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Silver prices down 27% oil below $100.00 a barrel

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posted on May, 5 2011 @ 11:13 PM
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CSM

My take on precise metals is that they are just one more way to manipulate people into putting their wealth into something in the hopes a quick buck. If you're not quick enough you loose the bet. It's not investing, it's gambling.

How many gamblers will panic tomorrow?




posted on May, 5 2011 @ 11:20 PM
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It could still recover, or normalize. Everything can be in a bubble, including metals.
edit on 5-5-2011 by satron because: (no reason given)



posted on May, 5 2011 @ 11:21 PM
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reply to post by TerryMcGuire
 


As long as they keep printing money and my wealth keeps decreasing with inflation, I'll keep "gambling" on metals.



posted on May, 5 2011 @ 11:21 PM
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reply to post by TerryMcGuire
 


Silver and gold always have a value since BC days, printed Paper is the gamble.... And it's a forced bet on all of us!

Buy or sit silver got a healthy out look $250+ imho
edit on 5-5-2011 by 297GT because: (no reason given)



posted on May, 5 2011 @ 11:37 PM
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Im hoping it drops to 30ish or lower for the weekend...

Time to buy it up then



posted on May, 5 2011 @ 11:51 PM
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So far gold seems to be holding. But here is a question for all those who know more than me, which isn't hard, how long might it take for silver to recoup this loss?



posted on May, 5 2011 @ 11:52 PM
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Buy in the next few days, after the illusion of prosperity fades away, it will all go back up. Nothing has changed if you take a good hard look, it is all going the same direction as last week before the Osama news.



posted on May, 5 2011 @ 11:55 PM
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Gold went down 80$ this week, from closing last weekend at 1566, currently at time of posting I see 1486

Silver closed at 48 on the weekend and is now currently at 34.88

something is happening, I think it might be a fish flopping after its dead... but time will tell



posted on May, 6 2011 @ 12:04 AM
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Just a little tip without pretending I know anything about this.
But through direct observation, I helped wire up an Aussie Gold mine in the latter Nineties in Oz.
The Americans were buying into Aussie Gold
mines big time.
We all know how the Gold price has soared since then.
With the chinese having astronomical Gold reserves its hard to know .
But Silver looks good
If only to kill the wolves.



posted on May, 6 2011 @ 12:05 AM
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Originally posted by TerryMcGuire
It's not investing, it's gambling.


The silver content of a denarius during Tiberius (Roman Emperor from 14 AD to 37 AD) was approx 3.65gram. www.livius.org...#*

It cost 200 denarius (or 200 x 3.65 = 730grams of silver) to purchase 5,000 loaves of bread to feed 5,000 men and their families during the time of Tiberius. Mark 6:37

Average price of today’s bread is $4.00 per loaf
$4 x 5,000 = $20,000 = 200 denarius = 730 grams of silver

A Canadian silver maple leaf @ 99.99% purity is one troy ounce or 31.1 grams

730 grams / 31.1 grams = 23.47 troy ounces = 200 denarius = $20,000 during the time of Tiberius

So one troy ounce of silver priced in today’s dollars during the time of Tiberius is $20,000/23.47 = $852.15 per troy ounce of silver.


edit on 6-5-2011 by soleprobe because: (no reason given)



posted on May, 6 2011 @ 12:31 AM
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I was furious about this. I wanted to sell off some of my silver flatware to buy REAL goods like firearms, weapons, and long-term food storage. Now I'll get a lot less.

My thoughts on precious metals are this:

If you are planning for a complete collapse of society, and think a real SHTF situation is going to happen, precious metals are going to be useless in my opinion. Yeah, eventually things will normalize and a standard currency will rise, which would probably be gold/silver. BUT, in the short term, things like weapons, food, and skills you can barter with will be MUCH MUCH more valuable than some useless hunk of metal.

Once TSHTF and you try and get a gun from me with 100lbs of gold I'll laugh in your face. I'm sure most would too.

If you are using precious metals for a non SHTF scenario, and just a long term hedge against inflation or a way to maintain your wealth, I still don't think it will be such a great plan. The markets are being so heavily manipulated that I think most are going to be screwed one way or the other.

Add in the possibility of the government confiscating gold, then you are really screwed. Yeah, you can keep it and not tell anyone, but it will have zero worth if you can't cash it in anywhere, and have next to nobody will actually accept it for trade.

All those ideas are based on there being some serious stuff going down in the next 10 years or so, which may not actually happen.

It seems the ONLY way that precious metals are a good idea is if you truly believe that the world/country will continue on just fine with nothing really bad happen. I don't, so metals are worthless to me right now. I want more guns, ammo, and food. Firearms are a much better overall investment in my opinion. If nothing bad happens, quality firearms still gain value at an incredible rate. If something does happen, then you have a bunch of guns so it's a win-win situation.

Wish I would have dumped some of my silver when it was $50/oz.[
edit on 6-5-2011 by James1982 because: (no reason given)



posted on May, 6 2011 @ 12:43 AM
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Originally posted by soleprobe

Originally posted by TerryMcGuire
It's not investing, it's gambling.


The silver content of a denarius during Tiberius (Roman Emperor from 14 AD to 37 AD) was approx 3.65gram. www.livius.org...#*

It cost 200 denarius (or 200 x 3.65 = 730grams of silver) to purchase 5,000 loaves of bread to feed 5,000 men and their families during the time of Tiberius. Mark 6:37

Average price of today’s bread is $4.00 per loaf
$4 x 5,000 = $20,000 = 200 denarius = 730 grams of silver

A Canadian silver maple leaf @ 99.99% purity is one troy ounce or 31.1 grams

730 grams / 31.1 grams = 23.47 troy ounces = 200 denarius = $20,000 during the time of Tiberius

So one troy ounce of silver priced in today’s dollars during the time of Tiberius is $20,000/23.47 = $852.15 per troy ounce of silver.


edit on 6-5-2011 by soleprobe because: (no reason given)


Can you clarify the point for a addled Doc?



posted on May, 6 2011 @ 12:52 AM
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reply to post by Dr Expired
 




The declining amount of silver in a denarius (in gr.)
Augustus
3.65
Nero (64)
ca.3.00
Vespasian (70)
ca.2.90
Domitian (82)
ca.3.20
Domitian (85)
ca.3.00
Trajan (107)
ca.2.90
Antoninus Pius (148)
ca.2.70
Marcus Aurelius (161)
ca.2.65
Marcus Aurelius (179)
ca.2.25
Commodus (190)
ca.2.15
Pertinax (193)
ca.2.65
Didius Julianus (193)
ca.2.20
Septimius Severus (194)
ca.1.85
Caracalla (212)
ca.1.55
Caracalla (215)
ca.1.45
Macrinus (217)
ca.1.85
Heliogabalus (218)
ca.1.25
Heliogabalus (219)
ca.1.40
Pupienus and Balbinus (238)
ca.1.80
Gordian III (238) to beginning reign Decius (249)
ca.1.00
End of reign of Trebonianus Gallus (253)
ca.0.60



posted on May, 6 2011 @ 12:54 AM
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Originally posted by James1982
It seems the ONLY way that precious metals are a good idea is if you truly believe that the world/country will continue on just fine with nothing really bad happen.


Except a currency collapse



posted on May, 6 2011 @ 12:56 AM
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Originally posted by Dr Expired

Originally posted by soleprobe

Originally posted by TerryMcGuire
It's not investing, it's gambling.


The silver content of a denarius during Tiberius (Roman Emperor from 14 AD to 37 AD) was approx 3.65gram. www.livius.org...#*

It cost 200 denarius (or 200 x 3.65 = 730grams of silver) to purchase 5,000 loaves of bread to feed 5,000 men and their families during the time of Tiberius. Mark 6:37

Average price of today’s bread is $4.00 per loaf
$4 x 5,000 = $20,000 = 200 denarius = 730 grams of silver

A Canadian silver maple leaf @ 99.99% purity is one troy ounce or 31.1 grams

730 grams / 31.1 grams = 23.47 troy ounces = 200 denarius = $20,000 during the time of Tiberius

So one troy ounce of silver priced in today’s dollars during the time of Tiberius is $20,000/23.47 = $852.15 per troy ounce of silver.


edit on 6-5-2011 by soleprobe because: (no reason given)


Can you clarify the point for a addled Doc?


He just proved that the price of bread compared to silver is exactly the same as it was back in the Roman Empire.


David Grouchy



posted on May, 6 2011 @ 01:01 AM
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I want my bubble back, bubble back, bubble back, bubble back


Lots of folks getting burned on this one with mania buying.



posted on May, 6 2011 @ 01:03 AM
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reply to post by davidgrouchy
 


Only those with a low IQ will believe what you say is correct.



posted on May, 6 2011 @ 01:10 AM
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Originally posted by soleprobe
reply to post by davidgrouchy
 


Only those with a low IQ will believe what you say is correct.


Is that before Scotch or before Scotch?

In Oz a loaf of label bread costs an average of $3.00, whereass the price of Silver is approx $34.00 per ounce .
The price of gold in oz is approx $1520 per ounce.
The Aussie dollar has risen against the greenback, but since almost everything is made in China its kind of academic.
The Chinese are buying up almost all of Australian farmland so maybe bread may "rise" to $100 per loaf soon?
Or is this half baked economics?



posted on May, 6 2011 @ 01:16 AM
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reply to post by Dr Expired
 



Sorry... That's not any kind of economics I'm familiar with. Is that Ausiomics?



posted on May, 6 2011 @ 02:21 AM
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Originally posted by Dr Expired
In Oz a loaf of label bread costs an average of $3.00, whereass the price of Silver is approx $34.00 per ounce .


So that one-ounce of silver can buy you approx 11 loaves of bread.

During the time of Tiberius that same one-ounce of silver could buy you 213 loaves of bread. Hand made bread made of stone ground spelt or kamut wheat.

edit on 6-5-2011 by soleprobe because: (no reason given)



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