Still winning.
I bought several hundred ounces of Silver bullion in August last year at around $18 per ounce.
Right now it's pushing $50.

Hoping to sell when I have enough for a house, or near enough. If it crashes I'll just buy more.
( underpont making all kinds-a-gains, Thu 28 Apr 2011, 16:38, 24 replies)

Are houses dirt cheap where you live?
You'd have to have bought many thousands of ounces to make enough profit for a house around here. Even ignoring tax.
( Dr. Shambolic je suis charlie, Thu 28 Apr 2011, 16:51, closed)

No, not really
but i'm not selling yet. I'm hoping it's gonna go into the hundreds per ounce. Then i'll be OK.
I realise it's hoping for a lot, but i'm not complaining so far. It's going in the right direction.
( underpont making all kinds-a-gains, Thu 28 Apr 2011, 16:57, closed)

You should buy a house made of solid gold.

( Dr. Shambolic je suis charlie, Thu 28 Apr 2011, 17:01, closed)

Do you know why it's going up?
If no you could be in for dissapointment if it turns out to be some corporation hoarding it to drive up the price before selling for a massive profit, for example.
(Me, I'm not... in any way intoxicated, Thu 28 Apr 2011, 17:26, closed)

There's always ifs and buts, and it is a risky investment
but, nowadays it's being seen more as a store of wealth now that gold is too expensive for a lot of people, especially in the Asian countries.
The Chinese and Indians are buying loads.

Plus, there's always gonna be a need for Silver as an industrial metal for it's shinyness. It's the most reflective and electrically conductive metal. Used in all sorts of stuff.

It's never recycled and the USGS reckons that at current mining VS consumption levels, above-ground Silver will be gone in about 20 years.

Also, there's the JP Morgan and HSBC price fixing thing that's been holding down the price for years, but I won't go into that.

But only time will tell.
( underpont making all kinds-a-gains, Thu 28 Apr 2011, 17:46, closed)

Fair enough -- sounds like a calculated risk.
I'm always scheptical of metals pricing knowing that, for example, platinum prices are dictated by a certain supplier and gold seems to be fluctuating far too much for something in pretty regular demand, nay, need.
(Me, I'm not... in any way intoxicated, Thu 28 Apr 2011, 18:16, closed)

btw
if you have *silver*, then fair enough. If you have pieces of paper saying that you own some silver, you may be in for an enormous shock...
(pounana Slept well, and dreamed of large women, on, Thu 28 Apr 2011, 17:50, closed)

How?

( Dr. Shambolic je suis charlie, Thu 28 Apr 2011, 18:07, closed)

If you have "silver" and the "storage firm" goes bust you're fucked.

(Me, I'm not... in any way intoxicated, Thu 28 Apr 2011, 18:18, closed)

I bought physical. It's in a safe place.
Wouldn't touch an ETF even if it promised to suck my widgie.
( underpont making all kinds-a-gains, Thu 28 Apr 2011, 18:34, closed)

I don't know what this means.
Even with the "helpful" "quotes".
( Dr. Shambolic je suis charlie, Thu 28 Apr 2011, 18:52, closed)

Basically it is this:
You can give some money to certain companies and they're supposed to buy the equivalent amount in silver. So now you own 'paper' silver. A promise that they'll give you the bullion whenever you decide to cash out.

Thing is, these companies have not been buying the silver and if everyone decided to 'cash out', meaning get delivery of the bullion they've bought, the company would go bust.

Basically, they're practicing fractional reserve banking with Silver (and Gold) bullion.

A lot of people are going to get stung to fuck.

I hope this makes sense, I've had a few beers and a bottle of wine.
( underpont making all kinds-a-gains, Thu 28 Apr 2011, 19:22, closed)

ETCs I understand. Although I thought they tightened up the rules over the last few years when people remembered that bankers are all dirty shysters.
But the previous poster talked about storage (or "storage") which is only relevant for physical silver (or "silver"). Isn't it?
( Dr. Shambolic je suis charlie, Thu 28 Apr 2011, 19:36, closed)

what?
Storage: If you buy silver or gold online they will send you a certificate saying you own as much G or S as you've bought. But you have not bought any metals. You have a promise...from someone you have never met!

A promise which is not really a promise. Forget paper...metal is the future.

Side note: pre 1992 2 pences and 1 pences are 95% copper. The metal is worth about twice it's face value.
( underpont making all kinds-a-gains, Thu 28 Apr 2011, 20:28, closed)

Eh?
You don't physically have the silver bullion in a safe in your house, do you? It's stored somewhere for you. That's storage.

Storage isn't relevant to an ETC since that's just a bit of paper.
( Dr. Shambolic je suis charlie, Fri 29 Apr 2011, 9:20, closed)

The quotes indicate a potential lie.
You pay for someone to store silver you have not seen and which may not exist.
regulations don't really apply much in the real world -- hence, for example, the criminals who fraudulently sold endowments based upon obvious sources of loss getting off scott free.
(Me, I'm not... in any way intoxicated, Thu 28 Apr 2011, 21:13, closed)

I have the distinct feeling you're now backtracking because your previous post was nonsense.

( Dr. Shambolic je suis charlie, Fri 29 Apr 2011, 9:20, closed)

Nope.
I'll translate the quotes in my earlier post:
"Silver" means you buy the rights to some silver, not the metal itself.
"Storage firm" means although the company profess to store silver for you, they're really only holding onto certificates or receipts representing silver in a third party's storage -- this could be actual real silver they have in a bank vault so they don't have their own facility to worry about or it could be e-silver or they themselves might have bought "Silver" which may or may not exist.
If you own actual Silver (no quotes) and store it yourself then you have actually invested in Silver.
If you pay a proper Storage Firm (no quotes) who hold real Silver then you have also actually invested in Silver.
If you pay a "Storage Firm" then you've just invested in someone else who may or may not have invested in Silver.
(Me, I'm not... in any way intoxicated, Fri 29 Apr 2011, 13:49, closed)

OK.
Thanks for confirming that you were just blustering and backtracking. You could probably have done it in fewer words though.
( Dr. Shambolic je suis charlie, Fri 29 Apr 2011, 15:38, closed)

Thanks for confirming you didn't actually read my posts.

(Me, I'm not... in any way intoxicated, Sat 30 Apr 2011, 12:10, closed)

No. But I "read" your "posts".

( Dr. Shambolic je suis charlie, Sat 30 Apr 2011, 20:48, closed)

:-)
Thanks, I really did laugh.
(Me, I'm not... in any way intoxicated, Sun 1 May 2011, 23:17, closed)

Are you...
...the Rt Hon Member for Kirkaldy and Cowdenbeath?
(hairybuddha, Thu 28 Apr 2011, 18:02, closed)

Yes.
er..I mean no.
( underpont making all kinds-a-gains, Thu 28 Apr 2011, 18:36, closed)