Silver Bugs

[Darin]

Any Silver Bugs here? If so, what are your thoughts on the current situation? I've checked a couple local shops and they don't really want to buy much at this price. However, the G/S ratio is almost low enough to take advantage of a trade.

 

[Rod]

If you're looking to sell, try JM Bullion. You're going to get less than the Spot price, but shouldn't be too much less.

 

[Pugman1943]

Personally, I am in heaven. Been doing this for 25 years, time and patience is required. Way back when the Hunt brothers were doing their thing I locked on at $300 for 712oz. Took slow and easy steps and right now things are becoming explosive. When the US Mint shuts down production of the silver eagle for lack of silver stock that should ring a loud bell. The interesting thing is coming out of China where they are in a buying frenzy. The COMEX has raised future contract prices several times over the past few weeks trying to stem the flow out of the vaults, but it ain't gonna happen. The best is yet to come. I just keep smiling.

As for what Rod said about JM, what you want to do if you want to sell is do some heavy checking for local folks who buy the metal and ask what they are paying. Right now here locally, I would take a $3 hit on spot price if I were selling, a whole lot better than what any of the big boys will offer. You have to do your homework, but if you bought it right you can make some money. The G/S ratio is a tool and the big guns are using it to try and stem the flow. Need to be careful here. Don't be fooled by it. JP Morgan and Chase are trying to cover their respective ass at the moment. BIG things happening here.

That being said, smart money says to hang loose for the moment. Watch the Shanghai exchange rate on silver, watch Kitco ( which lags behind the China offer ). Bet you're going to see some interesting numbers in the coming months. OR, you could pm me and I will try to offer some help and guidance.

 

[Scap]

I'm hearing $300-$500/Oz is attainable.
Never would have guessed we'd be tickling $100/oz...

 

[Pugman1943]

Well, that number is being floated around ( 300 - 500 ), but the stars have to be aligned and a LOT of shit has to happen before.

The BIG driver is China, who has expressed a huge appetite because of industry demands. The second part of that equation is there is NOT enough above ground metal to meet that demand, and the mining industry can Not begin to catch up.

You are going to see a first class cluster chuck like never before. Yes, there will be some downs, and the ups will follow, unless the USA intervenes because now this has become a strategic metal, and WE ( USA ) hold most of it. Like Yogi said several times... it ain't over till it's over.

FYI screen shot at 1608 CST. USA closed at $92.54 for reference.