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Post by jeffolie on May 21, 2010 17:56:20 GMT -6
jeffolie predicts...silver low coming
I predict silver will decline a lot by the end of October.
Maybe, silver may get as low as $7, but I doubt it.
I have been posting for a while now that the HOPELESSNESS will be a common feeling by the end of October.
Bullion banks such as JPMorgan have large short positions to unwind before the Fall elections put some hard money fans into CONgress.
Silver's industrial demand will be used to justify the decline as the EU's austerity lowers usage. EU's austerity will hurt China's GDP.
This will be a great buying opportunity.
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Post by jeffolie on May 28, 2010 12:35:04 GMT -6
I hope silver goes to $7 but as I wrote before I doubt it will get that low. If it does get that low, then I may even borrow money to buy silver.
I believe that silver may decline significantly into 'the feeling of hopelessness will by common by the end of October'.
I have made my case often enough for a general economic decline by the end of October: austerity in EuroTrash economies and the Euro, a significant further decline in housing prices this year, bad economics from the Gulf oil gusher, negative M3, TeaBaggers and blue dogs unseating incumbents, declining stock market.
The pundits and analysts will probably write that silver's decline will be the result of lower industrial demand.
The Bullion banks that manipulate by naked short selling precious metals have huge outstanding short positions that the Bullion banks want to unwind profitably. The newly elected CONgress will put pressure on the regulators, the CFTC to force the naked short positions to unwind after the Fall elections. Thus, the Bullion banks want to make this decline happen before the new 'hard money' CONgressmen can force them.
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Post by jeffolie on May 28, 2010 13:16:37 GMT -6
China MAY or may not buy less commodities because of China's EuroTrash/Euro decline. If China decides to produce less to match the decline in consumer spending by the EuroTrash, then China's demand for commodities will decline. The lower valued Euro also makes EuroTrash produced products cheaper than Chinese products thus putting more pressure on China to cut production and its demand for commodities. IF this happens, then metals will decline as well.
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Post by graybeard on Jun 6, 2010 8:48:47 GMT -6
What about your own hoard, Jeffo, are you selling right now? I'm holding on to my present hard stuff, but thinking of dumping my SLV etf in my IRA, which has done ok over the last few years.
GB
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Post by jeffolie on Jun 6, 2010 10:14:23 GMT -6
I am not selling. I am not a trader. I am holding precious metals for the long term. By that I mean, I will be holding until I am forced to sell some for everyday living expenses if my income disappears in the coming financial end of the world; and/or, I want to preserve some wealth beyond the collapse of the Dollar probably in 2013 when a replacement American currency will emerge.
I will buy more when the price declines significantly.
I do not have a target price and do not have a target time.
graybeard: IRAs are good ways to trade metals. Roth IRAs are superior to regular, traditional IRAs because of the long term tax treatment.
Best wishes.
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Post by graybeard on Jun 7, 2010 6:34:07 GMT -6
Thanks, Jeffo. I'm painfully aware of the regular IRA. Taxes take a big chunk of every dollar I withdraw.
GB
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Post by unlawflcombatnt on Jun 7, 2010 15:42:50 GMT -6
Have you tried to sell any of it out of the IRA?
Back when I actually had an IRA, I had allegedly solid gold in it. When I tried to actually get hold of the solid gold in my account, it took over a month to get it.
In fact, the gold coins I thought I had in my account did not really exist. All that existed was a claim to solid gold--as I found out when I tried to get hold of it.
The point is that if you think you're holding actual gold or silver in your IRA, you're in for an unpleasant surprise.
I think it's worthwhile to try to sell a small amount of any precious metal you have in your account, just to see how long it takes to get either the money for it, or the precious metal itself.
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Post by jeffolie on Jun 10, 2010 17:36:48 GMT -6
I do not have metals in an IRA.
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