gas doubled in those days.

    I remember the couple of CD's I had at the bank paying 13%, which was pretty much 0% given the inflation rate.


    Ah, but you had to pay Income Tax on the interest.
    Paying off the national debt is a pipe dream. Paying it back would be MUCH harder than running it up. The problem would be that as you run it up the value of the Dollar decreases.
    When you start to pay it off the value would increase & there would be deflation.
    · Share on FacebookShare on Twitter
  • AmishAmish Member Posts: 1,383 ✭✭✭✭✭
    edited November -1
    After the dollar came off the silver gold peg (becoming fiat) in 1971 dollar inflation increased.

    history.gif

    Fiats always fail. Many economists are warning we should seek safety in a commodity until there is a new monetary system. (IMF plans for a global currency.)

    Chart_Silver_30%20Year.jpg

    The difference with the spike in 1980 and today is that today it is due to investors worldwide concerned about the USD, and not an individual. There's also a supply and demand issue with the industrial metal.

    This chart guy does a really good analysis:
    www.youtube.com/watch?v=U6vshv91Cok

    Silver being volatile in the ups and downs is hard to forecast. Still has been performing better than anything else and looks like it will continue to do so until something changes with the USD.
    · Share on FacebookShare on Twitter
  • scottm21166scottm21166 Member Posts: 20,723
    edited November -1
    quote:Originally posted by Barzillia
    Lots of people buy trouble when they invest in such things to a significant extent.

    Right now a lot of people are looking for any reason to take profits and get out, knowing that the price of metals is cyclical.

    he probably has 3 old morgans....[:D]
    · Share on FacebookShare on Twitter
  • gruntledgruntled Member Posts: 8,218 ✭✭
    edited November -1
    Silver has been very volitile for a very long time. In the late 1800s it plunged when large quantities were found & stayed low for a long time. I can remember my grandfather saying there was only 7 cents worth of silver in a dime.
    Of course in the seventies & early eighties it soared & then plunged.
    Now we are back to it soaring again. Will it go higher or plunge again? You pays your money & takes your chances. The one thing that is sure is that physicial silver (or gold) pays no interest.
    · Share on FacebookShare on Twitter
  • eastbankeastbank Member Posts: 4,052 ✭✭
    edited November -1
    if you put 10,000 dollars in the bank and take another 10,000 dollars and buy scrap copper or brass and every month sell it,over a year you would have a lot more money than the bank would pay you in interest. so why would you put your money in a bank? i have more than doubled my money by buying scrap metal from the locals 10 to 20 lbs at a time. you will not get rich but at the end of the year you will have made money. eastbank.
    · Share on FacebookShare on Twitter
  • KnifecollectorKnifecollector Member Posts: 3,267 ✭✭✭
    edited November -1
    Exactly. Our local banks are paying around 1/4 of 1 percent interest on savings, and almost 1/2 of 1 percent on 6 months CDs.
    You've got to pay income tax of that as well.
    · Share on FacebookShare on Twitter
  • soopsoop Member Posts: 4,633
    edited November -1
    To hell with silver,buy lead.
    · Share on FacebookShare on Twitter
  • William81William81 Member Posts: 25,408 ✭✭✭✭
    edited November -1
    But the price of lead is going up too....[;)]
    · Share on FacebookShare on Twitter
  • plinkedplinked Member Posts: 401 ✭✭
    edited November -1
    I bought my 15, 1oz gold rands and 204oz worth of silver bars 12 years ago, I look at todays prices and just smile ear to ear. Best investment I ever made. I recently sold 6 rands and made all my initial (gold & silver ) investment back plus extra
    · Share on FacebookShare on Twitter
  • mrseatlemrseatle Member Posts: 15,467 ✭✭✭
    edited November -1
    I heard about an evil wizard with a horde of silver guarded by two black dragons.
    · Share on FacebookShare on Twitter
  • shilowarshilowar Member Posts: 38,811 ✭✭✭
    edited November -1
    I've got some pre-65 half dollars that I am gonna hold onto for when paper is completely worthless
    · Share on FacebookShare on Twitter
  • gruntledgruntled Member Posts: 8,218 ✭✭
    edited November -1
    quote:Originally posted by plinked
    I bought my 15, 1oz gold rands and 204oz worth of silver bars 12 years ago, I look at todays prices and just smile ear to ear. Best investment I ever made. I recently sold 6 rands and made all my initial (gold & silver ) investment back plus extra


    Be sure to include that on your Income Tax next year since now we all know about it.[:D]
    · Share on FacebookShare on Twitter
Sign In or Register to comment.