Recently, I just became aware of what apparently is a growing interest in the multi-level marketing business : silver. It’s not hard to see the appeal. After all, anyone reading this is probably already well versed in the benefits of physical ownership of silver and protection against a diminishing US dollar. To anyone new to the arena, though, the sales pitch can be convincing. Unfortunately, like most ‘wealth-creation’ schemes, those late to the party are only enriching the founders.
Silver sale won’t last
After the downgrade of the US credit rating by S&P, headline after headline has been trotting out to upgrade gold price targets. The biggest one was by no other than JP Morgan, noted large commercial silver short, expecting $2,500/oz gold by the end of 2011. This particular prediction was the first I’ve see that was substantially away from the current market.
Physical Markets Ignoring CME/Comex Manipulation
As if you didn’t need more evidence to suggest that real, physical holders of silver could care less about the fraud-ridden, margin-crazy, Comex paper-silver market pricing, check out the latest eBay data coming out of 24hr gold. Nearly a MONTH after silver almost pushed $50/oz and tumbled almost a full $20 backward thereafter, you’d think that all those ‘suckers’ who bought on the way up would try to be unloading at any price, wouldn’t you?
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US Debt Ceiling Debate Can Only Support Silver Prices
By now, you’ve probably heard about the giant white elephant in the US economy – the $14,300,000,000,000 legal ceiling of debt the US can have any any given time (we’ve just crossed $14T). Time after time, congress raises the limit as a customary function of government without much fanfare, but over the next few months we’re likely to see this be a front-and-center issue among the American public. Although a recent poll shows 71% opposition to raising the debt ceiling, it should almost be considered a certainty that it will be increased sometime this spring.
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