Quote:
Originally Posted by feralmerril
About 1981 when the hunt brothers tried to corner the silver market I lost my butt at a critical time of my life buying silver on margin. I belive it was about $15,000s! These people that are buying $3,000 ARs, and paying 3X too much for ammo might feel later like I did when the silver fell back down. Cripes, how many people bought 300 grand houses that you cant sell for 120 grand now? I dont waste my time stepping in a gun shop or going to a gunshow in these times. (Unless I want to sell something)
That $15,000s would be like loseing $38,000s today. But thats the least of it. $15,000 invested in the stock market back then would water your eyes on what it should be worth now. Probley could almost retire early on it.
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I have a friend who, on the tail end of the bubble burst, bought into a little bit of silver at around $10 an ounce.
His "little bit" of silver consisted of 100 toz bars of .999 silver. He bought 120 of them. I'll let you do the math as to how much silver that was-he told me that he brought them into the house in 5-gallon drywall buckets, and stacked them in a corner of the basement like a pile of bricks.
Shortly after he bought them, silver dropped even further, and finally bottomed out at about $8 an ounce. A $2/ounce drop tends to be pretty significant on 120,000 ounces of silver.
As he, apparently, didn't need the money(must be nice!) he instead sat on them for a number of years, and started selling them off a few at a time as silver prices rose. In May of 2011, silver courted $50 an ounce for just about half a day(I think it came within a few pennies) and my friend sold the last four bars of his horde that day. He timed that just right, as the price fell back down into upper $20/lower $30 range shortly thereafter where it has stayed pretty steadily since.