Loading ...I would say that pm holders have wandered beyond the countryside and are in no danger of being herded into the corral, however they’ve wandered into an area where vegetation is sparse and they are in danger of starvation. Some really skinny cows right now. ?
Speaking for myself, pride has always been a huge problem. Wanting to be right and thinking I’m smarter than others because I’m in pm’s and they’re in regular paper investments and will lose it all because it’s one big Ponzi scheme. I’ve held that view for 24 years. I remember when Peter Schiff was on CNBC and said pm shares would be like the .com stocks and was laughed off the show. I believed it because pm shares performed well until about 2006. Then there was Sinclair, GATA, MacLeod, Von Greyerz, etc. all talking about how the gig was up, the Crimex and LBMA would fail because of all the paper promises. 24 years later they still do. 2008-09’ I thought yep the collapse is here. Nope, easily papered over.
2011 was the time to get out. The shares completely stopped tracking the metals. 2014 on a Friday, The banksters, Dimon, Blankfein, etc met with Obama and colluded to end pm’s as a viable investment. On Monday gold proceeded to drop $300 over the next few days and silver dropped from above $40 down to $33 or so. Both kept falling from there but especially silver. Bitcoin was introduced quietly around the same time. It was all over.
So easy to see looking back. Our biggest enemy has always been the US Government and the big banks that have run the country ever since.
Does that change? Maybe, but hard to see how as long as they control the paper. Let’s not forget, the Japanese have been floating their bond market since 1989. I don’t see why that can’t be done here.
I hold out hope, maybe Schiff or Von Greyerz will be right someday, they keep saying it.
I’m not sure we want to live in a barter system, so ultimately we’ll be trading our gold and silver for some sort of currency, because how else could it be valued? A dozen eggs for a silver dime? A new car for 1 oz gold coin? Don’t think so.