Markets love to climb the wall of worry. There is a lot of worry stiil
MJ
Walker Proof Digital Album Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
Anyone here familiar with what happened to Buffett's venture into the silver market? I know it didn't go well for him, but never heard why. Also, I find it strange that he failed to support the candidate who offered a business-like approach to managing the gov't?
Markets (governments) can remain irrational longer than an investor can remain solvent.
<< <i>Anyone here familiar with what happened to Buffett's venture into the silver market? I know it didn't go well for him, but never heard why. Also, I find it strange that he failed to support the candidate who offered a business-like approach to managing the gov't? >>
Buffet apparently existed silver around late 2005- early 2006. That was about the same time that SLV was starting up and needed 50-75 or more MILL ounces of silver to get rolling. There's lots of conjecture as to why Buffet sold out just as the silver train was getting ready to roll. He claims to have sold out around $7.5-$9.5 while making little to nothing on his 8-10 yr investment. Makes no sense to me while he sold out at those levels just as silver was getting ready to break out to $15 by spring 2006. Anyone who took a 120 MILL ounce position certainly had good info to hang on. I bought silver in 2003-2005 and was smart enough to hang on into April/May 2006. It's very possible Warren gave up his position for other favors to be granted at a future date. Whether SLV needed this silver is conjecture. But where else do you find 50 MILL ounces within a few months and not rock the market? Buffet's buying over several years jacked the market price of silver up $2-$4. The irony of SLV is that it traded upwards for only 10 days in May 2006 before silver peaked at $15/oz....then would correct for the next 15 months. It's possible Buffet sold some of his silver after the peak and realized silver was going to be dead again for quite some time. It makes more sense to me that TPTB found out about his stash and probably suggested he divest himself of it. You don't want one of the world's leading stock investors claiming they hold a "Hunt-sized" position in silver. That's not good for Wall Street. Years later he took the public position that gold was just something you dig up out of the ground, then dig another hole to vault it. A totally useless endeavor. Well, silver isn't all that much different, especially when you have to pay for a vault to house 120 MILL ounces. I'm sure WB had a plan to ride silver much higher. Why he left the market long before that is a good question. If he didn't make out on his silver position, whatever other concessions he was granted probably more than made up for it.
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No recovery and negligible growth have been with us since 2009. That reality is obfuscated by the regime friendly press.
https://www.pcgs.com/setregistry/gold/liberty-head-2-1-gold-major-sets/liberty-head-2-1-gold-basic-set-circulation-strikes-1840-1907-cac/alltimeset/268163
MJ
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
Also, I find it strange that he failed to support the candidate who offered a business-like approach to managing the gov't?
<< <i>Anyone here familiar with what happened to Buffett's venture into the silver market? I know it didn't go well for him, but never heard why.
Also, I find it strange that he failed to support the candidate who offered a business-like approach to managing the gov't? >>
Buffet apparently existed silver around late 2005- early 2006. That was about the same time that SLV was starting up and needed 50-75 or more MILL ounces of silver to get rolling. There's lots of conjecture as to why Buffet sold out just as the silver train was getting ready to roll. He claims to have sold out around $7.5-$9.5 while making little to nothing on his 8-10 yr investment. Makes no sense to me while he sold out at those levels just as silver was getting ready to break out to $15 by spring 2006. Anyone who took a 120 MILL ounce position certainly had good info to hang on. I bought silver in 2003-2005 and was smart enough to hang on into April/May 2006. It's very possible Warren gave up his position for other favors to be granted at a future date. Whether SLV needed this silver is conjecture. But where else do you find 50 MILL ounces within a few months and not rock the market? Buffet's buying over several years jacked the market price of silver up $2-$4. The irony of SLV is that it traded upwards for only 10 days in May 2006 before silver peaked at $15/oz....then would correct for the next 15 months. It's possible Buffet sold some of his silver after the peak and realized silver was going to be dead again for quite some time. It makes more sense to me that TPTB found out about his stash and probably suggested he divest himself of it. You don't want one of the world's leading stock investors claiming they hold a "Hunt-sized" position in silver. That's not good for Wall Street. Years later he took the public position that gold was just something you dig up out of the ground, then dig another hole to vault it. A totally useless endeavor. Well, silver isn't all that much different, especially when you have to pay for a vault to house 120 MILL ounces. I'm sure WB had a plan to ride silver much higher. Why he left the market long before that is a good question. If he didn't make out on his silver position, whatever other concessions he was granted probably more than made up for it.
I knew it would happen.
Knowledge is the enemy of fear