Is The World's Richest Man, Carlos Slim, Entering The Silver Fray?

Tyler Durden's picture

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rumblefish's picture

About time...welcome Carlos!

Pladizow's picture

This would be more believable if it were Hugo Salinas-Price.

Also a Mexican Billionaire, but one who has pushed for and written extensively for Mexico to use silver as "money".

http://kingworldnews.com/kingworldnews/Broadcast/Entries/2010/6/5_Hugo_S...

Montgomery Burns's picture

I would assume he already has significant silver exposure. I love buying libertads at banco azteca whenever I go to Mexico.

dlmaniac's picture

So much for the FOFOA myth that silver is not money. The world top rich man is voting with his feet.

37FullHedge's picture

I dont get why this person has been junked Its a fair point to me.

FOFOA is a great blog to read and has some out of the box unique insite but FOFOA states Silver isnt on FOFOA radar,

FOFOA Forecasts a hyperinflationary US$ collapse hence Gold is by far the best place to be IF this outcome takes place but I dont think this outcome will take place the powers that be and me included would want an unwind of the US$ over decades if thats the inevitable end hence a high inflation or debasement rate but hyperinflation I dont think the powers that be are that stupid but I cant rule it out either,

Silver is money as is oil or bread or milk This HNW Person looks like he wants a position in Silver in a big way I dont blame him and if we dont go into hyperinflation Silver looks very good next to Gold

ColonelCooper's picture

Plus, FOFOA just sounds stupid.  Like something my daughter named her stuffed pink lizard when she was two, before she was able to form an "R" sound.

Real Estate Geek's picture

Your blog's one of my regular stops on the web.  Thanks for your work, TF.

I think I need to buy a gun's picture

He already owns a few gold mines why not add some silver

NOTW777's picture

cant believe more juniors and explorers have not been snapped up

bdrichards's picture

Sorry, the smart money was into silver at around $5 per ounce. Maybe this is the "very slow to recognize a bull market" smart money, but not THE smart money.

G. Marx's picture

 

Wow, I'm "smart money." Who knew?

bdrichards's picture

Smart money keeps quiet.

Thomas's picture

I am Mr. Smarty Pants Money. Got in at $4. In a blog posted to day I noted that silver is one crazy hedge fund manager away from unimaginable price discovery. I guess Carlos could loosely fit the bill.

MetalHoarder's picture

Yes, but if he's buying into mining shares, then his price per ounce could very well be down in the $5 per ounce range once you add in the warrants and options that he is sure to receive for such a large stake.

A Nanny Moose's picture

The "Smart Money" was obeying Gresham's Law starting around 1965, and kicked it up a notch around 1971.

done with them all's picture

 The 1st oz I bought cost me  around2.50 (1981 Phillipines) last last one cost around 31--- yesterday.

price in FRN dosent matter imho, the pile just keeps growing

ColonelCooper's picture

Sorry, when silver has approached its historical ratio to gold it will be time to start calling a top. 

Trimmed Hedge's picture

For all you stock market bears out there...

 

Today the market had its lowest close of the year!

 

Grrrrooowwwwwllll....

homersimpson's picture

Desperate words for desperate times. Like you had anything to do with it. Long live stupidity - Wall Street needs suckers.

 

Testicular Cancer's picture

And now for something completely different.

MINING STOCKS BITCHEZZ$$$!!!

SumDumGuy's picture

Silver is going parabolic on ebay.  I am seeing run of the mill Eagles trade at $40 in some cases.  Should have bot that monster box 2 months ago.  puts head in hands.

penisouraus erecti's picture

Yep. Was buying at $13-17/oz fearing I was buying at the top. Is $30 the top? Wish I knew so I'd know whether to buy, hold, or sell.

Dollar Damocles's picture

If you use CPI-U, the 1980 silver high is about 110 dollars an oz.  If you use true inflation still calculated the way it used to be before manipulation the 1980 high would be about 450 dollars in todays money.  So assuming a repeat of the 70s PM bull, 450 would be the potential peak in a mania.

But then, the problems with todays economy are much much much much worse so the bull will be stronger.

malikai's picture

The problem with using the 1980 numbers is the involvement of the Hunt Brothers. It is unwise to conclude that a natural high since they had the market cornered. Add to that the 'technical' suppression the morgue is doing right now and it is anything but a clear situation. Reliance on numbers from times of manipulation is a most dangerous way to play in my opinion.

Hephasteus's picture

No need to get nervous about silver till 100. No need to get nervous about gold till 3k.

bigkahuna's picture

I will be nervous when silver passes 50 and gold passes 2000. Not because the price is too high, but because we're screwed.

JLee2027's picture

Maybe would say we're already past the no return point and that Silver and Gold have to reclaim their rightful places.  Yes, crash and burn the system down to fix and rebuild this mess.

Hephasteus's picture

Well they won't break in concert. Silver will break golds price which will open it up to shoot up which will break silvers price which will open IT up to shoot up. Which will break copper because gold and silver just turned all the checks in your checkbook into nascar fans fucking tractors naked while squirrels watch. Too embarrassing to try to send in as payment.

So you are going to be screwed into multiple nervous spasms until you realize there is no dollar. There hasn't been one for 40 years. So why do you care?

Lord Koos's picture

ebay is nuts, people are way overpaying for stuff that you can buy elsewhere online cheaper.  

Snidley Whipsnae's picture

Ebay is a mixed bag. Some items are priced the same locally. Some items are about 1/3 of local price...and, anywhere in between. Shop locally and compare prices prior to purchase.

ColonelCooper's picture

I bid silver on E-Bay the way I used to play solitaire.  A time killer.  I bid spot price or a hair over on the weight of the listing and walk away.  I might bid on 100 to 200 ounces at a pop, and get 5; but usually at a very good price.

 

MiningJunkie's picture

Maybe Buffett will buy REE?

Mad Mad Woman's picture

Rich old men just can't resist the allure of silver. Remember the Hunt brothers?

lynnybee's picture

I visited my favorite coin dealer today !!   he is my new best friend !  ...........keep accumulating.

gwar5's picture

Good for you. Get a good price.

DavidC's picture

Oh come on, if he's entering now, he's hardly entering at the 'smart money' levels - if this was being touted when Silver was at $10-$15 it might have had a bit more impact!

I'm not bragging, given my day trading results this year in the stock indices (crap, basically) but from an investment standpoint I've been long since $9 (long Gold since $330) and a friend of mine has been long since before that (he also went long Gold 3 days after Gordon Brown sold half of the UK's Gold reserves and is still long)!

DavidC

Pladizow's picture

One remarkable thing about Americans is their need to disclose what should be personal.

LeBalance's picture

Did you get the idea that he is long?

I could have been confused on that point.

tmosley's picture

That's generally a contrarian indicator, there.

FrankIvy's picture

Pretty much true, and talking about beinng long metals and doing poorly day trading doesn't even scratch the surface.  On the other hand, it's much more fun.  My former English boss loved me.  I think in large part because he was so much more interested in my life than his own, and I, like you said, am guilty of disclosing what might better be kept intimate.

JLee2027's picture

One remarkable thing about Americans is their need to disclose what should be personal.

One remarkable thing about Foreigners is there constant need to critique and criticize America and pretend they don't do the same thing.

knukles's picture

And for the leadership to keep personal that which should be disclosed.