After silver topped $30, I realized I needed more, that my purchases at $24 were rather insignificant. I often sang that refrain: “How I wish I had bought it cheaper.”
The rest is history—especially the part where I loaded the boat with a credit card at over $40 per ounce.
So here we are with $17 handle silver (16-something over the weekend), with warnings from the experts that we may see lower prices. Meh! We have already been tortured and seeing metals priced in for less fiat just doesn’t hurt any longer. My perspectives are changing. What is valuable to me now are the things I will need when the paper system moves to its intrinsic value.
This isn’t going down like we all planned, hoping to catch a moonshot then convert our metal back to fiat and pay off houses, land, and buy stuff for a nice retirement in a new economy. No, they have put the pain to strong hands, hoping to shake our metal loose, punishing us for daring to make their road more difficult.
We are buying to preserve our families through this transition period, not to get rich and retire. QE is ending, Rates may be raised in 2015. The dollar is being pushed out of reserve status. The petrodollar strength is eroding one nation at a time. Eighty percent of the world population regards precious metals as money—and their governments are buying, their citizens are buying. Price may rise, or it may fall further.
But one Saturday morning, not long from now, we shall awaken to a Bloomberg story (about an hour after Zerohedge runs it) that the Comex will settle all outstanding contracts in cash, at Friday’s price.