I’m not going to pretend to be an authority on the subject (there are enough pretenders of that sort already on the web) but if some of the recent news is any indication, I think it’s safe to say that gold and silver will continue to rise:
Item number 4 in this month’s Liberty Dollar News:
“Cheuvreux, the equity brokerage house of Credit Agricole, the huge French bank, distributed a 56-page report that completely endorses in detail the findings of the Gold Anti-Trust Action Committee that the price of gold has been surreptitiously suppressed by Western central banks and that those banks do not have the gold they claim to have. “
“The report, written by Cheuvreux’s mining sector analyst in London, Paul Mylchreest, is titled “Remonetization of Gold: Start Hoarding.” It repeatedly cites GATA by name and foresees an “unprecedented” rise in the gold price, possibly accompanied by a spike to as much as 2,000 USD.”
Me personally? I won’t hold my breath on gold going as high as $2000 an ounce. But the news of central banks not having as much gold as they claimed should ensure that the price of gold will continue to rise.
I don’t have any ‘authoritative sources’ to cite for silver’s continued rise, but there is enough rumor and scuttlebutt on the web (if you go looking) to make the case look pretty good.
Then there is this:
By any calculation silver is not worth 9.00 per ounce.
Its true value is in the range of 79.50 to 700,000.00 per ounce depending on what relative formula you use.
Based on rarity of production (at mine in 2004) and using the price of 530.00 for gold then silver should be 79.50/oz. Based on the idea that silver is the only material ordained as money, and it is the only thing that backs, or owns, every piece of worthless paper in the world that passes for money, securities, bonds, etc., then silvers true value is in the range of $700,000.00 plus per ounce. There are a hundred other formulaes by which you may want to value silver in U.S. Dollars.
Whatever the economy is doing, silver will continue to increase in value relative to anything that it is measured against. Notwithstanding market manipulation which will ultimately fail.
(credit to Moriyah for writing the above)
I’d like to repeat the important bit there. Every dollar in circulation is supposed to be backed by approx. 3/4 of an ounce of silver. That puts the price per ounce of silver in existence at $700,000.00 plus. A staggering number. One that leads me to believe that silver isn’t going to be dropping in price anytime soon…