A big name in internet sales called me this morning to inquire about buying silver coins. Now, normally I’d be very flattered to get a call from a national firm interested in doing business with me. Particularly if they wanted to buy and sell silver coins, which they did.
But what this really tells me is that the big boys are starting to slow down as one of two things is probably happening. Either more people are buying silver coins than selling silver coins or people are starting to hoard and just hold what they’ve got in silver coins rather than selling it for a profit as stocks continue to represent one of the worst investments in decades. (other than real estate)
So if I’ve got this figured out correctly, the best place to park your money (according to large national internet-based sales groups who do millions in business per day) is in silver and gold.
So instead of just considering selling off and taking losses, people should consider BUYING silver at this low point with a floor of around $27/ounce…It just seems to fit. The economy worsens, people start to panic, hold their silver and the big boys do just the opposite. They NEED silver so they start calling around to every little gold store on the planet (including mine) and try to buy up all the remaining silver. It remains to be seen if they’re going to be buying at premium prices or whether they just want to try to get a great deal…in either case, I’ll update the blog soon to answer these questions: Are big firms buying or selling silver in Houston? Or are they trying to scoop up a deal on silver coins while the silver prices are low? Stay tuned.