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Good Article: "Silver Eagles Soar"
Goldbully
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Silver Eagles Soar
By CoinWeek on February 17, 2012 4:21 PM
Here is the latest article from Richard (Rick) Mills – President, Northern Venture Group & host of aheadoftheherd.com
As a general rule, the most successful man in life is the man who has the best information
In World War I severe material shortages played havoc with production schedules and caused lengthy delays in implementing programs. This led to development of the Harbord List – a list of 42 materials deemed critical to the military.
After World War II the United States created the National Defense Stockpile (NDS) to acquire and store critical strategic materials for national defense purposes. The Defense Logistics Agency Strategic Materials (DLA Strategic Materials) oversees operations of the NDS and their primary mission is to “protect the nation against a dangerous and costly dependence upon foreign sources of supply for critical materials in times of national emergency.”
The NDS was intended for all essential civilian and military uses in times of emergencies. In 1992, Congress directed that the bulk of these stored commodities be sold. Revenues from the sales went to the Treasury General Fund and a variety of defense programs – the Foreign Military Sales program, military personnel benefits, and the buyback of broadband frequencies for military use.
American Silver Eagle
Are those obverse milk spots?
The American Silver Eagle is the official silver bullion coin of the United States. It was first released by the United States Mint on November 24, 1986 and is struck only in the one troy ounce size.
The Bullion American Silver Eagle sales program ultimately came about because the US government wanted, during the 1970s and early 1980s, to sell off what it considered excess silver from the Defense National Stockpile.
“Several administrations had sought unsuccessfully to sell silver from the stockpile, arguing that domestic production of silver far exceeds strategic needs. But mining-state interests had opposed any sale, as had pro-military legislators who wanted assurances that the proceeds would be used to buy materials more urgently needed for the stockpile rather than merely to reduce the federal deficit.” Wall Street Journal
The authorizing legislation for the American Silver Eagle bullion sales program required that the silver used for the coins had to be from the Defense National Stockpile. By 2002 the DNS stockpile was so depleted of silver that if the American Silver Eagle bullion sales program was to continue further legislation was required.
On June 6, 2002, Senator Harry Reid (D-Nevada) introduced the Support of American Eagle Silver Bullion Program Act to “authorize the Secretary of the Treasury to purchase silver on the open market when the silver stockpile is depleted.”
2002– 10,539,026 Bullion American Silver Eagles were sold.
2003 – 8,495,008 Bullion American Silver Eagles were sold, silver averaged $4.88 an ounce for the year.
2004 – 8,882,754 Bullion American Silver Eagles were sold. For 2004 the average cost of an ounce of silver was $6.67.
2005 – 8,891,025 Bullion American Silver Eagles were sold. Silver averaged $7.32 an ounce.
2006 – 10,676,522 Bullion American Silver Eagles were sold. Silver averaged $11.55 an ounce.
2007 – 9,028,036 Bullion American Silver Eagles were sold.
2008 – 20,583,000 Bullion American Silver Eagles were sold. Silver averaged $14.99 an ounce and almost 80% more Bullion American Silver Eagles were sold then in any previous year.
The US Mint suspended sales of the silver bullion coins to its network of authorized purchasers twice during the year.
In March 2008, sales increased nine times over the month before – 200,000 to 1,855,000.
In April 2008, the United States Mint had to start an allocation program, effectively rationing Silver Eagle bullion coins to authorized dealers on a weekly basis due to “unprecedented demand.”
On June 6, 2008, the Mint announced that all incoming silver planchets were being used to produce only bullion issues of the Silver Eagle and not proof or uncirculated collectible issues.
The 2008 Proof Silver Eagle became unavailable for purchase from the United States Mint in August 2008.
2009 – 30,459,000 Bullion American Silver Eagles were sold
On March 5, 2009, the United States Mint announced that the proof and uncirculated versions of the Silver Eagle coin for that year were temporarily suspended due to continuing high demand for the bullion version.
On October 6, 2009, the Mint announced that the collectible versions of the Silver Eagle coin would not be produced for 2009.
The sale of 2009 Silver Eagle bullion coins was suspended from November 24 to December 6 and the allocation program was re-instituted on December 7.
Silver Eagle bullion coins sold out on January 12, 2010.
The average cost of an ounce of silver in 2009 was $14.67
2010
No proof Silver Eagles were released through the first ten months of the year, and there was a complete cancellation of the uncirculated Silver Eagles.
Production of the 2010 Silver Eagle bullion coins began in January instead of December as usual. The coins were distributed to authorized dealers under an allocation program until September 3.
In 2010 the US Mint sold 34,700,000 Bullion American Silver Eagle Coins.
2011
According to the USGS’s most recent Silver Mineral Industry Survey, silver production fell to 37 tonnes in October – compared to 53 tonnes year over year (yoy).
In 2011, the United States produced approximately 1,054 tonnes of silver – down from 2010’s production of 1,154 tonnes and down from 2007’s production of 1,163 tonnes.
The US imported 6,600,000 oz of silver for consumption in 2011 – up from 2007’s imports of 4,830,000 oz.
In 2011 the US Mint sold 39,868,500 Bullion American Silver Eagle Coins.
2011 was the first year in which official coin sales will surpass domestic silver production.
Jeff Clark of Casey Research writes “For the first time in history, sales of silver Eagle and Maple Leaf coins surpassed domestic production in both the US and Canada. Throw in the fact that by most estimates less than 5% of the US population owns any gold or silver and you can see how precarious the situation is. A supply squeeze is not out of the question – rather it is coming to look more and more likely with each passing month.”
The US Mint is required by law to mint the bullion Silver Eagles to meet public demand for precious metal coins as an investment option. The numismatic versions of the coin (proof and uncirculated) were added by the Mint solely for collectors.
2012
United States Mint Authorized Purchasers (AP’s) ordered 3,197,000 Bullion American Silver Eagle Coins on January 3rd, the first day they went on sale. That opening day total catapulted January Bullion Eagle sales higher than half of the monthly totals in 2011.
As of January 25th 2012, 5,547,000 Bullion American Silver Eagle Coins had been sold.
Bullion Silver Eagles are guaranteed for weight and purity by the government of the United States and because of this the US government allows bullion Silver Eagles to be added to Individual Retirement Accounts (IRAs).
Conclusion
The twin policies of zero interest rates and the continual creation of money and credit being enacted today, by all governments and central banks, means that the purchase of precious metals is the only way to protect the value of your assets.
“Mark my words, if the interest rates on U.S. government debt truly reflected both the real level of inflation in this country and the rising risk of some form of default, rates would already by sky-high and the U.S. would resemble a massive Greece.” John Embry, Chief Investment Strategist, Sprott Asset Management
Investors are currently risk adverse and mining stocks are not well understood by the general investing public, but at least one thing is going to become very apparent to most - the best way to hedge yourself against inflation could be owning silver.
Junior resource companies offer the greatest leverage to increasing demand and rising prices for silver. Junior resource companies are soon going to have their turn under the investment spotlight and should be on every investors radar screen. Are they on yours?
If not, maybe they should be.
Richard (Rick) Mills
Coin Week Link
By CoinWeek on February 17, 2012 4:21 PM
Here is the latest article from Richard (Rick) Mills – President, Northern Venture Group & host of aheadoftheherd.com
As a general rule, the most successful man in life is the man who has the best information
In World War I severe material shortages played havoc with production schedules and caused lengthy delays in implementing programs. This led to development of the Harbord List – a list of 42 materials deemed critical to the military.
After World War II the United States created the National Defense Stockpile (NDS) to acquire and store critical strategic materials for national defense purposes. The Defense Logistics Agency Strategic Materials (DLA Strategic Materials) oversees operations of the NDS and their primary mission is to “protect the nation against a dangerous and costly dependence upon foreign sources of supply for critical materials in times of national emergency.”
The NDS was intended for all essential civilian and military uses in times of emergencies. In 1992, Congress directed that the bulk of these stored commodities be sold. Revenues from the sales went to the Treasury General Fund and a variety of defense programs – the Foreign Military Sales program, military personnel benefits, and the buyback of broadband frequencies for military use.
American Silver Eagle
Are those obverse milk spots?
The American Silver Eagle is the official silver bullion coin of the United States. It was first released by the United States Mint on November 24, 1986 and is struck only in the one troy ounce size.
The Bullion American Silver Eagle sales program ultimately came about because the US government wanted, during the 1970s and early 1980s, to sell off what it considered excess silver from the Defense National Stockpile.
“Several administrations had sought unsuccessfully to sell silver from the stockpile, arguing that domestic production of silver far exceeds strategic needs. But mining-state interests had opposed any sale, as had pro-military legislators who wanted assurances that the proceeds would be used to buy materials more urgently needed for the stockpile rather than merely to reduce the federal deficit.” Wall Street Journal
The authorizing legislation for the American Silver Eagle bullion sales program required that the silver used for the coins had to be from the Defense National Stockpile. By 2002 the DNS stockpile was so depleted of silver that if the American Silver Eagle bullion sales program was to continue further legislation was required.
On June 6, 2002, Senator Harry Reid (D-Nevada) introduced the Support of American Eagle Silver Bullion Program Act to “authorize the Secretary of the Treasury to purchase silver on the open market when the silver stockpile is depleted.”
2002– 10,539,026 Bullion American Silver Eagles were sold.
2003 – 8,495,008 Bullion American Silver Eagles were sold, silver averaged $4.88 an ounce for the year.
2004 – 8,882,754 Bullion American Silver Eagles were sold. For 2004 the average cost of an ounce of silver was $6.67.
2005 – 8,891,025 Bullion American Silver Eagles were sold. Silver averaged $7.32 an ounce.
2006 – 10,676,522 Bullion American Silver Eagles were sold. Silver averaged $11.55 an ounce.
2007 – 9,028,036 Bullion American Silver Eagles were sold.
2008 – 20,583,000 Bullion American Silver Eagles were sold. Silver averaged $14.99 an ounce and almost 80% more Bullion American Silver Eagles were sold then in any previous year.
The US Mint suspended sales of the silver bullion coins to its network of authorized purchasers twice during the year.
In March 2008, sales increased nine times over the month before – 200,000 to 1,855,000.
In April 2008, the United States Mint had to start an allocation program, effectively rationing Silver Eagle bullion coins to authorized dealers on a weekly basis due to “unprecedented demand.”
On June 6, 2008, the Mint announced that all incoming silver planchets were being used to produce only bullion issues of the Silver Eagle and not proof or uncirculated collectible issues.
The 2008 Proof Silver Eagle became unavailable for purchase from the United States Mint in August 2008.
2009 – 30,459,000 Bullion American Silver Eagles were sold
On March 5, 2009, the United States Mint announced that the proof and uncirculated versions of the Silver Eagle coin for that year were temporarily suspended due to continuing high demand for the bullion version.
On October 6, 2009, the Mint announced that the collectible versions of the Silver Eagle coin would not be produced for 2009.
The sale of 2009 Silver Eagle bullion coins was suspended from November 24 to December 6 and the allocation program was re-instituted on December 7.
Silver Eagle bullion coins sold out on January 12, 2010.
The average cost of an ounce of silver in 2009 was $14.67
2010
No proof Silver Eagles were released through the first ten months of the year, and there was a complete cancellation of the uncirculated Silver Eagles.
Production of the 2010 Silver Eagle bullion coins began in January instead of December as usual. The coins were distributed to authorized dealers under an allocation program until September 3.
In 2010 the US Mint sold 34,700,000 Bullion American Silver Eagle Coins.
2011
According to the USGS’s most recent Silver Mineral Industry Survey, silver production fell to 37 tonnes in October – compared to 53 tonnes year over year (yoy).
In 2011, the United States produced approximately 1,054 tonnes of silver – down from 2010’s production of 1,154 tonnes and down from 2007’s production of 1,163 tonnes.
The US imported 6,600,000 oz of silver for consumption in 2011 – up from 2007’s imports of 4,830,000 oz.
In 2011 the US Mint sold 39,868,500 Bullion American Silver Eagle Coins.
2011 was the first year in which official coin sales will surpass domestic silver production.
Jeff Clark of Casey Research writes “For the first time in history, sales of silver Eagle and Maple Leaf coins surpassed domestic production in both the US and Canada. Throw in the fact that by most estimates less than 5% of the US population owns any gold or silver and you can see how precarious the situation is. A supply squeeze is not out of the question – rather it is coming to look more and more likely with each passing month.”
The US Mint is required by law to mint the bullion Silver Eagles to meet public demand for precious metal coins as an investment option. The numismatic versions of the coin (proof and uncirculated) were added by the Mint solely for collectors.
2012
United States Mint Authorized Purchasers (AP’s) ordered 3,197,000 Bullion American Silver Eagle Coins on January 3rd, the first day they went on sale. That opening day total catapulted January Bullion Eagle sales higher than half of the monthly totals in 2011.
As of January 25th 2012, 5,547,000 Bullion American Silver Eagle Coins had been sold.
Bullion Silver Eagles are guaranteed for weight and purity by the government of the United States and because of this the US government allows bullion Silver Eagles to be added to Individual Retirement Accounts (IRAs).
Conclusion
The twin policies of zero interest rates and the continual creation of money and credit being enacted today, by all governments and central banks, means that the purchase of precious metals is the only way to protect the value of your assets.
“Mark my words, if the interest rates on U.S. government debt truly reflected both the real level of inflation in this country and the rising risk of some form of default, rates would already by sky-high and the U.S. would resemble a massive Greece.” John Embry, Chief Investment Strategist, Sprott Asset Management
Investors are currently risk adverse and mining stocks are not well understood by the general investing public, but at least one thing is going to become very apparent to most - the best way to hedge yourself against inflation could be owning silver.
Junior resource companies offer the greatest leverage to increasing demand and rising prices for silver. Junior resource companies are soon going to have their turn under the investment spotlight and should be on every investors radar screen. Are they on yours?
If not, maybe they should be.
Richard (Rick) Mills
Coin Week Link
0
Comments
That's one of the reasons I don't think the Gov't will ever "recall" gold again. It's a Good idea for folks to have some gold and silver...
no one, with even one coin, ever died broke
Liberty: Parent of Science & Industry
A fair statement...It would be complicated to do a confiscation of ase's and age's since they are issued US coin, not that US issued gold coin has never been recalled ala 1933. Still, though, it would be complicated and likely end up like the original recall in that folks would keep their US issued gold coin. That's why many of us have such nice pre-'33 collections, not many folks turned them in. When you think about it, there was a depression during the first recall and one could wage a fair argument out of being in a similar situation right now. In both cases, the public had access to gold coinage.
So, who are some junior silver miners that the article is talking about? I guess most folk here are familiar with the big boys, but who might be one of those pickable juniors...any picks out there?
Got SILVER?
Knowledge is the enemy of fear
Is there enough production and enough reclamation to do that?
I knew it would happen.
World production of silver 2011 (2010)
World production of the precious metal gray rose again in 2010. silver, unlike gold, has seen its production increase since 2003. This difference in production between the gold and silver is not a coincidence, but the geology and history of their production.
I. World production of silver.
World production of silver in 2010 was 22,200 tons, 713 million ounces of silver (one ounce is equal to 31,103 grams). Silver production increased by 1.8% since 2009, of 59.7% since its low in 1994 and 161.9% since 1968. Gold production increased by 8.7% since 1994 and 70% in 1968.
World production of silver in 2010 has naturally increased with the increase of the combined production of copper, zinc and gold. I remind you that over two thirds of the production of silver is not from primary silver mines, but mine bi products that produce zinc, copper, lead and gold. The increase in simultaneous production of production of copper, zinc, lead and gold has mechanically lead to increased production of silver in the world
II. World production of silver by country.
Peru remains in 2010, the first world producer of silver. Silver production in Peru was 123.7 million ounces in 2010, it drops by 1.3% compared to 2009. The first silver mine in Peru has produced 14.9 million ounces, is a copper mine which also produces silver (12% of silver production in Peru). The second silver mine in Peru produced 10 million ounces (8% of silver production in Peru) and the third 8.6 million ounces (7% of silver production in Peru). The first three mines produce a quarter of the country's silver, the rest is taken by more than 140 mines.
Mexico is the second largest producer of silver in 2010, production declined slightly from 114.1 to 112.5 million ounces of silver. The first silver mine in Mexico produced 35.9 million ounces of silver in 2010, one third of the country's production and 5% of world production of silver in 2010: the second mine to silver in the world. The mine also produces the silver, gold, lead and zinc.
China (No. 1 zinc, lead and gold), the third largest producer, has a silver production continues to grow in 2010, from 93.2 to 96.4 million ounces of silver. The largest silver mine in China (limited information available, so no guarantee) is also a wealth of zinc and lead and is only 4-5% of national production and 0.6% of world production.
Australia (No. 2 lead and gold) is the fourth largest producer of silver with 54.6 million ounces of silver produced in 2010. Australia has the largest silver mine in the world, c is a zinc and lead mine, which produces more silver. The first silver mine in Australia produces two thirds of the silver the country is 5.2% of world production of silver.
Chile (No. 1 copper), is the fifth largest producer of silver with 48 million ounces of silver produced in 2010. The first silver producer in the country is the world's largest producer of copper. It extracts a quarter of silver production in Chile.
Russia is the sixth largest producer of silver in the world with 45 million ounces of silver produced in 2010, one third comes from a single mine that produces gold with silver.
Bolivia is the seventh largest producer of silver with 43.7 million ounces of silver in 2010. The main silver mine in Bolivia has produced 6.7 million ounces of silver in 2010.
The USA is the eighth silver producers in the world with 41.1 million ounces of silver produced in 2010. The first U.S. silver mine which is located in Alaska is also the eighth silver mine in the world. It represents 17% of the silver from the U.S., it also produces zinc and lead.
Poland is the 9th largest producer of silver with 38.5 million ounces of silver. Polish production of 100% silver comes from one mine, a copper mine ...
Of these nine countries, the only national champion that produces only the silver in Bolivia. For all other silver producing countries, the largest silver mines produce all at once copper, zinc, lead, molybdenum or gold.
Two-thirds of silver production is not derived from primary silver mines, but mine bi-products that produce silver with copper, zinc, gold, lead, molybdenum, or even of uranium (in Australia). It is for this reason that the future of silver production depends half of the production of zinc and copper. While the price of silver is often put in parallel with that of gold, its production, it depends primarily on the production of zinc and copper. The peak production of silver will probably happen at the same time as copper and zinc. At that time, probably, the silver will catch up sharply behind the gold. Its ratio back then, at least at one of the great era of bimetallism before the gold standard and the end of bimetallism, the ratio was 15...
Dr Thomas Chaize
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Travelog - 20in20travels.com
The fact that so small a percent of the populace owns these may eventually lead to cries of "unfair" from those who did not acquire PM's when relatively inexpensive.
<< <i>The fact that so small a percent of the populace owns these may eventually lead to cries of "unfair" from those who did not acquire PM's when relatively inexpensive. >>
Life is not fair... I do not see any effect on silver or gold ownership from such bleating of the masses who neglected to diversify enough to own PM's. Cheers, RickO
BSTs with: Coll3ctor, gsa1fan, mkman123, ajbauman, tydye, piecesofme, pursuitofliberty
Travelog - 20in20travels.com
<< <i>Im still a young guy but I'm worried about the entitlement aspect of my generation. Guys I graduated with were expecting jobs with expense accounts, cars, etc... Ive never ceased to be surprised... >>
I wish you luck. Your generation is screwed. I have a 13 year old son and I feel sorry for him. there are no jobs. They went overseas. Everyone wants something form the govt and meanwhile we are all losing our freedoms. Have you ever read the Patriot Act ar the ADAA ( American Defense Auth Act) Scary stuff. Get educated.
<< <i>
<< <i>The fact that so small a percent of the populace owns these may eventually lead to cries of "unfair" from those who did not acquire PM's when relatively inexpensive. >>
Life is not fair... I do not see any effect on silver or gold ownership from such bleating of the masses who neglected to diversify enough to own PM's. Cheers, RickO >>
I fully agree. Be prepared. Give up a few inches on that widescreen and buy some PM's.
It's the govt I don't have faith in.
I wish you luck. Your generation is screwed. I have a 13 year old son and I feel sorry for him. there are no jobs. They went overseas. Everyone wants something form the govt and meanwhile we are all losing our freedoms. Have you ever read the Patriot Act ar the ADAA ( American Defense Auth Act) Scary stuff. Get educated.
You know who I feel sorry for? people who believe the above.
"your generation is screwed" really? the whole generation? gosh
"there are no jobs" None at all? wow, this does not conform with the reality of the hundred million plus existing american jobs
"they went overseas" they did? all of them? do you really want to have one of the jobs that went overseas? you've set your sights on a factory mfg job or call center job?
"Everyone wants something form [sic] the govt " Really? everyone? including you and me? I don't, for one, so therefore the statement is false
"we are all losing our freedoms" Really? what freedoms are those? to launder illegal money? to communicate with terrorists? to traffic guns and drugs? to fly with explosives? I'm really curious what specific Liberty you lost that you are referring to. Or is it just sensational hyperbole? Sincere question.
Liberty: Parent of Science & Industry
<< <i>
I wish you luck. Your generation is screwed. I have a 13 year old son and I feel sorry for him. there are no jobs. They went overseas. Everyone wants something form the govt and meanwhile we are all losing our freedoms. Have you ever read the Patriot Act ar the ADAA ( American Defense Auth Act) Scary stuff. Get educated.
You know who I feel sorry for? people who believe the above.
"your generation is screwed" really? the whole generation? gosh
"there are no jobs" None at all? wow, this does not conform with the reality of the hundred million plus existing american jobs
"they went overseas" they did? all of them? do you really want to have one of the jobs that went overseas? you've set your sights on a factory mfg job or call center job?
"Everyone wants something form [sic] the govt " Really? everyone? including you and me? I don't, for one, so therefore the statement is false
"we are all losing our freedoms" Really? what freedoms are those? to launder illegal money? to communicate with terrorists? to traffic guns and drugs? to fly with explosives? I'm really curious what specific Liberty you lost that you are referring to. Or is it just sensational hyperbole? Sincere question. >>
Well, I went overseas for better pay and more opportunities. Im a Seismic Geophysicist (subsurface imaging) and with the recurring ramifications from a number of the sanctions in the Gulf due to the Horizon spill, more work (and better pay) is overseas. But I'm in a niche industry. As for the other jobs, there is, and has been, a shift in where the dominant workforce is. Decades ago it was industry and mfg... Tomorrow it will change in order for the USA to keep ahead of our competition.
I don't think we are screwed, however we do face difficulties that are different, not necessarily worse, but different than generations prior. Its is going to be interesting to see how we as a generation define ourselves in the difficult times that lay ahead. Look at the 1930-50's, I swear my grandma was so tough she ate nails for breakfast... They made it through the worst economic time in the last who-know-how-long. We will get through, but how we look on he other side is going to be interesting.
Again, I don't think everyone wants something from the govt, that is an all inclusive term. I do believe that there is a large portion of my generation who feels like it is their right to drive some snazzy new car, have an iPad, iMac, iPhone, etc. But is it everyone? Of course not. Does/Have every generation been in the same place of wanting more than the generation before? I hope so or there wouldn't be progress. Is it our right to have that? Hell no, it is a privilege to be able to earn that...
I don't remember who said it (I think Ben Franklin) but I tend to agree. "People willing to trade their freedom for temporary security deserve neither and will lose both"
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Baley, "terrorists". What is a terrorist? I think you would be very surprised how that word is defined in the ADAA. The occupy Wall Streeters met the definition. The ADAA allows the military to detain anyone on US soil without due process indefinitely. Be very careful about allowing the govt to "increase your security".
That you don't know what you've got
Till it's gone
I knew it would happen.
<< <i>
<< <i>Im still a young guy but I'm worried about the entitlement aspect of my generation. Guys I graduated with were expecting jobs with expense accounts, cars, etc... Ive never ceased to be surprised... >>
I wish you luck. Your generation is screwed. I have a 13 year old son and I feel sorry for him. there are no jobs. They went overseas. Everyone wants something form the govt ... >>
I get this from my younger relatives. One recently landed a very good job. He said he had eight bad years and now one good year. I nearly grabbed him by the collar, "eight bad years?" Your dad paid for your schooling, the whole eight years (yes 8) of undergrad. You had a car for the last five, paid for by dad. You enjoyed excellent health, while your brother had to drop out of school due to medical problems. You had decent clothes, most of latest gadgets, and you call those bad years?
So yes, there is a sense of entitlement. As for screwed, I tell them that they are going to see great things in the future. The young generation will likely live to 120 or 150 if they want to and have just a bit of good luck. Some will get the chance to leave the planet, again, if they set their minds to it.
Yes, there are problems, but there are always problems. As I have often written, Chicken Little is always with us. Always telling us that the sky is about to fall. This has been true for the last 40 years. Doom and gloom, followed by more doom and gloom, one problem behind us, two problems in front of us. I feel sorry for young people that have fallen under the Chicken's spell. There is hope though, I fell under his spell as a young person and it drained much of my life away because I believed the chicken sh*t. Today's problems may be more serious, or less serious, read some history to get some perspective. As for being screwed, there are always those that find a way to enjoy life, and those that no matter how much wealth they have, find a way to think they are in the dungeon (eg: my relative who thought his last eight years were bad years, even though he enjoyed good health and no lack).
There is a song out, about wishing to be a billionaire. For many youth, that is the size of their dream to be in the top 3000 people in the country, the top 0.0001%, and if they don't make, they think it is bad times. Even those very few that do make it, often find out that it isn't all that.
Enjoy life. It is precious. Get out of the proverbial bunker and feel the sun on your face. If someone has enough time and money to post on this forum, it ain't that bad. Yes, take out some insurance in the form of some hard assets, but this idiocy of listening to Chicken Little's all day and night is unhealthy and is of no use to anyone. Even if the Chicken is right what use is it to you? There was a big time guy in Barrons predicting World War III in five years. Do you think anything you can do will be of much use when biological, chemical and nuclear weapons are going off all around the planet, and world trade between countries grinds to a complete halt? Where will you go when the U.S. is wiped off world maps? When much of the country becomes uninhabitable? When 25% of the population is dead or seriously ill from deadly viruses?
Very well said
Liberty: Parent of Science & Industry