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PeakOil is You

THE Precious Metals: Silver Thread Pt. 2

Discussions about the economic and financial ramifications of PEAK OIL

Re: I bought silver with my credit card

Unread postby smallpoxgirl » Wed 15 Oct 2008, 17:54:07

Dawn wrote:What's silver going for now? I'll have to look it up.
$10.25 per ounce. Down $0.71 today.
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Re: I bought silver with my credit card

Unread postby dbruning » Wed 15 Oct 2008, 18:46:18

If it does hit $9 I imagine a lot of people will be jumping on board...I'll be one of them.
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Re: I bought silver with my credit card

Unread postby smallpoxgirl » Wed 15 Oct 2008, 20:24:17

Just dropped down to $10.06. I bet it'll be in the 9s by tommorrow.

The problem seems to be that in order to pay anything near the market price, you have to be trading 1000oz Comex bars.
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Re: I bought silver with my credit card

Unread postby Heineken » Wed 15 Oct 2008, 21:12:23

As SPG indicated, the premium on silver is off the planet right now. The spot price is great, but what you end up paying a dealer isn't. Not sure why this has happened, but until it resolves silver is a bad deal. I'll be damned if I'm going to spend $16 for a $10 lump of metal.
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Re: I bought silver with my credit card

Unread postby smallpoxgirl » Wed 15 Oct 2008, 21:25:05

Heineken wrote:I'll be damned if I'm going to spend $16 for a $10 lump of metal.


Yeah. I bought some eagles last week for just about that price. Probably shouldn't have.

Kitco has 1000oz COMEX bars for $10.50 an ounce. Seems like that's really the only way to get near the actual price right now.
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Re: I bought silver with my credit card

Unread postby eastbay » Wed 15 Oct 2008, 22:55:04

Dawn wrote:It's not a bad idea as long as you pay the credit bill in full when you get it... That's what I always do, so I never pay interest. All for me and none for them. :)


If you pay it off at the end of the month maintaining a zero, or close to zero, balance it perfectly cool. Same as cash, in fact.
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Re: I bought silver with my credit card

Unread postby Dawn » Wed 15 Oct 2008, 23:46:07

eastbay, even better... Know which day they bill you and buy the day after that... Then you'll have a whole month plus about 2 extra weeks before your payment is due. It only works if you maintain a zero balance tough. Man I just realized how cheap I can be sometimes.

For example one of my cards sends out, or determines my balance on the 17th of every month... So, if I (carrying no balance) purchase something on the 18th of the month... They won't bill me until the next month and I'll have about 2 more weeks before the payment is due after that. Just pay the whole bill then and do it every time. :-D
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Re: I bought silver with my credit card

Unread postby eastbay » Wed 15 Oct 2008, 23:54:09

Dawn wrote:eastbay, even better... Know which day they bill you and buy the day after that... Then you'll have a whole month plus about 2 extra weeks before your payment is due. It only works if you maintain a zero balance tough. Man I just realized how cheap I can be sometimes.

For example one of my cards sends out, or determines my balance on the 17th of every month... So, if I (carrying no balance) purchase something on the 18th of the month... They won't bill me until the next month and I'll have about 2 more weeks before the payment is due after that. Just pay the whole bill then and do it every time. :-D



Excellent. I'll try to be more aware of that, especially with major buys, which are rare these days. A few bucks here and a few there.... :)
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Re: I bought silver with my credit card

Unread postby Pops » Thu 16 Oct 2008, 00:35:05

Jotapay wrote:In case you completely haven't noticed what's going on these days, the whole financial mess was caused by speculation using over-leveraged credit.

+1 for Jo.

Why would you not invest in something you could use for years instead of paying interest and suffering from inflation and volatility caused by investors much bigger than you to eventually sell your stash to buy the thing you needed in the first place?

I don't get it.


Wait, Something For Nothing...

Yea... just like real estate.


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Re: I bought silver with my credit card

Unread postby lowem » Thu 16 Oct 2008, 03:35:42

smallpoxgirl wrote:Just dropped down to $10.06. I bet it'll be in the 9s by tommorrow.


You got your wish.

COMEX silver prices are now going at [s]$9.93[/s] [s]$9.82[/s] [s]$9.76[/s] $9.72.
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Re: I bought silver with my credit card

Unread postby lowem » Thu 16 Oct 2008, 09:51:11

Silver at $9.66, gold fell off a cliff to below $800,
and crude oil fell below $72.

At this rate, in a couple of weeks' time, gold, oil and silver will be nearly free :lol:
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Re: I bought silver with my credit card

Unread postby smallpoxgirl » Thu 16 Oct 2008, 09:54:00

lowem wrote:Silver at $9.66, gold fell off a cliff to below $800,
and crude oil fell below $72.


The crash of the Asian markets overnight drove the dollar up.
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Re: I bought silver with my credit card

Unread postby cranky » Wed 29 Oct 2008, 12:28:38

In my mind, you will have the silver in your hot little hand when all the credit card companies go broke because of all the defaults. I was thinking of running up my credit with all of my survival supplies because at least I'll have the supplies. :twisted:
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Re: I bought silver with my credit card

Unread postby strider3700 » Wed 29 Oct 2008, 15:12:13

cranky wrote:In my mind, you will have the silver in your hot little hand when all the credit card companies go broke because of all the defaults. I was thinking of running up my credit with all of my survival supplies because at least I'll have the supplies. :twisted:


You haven't been paying attention to how things have been working lately. These days when giant corporations get in trouble they ask the government to bail them out. If the problem they run into is that the customers start mass defaulting they will simply ask the government to change the laws to prevent the customers from getting to not pay. They already changed the bankruptcy laws so how much more work is it to force you to pay your debt?

Hell at this point the general public with their devastated 401k's would love to hang the subprime holders that are being blamed for these issues. It's only a matter of time before the companies won't be at fault but the idiots that overextended themselves will be.
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Re: I bought silver with my credit card

Unread postby cranky » Wed 29 Oct 2008, 15:32:40

strider3700 wrote:
cranky wrote:In my mind, you will have the silver in your hot little hand when all the credit card companies go broke because of all the defaults. I was thinking of running up my credit with all of my survival supplies because at least I'll have the supplies. :twisted:


You haven't been paying attention to how things have been working lately. These days when giant corporations get in trouble they ask the government to bail them out. If the problem they run into is that the customers start mass defaulting they will simply ask the government to change the laws to prevent the customers from getting to not pay. They already changed the bankruptcy laws so how much more work is it to force you to pay your debt?

Hell at this point the general public with their devastated 401k's would love to hang the subprime holders that are being blamed for these issues. It's only a matter of time before the companies won't be at fault but the idiots that overextended themselves will be.


You mean when the world turns into Mad Max-ville there will be a government around to pass a law?
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Re: I bought silver with my credit card

Unread postby strider3700 » Wed 29 Oct 2008, 17:41:21

There is a stage between Life as we currently know it and Mad Max. The only question is how long does it last.

Even ubber doomers like myself usually don't expect the nukes to hit tomorrow morning. things have to get worse first.

If the downhill slope lasts only a few days/weeks/months then you don't have to worry about paying up

If it drags out closer to a year or two then I'd be starting to get concerned if I was you.

If it takes a decade or so then debtor camps here we come.

The Fan and the slide thread goes into a lot more detail about this and is worth the read.
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Re: I bought silver with my credit card

Unread postby cranky » Thu 30 Oct 2008, 14:57:52

strider3700 wrote:The Fan and the slide thread goes into a lot more detail about this and is worth the read.


Where can I find this thread. Your insight has been very helpful. I guess I won't spend the $600 for the nuclear radiation kit from www.ki4u.com. Already put some survival supplies, food, equipment, etc. on credit that was already high.

Do you think it will be better to croke of radiation poison than go to debtors camp?
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Re: I bought silver with my credit card

Unread postby strider3700 » Thu 30 Oct 2008, 17:36:48

The fan and the slide thread
http://www.peakoil.com/fortopic5127.html

Basically it's a bunch of peoples expectations about timelines and the differences between them.

also I highly recommend the 5 rules thread
http://www.peakoil.com/fortopic29910.html

It has a bunch of different views on what are the most important things to do to prepare.

As for picking between debtor's camp and radiation sickness I don't see the two as mutually exclusive.

If you buy a radiation kit(I'd love to have one as well btw) and can't pay for it then possibly eventually they will take it away when they ship you off to the camps. Then when the nukes hit you die as a slave.

If you don't buy it and don't get shipped off due to your debt then you still die just not as a slave.

If you buy it and pay it off then maybe you actually get to use it.

Timelines are hard to predict. The way things have been going I'm accelerating my plan and taking on a larger mortgage to be elsewhere since I no longer think we have a decade or so like I did when I first joined. I also don't think we'll be having firefights in the front yard before christmas.
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Re: I bought silver with my credit card

Unread postby cranky » Fri 31 Oct 2008, 11:42:37

strider3700 wrote:The fan and the slide thread
http://www.peakoil.com/fortopic5127.html

Basically it's a bunch of peoples expectations about timelines and the differences between them.

also I highly recommend the 5 rules thread
http://www.peakoil.com/fortopic29910.html

It has a bunch of different views on what are the most important things to do to prepare.

As for picking between debtor's camp and radiation sickness I don't see the two as mutually exclusive.

If you buy a radiation kit(I'd love to have one as well btw) and can't pay for it then possibly eventually they will take it away when they ship you off to the camps. Then when the nukes hit you die as a slave.

If you don't buy it and don't get shipped off due to your debt then you still die just not as a slave.

If you buy it and pay it off then maybe you actually get to use it.

Timelines are hard to predict. The way things have been going I'm accelerating my plan and taking on a larger mortgage to be elsewhere since I no longer think we have a decade or so like I did when I first joined. I also don't think we'll be having firefights in the front yard before christmas.


Thanks so much for your insight. You have been really helpful. Wish I had found this site a few years ago.

My plan, before the recent economic downfall, was to sell my house and use the money to buy a rural parcel with house in southern Indiana with some left over for savings. But now, that seems impossible with the current housing market and I wonder if it will ever be possible in the future. I would really rather hunker down in Indiana than in Southern California. Oh well, Que Sera, Sera!

Thanks again for your help.
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Silver: 50times physical in derivatives

Unread postby Micki » Tue 07 Apr 2009, 02:59:57

From Hommel. Let the number do the talking.
In 10 years of reading and writing and searching, I've never known the numbers of paper silver in the OTC "Over the Counter" market until a reader informed me, just today.

This is directly from the BIS, the Bank of International Settlements. This is good data. http://www.bis.org/statistics/derstats.htm

At the link above, see 21 Amounts outstanding of OTC single-currency interest rate derivatives
"21C By instrument, maturity and counterparty"

That's this link: http://www.bis.org/statistics/otcder/dt21c22a.pdf
See the center middle column towards the bottom, under "Other Precious Metals", which excludes Gold. This would be Silver, Platinum, and Palladium. We can exclude Platinum and Palladium as nearly irrelevant, because those markets are much smaller than silver, and very few people hold paper instruments of that type. Furthermore palladium is much like silver in that the market is dominated by industrial demand, and investor demand is less than 5% of the market.

The number of "Single currency interest rate derivatives in other precious metals (SILVER)" from June 2006 to June 2008, in two short years, more than doubled: From $84 billion to $190 billion! That's about 40 times larger of a fraud than I had thought. This is serious news. This is original reporting. Will any other news agency cover it? Probably not.

How much new paper silver is that? Well, the physical silver investor market annual demand is about $1.3 -$2 billion per year! And yet, they sold $100 billion in new paper silver in the span of 2 years, which is over 50 times as much paper silver as exists in the world annual physical silver investment market!

link
Last edited by Ferretlover on Wed 08 Apr 2009, 10:08:41, edited 1 time in total.
Reason: Merged with THE Precious Metals: Silver Thread.
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