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Cazenove's Griffiths: "Not Owning Gold Is A Form Of Insanity And May Even Show Unhealthy Masochistic Tendencies"
Whoever said CNBC does not have good content - the biased station's European division actually has some very informed and interesting guests. Of particular note is yesterday's interview with Cazenove's technical strategist Robin Griffiths. And while the chartist tends to not be too happy with the recent stock market action (who is), the most notable item on the docket was Griffiths discussion of gold. And it was quite memorable: "I
think not owning gold is a form of insanity, it may even show unhealthy
masochistic tendencies, which might need medical attention. Real assets hedge paper money being printed into oblivion, so you've got
to own gold and you've got to own other commodity-related investments
still. Gold is far from being an overowned trade at the moment, far, far from it. Although it's been a top performer for each of the last ten years, it's
still in a linear trend. Eventually it will go exponential and make more
in the last little bit than the whole of the ten year trend." That pretty much covers it.
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you know what the masochist said to the sadist
It hurts so good...?
That sure beats a poke in the eye...?
Let's trade places...?
Just don't hurt my feelings...?
the mashochist said "beat me" and the sadist drew back his hand, paused, smiled and said "no"
That was cruel
the europeans allowed to see this, the american peasantry....not so much.
go gold! ....better yet >>> buy silver, crash JP Morgue!
Rally tonight?
http://tfmetalsreport.blogspot.com/2011/01/blythe-wants-crumpets.html
Kennedy Silver Certificates: ...gotta love 'em, Turd!
http://www.zerohedge.com/forum/kennedy-silver-certificates
Sure,it's "more than we can handle".
Another nice example is in Amy Goodmann's "Independent Media In Times Of War" [1]. Check out 3:04 and later which talks about Iraq reporting of CNN vs. CNN International.
[1] http://www.youtube.com/watch?v=lcVDGefrbJc&feature=related
By ELISABETH BUMILLER and MICHAEL WINES 1:28 PM ET
A jet test was conducted only hours before Defense Secretary Robert M. Gates met with President Hu Jintao.
Wow, someone is quoted who knows that price chart curves become "exponential"; and not "parabolic". I was giving up, I thought the last person who was "educated" plagiarising other ignorant persons off of the internet had died already. Let those of you who have ears hear; it's not, never was, and never will be parabolic; It is, always, and forever, exponential. Literacy is good.
You could have made that point without being condescending, so is your goal to educate or gloat? A truly intelligent person engenders a love of learning in others, and does not draw attention to their own ego issues.
Doctor, as a title, originates from the Latin word (gen.: doctoris) which means teacher.
If one wants to sound like one, act like one.
dupl
unless he edited his comment, i see nothing there to provoke your response. perhaps you are reading a tone into it he did not intend? it happens a lot with emails and comments and such.
Intelligence is masturbation, now being CAPABLE is....
This geologist speaks truth.
I appreciate your point! I was getting cognitive dissonance with what I thought was simple math and going into cerebral ursus shit-storms
irregardless?
Exponential, indeed. Good point. I've wondered about that. But don't expect us Americans to change our ways. We can't even get "nookoolar" right.
I like the phrase "curvy pointing up".
Oh-oh. Someone fell asleep at the kill-switch.
The Hopp will give you one piece of advice. Take this advice and look at it, touch it, and chew on it. "It's going to the f*ckin Moooooon!"
does he have some to sell?
KEIN PROBLEM, PAPIEREN ANGEBEN UND SIE KUNTEN DAS GOLD KAUFEN!
HEIL SUM DIE U.S.A!!!!
Whoa, there big boy. Steady now, steady. No, seriously I appreciate your point of view and your avatar cracks me up. Geev-em bra; as they say here in Hawaii.
Geev-em bra
Or, if he sprung for the lobster, geev-em panties.
SuddenDebt is da kine!
And we have not even begun to get e2 yet.
Why can't this cat replace the slimey limey Simon Hobbit?
Why did he not offer a solid dinner recipe for Au?
HOUSE SPEAKER BOEHNER'S SOLUTION TO THE INSANITY;
must see http://video.aol.com/video-detail/gavelwmv/298369969
I like this guy and I like that PM advancing incrementally now
MSM, CNBC are stalking horses for TPTB
I worry when they pile on and gold does go exponential
don't be scared out of gold its forming another pennant it may just go expotential here in a few weeks.....remember if it goes to 3k-3500 it may go back to 2300 before finally finding its price at 15K plus.....they will try and shake every last ounce of you.
Buy and hide
10++++
No shit. After that currrency not backed by gold/silver rant from that whackjob in Az we can be sure the MSM will be proudly stating that:
Owning precious metals = You are a dangerous raving lunatic.
It's the last duty of every de-centralized gold holder to tell the truth to centralized fiat thieves.
well put.
Have noted before that CNBC Europe is in a different league to the MTV version that is provided for US viewers. Its still MSM of course, but at least the presenters/guests discuss all sides of an argument.
Good old Robin Griffith's has been around for a long time. He's a legend...
you have to respond to your audience ... otherwise they turn you off...
cant wait for the parabolic stage :)
I'm personally waiting until gold goes asymptotic.
I almost get it ... but not quite ...
Cooter
I'm waiting for it to become non-functional.
The price goes up so high it actually bends time, such that in the past, there were two real prices!
Hell, we already have two different prices today!
Paper vs. physical.
Expect the spread to widen.
Ahh, when it goes plaid!
here's one for you, tmosley. just some thoughts on the 'ol Kennedy Silver Certificates.
http://www.zerohedge.com/forum/kennedy-silver-certificates
DJ Physical Gold Demand Exceeds Current Availability -Perth Mint
Tue Jan 11 01:26:37 2011 EST
SINGAPORE (Dow Jones)–Demand for gold bullion from Australia’s Perth Mint has been unrelenting since gold’s price dropped below $1,400 an ounce, a senior Mint official said Tuesday.
"At the moment demand is such that we cannot meet all the enquiries that we are getting," said Nigel Moffatt, Treasurer of the Perth Mint, one of the world’s largest gold refiners and distributors.
"Demand for our coins and medallions is strong, but the biggest demand is coming from banks and traders looking for kilo bars," he told Dow Jones Newswires.
One-kilogram bars are the most popular trading instrument in Asia’s physical market.
Demand doesn’t appear to be directly related to the upcoming Chinese Lunar New Year, with buying also coming from in from India, Moffatt said.
"The way I see it at this point, it is because of the current correction in the price rather than anything else," he said.
Spot gold has declined 3.1% since the start of 2011 to $1,376/oz during Asian trade Tuesday after hitting a low of $1,353/oz Friday.
Moffatt said premiums for physical gold had "doubled" in the past week, but declined to provide any figures.
Mitsui Global Precious Metals said in a report that gold was trading at premiums of up to $3 an ounce over the spot price in Hong Kong Monday.
-By James Campbell, Dow Jones Newswires, +656415-4082;
Here is a working link to that news:
http://news.tradingcharts.com/futures/1/9/151401791.html
Appreciate being referred to this quote; thank you.
+1
thanks
can't say it any more clearly than that.
did cnbc fire the guy that slotted him?
Robin Griffiths is on Squawk Box Europe every 2 weeks or so. Hendry is on twice a year, maybe. Their guests and guest hosts are much less shrill on the sell-side propaganda than the segments out of New York.
"Not Owning Gold Is A Form Of Insanity And May Even Show Unhealthy Masochistic Tendencies"
Sounds like Karl Douchinger?
You mean Karl's BizarroWorld alter-ego, don't you?
Nobody, except possibly for Jon Nadler, hates gold more than Karl "You can't eat gold" Denninger.
If He could be here now, He would ban you for this widely-held untruth that He hates Gold.
Karl simply points out that if you measure the price of Gold from a certain point in time, you will see that it has not gone up quite as much as 'real' assets such as stocks, houses or treasuries.
And you can't eat Gold, or pay taxes with it. But they will tax you at 95% (or more). And it could fall 20% at any time. So if you buy it right at the top, and it loses 20%, then you will lose 20% - which will leave a mark. The math doesn't lie.
I am having difficulty in determining whether you are a Douchinger koolaid drinker, or merely posting with a wry and rather dry sense of humor.
Regardless, let us deal with this absurb statement, easily disproven:
Gold: price up ~450% since 2001
Dow/NASDOG: Not quite so much
Treasuries: Hmmmm, having a hard time determining their value through all the bubble foam.
Homes: Do you really need to even ask?
And as for Karl's utterly specious "they will just tax away your gold" argument, who is to say that "they" would not do THE SAME THING to your stocks, bonds, or other assets as well? At least gold is hideable outside the financial system --- the same cannot be said for any paper asset.
Karl, once again, is a total douche.
Ban yourself, Karl. Your credibility is toast, spread with golden jam.
Meh. If you measure gold from 1982 to 2002 then you will see the gold price WENT DOWN, but stocks WENT UP.
Any suckers who listened to the Gold Bugs in 1980 ended up bankrupt OR WORSE.
You really ought to read this masterful piece from Karl Denninger, skewering Gordon Gekko of this very site.
http://unlawflcombatnt.proboards.com/index.cgi?board=gold&action=display...
(I can't link to the original, as Karl in His Great Wisdom decided to change his permalinks a few months back. Something to do with copyright infringement.)
The only problem is, it is not 1980.
Yes, cherrypicking highly selective dates and data points can make even the most specious argument appear reasonable --- on the surface.
Denninger is just furious that reality will not conform to his theories --- the same phenomenon that causes Bernanke's lower lip to quiver during congressional hearings.
Right, why do those who cherrypick "Gold 1980" never compare that to buying shares of "Priceline at $900+", buying PanAm Airways in 1985, or Wang computers 1984 and holding them for 30 years.
Repeat after me, "Gold is not a stock".
Denninger is just furious that reality will not conform to his theories --- the same phenomenon that causes Bernanke's lower lip to quiver during congressional hearings.
Hehehe, I can actually picture this sometimes.
RTFM one week six days and on a gold blog. Just out to jerk a few chains.
The guy was a little tipsy I might add.
He mentioned cunt at one stage.lol
finally someone makes on mass tv and puts the dots where they belong .... no wonder he is British...
....glad I read him first....was about to sell a few gold dental crowns tomorrow.
DJ Physical Gold Demand Exceeds Current Availability -Perth Mint
Tue Jan 11 01:26:37 2011 EST
SINGAPORE (Dow Jones)–Demand for gold bullion from Australia’s Perth Mint has been unrelenting since gold’s price dropped below $1,400 an ounce, a senior Mint official said Tuesday.
"At the moment demand is such that we cannot meet all the enquiries that we are getting," said Nigel Moffatt, Treasurer of the Perth Mint, one of the world’s largest gold refiners and distributors.
"Demand for our coins and medallions is strong, but the biggest demand is coming from banks and traders looking for kilo bars," he told Dow Jones Newswires.
One-kilogram bars are the most popular trading instrument in Asia’s physical market.
Demand doesn’t appear to be directly related to the upcoming Chinese Lunar New Year, with buying also coming from in from India, Moffatt said.
"The way I see it at this point, it is because of the current correction in the price rather than anything else," he said.
Spot gold has declined 3.1% since the start of 2011 to $1,376/oz during Asian trade Tuesday after hitting a low of $1,353/oz Friday.
Moffatt said premiums for physical gold had "doubled" in the past week, but declined to provide any figures.
Mitsui Global Precious Metals said in a report that gold was trading at premiums of up to $3 an ounce over the spot price in Hong Kong Monday.
-By James Campbell, Dow Jones Newswires, +656415-4082;
Meh. Seems this limey is either another paid shill for the Gold Bugs or hasn't been reading the works of Karl Denninger. As Denninger has tirelessly pointed out since Gold was at 600 dollars an ounce - you can't eat Gold, and when you think you will need it, you will need lead more, and anyway the government will tax you at 90% if you ever try to sell it. So even if Karl is wrong, he will still be right. Who you gonna trust? Some limey on CNBS, George Soros, John Paulson, and thousands of years of human history? Or Karl Denninger? Zactly.
You ever heard of bartering and/or the black market? Get the fuck out of here with that bullshit.........ha ha ha
In case you were not aware, the black market is ILLEGAL, so good luck to you Gold Bugs who will think you can get out of this by just breaking the law - alongside the coke pushers, rapists and murderers. Their game, their rules, that's the only way to win this. That means SHORT DURATION treasuries, and cash in the Bank of Sealy. And sending faxes to your congress critter.
Karl Denninger is a naive and ignorant prick, and an intolerant and insecure bully.
I bet you would not DARE to say that on his forum. He would (quite rightly) ban you immediately for the blatant untruths that he is intolerant or insecure.
Karl Denninger: The Festering Hemorrhoid of the Financial Blogosphere.
And as for his "Bank of Sealy", may I introduce you to the Bank of Weimar Stove Fuel?
"Ban you quite rightly"? for what?are you okay? or are you from Cali?
"Karl Denninger is a naive and ignorant prick, and an intolerant and insecure bully." Thanks AKAK! Someone had to say it! In fact, I'm thinking of making that my tagline for the end of my posts...yep, it feels right.
"Karl Denninger is a naive and ignorant prick, and an intolerant and insecure bully."
Yeah the black market is illegal but so is the US dollar in Venezuela. I could spend them everywhere I went, they were actually preferred, and you got more Bolivars for them on the street than from the bank.
If your bag of US dollars was big enough, Chavez would probably blow you to get his hands on it. Not that I'm that big of a fan of the buck, just saying the black market exists everywhere, illegal or not.
That's because the US Dollar is King, and you should be collecting them and storing them in your mattress.
With what do you bait your hooks?
Indeed --- King Louis XVI.
Après moi le déluge (LXV)
"the black market is ILLEGAL"
I can think of a number of things which are illegal -- most of them done by Wall St and the Fed.
In case you were not aware, soon, and I mean very f*cking soon, everything is going to be illegal. You, sir, will soon be illegal. All your actions/inactions will be considered illegal and subject to Forfeiture Laws. Good luck in Hooverville or Obamaacres.
Exactly. And the laws will be selectively applied, of course. For difficult cases they can simple blackbag people by executive order.
"The black market is ILLEGAL"
It's gems like this that keep me coming back to ZH. Of course it's illegal - that's the point of a black market.
'In case you were not aware, the black market is ILLEGAL"
What a Hack!.. Please point me to the statute in anyone of the 50 states of the union or federal register that makes the sale of gold a legaly owned private asset, illegal between two private parties. In fact the Constitution says that Gold and silver is the only legal tender recognized.
lol, randomtfmoran!
Like illegal drugs.. ha
Oh good another snack for the zombies.
Make sure you are around when we need to feed zombies like you cause you burnt all your asswipe USD in the furnace and have no food and refused to the bitter end not to buy precious metals.
You just couldn't cause then you'd be wrong and you couldn't allow that so you beat your wife/husband instead.
Am I close!
I will shoot any zombies with my Glocks. Then go pay my taxes to the IRS. In United States Dollars.
Even during the zombie holocaust, it will be necessary to pay taxes. You will be paying 98% (or more) on your Gold, I will pay much less with my blessed FRN's.
Will the real zombie please stand up?
Karl, is that you?
RTFM, may I introduce you to Harry Wanker?
they won't be taxing gold at 90% once china and european countries and all other nations currency bounce off gold the U.S will be forced not to tax it.
We have no choice this was all about oil....and its over...... a chevy wagon in 1980 was 5k and a similar SUV today is 40K do the math on houses cars population Dow it has to go to at least 15K.
All that will be left is the debt we owe to foreigners.....15k plus....this was intentional all the way.
People will be shocked when its announced.
Whats the cost basis on a gold bar that I bought the day before I sell it?
Get what I'm saying........?
you may need more than a glock
True. I will also need BBQ sauce to baste the zombies before feasting on them.
Source for the 90% tax rate is ... ?
Realistically, I think the tax rate is commensurate with other asset gains, no?
Cooter
The source for the 90% (or more!) is Karl Denninger. Do you know him? He is a trading and investment genius.
"Genius", or "anus"?
I often make the same mistake.
Is that Denny Crane? That would explain everything.
http://www.youtube.com/watch?v=9pcVDmX4ho4
did you say denny crane?
-----------Question 4 All---------
If a new currency is proposed, at what price will gold/silver be set?
Has anyone done the math?
Guestimates?
Bueller?....Bueller?....
"If a new currency is proposed, at what price will gold/silver be set? "
according to Jim Sinclair, the $850/oz price of gold in 1981 exactly balanced the financial books of the US
to balance the books today, you get a per/oz price of gold that is really hard to imagine - some people put the price at $55K/oz or so
there is a wide range of estimates because balancing the books involves determining what the liabilities of the US are - do you want to address the acknowledged debt of $14 trillion or do you want to include the liabilities that aren't acknowledged like Social Security, Medicare, perscription drug coverage, etc? - some people estimate the actual US liabilities around $200 trillion
edit: and that only takes into account the US' liabilities - evidently Europe and the rest of the Western world is about to collapse economically because their debt structures (ie, liabilities) have reached the exponential growth phase - essentially we are talking about the death of all fiat currencies
Any new currency that is proposed, providing the bankers remain in charge, would be inflatable- therefore gold or silver could only be a part of a "basket" of assets used to determine the new value. Additionally, if it was international, there would be political considerations as well.
I would suggest that in a currency breakdown, exchange would revert to a barter basis and depend on how much you are willing to spend for what you need. Historically, one ounce of gold would buy a mature cow (still does).
Beyond that, there is no way to price gold. If the price is "set" , it will be useless- see Greshams's law. Like a glass of water in the sahara or in a rainforest. Set values never work.
Read and listen to Jim Rickards on www.kingworldnews.com.
He has explored this matter from several differnt angles.
He comes to several price conclusions depending on, if M1, M2 or M3 is used.
BTW Casanove is JPM
Cazenove Group is part of the "Morgue" but Cazenove Capital where Robin resides was demerged in 2005 and is an independent asset management business.
Quite. Can't expect US citizens to look beyond the surface though; am slightly surprised to see someone put Caz and JPM together at all...
CNN has an article on the six warning signs of psychosis displayed by Loughner.
3. He showed signs of paranoia, telling a classmate that U.S. currency was worthless
Yeh they are trying to profile him and make him look like a gold bug. We are all terrorist now.
you bet. 10+++
Hell, I hope so. I haven't bought all I want and could use some lower prices.
OT: Bank of China Allows US Trading of Yuan: Report
http://www.cnbc.com/id/41025109
I'm sorry but I can't believe Steve Liesman is insane simply because he doesn't own gold.
Please don't fix him. I enjoy watching him circular reason more than dogs chasing their tale.
Steve L is quite skilled in managing to speak more or less clearly while holding Bernanke's ballsack in his mouth on a continuing basis.
I just wonder what happens after bernanke no long needs the fan.
http://www.youtube.com/watch?v=yis0l998tYI&feature=related
Long way to go guys, long way to go.
You buy life insurance to protect your family from an unseen and unexpected event.
You are advised to create a nest egg to tide you over in case of a job loss.
The same line of thought should be argued for hard assets. You'll probably never need them but you'll be damn thankful if you ever do.
Precisely. I think many fail to see it this way.
I'll bet there are plenty of people who say that, "You can't eat gold or pay with gold" and at the same time have all kinds of other insurance policies. Newsflash.... you can't eat your insurance policy. However, it may prove to be a lifesaver one day in the future should the need arise. Same with gold. It is a precautionary measure taken to protect against unforseen (or maybe not so unforseen) events.
"Eventually it will go exponential and make more in the last little bit than the whole of the ten year trend."
this is phase 3 of any bull market according to Richard Russell who bases his observations on his 50 years of observing financial market behavior
phase 1 is when the smart money recognizes a new bull market and starts accumulating (this was 1999/2000)
phase 2 is when institutional money starts to enter the nascent bull market (this has been going on for 2 years or so and continues today)
phase 3 is when the common investor recognizes the 'new' bull market and starts investing (we may be in phase 3 now but ask your friends and co-workers if they own any precious metals and then decide)
the exponential phase occurs when Joe 6-Pack and the talking-heads start thinking that trees grow to the sky and desperately try to enter the market at any price -as Richard says, "There is no fever like gold fever!"
the exponential phase is when smart money takes profits or exits the market entirely
Phase 4 is recognizing that you have been assessing value to items bass-ackwards, using the numeraire of the flux capacitor corrupted vari-$ Dollar as your bench mark of "success". You think "what amount of dollars can I end up with" as the dollar is the final reference point of value it appears.
Maybe the 100 year aberration of western debt based fiat will end in the future, and gold will return to *the* role of store of value (not as a currency, but as money) it has held through out time? What do asian and indian farmers save in? Hint, it is not paper. Oh yeah there is no VAT in Euro land on gold purchases / sales in and out of Euro, it is treated a currency exchange tax wise.
Gold monthly chart looks parabolic and is a long way from the long term trend line. Long term price action is also converging.
Charts at my blog.
http://stockmarket618.wordpress.com
Gold, mold. gold will be crushed here. best to wait for cramer.
When Jim Cramer goes on the air to scream to his viewers they should "BUY, BUY, BUY GOLD AT ANY PRICE", I'll cash out and buy my farm.
Please tell him to wait another six months at least so I can accumulate more, and thus get a bigger farm.
Gold: it ain't just for inflation risk anymore...
The further the US and big economies persist on going down this Biflationary road, the greater the risk of political instability and non-financial systemic melt-downs.
The people who don't buy gold are actualy selfish, greedy, ignorant and moraly bankrupt. They are now getting a sinking feeling that all the pundits and politicians they believed and trusted in are nothing more than frauds and they are having a hard time accepting how big of fools they are. They are too proud to buy at $1400 so they will just sit their like morons and watch gold explode and cry and whine like babies.
Then ask that it be confiscated and distributed equally. That is the part to watch out for.
Capitalism will always be around because socialism will always be there to bail it out!
OT
Europe's 5 stages of grief. First, the denialhttp://www.theglobeandmail.com/report-on-business/economy/economy-lab/da...
Informal poll: What percentage of your assets would you have in PMs (gold, silver, etc.)?
The % I want safe from political and financial corruption!
The amount I don't want crying and or laughing when Ben Bernanke does a speach about housing crash being contained.
please explain how gold is any more valuable than a bullet in a crisis? If things were so bad that your paper currency was no longer valuable...what good is it?
In a hyperinflationary event (paper worthless), commerce will still be with us. People may choose to barter, but will require a monetary substitute. Gold or silver are historically acceptable in this role.
Lead is useful, but not always valuable or a store of value.
Many people assume some form of anarchy, where roving bands of marauders murder and cause mayhem. The reality from past experiences : police still function, people go to work, people are paid daily or hourly, people refuse to accept the currency or at greatly reduced value, gold or silver will not be available for purchase with FRN's. People will trade goods for gold and silver.
If the fed dies everything dies? Nope doesn't work like that.
If they were so indespensible they wouldn't have to be running around violently including any country that resists or violently attacking any country that tries to leave. You can by pass many justification channels when it's 8 thousand miles away but when the shit comes home you better be able to explain yourself.
Hey, psycho, just how many people do you plan to murder when the financial crisis hits? Do you intend feed to yourself by shooting people, and stealing their food?
There have been hundreds of hyperinflationary episodes over the last two centuries, and gold has proved a far more useful, not to mention civil, means of getting through them than bullets. Grow up.
Yep. With my friends Smith, Wesson and Glock, and a little BBQ sauce, I am gonna be just fine.
Funnier
http://www.youtube.com/watch?v=R02XR4EwV0I
but contextual
http://www.youtube.com/watch?v=krHu4E65khA&feature=related
rhetoric overstrong, but point well made
My take: "Transcend the bullshit all around you and buy from friggin gold!"
"No State shall make ANYTHING BUT gold and silver coin a legal tender to payment of debt". It's in the Constitution. How fucking obvious is it that fiat money is UNCONSTITUTIONAL. Enjoy the CAPITALIZATION?
Read th 1965 coinage act that instituted legal tender laws. The Constitution is no longer relevant here or the coinage act of 1792.
You're right, academically.
Legally, the Supreme Court pussed out long ago (around 1937)...
http://www.fff.org/blog/jghblog2009-01-15.asp
We just might get a nice rally overnight and Wednesday.
http://tfmetalsreport.blogspot.com/2011/01/blythe-wants-crumpets.html
Keep up the good work Turd, love your site.
Rooster just emailed me a link to your site this morning Turd. I tried to google you last week and couldn't find you.
To RTFM above: Dude, I appreciate your satire. Keep it up. It's hilarious.
as long as production continues to decline against steady demand, the price trend will remain. It's as simple as that.
There is no bubble and no fever. Nobody has a freakin clue how much gold is per oz. I think they implicitly know that a silver $1 is not one dollar but if you showed them a 1/2 Eagle, they would probably insist it was only worth $25.
In a way, the recent "unstylishness" of gold jewelry has obscured the price movement. Silver jewelry is at such high margin compared to material costs that there has been no real reason to raise the cost of a tiffany charm for example, when an ounce was $7 and now it's $29, when the thing sells for $250.
If people were still trying to buy gold chains and bracelets like the 80s, I think their eyes would bug out. Something with an ounce content is up $1000 from the old days, whereas for silver it's up $25. Percentages may vary but the sticker scalar amount is what gets attention. The substitution of silver for gold is a hedonistic adjustment measure that the Fed should use to show deflation
All this talk about silver and gold physical running out is giving me a hard on. Why/how do the paper markets continue to hold on?