$50 Silver?

April 23rd, 2011 . by Felix

Silver continues to climb to new records. At the pace it has been moving up we could very well see it break through the $50 barrier and then spike to $65. As you well know the markets can be going gang busters one day and crash the next. Silver and gold have been getting much press lately as investors keep jumping on the bandwagon in fear they are going to miss out silver going to $100.

Back in the eighties I work at a very large and well respected gold and silver dealer. I was just out of school and had always wanted to be a broker of some sorts. I managed to get a job with this firm but for the most part it was telephone sales. I was not very good at calling people up and trying to convince them to invest in gold and silver. But silver was going up and more people were eager to buy. When I left a few months after I started silver was trading around $13 an oz. For the most part after that silver traded pretty flat until this last year. Those I sold silver to at $13 had to wait a number of years to recoup their investment.

I can’t tell you what is moving silver higher everyday but I know there are many factors behind the scenes that the average investor has no knowledge of. Will silver hit $50? Probably. Will it go higher? Probably. There are a number of very valid reasons for owning silver for the long term. I think if and when silver hits $50 we will start to see profit taking from many of the speculators that are currently in the market. How low will silver drop back to is anyone’s guess. We will probably never see $5 silver again and we may not even see $20 silver again.

For those of you who have been buying silver over the years chances are by now you have made a tidy profit if you were to sell. In the coming weeks and months keep a close eye on the silver and gold market. You may want to consider selling a small part of your silver, taking the profits and buying something to round out your preps. It might be that rifle you have had your eye one, extra food, a backup generator, or a piece of land for your survival retreat. By “selling high” it allows you to take advantage of the current market and put the profits into something else that isn’t subject to speculators and market conditions that are out of your control.

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