Happy New Year people! This will be short, as the internet is chock full of dire warnings about a world-wide shortage of silver.
I’ve checked every source I can about silver, and all I can find is that when a week ago Friday, silver reached $80 an ounce, a few huge banks found themselves short on silver, and they had to buy a million ounces or so, to get out of their shorts, which of course made silver go up to $80.
The panic seemed to have infiltrated the metals market, and I couldn’t believe all of the crap on the internet about, “All of Venezuela’s silver is gone!” Wow! I did notice that all of these huge alarms were on sites that sold silver, and they were delighted to take silver orders! If there was a shortage, how could they take orders? Naturally, silver went down on Monday, and these alarmists had no apologies about their false alarms. I had no idea what would happen on Monday, but I would have taken a bet, that it would go down, and it did. As I write this on Sunday, it is far below $80. Almost $7 below $80, and we’ll see what happens when this is put up on Monday.
I checked on Venezuela’s silver mines on the internet, and they don’t mine silver!
When I first began dealing in metals, in 1977, silver was $1.25 and gold $250. I couldn’t wait for gold to go to $400! Then, as now, I urged people to get out of dollars, and into precious metals. I still believe that to be sound advice!
NO ONE KNOWS WHAT WILL HAPPEN, TEN MINUTES FROM NOW. Did I know on Friday night, that Trump and his guys were about to close in on Venezuela, take captives, and run the nation for a while? No.
Cuba is next. Cuba has depended on Venezuela’s oil, to literally keep it alive. Cuba, used to be America’s playground. A short half hour flight by prop plane (There were no jets then!), and there was tropical weather, gambling, great casinos, Cuban cigars and rum, gobs of entertainment, and low dollar prices. Now, Cuba is but a skeleton, thanks to socialism, which is a short cut to communism. New York will be joining the socialism club quickly, and those who voted Democrat, will feel like those who voted for Hitler, as days and weeks pass. New York will quickly shed the rich and anyone rich enough to leave, and if they wait a while, maybe go to Cuba!
Those that bought silver at $80, will be OK, as it will go beyond that, and gold will go beyond $4500, unless they stop printing money, (fat chance). Everything will go up in dollars, including gold and silver, and that’s why you need to get out of dollars. Germany overwhelmingly voted for Hitler in 1932! Had they known what the outcome of those votes would be, would they have voted for him? The Japanese voted for Tojo, and America voted for FDR, who originated the welfare system, which is slowly killing America, and there is no known way to obliterate it. Just protect yourself with gold and silver. It is as simple as that!
-Don Stott don@coloradogold.com