Sale your gold

Recommended Posts

Hello Azaware,

I've always been told that Silver is a much better investment long term. That is all I really know. I'm debating about dumping some gold nuggets while the price is up.

P.S. That was you I seen this weekend, right?

Talk with you later,

Rob Allison

Yes this is me. I really don't see gold going much high but what if silver hit $250oz. :D

Link to comment
Share on other sites

The Hunt Bros are still in prison,,,,

From 1981 to 1986 I worked as a geologist for Hunt Oil Company here is Houston, Texas. Ray Hunt, younger step brother to the older Hunt Brothers who invested in the great silver bubble, and his family owned Hunt Oil Company (which was originally started by their dad, H.L. Hunt. Ray's family got the company in the estate settlement.

The Hunt Brothers never went to prison for all the silver they bought. The Feds changed to rules because the Hunts had bought up almost all of the silver and the wall street traders who had sold silver short couldn't find any silver to deliver. So Wall street changed the rules. What the Hunts did at the time was not illegal. After the rules were changed by Wall street again because of the silver sold short and they couldn't get any to deliver.

To paraphrase a long story, they bought as much silver as they could...silver futures, silver coins, silver ingots, silver mines. By January 1, 1980, they had accumulated over 192 million ounces of the metal, valued at $35 an ounce.

On the other side of the trade, a whole group of Wall St. types had gone short silver futures, and were getting 'squeezed.' These firms had a legal obligation to deliver silver at predetermined prices to the counter-parties in the trade. Only problem was, the counter-parties - the Hunts and the other silver bulls - already controlled the world's supply of silver.

As the old Wall St. adage goes:

He who sells what isn't his'n, Must pay the price or go to prison.

The 'shorts' were trapped, so what did they do? They changed the rules at the silver exchanges, limiting the amount of silver any one individual could own and increasing margin requirements. Stability was the official justification. It's one of Wall St.'s favorite tricks...if the rules don't work in your favor, you get 'em changed.

Whatever the case, the Hunts were forced to liquidate parts of their position, and silver crashed...from over $50 at its intra-day peak, to below $10 less than two months later. The Hunts went bankrupt and Paul Volcker organized a $1.1 billion dollar loan to "prevent the very fabric of American finance from tearing apart."

That's the story you were told in school (if you are younger than I am)and it's also what you read in the newspapers and in most books. But it's not necessarily the TRUE story.

The Hunts were not motivated by greed in the slightest, but more by paranoia.

Everyday his family was trading billions gallons of a scarce natural resource - petroleum - for paper dollars. Not a great trade if you're worried about inflation. "Bunker and his family had the ability to see twenty years down the road and realize that the purchasing power of paper dollars could only go one way: down." "So it is understandable that Bunker searched for a natural asset to replace the one sold by the Hunts, which over a period of time would appreciate in value despite inflation."

In fact, Bunker Hunt and his brother still own large quantities of silver. How much? "If you can count it," says Bunker, "it can't be very much."

In 1989, Bunker left bankruptcy with a net worth of between $5 and $10 million, according to Forbes, though he still owed the IRS more than $90 million to be paid over 15 years.

By 2000, he'd already paid it off.

They were never prosecuted and of course never went to jail. The people who should have gone to jail are the ones who changed the rules to suit their own adgenda and to keep from going to jail cause they sold silver they did not have and therefore could not deliver to their cleints.

And what is happening in China, the Chinese government is telling her citizens to buy silver, why because they see the dollar collapsing, their own currency collapsing and the world going into a great depression. Since the US went off the gold standard, the US can print as much money as it needs to operate. It is just on the ability of the US government to be able to stand behind the dollar to give it worth. There is no gold in FT Knox to stand behind the dollar. The dollar is FIAT money! It has no intrinsic value other that the value declared by the US government as stating it is legal tender.

Well we all know where the dollar is going.

I will take gold and silver over paper money any day of the week.

God help us if the dollar stops being the accepted currency for world trade. If that happens we be screwed!

Link to comment
Share on other sites

I've heard that historically speaking the gold to silver ratio has been 16 to 1. So, sixteen ounces of silver had the purchasing power of one ounce of gold. So, at current gold prices that would put silver at $86.81/ oz. They openly manipulate the silver prices to keep it low right now, who knows how much longer that will go on.

Link to comment
Share on other sites

My bad.... sorry

Heck No need to apologize. They probably should go to jail just on a principle of fairness! lol

Link to comment
Share on other sites


This topic is now archived and is closed to further replies.