Silver price about to plummet

[Mox]

I’m still trying to get my head around it all but would you suggest that silver, appearing more volatile in price change than gold, is going through a short term correction which I think I can see has happened on 10 year graphs and will settle for a while around maybe $25 as a new norm, be in a bear market and reduce to the $17 or so average it has been over the past 5 or 6 years or given the problems with coronavirus and the reducing confidence in the $ mean it will keep rising?

Just curious as from what I have read I can’t see how @Wonger can be right. Or is my self education completely off track? How, over a sustained period of say 1 year could it ever average below $17 let alone plummet.

 

[Kman]

34 minutes ago, Mox said:

Just curious as from what I have read I can’t see how @Wonger can be right. Or is my self education completely off track?

I've been trying to learn as much as I can the past few months and I'm pretty convinced currently that this is how it's going to play out 

1. Major deflation coming from banks continued tightening standards for loans 
2. Insolvency crisis
3. Dollar getting sucked out of assets
4. Interest rates lowered to help recovery + some time next year banks easing up = start of inflation
5. gold and silver big record highs over the next 2-3 years

Big trouble but big opportunities ahead if you can ride it out and have some funds to invest 

[Aknot]

I thought I had read that One of the reasons (high) is they were not pulling it out of the ground because of COVID and no people to work... (I THINK I read that). Which to me makes sense because well if it is becoming rare it should go up in price.

So what happens when workers go back to pulling it out of where ever they pull it out of on a regular basis like they did before COVID?

Or does that not fit into the equation?

[Aknot]

On 25/08/2020 at 22:07, sixgun said:

 He who has the gold makes the rules. .

I find that difficult to believe.

Why?

We haven't had a "Gold Standard" in ages. Everyone who buys it buys it with other assets currently OR converts/sells it for other assets. Yeah its valuable to a point but to say that one person/group/country who has it all (most of it) makes the rules will look kind of silly when its looked at like any other asset.

I know it wont happen in my lifetime. Nor will the apocalypse (zombie or otherwise)... a war or two... maybe but I doubt it will hit our shores (and I sympathize for the shore it does hit). Nothing that will make me bar my doors, horde food water and PMs. 

This wondrous world we live in has had its ups and downs but I dont see anything like that happening.... Of course I am not a fortune teller nor can I see the future. So of course I could be wrong. However if and when it happens Gold being held wont be my saving grace nor will it save or allow a country to make rules....unless they are paying off someone using assets... which is all it really is.

I see G/S as a hedge/investment.. nothing more nothing less just like any other asset. So yeah maybe the FOMO is a good reason this is happening because of all the doom and gloom.... meh.

[sixgun]

40 minutes ago, Aknot said:

I find that difficult to believe.

Difficult to believe - hmmmm i don't.

It is real money and has been for 1000's of years. Other than gold and silver what else is money? It is not like any other asset.

[sixgun]

1 hour ago, Aknot said:

I thought I had read that One of the reasons (high) is they were not pulling it out of the ground because of COVID and no people to work... (I THINK I read that). Which to me makes sense because well if it is becoming rare it should go up in price.

So what happens when workers go back to pulling it out of where ever they pull it out of on a regular basis like they did before COVID?

Or does that not fit into the equation?

The economies were crumbling - this started last autumn (Fall) well before the scamdemic - paper assets eventually tanked in March time and in part there was a sell off of paper metals to cover margin calls. This made these contracts a bargain and big investors en mass stood for delivery - delivery of metal that did not exist. This broke the market and physical premiums shot up. The scamdemic is just a cover story. Large investors started stepping up demanding delivery of the physical metal created the problem, with or without mines closing the balloon would have gone up. Accepted the subsequent fall off of mined supply made it worse but what we see now is b/c the fiat system is collapsing. 

[Aknot]

1 minute ago, sixgun said:

Difficult to believe - hmmmm i don't.

It is real money and has been for 1000's of years. Other than silver what else is money? It is not like any other asset.

Why not? Are you saying I couldnt "trade" someone paper dollars for gold? Paper dollars for a house? Gold for a house? Gold for paper dollars? A Michael Jordan PSA 10 Rookie card for Gold or paper money? It has value. But to a degree everything has value. Everything can be money which is the basic definition of money (in the long run).

I cant pay my water bill with Gold or the MJ card but I can turn those into something that I could. 

That will never change.

[Aknot]

2 hours ago, sixgun said:

The scamdemic is just a cover story.

Ok posted my prior post before actually seeing this (forgot to hit return and went to eat dinner).

I will need to bow out of this before you start telling me the world is flat and no one has landed on the moon. I hope I can garner information from you as it relates to PMs overall, Thanks for your time.

[sixgun]

3 hours ago, Aknot said:

Why not? Are you saying I couldnt "trade" someone paper dollars for gold? Paper dollars for a house? Gold for a house? Gold for paper dollars? A Michael Jordan PSA 10 Rookie card for Gold or paper money? It has value. But to a degree everything has value. Everything can be money which is the basic definition of money (in the long run).

I cant pay my water bill with Gold or the MJ card but I can turn those into something that I could. 

That will never change.

Why would being able to trade something mean it is money?
i suspect you won't always be able to turn a Michael Jordan Rookie card, whatever that is, into something that you could pay your water bill with, which answers the question really. 
So you think that the world being shut down by the results of a test which comes positive for goats and pawpaw fruit isn't a scam? Come on you're going to be telling me the Earth is flat next.

[GWL3]

6 hours ago, Aknot said:

I find that difficult to believe.

Why?

We haven't had a "Gold Standard" in ages. Everyone who buys it buys it with other assets currently OR converts/sells it for other assets. Yeah its valuable to a point but to say that one person/group/country who has it all (most of it) makes the rules will look kind of silly when its looked at like any other asset.

I know it wont happen in my lifetime. Nor will the apocalypse (zombie or otherwise)... a war or two... maybe but I doubt it will hit our shores (and I sympathize for the shore it does hit). Nothing that will make me bar my doors, horde food water and PMs. 

This wondrous world we live in has had its ups and downs but I dont see anything like that happening.... Of course I am not a fortune teller nor can I see the future. So of course I could be wrong. However if and when it happens Gold being held wont be my saving grace nor will it save or allow a country to make rules....unless they are paying off someone using assets... which is all it really is.

I see G/S as a hedge/investment.. nothing more nothing less just like any other asset. So yeah maybe the FOMO is a good reason this is happening because of all the doom and gloom.... meh.

I 100% agree @Aknot.  I love the stacking community, however it seems like many of us believe the very second anything happens, (and I also agree that it probably won't happen in my lifetime) we will all be bartering with our G/S. 

When I purchased my first 30 oz of Silver back in 2013, I was told that I have more than 99% of the rest of the population.  I know that PM's have gained popularity over the past few months, but I doubt more than 10% of the population owns physical PMs.  Even if I'm way off and 25% of the population owns physical G/S, that means that 75% don't.  If we do ever have a SHTF event, does that mean 75%  will have nothing to trade with?  Of course not, there will always be plenty of other goods and services that can be used as money.  My neighbor across the street may value a handful of tomatoes, apples and potatoes more than G/S.

I stack G/S as a hedge against inflation, an investment and for diversification purposes.  Its also fun!  I still get excited when I'm approaching my mailbox and I know there is some PMs in there , even if it is a 1oz. generic silver round.

 

 

 

 

[HerefordBullyun]

2 hours ago, Witcher said:

Would you be excited if your mailbox was doing this? 

 

I would as I'd sell it to news film crews and stack some nice 5kg silver bars😂😂😂😂😂

[Katie]

I know I'm gonna regret joining this conversation

I think that fiat as we know it will disappear, too. So far it's only served to keep us in debt and enrich a certain few. Once the new laws and controls are in place there will be no need for it. No more paper money. I think we're headed to a crypo currency with 2 or more tiers. One for the plebs and others for the non-plebs. Looking at the silicon valley conversation around crypto and it's real world application. We are headed to globalisation and a singular currency would be a part of that. Anyone who scoffs at that...look at the euro. And the Amero-that-never-was. All big players at the moment seem to have a hard on for China's new system. That should terrify everyone because they're literally living out a black mirror episode. And that's not just an edgy pop culture reference for style points. I'm referencing a real episode. It's called Nosedive. It's almost a complete 1:1 of China's social credit system. If we are all headed that way then we need to be ready to accept a few hard truths about our beliefs. One of those is that conspiracy theorists are not crazy and that nonsense theories like 'flat earth' and 'the moon is a projection' are bull created to make it easier to 'discredit' people who speak their minds even when it's out of line with the general flow. 

If we are headed to a world like China where we are judged on our social credit score then a bigger question needs to be asked about Bill Gates and his ID2020 website. His patent 060606 and his motives for creating a new method of vaccinating people which would put a 'quantum dot tattoo' under the skin. Yes, everything I just said sounds like crazy talk and sounds like I made it up. Prove me wrong. I don't accept Snopes articles.

Also, people in Venezuela are trading their silver and gold for food currently so it seems that PMs are useful in a SHTF hyperinflation scenario. A majority of them are pawning it for fiat, true, but it still stands that it's useful. 

[Prophecy]

1 hour ago, Katie said:

I know I'm gonna regret joining this conversation

I think that fiat as we know it will disappear, too. So far it's only served to keep us in debt and enrich a certain few. Once the new laws and controls are in place there will be no need for it. No more paper money. I think we're headed to a crypo currency with 2 or more tiers. One for the plebs and others for the non-plebs. Looking at the silicon valley conversation around crypto and it's real world application. We are headed to globalisation and a singular currency would be a part of that. Anyone who scoffs at that...look at the euro. And the Amero-that-never-was. All big players at the moment seem to have a hard on for China's new system. That should terrify everyone because they're literally living out a black mirror episode. And that's not just an edgy pop culture reference for style points. I'm referencing a real episode. It's called Nosedive. It's almost a complete 1:1 of China's social credit system. If we are all headed that way then we need to be ready to accept a few hard truths about our beliefs. One of those is that conspiracy theorists are not crazy and that nonsense theories like 'flat earth' and 'the moon is a projection' are bull created to make it easier to 'discredit' people who speak their minds even when it's out of line with the general flow. 

If we are headed to a world like China where we are judged on our social credit score then a bigger question needs to be asked about Bill Gates and his ID2020 website. His patent 060606 and his motives for creating a new method of vaccinating people which would put a 'quantum dot tattoo' under the skin. Yes, everything I just said sounds like crazy talk and sounds like I made it up. Prove me wrong. I don't accept Snopes articles.

Also, people in Venezuela are trading their silver and gold for food currently so it seems that PMs are useful in a SHTF hyperinflation scenario. A majority of them are pawning it for fiat, true, but it still stands that it's useful. 

 

Indeed. The bare minimum rationale we will be told is to be able to track (tax) the 'shadow' and cash economy because, you know, that's where the criminals lurk (the public will be told). HMRC are already getting access to all social media and online market places and they already use a very complex computer system to triangulate transactions to automate tax declaration warnings. but it's incredibly expensive and unwieldy. Once a digital only currency is the only option, your PMs will inevitably be on the radar when you acquire and liquidate. Make sure you save the receipts. And CGT exemption for some will most likely be revoked before we all retire and increased for all. Triple threat. What you say about mandatory two tier crypto is almost inevitable too even if the government don't wish it. Like different grades of shares with different rights associated to each. Eventually, credit score will evolve to social score in all but name with different tiers of currency with limited purchasing power the lower you go.

[Martlet]

2 hours ago, Katie said:

If we are headed to a world like China where we are judged on our social credit score then a bigger question needs to be asked about Bill Gates and his ID2020 website. His patent 060606 and his motives for creating a new method of vaccinating people which would put a 'quantum dot tattoo' under the skin. Yes, everything I just said sounds like crazy talk and sounds like I made it up. Prove me wrong. I don't accept Snopes articles.

You say "prove me wrong" but immediately reject a possible source of proof?  Seems your mind is made up. For the record though the patent is by Microsoft, which Gate left years ago, makes no reference to putting anything in a person, could be a phone or wearable. 

Back to silver, crypto is certainly presenting an alternative to currency, not sure there is any risk to silver as the whole point of metals is they are tangible. 

[Katie]

3 hours ago, Katie said:

I know I'm gonna regret joining this conversation

Called it. 

Obviously I'm a feather ruffler today. I'll just clarify that Snopes, despite being used as such more and more, are not a source of proof but rather a way of pre-collating proof for you and giving you a pre-defined opinion. The conversational equivalent of "it is because my dad said so". They may be right. They may be wrong. But the only way to find out is to fact check the fact checkers. Meaning do your own research. Meaning that they are redundant and not a good source of anything. Might be a sore subject for some and sorry about that. I also never said that 060606 was inside the body and your assumption of such appears to indicate that you did indeed get your argument from Snopes as that is their main point against people criticising it. I never considered that to be the case despite it having real possible applications. Simply the concept of this patent is questionable regardless of who now owns it. It speaks to motive. As do many people's actions currently. But unfortunately words speak deafeningly louder than actions these days and we find ourselves not able to judge anything with any degree of certainty.

I can see I've rubbed you up the wrong way @Martlet and that wasn't my intention. I just want to get silver and be a pirate with booty. Is that so much to ask?

[Aknot]

10 hours ago, sixgun said:

So you think that the world being shut down by the results of a test which comes positive for goats and pawpaw fruit isn't a scam? Come on you're going to be telling me the Earth is flat next.

This from a Country that is "sending a plane to collect a cure being promoted by Madagascar’s president. The herbal mix has not yet undergone internationally recognized scientific testing. "

Even without researching much I can tell you there are quite a few ways to get a false positive (meaning the subject is not infected but the test shows positive) in a scenario such as this. Mishandling of the kit, the process in taking the sample, the kit itself (which is unidentified).

I respect your belief. That is yours and all yours as it is everyone elses. Its like religion and politics. Everyone is right but everyone is wrong. There is no way to convince me or you otherwise.

As it relates to pms and fiat in general... as I said it wont happen in my life time. Ive got a good 40 years left. And by the time something does happen the fallback wont be physical silver/gold/copper or whatever metal people think will be the next thing. It will be something else. No I have no idea what it will be... I wont see it but there is not enough to "go around" and support a monetary infrastructure to support the world. Then comes the issue of it it really gets bad how do I know what you have is real gold? Cause there is a stamp on it I can do with a metal stamp? I mean if it gets that bad no one will have electricity....

Again all good I would never take away from you what you believe in.

[Aknot]

4 hours ago, Katie said:

I know I'm gonna regret joining this conversation

I think that fiat as we know it will disappear, too. So far it's only served to keep us in debt and enrich a certain few. Once the new laws and controls are in place there will be no need for it. No more paper money. I think we're headed to a crypo currency with 2 or more tiers. One for the plebs and others for the non-plebs. Looking at the silicon valley conversation around crypto and it's real world application. We are headed to globalisation and a singular currency would be a part of that. Anyone who scoffs at that...look at the euro. And the Amero-that-never-was. All big players at the moment seem to have a hard on for China's new system. That should terrify everyone because they're literally living out a black mirror episode. And that's not just an edgy pop culture reference for style points. I'm referencing a real episode. It's called Nosedive. It's almost a complete 1:1 of China's social credit system. If we are all headed that way then we need to be ready to accept a few hard truths about our beliefs. One of those is that conspiracy theorists are not crazy and that nonsense theories like 'flat earth' and 'the moon is a projection' are bull created to make it easier to 'discredit' people who speak their minds even when it's out of line with the general flow. 

If we are headed to a world like China where we are judged on our social credit score then a bigger question needs to be asked about Bill Gates and his ID2020 website. His patent 060606 and his motives for creating a new method of vaccinating people which would put a 'quantum dot tattoo' under the skin. Yes, everything I just said sounds like crazy talk and sounds like I made it up. Prove me wrong. I don't accept Snopes articles.

Also, people in Venezuela are trading their silver and gold for food currently so it seems that PMs are useful in a SHTF hyperinflation scenario. A majority of them are pawning it for fiat, true, but it still stands that it's useful. 

 

I concur it may/will go away..... but not for a long time. It is too rooted in. You have too many people that believe in it, use it and expect it to be there. There would need to be a world wide (and since COVID is fake thats off the table) event to effect the change.

And when you think of WW events you think of the effect it will have on infrastructures. Which includes but are not limited to electricity and computers. As an old guy (?) in network security thats the way I see crypto. There is not a computer online in the world that doesn't have risk.

When you say global currency how do poorer nations get in on that? How do they get the infrastructure, ability and know how to incorporate that? They can barely keep up with the advancements now.

Black Mirror enjoyed that episode it made me chuckle but I can tell you in my line of work and a lot of work places now do check social media accounts. So while its not as bad as China and BM it is still happening.

The tattoo thing.... to a degree im all for it. The world is getting too big too fast. Within reason to have the ability to ascertain certain information in the span of seconds could be the time between life and death. However again not in my lifetime. The military has/was/is looking into it. One of the big reasons it is not implemented is much like the risk I mention above since it would be "online" there is not a 100% way to secure it. 

I look back to the Worlds Fair and see what they had THOUGHT was going to happen.... flying cars, robots catering to your every need and instant food.... Advancement good or bad is still advancement. However sometimes the wheels turn slow and there is always someone ahead (sometimes by decades or centuries) of their time.

[Aknot]

8 hours ago, GWL3 said:

I 100% agree @Aknot.  I love the stacking community, however it seems like many of us believe the very second anything happens, (and I also agree that it probably won't happen in my lifetime) we will all be bartering with our G/S. 

When I purchased my first 30 oz of Silver back in 2013, I was told that I have more than 99% of the rest of the population.  I know that PM's have gained popularity over the past few months, but I doubt more than 10% of the population owns physical PMs.  Even if I'm way off and 25% of the population owns physical G/S, that means that 75% don't.  If we do ever have a SHTF event, does that mean 75%  will have nothing to trade with?  Of course not, there will always be plenty of other goods and services that can be used as money.  My neighbor across the street may value a handful of tomatoes, apples and potatoes more than G/S.

I stack G/S as a hedge against inflation, an investment and for diversification purposes.  Its also fun!  I still get excited when I'm approaching my mailbox and I know there is some PMs in there , even if it is a 1oz. generic silver round.

 

 

 

 

Same... just wish I had gotten into it sooner then I did.

[sixgun]

We are in the process of a worldwide reset. The fiat currency system is collapsing. When we see inflation really kicking in people will start to wake up to this. There is much higher inflation than the official CPI indicates. The admission by the Fed they will allow inflation to rise above 2% is an admission they won't be able to stop it. The collapse of so much of the economy and zero to negative interest rates/bond yields will act as a big deflator but the central banks are hosing in so much currency, which is working its way into Main Street, means there is going to be serious inflation. Debts will explode - they are already unpayable. One might argue that inflation will reduce the debt burden - well not when $trillions and ultimately $quadrillions are being created.
Every fiat currency in the past has collapsed - when they start going down they go very fast. We can see how more funny money has been created in a few months then in 100's of years. 

i see people say not in my life time - not for 20 or 30 years. When these events happen they can happen very fast. Russia and China have gigantic reserves of gold - i expect 40,000 tonnes each. Other nations have been storing up reserves. Gold backed trade notes are being used now. Gold backed yuan and rubles will appear. The US has no gold. i have been told the BoE is preparing for a reset. Many here have only known a fully fiat world - https://wtfhappenedin1971.com/ is an interesting site - the Twitter account is https://twitter.com/WTF_1971 

Both good to get a handle on the massive destructive impact the fully fiat system has had. It is a runaway train which is about to hit the buffers.

[tjneuron]

2 minutes ago, sixgun said:

We are in the process of a worldwide reset. The fiat currency system is collapsing. When we see inflation really kicking in people will start to wake up to this. There is much higher inflation than the official CPI indicates. The admission by the Fed they will allow inflation to rise above 2% is an admission they won't be able to stop it. The collapse of so much of the economy and zero to negative interest rates/bond yields will act as a big deflator but the central banks are hosing in so much currency, which is working its way into Main Street, means there is going to be serious inflation. Debts will explode - they are already unpayable. One might argue that inflation will reduce the debt burden - well not when $trillions and ultimately $quadrillions are being created.
Every fiat currency in the past has collapsed - when they start going down they go very fast. We can see how more funny money has been created in a few months then in 100's of years. 

i see people say not in my life time - not for 20 or 30 years. When these events happen they can happen very fast. Russia and China have gigantic reserves of gold - i expect 40,000 tonnes each. Other nations have been storing up reserves. Gold backed trade notes are being used now. Gold backed yuan and rubles will appear. The US has no gold. i have been told the BoE is preparing for a reset. Many here have only known a fully fiat world - https://wtfhappenedin1971.com/ is an interesting site - the Twitter account is https://twitter.com/WTF_1971 

Both good to get a handle on the massive destructive impact the fully fiat system has had. It is a runaway train which is about to hit the buffers.

Everything on the logical side of my brain tells me not to pay my credit card bill and to go ahead and default.  I'm ready for what the reset will bring (ready cash, crypto bags full, plenty of silver, preps ready), but I still have to deal with the world on this side.  I can feel that it is near, but not sure whether my silver or XRP will pop in time for me to use the inflated assets to pay off the debt.  Is anyone else dealing with this?  Thanks!

[sixgun]

26 minutes ago, tjneuron said:

Everything on the logical side of my brain tells me not to pay my credit card bill and to go ahead and default.  I'm ready for what the reset will bring (ready cash, crypto bags full, plenty of silver, preps ready), but I still have to deal with the world on this side.  I can feel that it is near, but not sure whether my silver or XRP will pop in time for me to use the inflated assets to pay off the debt.  Is anyone else dealing with this?  Thanks!

Well i don't have any debts or mortgages so i don't have that concern. We may discover certain debts get forgotten and other people's debts get converted into the new slave coin they wheel out. Personally i would get rid of all debts - i break loose from the old system - debts have been the chains that bind us.

[Aknot]

1 minute ago, sixgun said:

Well i don't have any debts or mortgages so i don't have that concern.  Personally i would get rid of all debts - i break loose from the old system - debts have been the chains that bind us.

I applaud you sir and agree with you 100%. See I knew we would find some sort of common ground. Besides my home and 1 CC im "that" close and cant wait. Home is addressed in the next 5 and CC will be there after.

[Richiesilver]

1 hour ago, tjneuron said:

Everything on the logical side of my brain tells me not to pay my credit card bill and to go ahead and default.  I'm ready for what the reset will bring (ready cash, crypto bags full, plenty of silver, preps ready), but I still have to deal with the world on this side.  I can feel that it is near, but not sure whether my silver or XRP will pop in time for me to use the inflated assets to pay off the debt.  Is anyone else dealing with this?  Thanks!

I sold my crypto recently and paid off my CC and used the rest for silver and gold. With the enevitable coming I don't trust crypto not to tank in a real financial crisis. I sleep better having the PMs and no debt! 

[Katie]

21 minutes ago, Witcher said:

You might end up exciting some people (men) with that kind of talk.  

That's ok. If I'm a pirate I'd also have scurvy so I reckon that evens it out.

Are you Polish, @Witcher?

[Aknot]

1 hour ago, Witcher said:

I believe Virginia has more immediate problems...  with the keeping of the 2nd Amendment, though no State appears immune to the attacks against rights. 

Ive done quite fine for the past 55+ years in not needing to worry about having a firearm close at hand. I am not worried. I cant speak for how the state feels.