Posted on 11/12/2010 12:48:48 PM PST by bkopto
Max Keiser shares his brilliantly simple plan to bring down the precious metal manipulation cartel (those two terrific guys, JPM and HSBC who have recently been implicated in an avalanche of lawsuits involving silver price manipulation): "if everyone in America buys a silver coin" (which today costs much less then yesterday courtesy of Jim Cramer's wholehearted, and about 2 years overdue, endorsement of gold last night - a far better contrarian signal than even Goldman's FX desk ever could be), a plan originally proposed by ZH contributor Mike Krieger, "it would crash JP Morgan" presumably as the margin calls result in a cash collateral requirement in the billions of dollars. The premise, of course, is that since there is not nearly enough silver to satisfy demand, it would by definition, result in an explosion in the price of the precious metal.
It will be interesting to see how far this meme carries.
I bought one today.
A nice Candidan Maple leaf.
It had nothing to do with Mr. Keiser or JPM
Cramer endorsed gold last night? That explains why it’s tanking today. Like when the shoe shine boy gave stock tips to Joe Kennedy in 1929, and he knew it was time to get out of the market.
Couple a week each, for decades.
There is no money in silver.
Is that legal? For that matter, does it make sense to buy silver for its "melt value," if melting a US coin is illegal?
Got my junk silver on ebay. Harder to get higher face value bags these days, though.
Face value? Nice trick if you can do it.
I prefer brass, lead and copper.
I just bought 50 oz. Just doing my part to nail these crooks.
One of the consequences of hard times and fiat currency is that quite a bit of silver gets flushed out into circulation. Dopey kids at the grocery store don't seem to know that our coinage once had intrinsoc value. They'll look twice at a Franklin half, but won't hesitate to give 'em to me in change. Silver-clad Kennedy's even get by some of the clerks that look for silver coins.
Could care less anyhow. Come take me away.
I can sell a fine silver ring for twice or more what the cull costs.
A nice ring made from a $10 Morgan cull can get $40. The nine hours of tapping and finishing yields about the same hourly rate as a Pakistani peasant can make, in the end.
It is about taking something from the universe and transforming it into something desired. It is a habit, not a profit center.
“Face value? Nice trick if you can do it.”
I don’t think you understand the nomenclature. “Face value” is used to reference to the total denomination of coin you are purchasing, not the price you pay.
Recently, $100 face value bags (for example, 1000 silver dimes) have been going for about $1500.
I just may have to do that
Nam Vet
Yeah, but if it will crash Morgan I'm game...
I noticed the same thing when I was a cab driver – kids would sometimes pay the fare with change, silver coins. I had quite a collection.
Thanks for the correction.
I'm bummed though, I thought there was a trick to picking it up cheaper.
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