Silver set to Soar as it did in the 1970’s

[tomxavier]

HI !! THERE !! Friends !!
Myself Tom Xavier From NewYork...
I'm a new member of this forum .. I'm a retail investor in back there...
I like this article very much and views about that from forum members ..
I completely agree with this view as well...
Hope in future we'll have a really good debate about silver market...

[Mike Phillips]

Tom

Your contributions are very welcome. The world of investors in AG are growing!

Best,

Mike

[ccjoe]

Originally Posted by Mike Phillips

Joe,

I think when people make predictions without substantive reasons, they need to be held accountable. They tend to slip away in the night, wait a while and then come up with another, unsubstantiated, prediction. I think these folks should have their credibility put into question. Just my opinion.

If one makes a forecast, with good analytical support, but which turns out to be wrong. Hey, I was in the investment business for nearly 40 years, one makes dozens of mistakes even with robust analysis and due diligence. But then one can go back and review where one went wrong.

Ted Butler is, in my opinion, a superb analyst of the silver environment. You will note that he NEVER suggests any outcome without properly thought through reasoning.

Best,

Mike

Well Mike you were right as usual> Sinclair was wrong.
I think we ALL agree that Sinclair's prognostication WILL come true in months and not years.

[wblue]

Sometimes, history repeats.

If the CFTC only accepts liquidation orders on Silver and Gold futures then both buyers and sellers would have to terminate all positions.

"On January 21st, 1980 the COMEX announced that it was suspending trading in silver."

This action would effectively close the Silver and Gold futures temporarily, but not necessarily permanently.

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http://www.silverbearcafe.com/private/circlek.html


Finally on January 7th of 1980 the COMEX changed their rules to only allow 10 million/oz of contracts per trader and that all contracts over that amount must be liquidated before February 18th. . The CFTC promptly backed up the ruling. On January 17th silver hit $50/oz, Bunker had continued to buy. At that point in time the Hunt's silver position was worth $4.5 billion dollars bringing their profits in silver to $3.5 billion dollars. On January 21st the COMEX announced that it was suspending trading in silver. They would only accept liquidation orders. Silver dropped $10/oz and stayed around $39/oz until the end of January. Scrap silver, old silver coin collections and silverware came into the market - about 22 million oz in all. In early February the Hunt group took delivery of another 26 million oz from Chicago. The Hunt's North Sea oil through Placid Oil was coming on line and generating $200 million /year from that venture alone. There was talk of a takeover of Texaco Oil. Bunker was also talking to other Middle Eastern rulers about putting together another silver buying group.