Have some physical silver in my preps to pay for taxes etc if the dollar totally fails. Latest info from a senate hearing of a physical inventory of CONMEX silver in storage in the vaults it that while there should be about 300 million onz, there is less than 20 million. About 33 billion dollars gone somewhere else. Even if you google it you come up with crickets and nothing on news or web and don't think there will be. First rule of prepping, if you don't have it in your hands, it doesn't exist. Don't know what will happen to all those with metals in their IRA's, but I will bet that they are scr***. Senate Testimony Reveals That 89% of COMEX Silver Market Is Backed by Paper, Not Physical Metal Don't say it is gone if you want the silver, just that they MAY use some weasel words and pay you cash if there is any left. Note that all of this happened on the 22 of January and still as of the 26, nothing on news. Here is silver page of metals site. MetalDaily.com | Live Gold Prices, Gold Charts and Gold Headlines Nothing on shortage. Here is a youtube on silver that explains it and is either attacked as false or ignored. And a view from a couple months ago that is already dated.
I remember Trump saying he was gonna do a walk thru of Fort Knox ,, to check on the gold ,,, I figure there was none ,, or very little,, cause I never heard any report on the visit . And these silver prices are unreal,, I seen 113.00 bucks an ounce on it this morning,,, I'm just hoping this isn't some big lead up to a major economical collapse .
I bought mine at 6.30 an oz, over 105 today. Part of it is panic money trying to get the physical, no faith in dollar, and part is the latest bubble. Banks have been playing with numbers in storage to keep price down. Don't know what will happen and if I cash it in, the special taxes will take a lot of it. Might hold on to it to if all else fails pay my taxes.
And the local coin stores can't buy it because their wholesalers owe them a shit ton of money because the refiners owe the wholesalers a metric shit ton of money and the refiners are running 7/24/365 full steam ahead trying to melt down all the shit the wholesalers sent them to make in to good delivery 1000 ounce bars to get to the comex and industrial buyers. First we had a minor supply issue, now we have a financial liquidity problem on the retail side. If you local coin store is currently buying at a decent price .. they won't be able to do it very much longer unless they have really really deep pockets. This only seems to be an issue on the silver side. Gold isn't bound up currently
...and gold closed at $5016. WTH is going on?!?! I've been researching this the last couple of weeks and it seems to me that the prices are being driven by the financial institutions purchasing gold. I'm not sure about silver as it has a huge amount of industry uses also. But, it seems to me many financial institutions are a bit worried about the dollar and our debt. The dollar was at a 4-month low today when I looked... So, the economy might be hot, and consumers might have faith in the economy, but the finance guys deal in black and white, and they do not like what they are seeing. Lots of countries are also buying and stockpiling gold. I think that is more for the coming war because more and more it sure likes there will be one in our future. Anyway, it's the only thing that makes sense to me and I think if we can pay a portion of the national debt off then we'd see the dollar turn around and gold go down...dream on. Why-oh-why didn't I buy go at $1000? Because I waited for it to go down, then it rose to $1300, and I waited for it to go down, then it broke $2000 and I waited and it rose and rose and rose...and now I can't afford to buy it. Also, the DOW was 49,412...to me, that's insanity and it's horribly overvalued.
The only gold I have other than some junk jewelry pieces is a 1 ounce gold coin ,, bought back when it was around 1800 an ounce . I figure I'll just hang on to everything till I'm in dire need ,, or just pass it on to daughter and granddaughter,,,
BREAKING NEWS JAN 27, 2033: Gold hits $20,000 per ounce amid panic offloading of US dollars. RELATED: Are current gold prices behind the rash of gang violence where the teeth have been removed from rival gangsters?
Have physical both but will probably sell off the gold when it gets a little higher. I don't have much of it anyway. Probably hang on to the silver, have a bit more of that, unless the prices begin to drop by a lot. Bought the silver between 11 and 16 / oz. maybe ten years or so ago. My financial guy says it's highly unusual to see both a PM rise and Stock Market rise at the same time. Usually while one is rising the other falls. Has there been an audit of Ft. Knox of late? Don't think there has. Even if all the gold is physically there that doesn't mean the US still owns it.
Bought most of my silver when it was $15/oz., before COVID. Now it's $100 over that. That's insane! As far as paper "silver", imho that's worth about as much as the Bitcoin is. So long as someone's willing to pay it, it has worth. When the SHTF, though, it will still be worth the same....NOTHING!!
Just remember. You haven't made any profits unless you sell. If you bought at 40 and it goes to 120 and you think you are rich; If it drops down to 40 are you then poor?
The gold that Germany wants back is held by the Federal Reserve in New York City vaults. Lots of countries have some of their gold reserves in NYC. However, there is a Catch-22, it's easy to deposit the gold but hard to get it back. Countries have to give notice years in advance before it can be repatriated.
The last time cameras were allowed inside Ft. Knox was 50-years ago, and that wasn't an audit. The Sec. of the Treasury opened the door to one closet size room that held "gold" bars and passed a couple around to the news media, who all pissed themselves, and that was it! No tour of the rest of Ft. Knox. No checking to see if the "gold bars" were indeed gold bars. It was just a big nothing burger! Most people guess that the reason Trump, nor any other President, has never gone there is that Ft. Knox is empty, and has been for 50 or 60 years. Presidents likely know that the gold is gone but must maintain the illusion that it's still there for the good of the nation. What would a President or the USA gain by revealing the truth?
Holy crap ,,, Gold shot up to $ 5275. an oz . ,, in the last couple days ,,, that's about 260 dollar jump. I wish someone could give me a 24 hour notice before this stuff tanks .
