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#271910 - 01/19/09 08:42 AM Re: EU is in trouble [Re: FormerTexan]
Still Offline
Member
MaleSurvivor

Registered: 02/16/07
Posts: 6542
Loc: Never Sugar Mountain
A global melt-down makes me wonder if silver & gold will enjoy hyper-valuation.

A NH news paper claims that the US is pulling in gold billion (as a wholesaler) with the price assistance of COMEX in order to melt it back to bars as an official holding.

I DO know for a FACT that in NH, the coin and bullion dealers have NOTHING to sell. I've had a mega order of Silver Canadian Maple Leafs standing with one of the largest NorthAm dealers. They still dont have the inventory to send it (3 weeks later)

Blanchard and Co out of New Orleans, took 8 weeks to send me 3 lousy gold Maples. There's a serious shortage yet COMEX keeps the market price artificially down.

I posted some silver bullion on Craig's List at $20.00/oz and got inundated with replies in one hour.

_________________________
Stop expecting people to be other than what they are! You'll be so much better-off. [Christopher, age 10]

The Aftermath Video

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#271948 - 01/19/09 02:16 PM Re: EU is in trouble [Re: Still]
Trucker51 Offline
Member
MaleSurvivor

Registered: 05/20/08
Posts: 2826
Loc: Denver, CO
We can get you both silver and gold here in the city beside the mountains. Just a few weeks ago Maple Leafs in choice or better could be had for $14 each, and a tube of Silver Eagles went for $15 each. I even got some mining company and holiday rounds recently too. Plus Rocky Mtn. Coin has plenty of gold both old and new, but the markup was about $80/ounce the last time that I went there with Andy and Alan. And they have had 10-ounce bars too!!!

Mark

_________________________
"We stay here, we die here. We've got to keep moving". Trucker Mark



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#272009 - 01/19/09 11:01 PM Re: EU is in trouble [Re: Trucker51]
michael banks Offline


Registered: 06/12/08
Posts: 1755
Loc: Mojave Desert, Ca
Mark,

Land is always cheap when there are no jobs nearby. My rental house's value is a third of what it was three years ago. Sure hope things don't get as bad as you guys make out that they may be.

During the great depression when my grand parents lived in San Deigo. They rented a one bedroom apartment with two other navy couples and they rotate the use of the bed on an weekly basis.

Guess we have to just wait and see how bad it gets.

Mike

_________________________
To own one's shadow is the highest moral act of a human.
-Robert Johnson-

"IT ought never be forgotten that the past is the parent of the future" John C. Calhoun

WOR Alumni Sequoia 2009

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#272082 - 01/20/09 08:11 PM Re: EU is in trouble [Re: michael banks]
Trucker51 Offline
Member
MaleSurvivor

Registered: 05/20/08
Posts: 2826
Loc: Denver, CO
Even where there are jobs the value of real-estate is sinking fast. My wife's parent's former house here in Denver is a good example. It is a 50-year old brick ranch on an 80 x 80 foot lot, with 4 BRs and 2 baths, a 1-car garage, substantial recent remodeling with a new gas furnace, water-heater, newer shingles, and upgraded baths, large mature trees both front and rear, central A/C and a lawn sprinkler system, walking distance to major shopping, a public library, and public transport including a casino bus. The house was appraised at $235,000 18 months ago.

My wife's folks moved-out of it in July of last summer. They tried to list it at $219,000 and didn't get a single offer. Then they dropped it to $209,000. In August they dropped the price to $199,000 and got one offer for $160,000, which they laughed-off. In late August they again lowered the price to $195,000 and only got one offer, this time a cash offer for $139,000. And between September and October 39 people looked at the house, but not one of several interested parties could get approved for financing. Then the realtor quit after my wife's folks wouldn't drop the asking price another $10K or more.

Imagine that: Having to take a hit of one-third in one year just to sell your house? Now my wife is renting the house to 2 late 20-somethings for $1000/month. At least the mortgage is still getting paid, which is a lot better than some homes these days. In fact, just in that neighborhood of SW Denver, (which is about 3/4ths of a mile by a 1/2 mile), there were 53 properties in foreclosure and two dozen more offered as a short-sale, just in November. And every day more and more people are getting laid-off, in-fact over 1.2 million just in the last two weeks in the US.

If nobody can afford to buy or rent houses or get loans to buy houses what happens to rents and home values?

At least gold is portable. Hope for the best, and prepare for the worst.

In the Great Depression my mom's mother and dad lived in my mom's grandparent's house with 4 other siblings of my mom's mother and two of their spouses, along with a couple of grandchildren, and they shared space with several other relatives from time-to-time. And looking through a family history there was a section about some level of involvement with the Civilian Conservation Corps too. Let's just hope that it doesn't get that bad again.

If there is no growth to overcome all of this increasing the money supply for bailouts, the only possible outcome is having to borrow still more money, print still more money, and/or devalue the Dollar even further. For now we are OK because a number of other currencies are worse-off. But what happens when the Chinese recover before we do?

It might be a good time to get down to Home Depot and pick-up a wheelbarrow while you still afford one.

Mark

_________________________
"We stay here, we die here. We've got to keep moving". Trucker Mark



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