Does Gold’s Breakout Mean Silver Is On The Launchpad? Three… Two… One…

Wow gold is above $1,500 and silver is back above $17 I want to cover a lot in this video but the first thing I want to touch on is Jeff Clark’s article that just came out about Gold’s breakout does that mean that silver is on the launch pad it it’s a very very good sign but he did some very interesting analysis here he’s created some charts that are the price swings the maximum price and the minimum price for each year so this is the trading range for each year going back into 2013 and what it shows is that we’ve been getting a series of higher lows and now recently higher highs which is the indication that’s the definition of a bull market higher lows and higher highs and so gold has done this breakout and you can see that today this this is the amount of price swing but today it’s above $1500 so you’re talking about exceeding a price that goes all the way back into 2014 so this is an article that is really worth reading silver however has its you know in its trading range you know the maximum minimum price for these years you can see that silver yes for the last year we’ve been getting higher lows but we’ve been getting lower highs so it hasn’t truly broken out into its bull market but it could be that it’s just about to do that because silver typically lags gold at the beginnings of any precious metals bull market and this is a comparison of there’s one two three four five of the previous bull market up swings so you’ve got one from the 70s 80s and 90s and then the two halves of this gold bull market that we have seen and typically you’ll see silver leg for a little while and then it takes off it lags and then it catches up it lags and then it gets is up and so these are the gains you know gold silver gold silver this one wasn’t very good but in most cases silver far outshines gold and he wrote an article last month that I think you should read in combination with these articles they complement each other very well and that is about the gold silver ratio that it started a reversal it was up in the 90s last month it’s back up to 88 today which is very good news for anybody that wants to purchase silver not great news for gold investors gold is on the move but silver will catch up most likely and if you look at these bands here from when the gold silver ratio was at an extreme and then it starts its reversion you can see that gold lost 24% the silver had 36% gains and during these time periods so if you just take those bands and you put them in a dollar value 10,000 dollars invested in during these periods of times when the gold silver ratio was reverting in gold your 10,000 would have become 7600 but in silver 13600 gold 16900 silver twenty eight thousand two hundred gold twenty thousand in this 2008 to 2011 bull market silver 50 thousand seven hundred this is huge and this is what I am looking for right here I think that this is in our future and then you’ve got 2016 gold ten thousand nine hundred silver 13,600 so this gold silver ratio reversion is something strong I’m going to come back to this toward the end of the video and touch on it but take a read of Jeff’s article from last month it’s also a very good out article now I’m going to move on to the story that I want to tell you this is gold and this is the S&P 500 the red line is gold and the blue line is the sp500 from the year 2000 I’ve lined these up on the day that the S&P peaked so this was the year 2000 peak for the stock market actually there looks like I missed by a day or two so actually this line here would be just a little bit lower if I had lined that up properly so I’ve given the S&P 500 a very slight advantage here but what you see is that gold by far the precious metals have been the best performing asset class of this century period nothing has come close when you’re talking about a whole asset class right now on this chart the S&P was up 100% since since its peak in the year 2000 it’s fallen back and right now is it’s at ninety point eight seven percent above it’s year 2000 high now if you inflation adjust that that comes way down to here somewhere Gold however is at four hundred and thirty-four point eight five percent gains from the year 2000 but I want to tell you a story and it has to do with this little area right here back in 2002 I made my first gold purchase and what you see here is on October 23 2002 I bought 23 one troy ounce gold eagles and they were three hundred and twenty-six dollars each I think the spot price of gold back then was 318 or something like that by the way I’m a real tech high tech guy the way I photoshopped this is I scanned the old receipt and printed it out and whited out my phone number and anything else I didn’t want you to see and then rescanned it and cropped it and so that’s what you see here but it’s got all the pertinent information so three hundred and twenty six dollars for a tube of gold eagles plus an extra three and then so that was right back in here I’m buying at this price back in 2002 and then it took off like a rocket and it’s going up and I’m going should I buy more no no I’ll wait for a pullback should I buy more no I’m gonna wait I’m gonna wait and it keeps on going up and I miss all of these little pull backs cuz I was thinking about going in and buying but you know and I so I finally go in and I make my purchase and here’s the next purchase of 14 gold eagles for 396 dollars each well guess what that was on that day I bought right at a peak and then the price started falling the very next day and it didn’t get back up above that price for 1 2 3 4 5 6 it was 7 months before it got bad so there was 7 months where I was just kicking myself just torturing myself how could I be so stupid for going in you know I’m better than this I’m I’m supposed to know better and I bought at a peak and then it finally broke through do I care today that I bought gold eagles for three hundred and ninety six dollars and I still have them no I don’t care that peak means absolutely nothing to me today so here is that peak right there and I had to ride it out for seven months but then look at the performance that we have had since now about a week ago I did an insider’s video announcing that I was had some cash set aside and I was going to buy some silver on the next pull back because I had looked at some technical analysis and stuff and I was paying attention to this and in my video what’s up with silver which was a couple of weeks ago I was pointing out that somebody is doing this massive accumulation and this is major and in that video there is an error that I’ll get to later maybe I’ll have to do a separate video on that because it’s too complex for what we’re going into right now but somebody has been accumulating quite a bit and this last bar here is not done yet when on Friday when the commodities exchange reports are public then you’ll see this bar come up to at least here this is just some of the vaults so this is the total published repositories mutual funds ETFs but it includes the commodities exchange and the background here is the price and then this is the total number of ounces and the number of ounces being accumulated there’s some big investor or investors out there that are suddenly accumulating a whole lot over the past month and I was going to wait for the next pullback because on the commitment of traders reports the commercials are heavily short but one day those commercials are going to get burned the price is just going to keep on charging up and then they’re going to have to cover their shorts which means buy back their short position which is buying new contracts or new metals instead of selling them and that means it causes the price to explode now one thing I want to point out here is this is a chart of gold going all the way back to 1970 so this is the 70s bull market and it peaked at 8:50 and then this is the bull market of this century notice that it’s got a this is called a secular bull market and it has a cyclical bear market within it so there’s this pullback that was 20 months long back in the 70s and then we’ve got this long stretched out bull market and it peaked at 1900 and then this cyclical bear within it and I am absolutely confident that this is nothing but a repeat of what we had here back here in the 70s that shook a whole lot of people a lot of people sold during this and they took losses a lot of people have sold their gold during this and they took losses i sat on all of my gold and silver and I just keep on accumulating because for me you know I don’t make any recommendations I’m not telling you to do what I do I’m just telling you what I do you’re welcome to join me if you want don’t if you don’t want do your own research come to your own conclusions but what I want to point out is that we had an 8 v d high a high at 1900 and then you know we’ve done this pullback and we’re already back up at 1500 today silver is a different story now this is a screenshot from Wikipedia and it shows the highs of silver in 2011 and back in 1980 and you got forty nine forty five fifty fifty forty eight seventy fifty thirty six depending on whether they’re intraday or whether it’s the close of the day and fifty to eighty was the record the intraday on the Chicago from the Chicago Board of Trade so fifty to eighty too high let’s just call the nineteen eighty hi fifty bucks we’ll round all of these 4870 at the close you know fifty fifty fifty thirty-six fifty to eighty we’ll round it to fifty bucks two thousand eleven 4870 4855 forty nine eighty – let’s call it forty nine dollars silver has yet to pierce it’s nineteen eighty hi now the reason I put that chart in there is simply because when I go to stock charts it shows the 2011 high being higher than the 1980 high I don’t think it takes into account any intraday information and it’s continuous contract end of day CMA Chicago Mercantile Exchange and so there’s a difference in the sourcing of their data or maybe this is weekly data that it creates when you do such a long term chart it said daily and it might be weekly but there’s some difference here anyway this was actually higher than this so you’ve got higher lower and lower with gold it was lower higher and almost as high so silver is incredibly undervalued right now this is the gold silver ratio and it’s going back over a hundred years here so what you see here is that there are periods where it’s gold is true silver is tremendously undervalued and periods where silver is overvalued and gold is undervalued come in comparison to each other and recently where we were just up this is from Jeff’s article from a little over a month ago it shows this ratio a couple of months ago and it has reversed but it hit I think 92 or 93 today it is at 88 or 89 I believe again moving on this is a close-up that I just made of the chart today now on stock charts they only show end of day data for the commodities for precious metals and so this is actually yesterday’s information so it doesn’t show the move to 17 bucks and to 1,500 bucks for gold but it’s the gold silver ratio and what you see here is that you know there’s a range and we’re up in this extraordinary range where it’s been at very few times in history when you go back to this long-term chart where you know we’re up right in this area and you see that this is a very extraordinary thing to have silver so undervalued compared to gold and when this revert s– to me this is a huge opportunity this has been part of my plan for years back in 1980 this went below 15 so Silver’s value was one fifteenth of golds and today it’s almost one 90th of goals well if it drops into a range which I believe it most certainly will you have to come to your own conclusions but if it goes to 45 from 90 that’s a doubling and so if you sell your silver and buy gold if you buy a silver now and you sell it some of it and buy gold at 45 you’re going to get twice as much gold as you paid for twice as much if you held until say 30 you’re going to get three times as much if you went to 20 to 50 if you think it’s going and you’re able to sell there you’re gonna get four times the amount of gold that you paid for and I believe it’s it’s going to take a crisis there has to be a panic back in 1980 people were lining up at coin shops and stuff in the dollar it only benefit currency since 1971 you know there was raging inflation there was a panic going on there was a real crisis people were scared and it when people made the shift from purchasing gold when gold got too expensive and that happened right about when gold passed $400 an ounce when it passed $400 an ounce people would rush in and remember back then the average annual income in the United States was less than ten thousand dollars a year so it was less than a fifth of what it is today and so they take out five hundred bucks out of their savings account rush to a coin shop say I want to buy gold too the guy would plop one gold coin in their hand they go oh is that all I can get well how much is this ooo well you can get thirty of those for each one of these gold coins okay well I’ll take the silver when the public shifted their preference from gold to silver silver took off like a rocket and its value caught up to Gold’s right here if you think there’s going to be a crisis like that in the future and I do so my plan is to sell my silver and convert to gold in tranches and then when we get into these type of ratios I’ll be selling large portions of all of my holdings but it’ll be in tranches but I’m never going to sell all of it it’s going to be a certain percentage and then a certain percentage of what’s left and then a certain percentage of what’s left of that and so you always have some left should it continue to charge higher now in Jeff’s article remember I pointed out these periods where gold had outperformed or silver it outperformed gold that’s when this ratio is dropping when silver is rising faster percentage-wise than gold and these were those moves where you’re getting 2008 an 11 $10,000 would have brought you $50,000 back I don’t like trading in and out I got on used you just saw my first purchases and my other purchases have been much larger than that I measure my silver holdings now in tonnes not ounces I have gold at a certain ratio of gold to silver but when the gold silver ratio is this high I buy only silver and that’s what I’m going to be doing and then last I’m going to visit the Dow Gold ratio today we use the S&P 500 more often than the Dow Jones Industrial Average but they track each other very closely so you can really use either one for a proxy for the stock market so what I’m doing here is I’m just taking the stock market and I’m dividing it by the price of gold and you get a ratio of what the value of the stock market compared to the value of gold and there was a day back in 1980 where they were the same price and this ratio hit one I don’t know if it’s going back to that same ratio but when I got when I first started buying I first started buying here and that’s when I made those first purchases and I have been riding this thing the whole way and I’m not going to let this bull market buck me off of its back even with this pullback that has gone from 2011 to 2019 this cyclical bear within the secular bull I have used that that’s this right here where the Dow was outperforming gold from 2011 to actually 2018 gold has been outperforming the Dow again since 2018 this is most likely I mean we just got news today that you know last night India and New Zealand and some other countries have cut their funds rates the central banks have cut the funds rates and the Federal Reserve is probably going to have to cut rates again we are I believe heading into a crisis because you’re seeing central banks all over the world making emergency maneuvers still we never came of the crisis of Oh aid we just put band-aids on it and blew the the bubble far larger by we put band-aids on all of the holes and we blew a bunch of air into it with all this currency creation and and interest rate manipulation and that stores up energy well it got the stock market to outperform gold temporarily but the free market the market it isn’t a free market it’s a manipulated market but as it the free portion of it exerts itself it always ends up winning over the manipulations and the manipulations end up causing a that comes back to us as a crisis and so when the energy is released the stored up energy of the manipulation it’s a crisis but it’s the free market trying to balance things and they just need to leave it alone and let it do its job and they won’t have these crises but they love living in a bubble so we’re going to inflate this thing they might be successful at doing some maneuvers and patching this thing up and the markets will go higher you know I hope it does because we are in for one hell of a crisis no matter what they do it’s going to catch up to us everything that they do and the more that they do the better it is for the precious metals so if you’re buying silver now and it outperforms gold by a factor of four and then use shift that gold interest you know you shift into gold and ride that until we get somewhere down in this range and right now this ratio is at seventeen and a half and so if it fell back to one you’re going to get seventeen and a half times the performance times the the four times the performance of gold if you’re in silver so that means that if you were successfully able to execute this plan you would get 70 times more stocks now I’m not going to try and nail exact tops and bottoms but the the point is that you can do some amazing things by employing these techniques of shifting assets and the gold and silver are the safest they can’t go to zero they’re the safe-haven asset so you get the opportunity and these are rare opportunities they only come once or twice in a person’s lifetime where the best performing asset class is also the safest asset class the safe-haven safer than any currency or bond or stocks stocks can go to zero bonds can go to zero currencies can go to zero gold and silver in 5000 years have never gone to zero thank you very much for listening I hope you got something from this video please like it share it and make sure you subscribe go to subscribe to our newsletter just put your email address in there so you get Jeff’s articles they’re important you really want to read those now and keep up on this especially now that the precious metals have started their move thanks a lot we’ll see you next time at gold silver calm we have a price match guarantee free shipping and global storage options get the best selling book guide to investing in gold and silver for free at gold silver calm

100 thoughts on “Does Gold’s Breakout Mean Silver Is On The Launchpad? Three… Two… One…”

  1. Can I get a thumbs up for showing you my first ever receipt for gold? This is a deep dive into recent silver market action, it would be much appreciated if you could share the video wherever you can. Link to Jeff's article: Our mission: To enlighten the world that maximum prosperity can only be achieved through free markets, free people, and sound money.

  2. You have certainly re-invigorated my love for silver. I sold 25% of my silver a month ago after holding it for a year. Pathetic. I suck. I know. I would cry except I’m still “up” thanks to the “price surge.” It does feel different this time, doesn’t it. ?‍?

  3. Wished id invested in gold instead of an off plan apartment in the Caribbean And lose £58,000 of all my money.. Talk about being wiped out..

  4. Tons?…damn you accumulate in millions. Btw, I’m worried that miners still lagging way behind. Way below 2016 high even though gold is $150 higher

  5. Mike, thank you for the Hidden Secrets of Money videos. I watched the series in January 2018. Can't thank you enough. As McAlvaney Channel said this is about the currency! negative interest rates? yeow!

  6. Mike, good video but here's a follow-up question. Shouldn't one wait until the recession is in full swing to buy silver? During EVERY recession since 1974 (all 6 recessions), silver prices get lower during the recession, often dropping in half from the official start of the recession. It isn't until after the recession is over that the price of silver increases significantly. If that's going to repeat , then why not wait until the recession is in full swing, and silver prices are lower to buy silver? When an economy has been in recession for a while and silver prices are falling is the right time to buy. MacroTrends silver price and gold/silver ratio charts shows this pattern clearly: and the other chart is Grey bars show the recession. So I ask again, shouldn't one wait until the recession is in full swing to buy silver?

  7. Hey Mike, few technical indicators show silver/gold is little overbought(short term) now. I am also waiting for a retracement of silver/gold now. But it does not have a significant correction until now. What is your recommendation? Should i wait for few days or weeks?

  8. nice to come back to the core. Of how Ive structured my Crypto play. People will flock to silver when gold becomes too expensive- People will flock to alt coins when Bitcoin becomes too expensive. Probably 20k+

  9. How much will silver be by the end of the month??? And what's your opinion on having, .25 of a bitcoin or 2,500 in silver????

  10. $50 from 1980 is equivalent to over $700 in today's economy. So it's really not about waiting for silver to exceed the all time mark of around near $50 from 1980 nor even 2011 – it's about real monetary value.

  11. Silver and Gold never change their true wealth value, pointless weighing it against the devils lies..In all likely hood you will never sell any metal in exchange for a lie…Exchanged for other Creators wealth yes; can be exchanged..At the end of this we are all talking thru our hats.
    There remains only true wealth at the end of this..

  12. I have thought about buying some 1/10th ounce gold coins. When I buy precious metals I buy them with the thought of possibly using them to barter. If things got really bad in the economy and you had to barter a coin of gold or silver. If gold is say $2000 per oz. and silver is $50 per oz. and you want to buy groceries. With a $2,000 gold coin you will be buying a butt load of groceries unless they would agree to split the coin. With a $50 silver coin or smaller gold coin you won't have to buy so much at one time. Also if some doom and gloom economist are correct and gold goes to $5,000 to $10,000 per oz. Imagine going to a market and buying $5,000 worth of canned goods.

  13. This week Gold/NZD broke through its 2011 all-time high after the most recent 0.5% interest rate cut. Unfortunately the reserve bank of NZ sold most of its gold in the 1960s and all its remaining gold in the early 1990s.

  14. Mike should start to interview people like, Max Keiser, Catherine Autin Fitz, Linet Zang, Martin Armstrong, Sagit Das, Sandeep Jatily etc

  15. Dude said…. "I measure my silver in tons…" And Ithrew my hands up. But then I said, it's all good gotta walk in the footsteps of giants.

  16. Why is every pundit ignoring platinum, paladium ,Rhodium? Rhodium I had to copy paste for spelling yet a simple search reveals that it was at 10k in the 2009 ,since I started buying gold silver and platinum, both pladium and Rhodium has out performed with rhodium trippeling in value, my dear Mike what's your beef with platinum palladium and rhodium ?

  17. but the current price gap between gold and silver is just too high. It makes no sense to buy silver when we lost so much in re-selling and the growth is so slow. Silver is really risky.

  18. If someone was really accumulating tremendous amounts of Silver then the price would go up as supply was depleted.  Remember when the Hunt brothers sought to buy up Silver back in 1980?   The price went through the roof.   Instead, the price is going down. Kind of disproves Mikes theory

  19. True that gold and silver will never go to zero, but another thing to consider is that every company on the stock market will.  Sure, there will always be IPO's to replace them, but they all started at zero and will surely return there.

  20. With all due respect Mike, enough with the 'Let it pull back so I can accumulate' talk. There are a lot of dedicated PM Stackers, like myself that would like to see our holding appreciate to where it should be, not at these manipulated, depressed prices. God knows how many people we have lost over the past few years and will never return because of these stagnate pull backs

  21. На три…два…один…,мог только Гагарин взлететь,а серебро …,думаю так и будет болтаться .

  22. Okay Mike I have to spill the beans I am the one who has been accumulating all the silver. The big whale as you say. ?

  23. Mr Maloney, thank you very much for all your hard work and even more for your willingness to share it! It gives people like myself with only a rudimentary knowledge of the economy a chance to improve their understanding of how it all works, thus giving ourselves and our families a chance to protect ourselves. Salut! Mr Maloney, Salut!

  24. If it hasn’t begun to shrink that ratio yet, I don’t think it will any time soon.

    Personally I think Silver will eventually turn into industrial use only.

  25. Gold finally doing something, and that's nice. I bought it back in 2010 when it was $1,250/oz. I have gotten killed on silver, though. Bought it at $40/oz, $23/oz, about 6-7 years ago, and it's still way, way down. Which means, I hope you're right, Mike.

  26. good points sources money will always be sound money and never go to 0 no banker government will convince me any different..

  27. I don’t see silver ever going anywhere far above 20$ per oz. it’s only a protection against a dollar collapse for me

  28. I no you probably cant answer my question but if I just hold on to my gold and silver and do nothing do you think that ok?I'm really no a trader.

  29. Thank you so much for sharing your knowledge. I am a newbie to this and I hope to see videos in the future. I love the chart and how you explain them. I am hoping that you will keep us in the knowing as things unfold. Thank you for your time and info.. May your day be filled with love and joy.

  30. Silver prices are highly manipulated. Need to get rid of the fake silver paper trading and allow the silver price to represent the actual amount of silver in existence. Then the price will sky rocket and the price of silver would rival the price of gold.

  31. I ask myself in an extreme deflationary crisis where food supplies might be interrupted, would I rather have have an oz of gold or $1500 in long term food stuffs?

  32. Mike, great video. I just subscribed.
    Regarding silver vs gold, the dobson777a channel — another very good channel I follow — recently devoted much of a video to critique your analysis. One issue he brought up, if I recall correctly, is that while lots of people say that when silver goes up they’ll sell their now more valuable silver to by gold. However, that doesn’t take into account the possibility, if not likelihood, that gold itself would likewise be going up in price. Thus, I believe his point was, you probably won’t actually get more gold for your silver as anticipated.
    Could you please address that?
    Also, I believe months ago I read or heard that you’d moved to Puerto Rico. Is that correct? If so, can you say why you chose PR over, say, the Dominican Republic? Thanks.

  33. Just bought some of Jeff's silver mining stock recommendation. Tremendous personal pressures not to, (not financial). My financial "person" thinks I’m crazy. Silver and gold mines are not great bets most of the time..
    Seems like a good bet this time. Thank you Both for your trusted work.

  34. if you look at the chart 5:09 it looks like gold is overvalued but it is not it will at some point go all-time high in USD. but I buy silver. The real question is not what metals are worth in USD it is what can you buy. It is strange times. Chase Bank announced that it was going to be forgiving all outstanding credit card debt from its Canadian customers.

  35. 5:05 You also have to inflation adjust the % Goldprice chart bro.. why are Goldbugs always so dishonest? You were the last bastion man common… Schiff already making such a bad name for the metals bugs… please do the math right and don't just skip on to the next slide after only "inflation adjusting" the S&P500! Ts.ts.ts.

  36. I'm a silver/gold holder but crypto gains are far outperform pms potential gains. Crypto market is so young with a great potential.

  37. I look forward to your YouTube releases, and I could only imagine what your storage vault looks like. Why don’t you talk about the manipulating of the comex? Uncontrollable? Aggravating? Yes.

  38. with around 2 0z of silver used in normal cars and around about 2kg of silver in the electric cars and photovoltaic cells use silver, jewelry, the medical industry on and on and on…silver is an awesome metal

  39. i'm a silver seller and buyer – and right now 12th august- in real prices i'm seeing big accelerations – not seen this for about 4 years so i sense its about to blow up in price any day now.

  40. when you sell your gold at what you think is the top what will you sell it for, fiat, bit-coin or some other unsupported currency

  41. Mike, thanks to you, thousands of regular people from around the world will survive the next financial collapse. I will be one of them

  42. There's a point where the debt will grow so fast that hyperinflation will rise at a rate that starts to affect everyone, and that imo will drive the average investor into putting a small portion of his investment into precious metals which will finally swing metals very high as a stability creator for the common man's retirement account. We don't feel much of this now or even care because the economy is so strong and jobs are plentiful and well paying, but things will drastically change if Trump is not re-elected.

  43. I respect your humility Mike. I never begrudge anyone who has the tenacity and courage to follow their financial instincts. Well done and God bless you in the future!

  44. When silver hits the low low price of $500 an Oz. I'm only going to sell a couple Oz's so I can buy the new PS5 that will be coming out shortly afterwards. Or a decent suit.

  45. Historic charts are not that useful to us today due to the fact that in ten years time there will be no DOW, no S&P and no dollar. Look at average house prices in silver or gold, the houses are currently 20 times too high marked to silver. One needs to look for average house prices below 200 ounces of silver, currently 20,000. So 99% (or in reciprocal terms 10,000%) to go, do NOT exit this trade early!

  46. I loved this video!! My first gold and silver purchase was from you in 2018 and I really appreciate all the knowledge you provide us with

  47. The Penny dropped the other day! why silver is not chasing Gold and probably will not for a long time to come. because it has a Commercial value. after all if it corrected to its true value things like solar panels, electric cars are going to get unaffordable or very pricey! the problems staring us in the face. What is the next step when supplies of silver run really Low, after all even the Silver mines cannot afford to produce it. What is the powers to be Next trick? Don't forget 1980 Silver was $40 an ounce, triple amounts of stock we have today and NO real commercial Use. Nothing against Mike he's Brilliant but he hasn't got a crystal Ball! and nor has the rest of us. Maybe they're make it a Capital offence to own precious metals, who knows.

  48. Greetings from Mexico. You know… it's been three months since we can't find any silver Libertad coins in any bank. We used to be able to go and find them at every branch of Bank Azteca. Now they are not receiving any and they don't know when they will get any. My relatives in other cities of Mexico haven't been able to find any either. Being one of the main producers of silver in the world, this raises a flag that something will happen soon. What do you make of it?

  49. Silver has been on "the launch pad" since 2008 when I started buying. $17.00-$18.00 silver is a joke. The ratio is an even a bigger joke and not even close to a realistic number. I am in no hurry to buy anymore metals.

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