Smelting the Family Silver

Bloomberg documents a recent massive influx in silver jewelry and silverware scrapped by Britons for the silver content. When the general public is still dumping any silver or gold they can find as scrap for fiat currency, it is clear that the mania phase of the PM bull and the final top is not even close to beginning.

 

Comments

  1. We’re still a long way from the “mania” phase. When Ag hits triple digits, these folks will “rue the day” they sold the family silver. 

  2. It’s a shame; their Central Bank sold most of their gold, now they’re selling off their silver. The West is being bankrupted by idiot central planners. Keep Stackin!

  3. at 50+ to 1 tho, I’m considering whether to dump some of my gold and convert over to silver for the eventual run-up there. 

  4. Although hopefully some of them are buying coins. I went into two pawnshops out in the country a couple of weeks ago. Both of them said they had already been bought out of all their 1 oz rounds, Eagles, and 90% coins. When you go into suburban areas though, people are selling off their jewelry for dirt cheap.

  5. People who aren’t in the know are selling anything they can get there hands on to make ends meet… Families are hurting for fiat just to get by… There selling for survival… To them they think it’s found “money”… There selling gifts from years past, hand me downs from relatives, things from passed on relatives, stuff they bought themselves… They have been brain washed into thinking they have found “free” “money” when in reality they are selling there souls…. If people had any clue what they were doing the shit would hit the fan double time…

  6. Yah, it’s kinda sad.  At the local coin shop here, they seem to have tons of stock so far. Every time I’m in seems like they have more 1oz rounds. I heard one of the guys mention that some collectors or whatever were selling off ‘casue they needed the cash, which kinda sucks. I’m happy to just go in and grab a handful every now and then to add to my stack, and I noticed last time that they have a coupld 10 and 100 oz bars (oh, if only)…. Wish I could afford to accumulate more faster, but hopefully if there’s a bigger dip this week with the new out of Europe and Euro falling compared to the dollar, maybe I can stretch my FIAT a bit more this week and get a few extra… or spring for one of those nice 10oz bars. Either way, the only reason I can see selling ANY of it now is to make a move like the sell gold / buy silver (54 to 1 when the historic average says it SHOULD be 15:1, so there’s a lot of room for silver to come up eventually) or something similar. 

  7. There are many many sellers on ebay that get items from estate sales. They post the things as scrap or use. They know they can get there money back fast with silver items.

    Allot of the main stream do not know the value of silver 

  8. Allot of the main stream do not know the value of silver “


    No, they don’t.  If they did, they would be buyers instead of sellers… if at all possible.  Unfortunately, the S has HTF these days and many people are hurting financially.  Shipping jobs to Asia is killing the middle class and near zero interest rates is killing the elderly.  A lot of them are burning through their savings just to buy food, heat, and light these days.  They could just about get by when they could get 4% or so on their CDs but at less than 1% they are consuming their principle instead of their interest.

    The law of unintended consequences is in FULL effect these days and both the government and the Fed have a LOT to answer for.  In less than a year it will be time for the torches and pitchforks to come out.

  9. Alan Parsons Project The Raven


     

    Silver is really all about survival…or…   maybe pussy.

     

  10. Rural folks know the value of the family silver.  Urban and suburban folks are just trying to covert anything to cash to pay the bills.  For a frame of reference, the last time people were selling anything silver was the two year time period of 1979 and 1980 when silver went from $8 to $45 an oz   By reference, that $45 price tag would have to be at least $300 or more  today to be comparable after adjustment for inflation.  The people selling are dumping the family silver for a price $15-20 lower than the price 32 years ago.  Or less than 15% of the adjusted value from 1980 

    That is really sad.  But as much as the times say they should be buying they are selling for pennies on the dollar just to get by. 

  11. Great comments all. A coin for each. This is a topic that needs much discussion. This is the very thing that needs to to be brought to the forefront of the news to make people understand that they’re being ripped off and who is doing the ripping. It’s not the pawn shops, jewelry stores or even the Pop Up PM exchanges. These people are making money in a true market fashion, but the FED and JP, MSM, etc. are causing this situation and the poor suckers selling have absolutely no idea they’re losing a possible “Hard” safety net. Selling souls as Danno declares. Yes. Yes. Yes. Ed B says S has HTF and people are selling just to survive and pay bills. This is so true but I think S has HT…………but not the Fan yet. It’s pretty bad out there for a lot of people and they have to do whatever is necessary to get by. When it truly hits the fan these people will really wish they had not sold those heirlooms. “Rue the day” ReachWest has tagged it perfectly. Blythe and friends her ilk are loving it at the moment. I’ve shown the DOC’s website to a number of people but most don’t seem interested. How can we, as a group, get the word out any faster to the public? We need something to go viral on the net. All these great PM sites are spreading the word but we need to help out somehow. The Fan will start throwing the S#*% is short order. Ideas?

  12. Maybe they’re just sellin it so they can buy coin. it would be weird to try and pay for groceries with the queen mums antique tea set :-)

    I wanna pull the trigger again  but it’s getting harder to try and spot the dip.  I’m trying to decide if i should “dip” into my 590 fund and pick up some more Maples.

  13. That’s one in the same isn’t it 4oz? LOL!! Sad how the west and Europe push to sell the metals while everyone else encourages to buy and stack.. Even when the bull market is all over the price will still be waaay above what the spot price is now.. So personally I don’t care if I miss the peak because I think we will be way well off regardless..

  14. World Population Levels- (1960 3 million) (2011 7 million) Just brining this up because I look at many factors that affect our would and everything in it. With this growth all world resources are becoming vary thin. In fact unsustainable.

    Average baby boomer 50-68 years old, average US life span 78 years.
    With this alone I can not look at past facts to gauge the present. In the 60s-70s nobody had cell phones,computers, 60″ flat screens tv’s. Now the average american 7 year old has those items.
    Many thing move the price of the metals. First and formost suplie and demand.
    War, Polotics, World currency’s, Banking system,Industry,Energy cost, Peak production, Fear
    Are we in good shape with any of the above?
  15. 427

    Nope…not at all.

    There was a study done in the 70s  called “limits to growth” The author just did an update last year. Some of the stuff you refer to is on the charts he created. It doesn’t look good going forward from here.

    http://www.google.ca/search?q=limits+to+growth&hl=en&prmd=imvnsb&tbm=isch&tbo=u&source=univ&sa=X&ei=P62nT9HtA-qeiQLmybzEAg&sqi=2&ved=0CHsQsAQ&biw=1350&bih=624

     

  16. I will be holding on to my silver eating and serving utensils, thank you very much.  It is becoming bad in my area as well.  Fly by night stores opening up all oer the place.  It is so bad the local Sheriff has started sending his guys in to check on the dealers. 

    When you buy, know the guy or be taken to the cleaners. 

  17. Now is not the time to sell silver.

  18. For many people it’s  so bad in the US,  England  and Europe as well, that the poop has really started flying. The bet we can do is bob and weave to avoid the worst of the damage to be done.

     Most Americans are not bellicose by nature.  We don’t want to riot in the streets, let the blood flow and create civil unrest but there is a growing cohort of people who are at that edge; with some over the edge. Our government in one mouse click from totalitarian control too boot since the DC overlords are very concerned about full scale riots. 

     For the last 60 years of my life there has always been a recovery once we got past the inevitable rough patch of a recession including the last bad one of the late  1970′s.  The riots of the late ’60s were as violent as anything we suffered in the US since the Civil war and  those nearly unhinged the country. The 1970-80 period was the backwash of that period. Inflation, deflation and economic damage resulted from the war and misguided government programs that were tried and failed to correct the economy.

     Those riots were not about getting the basic supplies, housing, food, money and freeing oneself from debt.  They were protests over matters civil and military.  Our national debt then was  little more than the March 2012 federal deficit of about $200 billion.   Crikey.  Things are different this time around as this is a  Super Cycle bubble that is busting and it started with the  first 3 pops, 2000 with the tech wreck, then the housing bubble  in 2005-6 and then the equity crunch caused by the banking crash of 2008. The bond bubble predicted by Porter Stansberry is now starting with the ECB, Greece, Spain and the other PFIIGS

     The 40 years of overspending, the worst coming in the 1990 to 2010 period, is blowing off the excesses of our empire  and debt building. The crunch will be unrelenting for the next several years, I fear.  I hate to think about this, much less even write about it since the last 5 recessions were endurable.  This one is way beyond painful and not finished yet.   On a better note and some good news. Silver Bullion and his wife are the parents of a new 8 lb baby boy.  Congratulations to them  That gives me a lot of hope that things will right themselves

  19. Thanks Crazy Canuck

    I’ll check out all that info after work. Egypt’s Arab spring started over lac of working young like 50%, High cost of food do to shortages. In the 40s the US over halled the agricultural field to sustain us till the 70s. Since then nothing but a higher population more regulations and 50% of our young unable to get work. The average US farmer is in his 60s and the farms pushed further from the population centers. Peak oil high energy cost, tree huger regulations, so on so on…..
    There is such a large basket of events that the banks/bankers, government, political elections can not control.
    The last hand they can play is reduce the population. WAR!
    Man has started that war already WWIII. Started by economics as the US failed the world as a reserve, China taking advantage of it. Everybody scrambling to control the earths limited resources. Afganistan is not over oil! Afganistan is however the largest resources of rare earth elements on the planet.
    How much silver will our government need for the war effort? They pop off those million dollar smart bombs like there free.
    War on our shores Yep. Vast fertil farm land, Energy, oil, cole, natural gas, fresh water, wood, steal, copper. That the tree huggers stopped us from using, so we exploited the rest of the world.
    Silver will gain in value no matter what it did in the past or what the bankers are doing now.We are seeing grate world change right now, the grates’t since WWII. Silver will clim as soon as oil dose, if it cost more to get it, it cost more to buy.It’s a chain of events that drive the metals how many links are left? Do I cair about the french president not much but he is a small link.
    Peace out, stand together, stack as much of everything that will barter but start with silver Ha Ha
  20. Thank’s AG good post, grate news about silverbullion.

  21. My mother died on April 18.  She was an artist; she lived a full life rather than a life spent accumulating wealth.  When the four of us siblings were sorting through her things, we were tasked with separating the sentimental items (i.e.; family keepsakes) and things which we wanted, from the items to be sold to pay all the death-espenses.

    I was out-voted by three-to-one on the Silverware set, which our parents purchased together as newlyweds.  Since my siblings want to sell what I consider to be family heirlooms to be passed down from generation to generation – I am thinking about purchasing this Silverware set in order to keep it in the family.

    Some things, you JUST DON’T SELL!

  22. Mammoth- our condolences on the loss of your mother.

  23. Thoughts and prayers are with you Mammoth. God bless you and your siblings. The silver set in your possession would would be a wonderful thing. Family heirlooms are not replaceable at all. Pass it down to the right person when the time is right

  24. Sorry and saddened on your mothers passing Mammoth… May she RIP knowing she raised a fine individual as yourself… Your heart is in the right place… I would do the same as you, those items need to be passed down…

  25. When everybody sell, we (silverdoc family) buy,
    when everybody buy, we sell!

  26. Doc, 2 OZ, Danno, thank you for your condolences.

    Years ago an old man told me, “Mammoth, talk to your parents often and always let them know that you love them, because when they are gone you will miss them; you just can not imagine how much you miss them!”

    He was right.  Anybody whose parents are still living can not imagine the feeling of loss and sadness they will feel when one dies.  I am so thankful I visited Mom in March.

    Anybody reading this should pick up the phone right now and call their parents.

     

  27. Amen Mammoth, I feel what you are going through. I miss my mom much.

    EDog, That’s what separates us from the sheeple. Most people will sell when the price drops to avoid a loss. We’ll stack when the price is low knowing it will rise again. Kudos.
  28. That’s how I started buying silver which I no longer do although it was an easier way to get silver. I would buy it cheap and sell at a profit then buy coins or rounds.

    I ran across all types of people selling their silver and I was giving better prices than the local coin shop and Jewelery store and I was still making a profit. It pisses me off that those businesses where ripping these people off and still are.

  29. Mammoth.

    You have my condolences as well, Buy the sterling silver set back or from the estate! 2oz and I  have just loss our mothers as well so we definitely know the pain. Mine became my best friend and towards the end like my child. I took cair of her in her home for many years. I moved in to do this the same home I was born in. She became my world and I was able to keep her in her house to die. I miss her vary much I miss her happy to see me come home from work. We know brother…
  30. The message I got from Video is that “Silver Prices Are High”. LOL!…Ummm, No they’re incredibly cheap! All these people are selling at the lowest price they’ll ever see. Amazing! This video should have been saying, “look at all these people selling silver at such low prices—what are they thinking!

    I understand people need money and some can’t avoid it, but have they looked at every other alternative to raise needed cash first?…These interviewers should have been asking the following questions of those who were contemplating selling their family tea sets– such as:

    “Do you realize these prices are relatively low?—Have you considered getting some credit or selling other items or getting a loan, or getting training for a better job?–Have you ever logged onto any internet silver blogs, listened to guys like Peter Schiff or even tried to get educated about what is and what is not money before selling your silver at such low prices?

    –Those are the kind of questions you’ll never see from these MSM slugs.

    As usual, Bloomberg and the rest of these shill networks always present the opposite of reality. Now proceed to your nearest coin shop before Yogi Berra  soon has a slogan about coin shops–“No one goes to coin shops any more because they’re too crowded!”

  31. Your welcome Mammoth….. Both my parents have been gone for many years now…. My mother in 1984 and my father 1995… My dad had become my best friend…. I was with him at the end… This many years later it still hits me like a freight train daily that he isn’t there to just tell the little nothings to or sit across the table from him to share a home cooked meal… Or just go for a drive and say nothing yet have a wonderful time together… I’ve always been bitter and angry cause I feel I was robbed when he passed… I was only 21, he was 72… Nothing can EVER replace that relationship and until you go through it you have no idea the pain that accompanies loosing them…
    Life is to precious to ignore, put off, or not make time for… As mammoth said, if you are able to pick the phone up and say hey… Bring up a story from that past that makes you both laugh… Tell them how thankful you are for them and the love that you have for them… And if at all possible spend as much time as you can with them… Make the minutes count so that maybe the years that follow are some how easier to accept…

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