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    Here’s a question that might have you pondering: Is gold a commodity? More importantly, are we doing a disservice to the gold industry by calling gold a commodity? These may sound like silly...

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

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Mon, 01/03/2011 - 22:15 | 845610 rumblefish
rumblefish's picture

About time...welcome Carlos!

Mon, 01/03/2011 - 22:46 | 845648 Pladizow
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...

Mon, 01/03/2011 - 23:12 | 845701 Montgomery Burns
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.

Mon, 01/03/2011 - 23:48 | 845773 dlmaniac
dlmaniac's picture

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

Tue, 01/04/2011 - 06:25 | 846057 37FullHedge
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

Tue, 01/04/2011 - 08:39 | 846138 ColonelCooper
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.

Tue, 01/04/2011 - 01:15 | 845889 Turd Ferguson
Turd Ferguson's picture

Again, I apologize for the spam but I think this is relevant:

http://tfmetalsreport.blogspot.com/2011/01/late-monday-update.html

Tue, 01/04/2011 - 02:24 | 845955 Real Estate Geek
Real Estate Geek's picture

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

Tue, 01/04/2011 - 03:24 | 845985 Lord Koos
Lord Koos's picture

+1

Tue, 01/04/2011 - 01:07 | 845879 I think I need ...
I think I need to buy a gun's picture

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

Mon, 01/03/2011 - 22:19 | 845616 NOTW777
NOTW777's picture

cant believe more juniors and explorers have not been snapped up

Mon, 01/03/2011 - 22:20 | 845618 bdrichards
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.

Mon, 01/03/2011 - 23:00 | 845680 G. Marx
G. Marx's picture

 

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

Mon, 01/03/2011 - 23:34 | 845747 bdrichards
bdrichards's picture

Smart money keeps quiet.

Mon, 01/03/2011 - 23:36 | 845760 RafterManFMJ
RafterManFMJ's picture

Smart-ass money?

Tue, 01/04/2011 - 00:26 | 845826 Thomas
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.

Tue, 01/04/2011 - 02:36 | 845958 JLee2027
JLee2027's picture

+++

Mon, 01/03/2011 - 23:36 | 845754 MetalHoarder
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.

Tue, 01/04/2011 - 02:01 | 845934 A Nanny Moose
A Nanny Moose's picture

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

Tue, 01/04/2011 - 08:40 | 846140 done with them all
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

Tue, 01/04/2011 - 08:41 | 846145 ColonelCooper
ColonelCooper's picture

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

Mon, 01/03/2011 - 22:20 | 845619 Trimmed Hedge
Trimmed Hedge's picture

For all you stock market bears out there...

 

Today the market had its lowest close of the year!

 

Grrrrooowwwwwllll....

Tue, 01/04/2011 - 00:47 | 845854 homersimpson
homersimpson's picture

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

 

Mon, 01/03/2011 - 22:22 | 845622 Testicular Cancer
Testicular Cancer's picture

And now for something completely different.

MINING STOCKS BITCHEZZ$$$!!!

Mon, 01/03/2011 - 22:23 | 845623 SumDumGuy
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.

Mon, 01/03/2011 - 22:35 | 845647 penisouraus erecti
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.

Mon, 01/03/2011 - 23:40 | 845763 Dollar Damocles
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.

Tue, 01/04/2011 - 08:05 | 846095 malikai
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.

Mon, 01/03/2011 - 23:43 | 845769 eftian
eftian's picture

Top will have more digits

Tue, 01/04/2011 - 01:37 | 845914 Hephasteus
Hephasteus's picture

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

Tue, 01/04/2011 - 02:23 | 845953 bigkahuna
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.

Tue, 01/04/2011 - 02:36 | 845959 JLee2027
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.

Tue, 01/04/2011 - 03:46 | 846003 Hephasteus
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?

Tue, 01/04/2011 - 03:27 | 845987 Lord Koos
Lord Koos's picture

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

Tue, 01/04/2011 - 03:47 | 846004 Snidley Whipsnae
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.

Tue, 01/04/2011 - 11:40 | 846505 HonestJohn
HonestJohn's picture

Great avatar!

 

Tue, 01/04/2011 - 08:46 | 846157 ColonelCooper
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.

 

Mon, 01/03/2011 - 22:22 | 845624 MiningJunkie
MiningJunkie's picture

Maybe Buffett will buy REE?

Mon, 01/03/2011 - 22:24 | 845626 Mad Mad Woman
Mad Mad Woman's picture

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

Mon, 01/03/2011 - 22:24 | 845627 lynnybee
lynnybee's picture

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

Tue, 01/04/2011 - 01:43 | 845920 gwar5
gwar5's picture

Good for you. Get a good price.

Mon, 01/03/2011 - 22:25 | 845628 DavidC
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

Mon, 01/03/2011 - 22:39 | 845650 Pladizow
Pladizow's picture

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

Mon, 01/03/2011 - 22:49 | 845667 LeBalance
LeBalance's picture

Did you get the idea that he is long?

I could have been confused on that point.

Tue, 01/04/2011 - 01:00 | 845870 trav7777
trav7777's picture

My dick is long

Tue, 01/04/2011 - 14:48 | 847094 tmosley
tmosley's picture

That's generally a contrarian indicator, there.

Mon, 01/03/2011 - 23:03 | 845692 FrankIvy
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.

Mon, 01/03/2011 - 23:48 | 845777 JLee2027
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.

Tue, 01/04/2011 - 08:48 | 846160 ColonelCooper
ColonelCooper's picture

++++

Mon, 01/03/2011 - 23:58 | 845790 knukles
knukles's picture

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

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