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SILVER - $150/oz Possible In Coming Months Due To Tiny Size Of Physical Market
Silver Up 10.3% YTD - Should Continue To Outperform Gold And Other Assets
- Why Silver is in a Bull Market and How High Could it Go?
- Is Silver About Returns Or A Hedge Against Inflation & Systemic Risk?
- Silver: Very Small Global Supply
- Silver’s Unique Properties
- Silver: Increasing Technological, Industrial and Medical Demand
- Silver: Increasing Investment Demand
- Silver Undervalued Versus Gold
- Conclusion
Silver has been one of the top performing markets in recent months. Silver has risen to $21.41/oz and is up more than 10.3% year to date.
It is important to remember that silver rose to a recent nominal closing high $48.41/oz on April 28, 2011. This means that silver is nearly 60% below its record nominal high of just over three years ago.
Silver In U.S. Dollars and 50, 100, 200 Simple DMA - 5 Years (Thomson Reuters)
After more than 3 years of a brutal correction and subsequent consolidation, we believe silver is set to rise above that record nominal high in the coming months. We continue to be bullish on gold, platinum, palladium and particularly silver.
We believe that silver will likely surpass its non inflation adjusted high near $50 per ounce and its real high or inflation adjusted high of some $140 per ounce in the coming years.
2014 Asset Performance Year To Date (Thomson Reuters)
At the start of the year, silver was trading at $19.41/oz and most analysts were calling for further price falls. Sentiment today remains very poor.
Very few market participants and investors know about silver’s outperformance as silver gets little or no media attention. There is a huge focus given to the record highs in U.S. and some other stock markets. Therefore, silver remains the preserve of relatively few contrarian investors and store of wealth buyers.
Silver remains very undervalued on an historical basis (charts below), is undervalued against gold (chart below) and most stock and bond markets which are now at record highs. Yet, we believe silver is in the intermediate stage of a bull market that will rival or surpass that of the 1970s.
Why Silver is in a Bull Market and How High Could it Go?
Up until 2010 and 2011, precious metals had been the best performing asset classes in recent years with gold and silver outperforming equities, property and most asset classes over a 3, 5 and 10 year period.
They then became overvalued in the short term and were subject to sharp sell offs in 2011 and again in 2013. It is important to note that there were similar sell offs in the 1970s bull markets prior to the primary secular trend reasserting itself.
The fundamentals for gold and particularly silver are very bullish. The primary reason for our bullish outlook on silver is due to the following:
i) The continuing and increasing global macroeconomic, systemic, geo-political and monetary risks
ii) Silver's historic role as money and a store of value
iii) The declining and very small supply of silver
iv) Significant industrial demand and perhaps most importantly significant and increasing investment demand.
Favourable supply and demand factors and concerns regarding the emergence of inflation and stagflation as the massive global monetary and fiscal reflation affects the value of fiat currencies all point to higher silver prices in the long term.
In the 1970s silver rose from under $1.50/oz in 1970 to nearly $50/oz in 1980.
Thus, silver rose by more than 33.3 times or by more than 3,200%. Were silver to replicate its performance in the 1970s, it would have to rise by more than 33 times again. The average price of silver in 2001 was $4.37/oz and 33 fold increase would result in silver rising to over $145/oz.
While this price target may seem outlandish to some, it is worth remembering that silver's record high in 1980 adjusted for inflation (according to U.S. government inflation figures) was nearly $130/oz.
Real Silver Price 1720 To Today To Today (CPI Inflation Adjusted)
A picture or a chart truly is worth a thousand words and the chart above showing silver prices adjusted for inflation shows how undervalued silver remains from a historical perspective.
Most assets in the world are now multiples of their price since the year 2000 and 20, 50, 100 years ago. Many markets and assets are at or near record levels. Silver remains well below record levels.
Admittedly, the final phase of the 1970s silver blow off was a speculative bubble as the billionaire Hunt brothers attempted to corner the silver market. In 1979, there were very few billionaires in the world. Today there are hundreds of billionaires, many multi billionaires, thousands of millionaires, hedge funds and many sovereign wealth funds. Small allocations by any of these to silver will see sharp price gains.
Indeed, the silver market is so small that it could very easily be cornered again - as could other precious metal markets. Indeed, this risk does not come just from private investors. There is also the possibility that resource nationalism and currency wars could see states seek to corner important strategic precious metal markets.
Is Silver About Returns Or A Hedge Against Inflation & Systemic Risk?
Silver is a hedge against macroeconomic, systemic, geopolitical and inflationary risk with the attractive added potential for significant capital gains.
Real asset allocation and prudent diversification would be an important reason to have an allocation to silver. Silver is highly correlated to the safe haven of gold and is in effect a leveraged sister of the precious yellow metal. Silver like gold is for wealth preservation purposes but silver has the potential to deliver substantial returns.
Silver: Declining Supply
In 1900 there were 12 billion ounces of silver in the world. By 1990, the internationally respected commodities-research firm CPM Group say that figure had been reduced to around 2.2 billion ounces of silver.
Incredibly today, that figure has fallen to less than 1.39 billion ounces in above ground refined silver (World Silver Survey 2014 P36-43). Thats means that all the refined silver in the world that is available for industrial and investment purposes is worth less than $30 billion. It puts the scale of the Federal Reserve's monthly QE into perspective - from $85 billion to $35 billion today.
It is estimated that between 50% and 90% of all the silver that has ever been mined has been consumed by the global photography, technology, medical, defense and electronic industries.
Silver World Demand, 2004-2013 (GFMS via Thomson Reuters)
On current supply and demand trends, the amount of above ground refined silver is projected to shrink to even lower levels in the coming years. Demand has been outstripping mining supply for most of the last 20 years, driving above ground supplies to historically low levels.
Few in the investment world are aware of this important fact.
Silver World Supply, 2004-2013 (GFMS via Thomson Reuters)
Total global silver supply from both production and scrap has only increased marginally in recent years (see chart) despite silver’s price gains. Meanwhile demand has been increasing, particularly investment demand.
This hasn't resulted in significantly higher prices yet because the world has been able to fill the gap from inventories and official government stockpiles.
However, today the U.S. government's stockpile is all but gone, and sales from other official sources, such as China, Russia and India, have ended. The decline in refined silver stocks, from around 2.2 billion ounces in 1990 to around 1.4 billion ounces today means that silver stocks are near an all time low.
The rigging or manipulation of the silver price has likely also contributed to silver’s failure to achieve higher prices.
Very importantly, silver is very unusual as its supply is inelastic.
This means that silver production will not ramp up significantly if the silver price returns to the record nominal highs near $50 per ounce or higher.
Silver - World Supply and Demand (Thomson Reuters)
Supply didn't increase significantly in the 1970s when silver rose more than 35 fold in price - from $1.40/oz in 1971 to a high of nearly $50/oz in 1980.
Importantly, silver is a byproduct metal and some 80% of mined silver is a byproduct of base metals. Higher prices for silver will not cause copper, nickel, zinc, lead or other base metal miners to increase their production.
In the event of a global stagflationary or deflationary slowdown, demand for base metals would likely fall thus further decreasing the supply of mined silver.
There are only a handful of pure silver mines remaining - many with depleting reserves. This inflexible supply means that we cannot expect significant mine supply to depress the price after silver rises in price.
It is extremely rare to find a good, service, commodity or investment that is price inelastic. This is another powerfully bullish aspect unique to silver.
Silver’s Unique Properties
Silver has many unique properties which make it ideal and indeed essential in global industry - especially in the global photography, technology, medical, defense and electronic industries. Yet, silver is a finite resource and the supply of silver is increasing only very incrementally.
Silver, unlike gold, is heavily used in industry and because of gold's much higher value, it gets recycled and all the gold mined in the world ever is still with us but a huge amount of silver has been used in photography, mirrors and other industrial uses in the last 200 years. The low price of silver makes recovery and recycling uneconomic.
Unlike gold, silver is like oil - as it is consumed in these many industrial applications it is gone forever.
Why is this indispensable metal in such demand? The reasons are simple. Silver has a number of unique properties including its strength, excellent malleability and ductility, its unparalleled electrical and thermal conductivity, its sensitivity to and high reflectance of light and the ability to endure extreme temperature ranges.
Silver has the highest electrical conductivity of all metals, even higher than copper. It was used in the electromagnets used for enriching uranium during World War II (mainly because of the wartime shortage of copper). Silver has the highest thermal conductivity and optical reflectivity of all metals. Silver’s unique properties restrict its substitution in most applications.
Silver: Increasing Technological and Industrial Demand
Industrial applications for silver have always been significant but have increased significantly in recent years.
Silver uses have expanded to include iphones, ipads, cell phones, flat-screen televisions and many other modern high tech devices. It is used in film, mirrors, batteries, medical devices, electrical appliances such as fridges, toasters, washing machines.
Silver is used in solar energy and photovoltaic cells and this is another growth sector for silver industrial demand.
Growing middle classes in China, India and many other countries are now demanding the quality of life and standard of living enjoyed by many in the West. Technological demand for silver may increase.
Silver: Medical Demand
Silver is known as the 'healthy metal' and has many and increasing medical applications.
In a world that is showing increasing concern about the spread of diseases and pandemics such as various flus, ebola and other viruses, silver is being increasingly tapped for its biocidal properties.
Research is ongoing on the use of silver and its compounds for therapeutic uses and on its potential use as a disinfectant in hospitals and other medical facilities.
Increasingly, silver's antimicrobial and antibacterial qualities are seeing it being used in all sorts of medical applications and this looks set to become a very significant source of demand in the coming years.
Silver: Increasing Investment Demand
Investment demand for silver has risen in recent years as investors concerned about the value and safety of property, equities and deposits allocated funds to the finite commodities and currencies of silver and gold. More recently, there are increasing concerns about the value of paper currencies themselves (voiced by many including Alan Greenspan, John Paulson and George Soros) which is leading to further diversification into hard assets and precious metals.
U.S. Mint Silver Eagle
There has been a marked increase in investment demand for silver in recent years.
Last year, there was a shortage and rationing of both American Silver Eagles from the U.S. Mint as well as so called junk silver -90% and 40& silver bullion bags, pre-1965 U.S. dimes, quarters, and half dollars. There is no shortage this year, but robust demand continues from so called ‘silver stackers’. Silver stackers remain the prudent and smart money.
Investors in silver bullion coins and bars are hedging themselves against the monetary risks. They are protecting themselves against rising inflation, possible currency devaluations and still very prevalent geopolitical and macroeconomic risks.
Silver Undervalued Versus Gold
Silver is undervalued versus gold with the gold silver ratio at 62:1 ($1,330oz/$21.40/oz).
This is particularly the case on a long term historical basis. The long term historical average gold to silver ratio is 15:1 and this is because it is estimated that geologically there are some 15 parts of silver in the ground for every one part of gold.
Gold Silver Ratio, 20 Years (Thomson Reuters)
In 1980 the ratio nearly reached 15 ($850oz/$50oz=17) and the average in the 20th century has been around 40:1.
At silver’s intermediate price peak in April 2011, the gold silver ratio fell to nearly 30 to 1.
We believe that silver's ratio to gold will revert to its mean average in the latter half of the 20th century below 40:1 as it did in 1998 and again in 2011.
Conclusion
Silver is unique in terms of being both an industrial metal and an investment and store of value.
Silver is priced at less than $22/oz today. The average nominal price of silver more than 34 year ago, in 1979 and 1980, was $21.80/oz and $16.39/oz respectively.
In today's dollars and adjusted for inflation that would equate to an inflation adjusted average price of some $60/oz and $44/oz in 1979 and 1980.
Given the very strong demand and supply fundamentals, we believe silver will be valued at well over $50/oz in the coming years and should rise above the real high from 1980 at $140/oz.
Silver remains one of the most attractive investment opportunities today and those who own physical coins and bars in an allocated manner, will protect and grow their wealth in the coming years. Avoid digital gold and unsegregated gold where you partially own allocated but unsegregated gold bars.
We are now offering a silver price match guarantee and will match prices offered by bullion dealers internationally >> Bullion Coin And Bar Price Match Guarantee
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Her speech was....very strange.....
Rhal, I haven't seen sterlingware for years here. Dried up completely.
I do find signed artwork and signed books. And the baseball stuff came right out of leftfield.
I asked my buddy who owns the best LCS here if gold scrap and jewelry from retirees and their heirs has dried up and he said he is seeing less and less. Same with his scrap sterling barrel.. Slim pickings.
That is very telling. I like that more and more people are seeing the value in PMs.
I visited a coin and collectables shop here a couple weeks ago. and the owner said an asian immigrant has been coming in once a month and buying $1000 to $2000 worth of silver coins. He melts them down in a coffee can and mails his big "Nabob" round back to family in Hong Kong.
We need more people here to appreciate PM like they do!
Last trip back to USSA, I dropped in on a retired navy buddy who has a solid shop. His scrap coins were almost gone. Very Slim Pickins' indeed.
The huge letdown and misery that Brazilians are feeling, reminds me of the past 3 years of letdown and misery we silver stackers feel.
We were told that Team Silver was gonna win, but instead we got smoked.
Curious the infamous silver slam happened during another mysterious raid.
All happened suddenly when Seal Team Six smoked Team Osama 7-1 at Abbot Stadium.
Brazilians, I feel your pain.
Have you been smoking silver dust?
Yes, silver is the most undervalued asset out there. But the Comex price that it trades at is completely ficticious. Its price will not rise when the fundamentals drive the price up, that should have happened in March '10, but the market rigging intensified instead.The price will not rise fully until the Comex is bankrupt, which will only happen when the rest of the economy crashes. After that, $150 / oz is way too low. Silver is now more scarce than gold, and the value of the dollar will plumet. Silver will value in the thousands at some point, but don't buy it expecting to see it in a month, or even a year. Its gonna be a rough ride with another shakeout along the way.
Headline Says: $150 Possible in Coming Months..." Okay, no problem.
Scroll down and the caveat reads: "Given the very strong demand and supply fundamentals, we believe silver will be valued at well over $50/oz in the coming years and should rise above the real high from 1980 at $140/oz."
So which is it? $50 in the coming YEARS, or $150 in the coming months?
I'm Okay with optimism, but not contradictory bullshit.
Eric King feeds me enough "Hopium" already.
Eric King is pulling your pud and making money off it.
So, why do you listen to him?
Hopium: Is that some kind of Indian salve?
Hopium: No. 0 on the periodic table...there ain't any of it.
Hopium: Sign on the front door of the FRB: Abandon hopium all ye who enter.
Agreed. I am probably beyond bullish on PMs and maybe even euphoric but the case to own real assets at this time cannot be refuted.
Who cares what the fiat value ultimately is. The gig to manipulate asset valuations is up!!!!
There is too much liquidity on the balance sheets and just not enough quality collateral.
The world is chasing quality collateral. Nevermind the EBT crowd, they'll be happy just to have a meal going forward.
Anyone with a little bit of savings or investments has no choice but to go out and convert fiat into tangible assets, ie PMs or titles.
I'd love to see it but I doubt TPTB will allow it unless and until they think they have secured large enough stockpiles for themselves. In the mean time they will continue to use it as a means of fleecing the little guy.
there comes a point where Network trumps Heirarchy and TPTB will be helpless to prevent its price rise
As the Apocalypse occurs, the anti-bacterial features of SILVER will be the most valuable aspect of it....
who's to say that other government's buy/hold all the PM's while keeping the FIAT Central Bank scam alive??? Perhaps, it's China's turn to hold the Gold Hoard for the next 100 years. Rothschild's trechery runs deep I'm sure.
We were here first open your ears and shut your trap, otherwise stock up on gel, the kind for burn victims.
@tmatty17
Possible, but unlikely.
I suspect silver's rise will be a long and drawn out affair occurring over a number of years rather than months.
Just keep stacking and holding, our patience and perseverance will be rewarded (some day).
John Williams. Shadow stats says 90% chance hyperinflation starts in 2014. If it doe not happen this years, then 2015.......95% chance??? All that soon to be worthless paper. Where then i the flight to saftey? Gold and silver may not be able to be traded in any amount of fiat.
Gold, silver, lead. Keep on stackin as the odds remain in our favor.
Yeah, and the USFG will just sit back and watch as thousands of people who scorn the system and have been stacking silver become rich.
Right. No confiscation, taxation, or genocide will ever occur.
Keep dreaming.
Dang it! I'm gon get me down to the saloon lickety split and tell the boys! Wiskey Pete's gonna eat his britches! Yes sir!
Despite my Snarkiness, I like the AG in all its many forms. AU is very much beyond my budget. I'm retired / retarded on a small pension but still visit the thrift store nearby to see what they have mispriced.
Lately AU and AG have been OVER priced at the Goodwill/ Salvation Army here in AZ. But I still look and search, looking at the books, art, etc for treasures.
Just the other day I found a signed Don Larsen baseball. $25-75 on Ebay. Don pitched a perfect game for the Yankees in the WS long ago. Don retired and needed to make money too.
I also found one of these in a plexiglass protective box, sort of like an Airtite for SAE. I can make out 6-7 of the signers. ALL in the 500 club. Paid $5 for it and may trade it for some AG BAby. Or give it to a buddy who is a big baseball fan and puts me up when I'm homeless.
RARE MICKEY MANTLE JOE DIMAGGIO TED WILLIAMS SIGNED AL BASEBALL PSA DNAOn a side note, when you're at bargain/antique shops like Sally-ann or Goodwill, keep an eye out for silver platters, tea sets and silverware ect. They dont' often read the bottom and may sell you a pound of sterling silver for the price of copper. It will of course say "sterling" or "Au" instead of SP (silver plated) or "SC" (silver clad). A few people with an eye for that have been known to score thousands of dollars worth for 15 bucks ;)
A gram of gold sells for a little more than an ounce of silver. If it is a big hunk of metal you need ...buy iron...
You are trying to preserve wealth right?
In that case gold is far better than silver. If things go bad here in the USA at least there will be a world market for gold. Silver will only be up if industry survives and still needs it.
do yourself a favor. Check out the holdings of central banks and countries. Most have gold....NONE keep silver...NONE!!!
Mexico has been investigating backing the peso with silver:
http://www.infowars.com/mexico-looks-to-back-peso-with-silver-would-unle...
I'm cashing out of my stock index fund when the DOW hits 35,000. I'll probably go long silver then at $150.
Gold, silver, copper, lead and brass; I love 'em all! That being said: Would I ever LOVE, to slap the sheet out of the next POS, telling me where "silver's gonna go."
GSR in the lake near my house is the same as in the Earth's Crust I imagine.
40-1 in some places and in the deeper areas (Of the lake) 10-1
Of course the GSR may vary, depending on many intangibles: The water level, the clarity of the water, the boat you used, and whether the silver floated downstream forever, etc.
Whoa! For just a moment -
I thought I had stumbled into
KING WORLD NEWS !
ERic: "So tell me again, London Trader, How high is the sky when it comes to silver?"
Have to hand it to them though; for every listener who is tired of hearing the same spiel for years and suddenly stops listening, a new person stumbles in and thinks holy shit, I got here in the nick of time!
So, Eric, the important thing, eric is that, you know, Eric, the name Eric is used frequently and, Eric, spuriously, in Eric every Eric article Eric. Thanks, Eric. its been very Eric talking to you
I will say again at the risk of aflood of red...gold is the only monetary metal. Silver was abandoned by the Chinese in 1935 and the French before that. The fact that silver has industrial uses is acctually a point against it being used to store long term wealth.
Consider if wheat were used. People would starve as the rich hoarded wheat. ditto for silver...industry does not want an important element hoarded.
Gold is the one element selected by humanity to serve this purpose.
Hate me for saying it but at least consider that you are fighting more than just the bullion banks when you save in silver.
This is actually an astute observation about the modern pardox of the use value and network value of silver as money.
guys like peter schiff liek to point out that the use value is what gives money, and in his case he talks about gold a lot, it's value.
but this is only partially and minorly true. the vast majority of any money, whether bullion, minted coins, or even fiat---IS THE NETWORK VALUE OF MONEY. so much so, that that is the PRIMARY VALUE OF MONEY IN THE INSTANT IT IS BEING USED.
so while gold does have industrial uses, it's never seriously considered for industrial processes that need much of it because ITS TOO EXPENSIVE AT THE MARGIN.
if an industry were to begin using lots of gold, the price would skyrocket.
now look at silver. SILVER IS SO INDUSTRIALLY USEFUL THAT ITS USE COMPETES WITH THE MONEY MARKETS FOR SILVER. AS A RESULT THE BANKS REALLY HATE SILVER AS MONEY BECASUE THEY CANNOT REALLY CONTROL THE PRICE.
NOW---I'M NOT TALKING LONG RUN MONETARY DYNAMICS , I'M TALKING SHORT RUN INSTANTANEOUS COMPETTION BETWEEN BANKS AND INDUSTRY TO CONTROL THE AVAILABILITY OF A COMMODITY FOR THE PURPOSES OF PROFIT.
INDUSTRY---PROFIT= PRODUCTS
BANK ---PROFIT = SELLING A PIECE OF PAPER WITH WORDS ON IT.
IT'S HARD FOR THE BANKS TO MAKE THEIR PROFIT WHEN THE INDUSTRY IS CONTROLLING THE 'UNDERLYING' ON ONE OF THEIR PIECES OF PAPER.
THIS IS WHY GOLDMAN AND JPMORGAN TEND TO 'WAREHOUSE' IRON COPPER ETC....BECASUE THEY WANT TO MANIPULATE THE COMMODITY PRICE SO THEY NEED TO CONTROL THE PHYSICAL FLOW OF UNDERLYING.
NOW WITH GOLD---THEY ALREADY DO THIS OSTENSIBLY THROUGH THE SHELL GAMES WITH THE FED VAULTS. BUT THEY DO NOT DO THIS WITH SILVER.
THE 50 TO 1 RATIO OF GOLD TO SILVER PRICES IS LIKELY TO BREAK DOWN IN A TRULY HYPERINFLATIONARY DEFAULTING SCENARIO. GOLD WOULD GO TO THE MOON. SILVER WOULD NOT.
Wheat can be grown. Try growing silver moron.
Yeah, with silver you have to make a huge investment of capital and labor for an uncertain return. Growing wheat you just stand in front of an empty field and yell SHAZZAM!! and, lo, wheat!
I am Chumbawamba.
You are a fucking idiot.
And you are just butthurt because people are shitting on your baby.
When you get emotionally invested in silver, its time to step back.
lol, leave the poor fool alone. He's emotionally invested in Chumba, which is far worse.
I don't disagree with your view regarding the primacy of gold as the monetary metal. As a practical matter, however, I think that there is a necessary role for silver and perhaps even copper for pocket change and variously dealing with others. Naturally occurring ratios are useful but not an absolute historically, in accordance with the vagaries of discovery. I wish the mint would strike the silver coins in tenths (like pieces of eight of yore) so they may be usefully and gracefully subdivided as in the past.
"I wish the mint would strike the silver coins in tenths (like pieces of eight of yore) so they may be usefully and gracefully subdivided as in the past."
Sort of like these?
https://bullion.nwtmint.com/silver_stagecoach.php
Of course, those have been adjusted for inflation.....
and then there's platinum and electrum pieces. I too, vouch for the Dungeons&Dragons monetary policy
Both silver and gold are traditional monetary metals. The Romans transacted in silver sesterces.
As the silver supply depletes, industry is going to have to start paying a fair market price for silver. We just don't sell for anything less. If you hold it you own it and they can't afford to go house to house, getting shot at, for something that goes for $20/oz.
Dude, if silver were truly scarce then the market would drive the price up to a "fair price". You can't manipulate reality: as long as it costs X to produce an ounce of silver then the "fair" market value will be set at some value Y above X. If producers cannot sell for a profit then they will shut down until they can.
I'm not convinced this recent blip indicates some kind of looming silver shortage, unless you can show me some hard data.
I am Chumbawamba.
you are either a schill or a fool. The markets are ALL manipulated - especially the PMs. Any fool can see that.
So there is NO rigging in the markets???? Ever heard of the London gold pool?
you are engaging in an excercise of either pure cynicism or rank stupidity in discounting the dozenfold demand dilution created and perpetuated by the paper /derivative silver markets
you are either totally unaware of what you are talking about, or you do know what you are taliking abount and are deceptively directing comments at the fewer&newer readers on this site who have no idea what they are reading about
Look, asshole, it's pretty simple: either there is demand or there isn't, or there is supply or there isn't, and those two dynamics determine whether a producer is going to produce and what the price is at market.
Unless you want to explain to me how the laws of supply and demand have also been quelled by the Fed then STFU and GTFO.
I am Chumbawamba.
Ever heard of the London gold pool you moron?
What does that have to do with silver? What does that have to do with the production cost of silver?
The price of silver cannot be manipulated down below its production cost. The fact that silver is still being produced in enough quantity that the price remains around $21/ozt tells you all you need to know.
We're talking about scarcity, and I heard all these same arguments 3-5 years ago. If they were true then we wouldn't be having this discussion. Not only is silver not at $150/ozt, and not at even $50/ozt, it's at $21/ozt. If silver were as scarce as numbnuts above thinks then it wouldn't be at $21/ozt.
Do you see now? You moron?
Maybe after you take your foot out of your mouth you can put your head back in your ass where it belongs.
I am Chumbawamba.
he's a schill. no sense wasting any more time with this dude.