Sunday, August 17, 2008
Where’s the Shine Now on Silver and Gold? Sell Yours Now.
Be cautious of those who tell you where to put your money unless you know where they have theirs.
Many months ago, I wrote a blog and news article stating it was time to sell silver and gold you might have in your possession, not knowing the danger this would place me in. At the time, silver was selling at about $16.00 an oz and the forecast from the silver bugs touted silver would go to $100 an ounce, while the gold bugs were looking for $5,000 an ounce.
Shortly after that, I started getting emails, from "reputable people" in the metals industry, nasty enough to make your hair stand on end and sinking so low as to request the news organizations that ran my articles rescind them. Of course, none of them did. These supposedly reputable people questioned my intellect and even my heritage. “Don’t you know the fundamentals of these markets,” several of them asked? I think they had forgotten the Hunt brothers, or wished to forget them, and I’m sure many weren’t even old enough to remember them.
Again, today, I am recommending you sell all the silver you have in your possession at the price of $12.00 or more. As I write this, the present price is about $12.50. My projections see silver retracing its charts back to $6.00. Oil is retreating like it is being chased by a band of hungry wolves, and while the dollar is gaining its strength, silver and gold are in a free fall.
Like I warned in my blog and articles earlier this year, the people touting these industrial metals, and that is all these metals are today, have been the ones selling them and have the most to gain by their sale. I wrote previously that they would never tell you to sell silver or gold no matter how high their prices went and this has proven to be true.
Today there are companies still touting the purchase of gold, even though the price is plummeting and people are losing their shirts. These metals are no longer a hedges against inflation because they have been replace by currencies that are much easier and quicker to trade. There’s no storage, interest, or shipping to be paid on currencies, either.
If you want to see other investments that have proven themselves over time and whose numbers are continuing to go up, go to www.31corp.com. -- Daryle Lambert