If I sit back, and close my eyes and recall the exciting days of 2010 and 2011, the recurring thought that comes to me is my desire to have bought more metal when the price was low. I recall walking through an antique store in Centerville Indiana in 2001 and noticing that one dealer had hundreds of silver coins in cardboard holders on the table top for folks to look through, picking out coins for their collections – silver coins, unwatched by security or anyone except the cashier about 30 feet away who was often distracted ringing people up. The shoplifters were after better stuff. The coins were deemed not worthy of even putting in a glass case. Silver was about 4.75 per ounce then.
Oh! How I wish I had loaded the boat like some of you did!
But I didn’t, and it was another nine years before I noticed some silver coins in the display at another antique shop. This time they were with the jewelry and other ‘good stuff,’ and this time the walking liberties were priced at $8 each. I suspected something was up and finally, finally started to investigate. I started making some judicious purchases, a few ounces at a atime.
After silver topped $30, I realized I needed more, that my purchases at $24 were rather insignificant. I often sang that refrain: ‘How I wish I had bought it cheaper.’ How many of you have sang that?
The rest is history – especially the part where I loaded the boat with a credit card at over $40 per ounce.
So here we are with $17 handle silver (16-something over the weekend), with warnings from Turd and others that we may see lower prices. Meh! We have already been tortured and seeing metals priced in for less fiat just doesn’t hurt any longer. My perspectives are changing. What is valuable to me now are the things I will need when the paper system moves to its intrinsic value.
This post was published at TF Metals Report on October 7, 2014.
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