Silver hits record near $50, first time since 1980

[The Northerner]

NEW YORK (Reuters) - Silver soared to an all-time high on Thursday and gold rose to another record, as a falling dollar and signs that the Federal Reserve would maintain a loose monetary policy boosted precious metals' appeal as a hedge against inflation and economic uncertainty.

Silver briefly climbed to within a whisker of $50 an ounce, eclipsing the peak hit when Texan brothers William Hebert and Nelson Bunker Hunt sought to corner the silver market three decades ago. The metal later pulled back on technical selling.

"Yesterday's speech from the Fed was an acknowledgment of the continuing of the strategy by the Fed and Washington ... to monetize our debt, and basically to devalue the dollar," said Robert Lutts, chief investment officer of Cabot Money Management, which oversees more than $500 million in client assets.

"The metal markets are recognizing that and it is being priced in. What monetization means is that, down the road, we will have more inflation," he said.

Read more: http://finance.yahoo.com/news/Silver-hits-record-near-50-rb-497117277.html?x=0&sec=topStories&pos=main&asset=&ccode=

[jpak]

1. Hunt Brothers again?

:shrug:

[Jack Sprat]

7. An unnamed Russian oligarch.

Unnamed only because I don't know his name. But he's wealthy and buying a large investment in it.

[Poboy]

10. This is a rumor. A false one, imo.

[xchrom]

2. recommend

[DainBramaged]

3. the Federal Reserve would maintain a loose monetary policy

Are they trying to hasten our conversion to a third world country? Knock fucking prime up to 3% you cannot recover at zero interest, ask the japanese what that's been like for decades.

[elocs]

4. Sold my junk silver last week for $42/oz and was happy to get it

since I made 10X what I paid for it. Sure, it's gone up since then, but I'm satisfied with what I got.

[defendandprotect]

5. What's "junk silver" ???

-- and who buys it?

[Poboy]

9. 90% silver coinage, some old 40% coinage

Its the cheapest way to invest/buy silver with no premium.

[defendandprotect]

11. You mean it was personally in your possession .... ?

Not held somewhere else?

And -- who did you sell it to? $42 vs $50?

[elocs]

14. Sold it at the local coin shop where I bought it. Last week the price was $42.

I figured it might go up but I was satisfied with the price I got.

[defendandprotect]

25. Thanks for the info ... I was curious as I wonder if people are selling their

silver placesettings -- or what --

And, what the resale is --

Recall I had some pearls that are natural and was having them restrung for my

daughter in law to be and they told me the price at the time -- but more difficult

when you think of re-selling to someone who buys this stuff regularly.

The jewelry store I was using didn't buy -- and wouldn't recommend anyone.

Cause I was wondering if they'd be more interested in the pearls as a family thing --

or the cash!!

And who you can trust to sell them to???

[Poboy]

16. Well that can be the case, but there is a solid market of 'junk silver'

sewn in bags presorted and sold. You can buy a bag of junk silver in a variety of weights/denominations.
Its is certainly part of the retail silver market.

[Jack Sprat]

23. For no premium?

I think APMEX and most retailers have a premium, don't they? Maybe not as much as silver eagles.

[Poboy]

24. Yes, of course, I stand corrected. Let us say the smallest premium.

[elocs]

12. Pre-1964 coins, dimes, quarters, half dollar, dollar coins that are 90% silver.

I bought them some 12 years ago at a local coin shop and sold them at the same place for a good and fair price. Pawn shops will rip you off.

[Vinee]

15. I am sitting on 30 oz of Ag. I'm gonna let it ride and see what happens

It's a small enough quantity that I can afford to let it ride. If I were sitting on 300+ oz, I might be more inclined to sell at this price.

[Poboy]

17. Keep stackin'

:smoke:

[defendandprotect]

26. Anyone have any idea what a ....

silver placesetting might weigh?

[redwitch]

6. My artists who work in silver are really hurting.

I sell American made and fair trade jewelry. This is a real problem for them and for me. And for my stores.

[Lone_Star_Dem]

8. Wow. I wonder if I should clean out all the old silver coins and scrap jewelery I have?

At that price I'm bound to come out ahead. :D

[defendandprotect]

27. Was wondering the same thing --

think I lost some of the silverware in one of our moves --

but I also still have some small bit of it --

also some gold jewelry, rings etc that family members really don't want.

[fascisthunter]

30. keep it, and hold onto it for a rainy day

think long-term... :)

[defendandprotect]

31. Well, long term, we could be back to silver at $8 ounce ... ??

[RobertSeattle]

13. Glad I stocked up on Kodachrome film! Wait...

[Poboy]

18. solar panels

[fascisthunter]

19. been buying silver for over 5 years now

I started buying when it was over $12/oz... every paycheck, I put a small sum aside to buy. Although right now, I'm becoming hesitant, afraid that this is a bubble. One thing that may offset any losses would be to hold onto all my silver until I am 60. As of now, I am 38.

[Poboy]

20. Yeah, if you've already got a pile w/a good DCA, no need to

buy into the spike. I think we see a pull back too.

[fascisthunter]

21. another investment of mine has been coins

it's of course more than an investment, but I have put a considerable amount into it. This is too a long term investment. Got to invest somehow, because paper is becoming less valuable each year. Ya never know....

[Zorra]

22. I used to buy nice silver jewelry really cheap in Taxco, Mexico and sell it to

tourists in resort areas as kind of a hobby.

I got tired of it, and stopped selling jewelry, but still have about 50 pieces that I never sold, some pretty heavy.

Wonder if I should try to sell it right now.

[defendandprotect]

28. Wonder about finding someone reputable to resell to --

and what they would give you for jewelry vs the price of silver?

[cbdo2007]

29. Yep - I'm making a killing in AGQ

[Aerows]

32. I'm sitting on my silver

I believe it's going to go a lot higher.