Forget about whether $100 silver is possible — how about $1,000?
Here is the most recent post by our friend Avi. We will be having Avi on our show next week to further discuss his outlook on the markets.
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I don’t know of many charts out there that a bullish investor since 2011 would look at with more disgust than the silver chart. It has been an exceptionally painful experience for those bullishly inclined since 2011. In fact, silver has dropped 70% from its 2011 heights to its recent lows, and it is still not done. But this story certainly has a “silver lining” for those who are willing to be a bit more patient.
On Aug. 30, 2011, I wrote my first public column about silver, which called for a market top in silver with a shorting target of 42.90, and that it must remain below 44.30 for the downside to ensue. Within the same column, I provided a downside target of 26.80 in the futures.
On Sept. 2, 2011, silver futures reached a high of 43.72, and then began a waterfall decline which spiked as low as 26.36 24 days later before a larger countertrend rally took hold. In fact, in my comments to this column, I noted on Sept. 3, 2011, that “we are probably within a trading day or two of a big move,” and my perspective was clearly to the downside, as I was shorting silver at the time. As we now know, silver declined 38% within three weeks. Our analysis, which even identified the level at which silver would target, was within .44 of the bottom actually struck.
Until the early part of 2012, I viewed that region as the potential end of the correction off the 2011 top and was looking for the start of the next bull-market phase at that time. But the setup I was watching was invalidated and caused me to begin looking to even lower levels.
In early 2014, when silver was around the 22 region and investors were getting bullish again, I was warning that we were setting up for a final drop in silver toward the 11-14 region. As we now know, silver traded down toward that 14 region, and we are not yet done with the correction, but in our opinion, we are likely within months of the final low.
The question then becomes what are we looking for once silver does bottom? Well, many of you may have read my analysis on mining stocks targeting 15,000 in the HUI within 50 years. My expectation for silver is no less “outrageous.” Based upon the same methodology we used to identify the tops and bottoms in gold, it is suggesting that silver will be heading toward the $1000 an ounce region within the next 50 years.
The shorter-term pattern suggests that we will be heading up back toward the 40-50 region within the next three to five years, and within the next 15 years, I am expecting silver to be able to increase by 10-15 times the price at which it will soon bottom. This means I would expect silver to exceed the $100 mark within the next decade or so.
So, while many may view these types of projections as only being able to benefit their children or grandchildren due to the longer-term time frame, silver is still presenting itself as a high-probability bottom within the near term, and likely heading back to the prior all-time highs within the next five years.
So, for those who are rather confident in their ability to survive on this planet for the next five years, you have a nice investment opportunity before you, as it is quite a high probability that silver will be appreciably higher by 2020 relative to where we now reside in 2015. So, let’s take this one step at a time.
silver touched $14.99 today…….not bad………………………clawing back
anybody SHORT SILVER THIS WEEK……..? and make any money?
Listen – $1000 silver could never happen; happen in 1, 5 years or 50 years- Because of silver’s critical use in a myriad of industrial applications AND the fact that it WILL re-enter the monetary system down the road – appreciable prices in dollars terms – is pretty much a no brainer. Patience and perseverance is what is really needed to survive this FUBAR monetary and macro economic malaise we find ourselves in. If you have both of those characteristics you will survive and prosper. Finally, you need to put yourself in a “STRONG HANDS” position- if not- u could ALMOST get to the finish line and lose out at the end because of your over-leveraged or liquidity-demand position you put yourself in. THIS MARKET TURNAROUND IS A MATTER OF ‘WHEN’- NOT IF…….there you now have read – in 30 seconds – what 95% of Americans have no clue about……..oh well, cant save the world and there is no excuse for ignorance…:)
Sure it could happen, SD. Just as an example we only need to calculate the future value of compound inflation to see what today’s 14.72 per ounce of silver would buy in 50 years.
If we merely assume that there will be a half dozen years of ugly inflation and the average compound rate is 9% across the whole period of time then today’s ounce of silver would have a value of 1094.00 dollars in 50 years.
Hell, even if you calculate an average inflation rate of 5% that ounce of silver will be worth almost 170 bucks. And that is without taking into account a couple important factors.
First, silver is being used as fast as it is being mined.
Second: above ground stocks are dwindling
Third: Applications for silver usage are on the rise
Fourth: Silver supply itself may be on the decline in years ahead (if peak silver is true).
Fifth: Silver is badly underpriced relative to gold at this time.
All those other variable plugged into the equation leave little doubt we hit thousand dollar silver in 50 years. But of course we need to keep in mind that everything else will have risen in price too.
What is more important is not the absolute number (like 1000) but rather its appreciation relative to other assets over time. That is what really counts.
A listener is that you or is it really “The Riddler” ??????????????
https://www.google.ca/search?q=the+riddler&biw=1344&bih=722&tbm=isch&tbo=u&source=univ&sa=X&sqi=2&ved=0CCYQsARqFQoTCPPxypnzhccCFcZ_kgod3agJkQ&dpr=1.25
No idea what that means. I am the Listener though. Any more questions?
Listener –
You pretty much nailed it..:)
Cheers man!
Just for fun, here is a handy article (with charts) on the effects of compound inflation to put it all in perspective and show that even small relative changes year after year can amount to thousands of percent changes of time.
For example, during the 1970’s inflation averaged 7.06% per year and the cumulative total was 103% on the decade. Once you start compounding it all though you are starting to talk real money.
The article notes that inflation averaged a mere 3.22% per year for the hundred years between 1913 and 2013. But the compound effect resulted in a change of 2,275% inflation by the time the 100 year period had ended. Yikers!
But that is the past…..what about the future? How high will inflation eventually have to run to exterminate the debts not cleansed after this current period of deflation?
Long Term U.S. Inflation — from InflationData.com
http://www.inflationdata.com/Inflation/Inflation_Rate/Long_Term_Inflation.asp
Here is the compound inflation calculator I am using. Check it see how much an ounce of gold will be worth 50 years hence when you children are happily retired and living off the (gold) insurance nest egg you passed on to them.
This is just for fun of course. So you can’t go wrong playing with the figures. But a fair estimate of golds future value could easily be North of 10,000 dollars an ounce in half a century. And the kids will marvel that “Dad actually bought it for ONLY 350 an ounce back in the day…..and people mocked him!”
Forward Flat Rate Inflation Calculator
http://www.calculator.net/inflation-calculator.html
If I owned property in California, and particularly where you do, I wouldn’t hesitate to sell out before the big quake happens, but you pride yourself on looking into the future and I think you are short sided on this investment. I don’t think you would understand that either. DT
Of course I am referring to SD Marc. in case there is a misunderstanding. DT
Sorry short sided should read short sighted!
Might I also add that because of the water shortage in California industry will be looking to re-establish themselves away from the double whammy, no water and an earthquake fault line that is ready to rupture and if that isn’t enough what about the threat from a tsunami afterwards. Can’t happen you say, just keep pretending because mother nature will not be denied, especially along The San Andreas fault in California. DT
The issue is not whether or not silver is a strategic industrial metal. The issue is what does it take to buy what is needed from the owners of silver. It is a property rights issue and that trumps everything. Government and futures contracts not withstanding.
Thieves are expendable no matter who they are.
The price of any commodity all depends on whether these fiat currencies will survive in the near future, history tells us they have never survived. At some point they will do a reverse split one hundred US dollars for one new continental.
When we talk about the price of anything, we are really talking about two commodities. If silver is quoted at $14.76, it is a quote on both silver and the dollar. Without knowing the value of the dollar it’s quite impossible to quote anything for 50 years from now.
Excellent point Bob. Silver could be a million bucks for all we know!
Or quote it in Zim dollars, 100 trillion.
Bob and a listener
Ah, that is why we invest in things like silver – can absolutely NOT BE BASTARDIZED – any fiat currency on earth can AND WILL BE bastardized…its the way of the world and man……….a lot of people just dont get it!!! I am sorry….unbelievable.
Silver has zero liabilities,the same as gold.
The USD has the liability of the Federal Reserve and a few hundred trillion fed notes of liabilities attached to it,a nation without any verified gold to back their currency and an annual debt service load that exceeds their GDP. Largest military in the world backing a nation of debtors extracting the wealth of the world to pay for their schtick.
Silver was the first metal currency and the world operated on a silver standard until the British and Americans destroyed it for their global reign of fiat. We all know how that has served the world.The average life cycle of reserve currencies is 27 years with the monetary system having to be retooled every 30-40 years.
According to a study of 775 fiat currencies by DollarDaze.org, there is no historical precedence for a fiat currency that has succeeded in holding its value. Twenty percent failed through hyperinflation, 21% were destroyed by war, 12% destroyed by independence, 24% were monetarily reformed, and 23% are still in circulation approaching one of the other outcomes.
The average life expectancy for a fiat currency is 27 years, with the shortest life span being one month. Founded in 1694, the British pound Sterling is the oldest fiat currency in existence. At a ripe old age of 317 years it must be considered a highly successful fiat currency. However, success is relative. The British pound was defined as 12 ounces of silver, so it’s worth less than 1/200 or 0.5% of its original value. In other words, the most successful long standing currency in existence has lost 99.5% of its value.
http://georgewashington2.blogspot.ca/2011/08/average-life-expectancy-for-fiat.html
The average length of time for a reserve currency for the last 500 years was 84 years. The USD has been the world’s reserve currency for 85 years. Quoting any commodity for 10 or 20 or 50 years ago is about as meaningful as quoting the price of gold in Zim dollars a week from now.
Bob-
Your site is awesome BTW – but you and your wife already knew that..:) I really think that what people are MISSING is that the world reserve currency is “LIFETIME” is and will be drastically shorter (unless it has some hard asset anchor associated with it)….because of mass communication technology and the inter–connectiveness of our growing marketplace – PUT IT THIS WAY – COUNTRIES KNOW A LOT quicker (as fast as lightening) if a reserve currency country is acting responsibly or reckless …China, Russia, India….etc the “ENDGAME” years ago….now its coming to an end…why because..everybody knows pretty much what every body is doing…it is as simple as that….there are really NO VACCUUMS anymore…..
etc….KNEW…the end game…
Gold’s Amazing Resiliency
By Adam Hamilton – July 31, 2015
Gold has certainly had a rough summer, facing withering selling pressure from record futures shorting. The resulting new secular lows have greatly exacerbated the already-extreme bearish psychology long plaguing this metal. But considering the howling headwinds gold…
Read More »
Thanks Matthew..hope you and yours are having a grrrreat summer…:)
Thanks Marc, likewise. Of course being in Sandy Eggo how could it not be great? 🙂
https://www.youtube.com/watch?v=-pyC7WnvLT4
The drones have been dispatched.
Good article. Thanks for bringing it up Agatha, and thanks for posting it Mattew.
Read this yesterday. Still trying to figure out why he even wrote it. I find it of little value. JMO
Awesome Matthew…just great stuff…I even listened to EDISON Lighthouse…Love GROWWS where my Rosemary goes…just classic!!
Hey for all the married guys..this isnt for you…:)…but you guys got to check out the ARCHIES signing “Sugar, sugar – Top of the popshttps://www.youtube.com/watch?v=549B76uehxo..check out the little honey DANCING in this video…pretty awesome…sorry Al and Cory…I just had to…..hahahhahaha!…AWESOME
There are only two real estate markets in Canada, Vancouver and Toronto, my wife just got back from Halifax and she tells me there are multiple homes for sale and few buyers. I expect a lot of this is because their economy is terrible but government taxes are now so high in that province that most people are having problems holding on to their homes. That is how a socialist society destructs from within. DT
DT:
Any info on how Calgary is holding up?
I am not sure about Calgary but it can’t be good because the lay-offs in the tar sands are increasing and I have just read that Suncor announced a 50% reduction in it’s staff. DT
Chalk this one up on your calendar, August the 6th is the date for the first of about six Republican Presidential debates, it should be more interesting then celebrity apprentice, only this time Donald Trump is the apprentice or is he. DT
Stay away from the TV on that day then!
Silver is a disaster. It is the sh*tiest of all.
Even IF silver gets back to its all time highs in three to five years it still is a sh*tty investment.
There’s no saving silver.
Do yourself a big favor and STAY AWAY AT ALL COSTS
I think you are not alone in that sentiment lately, James. Its part of why the price keeps falling.
That is absurd, James. Silver offers fantastic volatility and that means opportunity. Shitty INVESTORS should “stay away at all costs.”
Those who don’t know how to buy low and sell high should avoid handling their own money altogether. There’s no saving them. Silver will be fine.
🙂 …………….. funny,,,, concerning the handling of their own money…..
It is not funny Frank. Not even slightly. The last refuge of the gold pumpers is to say we should play the volatility. That is what they say when the investment itself no longer earns a profit or makes a gain anymore.
Since gold and silver have been in a multi-year bear market there is no longer any reason for ordinary citizens to buy as there is no capital appreciation to be earned and no coy speculative premium to bask in.
What Matthew is admitting (out loud) is that the ONLY way to enjoy precious metals profits is by having the expertise to swing trade the daily rise and fall in prices.
That can only be achieved if you are a pure trader on an electronic platform. That means derivatives and paper trades by the way. So in effect what he is really saying is that buying physical metals is only for Donkeys and fools…..and that paper trading is the only way to profit.
At least he finally admits it. Physical is a losers game. Thank you Matthew!
Not true. You can trade the hourly (or lesser) chart or the daily, weekly, monthly or even quarterly. Preferably all of them. Those who don’t want to trade much should buy physical into weekly and monthly chart weakness (and sell into weekly and monthly chart strength).
One thing that’s wrong with your approach, Bird Listener, is that you expect all types of investors to nail every low. For example, if I were to say that silver is a buy on Monday and it went lower on Tuesday, you’d be doing cartwheels like daffy duck while squawking that I was wrong. If my intention was to accumulate silver for a long term position, you’d be wrong to act that way, however, if I were trading the 5 minute chart you’d be justified. The problem is, you don’t even consider the differences when someone gives an opinion.
So, BL, looking at the daily chart of silver, is it a buy or a sell right now?
That is an amazing rationalization. Good thing I was here to wake you up and call you out on the silly things you write. Like this comment you wrote to James earlier today where you said:
On August 1, 2015 at 9:19 am Matthew says:
“Silver offers fantastic volatility and that means opportunity. Shitty INVESTORS should stay away at all costs. Those who don’t know how to buy low and sell high should avoid handling their own money altogether. There’s no saving them”
Please explain again how James can play the “volatility” since he only owns physical silver that was purchased prior to the peak in 2011? How can James make money on those coins and bars by “buying low and selling high” when they are long since paid for and stored in his vault?
The MONTHLY RSI hit almost 90 in 2011. Where did he expect it to go from there? It peaked at 170% above its 55 month EMA. It nearly TRIPLED in less than a year and was rising exponentially. The gold silver ratio was at a two decade+ low. You play that action by selling into it!
Today, it is below the 233 month EMA for the first time in more than a decade and he says to avoid it?! He runs on emotion and you back him up with your ignorance.
Excuse me? Has the price of silver been rising or falling for the last four years?
Ummm…ummmm…..ummmm……
You still did not answer the question about volatility. Cat got your tongue?
I have answered it, you just don’t understand it.
So, again, is silver a buy or sell right now?
I understand perfectly. But until silver actually recovers James is still correct. Your evidence of price bottoming does not prove the actual bottom which can only be known in the rear view mirror anyway.
Commodities meanwhile are still deflating. There is no guarantees whatsoever gold will not fall to the low 800’s or silver below 10 bucks. And both of those price points would represent significant losses off current prices to a buy and hold metals investor like James.
So your criticism is unwarranted and your insult was shallow.
A listener………..you are correct the ORDINARY CITIZEN needs to focus on his weekly pay check………………………………………..the claw
BESIDES………….I HAVE GOT PAST THIS BS……..BICKERING…..everyone has their own different plan…..and combinations there of………………………….the claw.
James has been posting here for 5 or 6 years now Matthew. Almost as long as you. And you know very well that he was almost entirely a buyer of physical silver long before metals hit their peak. Maybe you can enlighten us as to how James might play that “volatility” you mention.
Oh wait….maybe you really mean he should be doing all desktop trades.
So then you are saying that owning physical is not the best idea any more.
Because you cannot make money playing to volatility with physical silver unless you can cover the difference between premiums and discounts on every sale.
Man, that is some wild volatility you are talking about. The swings must be in the dollars per ounce and presumably every trader is in a position to run to the local coin shop as each comes and goes so he can sell high…..
Then run back after a few days and snap it all up again and buy low.
Your comment is ridiculous (but you knew that before you hit send).
Buy weakness, sell strength. You’re welcome.
I am simply amazed at how a smart guy like you puts himself into checkmate with almost every silly comment he writes. Obviously there are few here to challenge your nonsense as demonstrated in your post of August 1, 2015 at 9:19 am. Jerry obviously is not up to it.
Please try to make a better effort next time.
You’re a complete amateur along with James if you’re going to blame the asset and not your own lack of knowledge for your results. It is easy to heap scorn on both of you.
Thing is that James was 100% correct. Silver *is* a shitty investment. And it will remain a shitty investment even years after it recovers since it takes that long to recover all prior losses. And you call me an amateur?
Funny stuff buddy…..most of us here invest for profit and gains. Yet silver is in a four year bear market and it has not stopped falling in value all that time but you would have me believe that only amateurs (like James and I) run away.
Hahahahahaha!!!!!!!!!!!!
The whole damned market turned its back on silver. This is hardly about me smarty pants.
And don’t let me bore you too much but ordinarily we consider an asset that rises in value to be a good investment and one that falls in value to be a bad bet. Let me give you some simple examples since you seem to need help:
*When housing in the US rose prior to 2006 it was a good investment (until the bust).
*For several years now the US equity markets have been going up…that was a good bet
*Between 2001 and 2011 gold and silver were profitable. They were good bets.
*When the Shanghai stock market crashed recently it was bad to be caught in the downturn.
See how this works Mathew?
Stuff that is rising in price is good….stuff that is falling in price is bad (unless you went short before it fell).
Please tell us again about that buy-low, sell-high idea of yours.
James didn’t specify that it was a terrible investment for the last 4 years as you imply (duh, does that really need pointing out???). He said that silver should be avoided at all costs RIGHT NOW, and you agree!
James should have sold in 2011 and he knows it. Is it silver’s fault that he didn’t? Of course not.
It’s apparently lost on both of you that silver is not acting any differently than it always has.
Great avoidance Matty.
But you said he should play volatility. Your exact words were “That is absurd, James. Silver offers fantastic volatility and that means opportunity. Shitty INVESTORS should stay away at all costs”.
For the third time (gee, this is getting exhausting) please explain how James can play that volatility with his hoard of physical precious metals. And try not to fall over yourself squirming out of the trap you fell face-first into today!
HaHaHaHa!!!!
Hey James! Help Matthew out. How are you going to play volatility with physical in a falling market using metals purchased years ago?
I like how you quote me as if I don’t stand by what I said.
As for the rest of you comment, the point is that James should have played the big move by selling and should blame himself, not silver, for not doing so. Now he’s angry at IT instead of himself and thinks silver should be avoided. Silver has a lot more upside than downside from here yet he is advising others to stay away.
You have avoided my question: Is silver a buy or a sell right now based on the daily chart?
“I like how you quote me as if I don’t stand by what I said”.
——
You DON”T stand by what you said. Neither do you understand what you said because you cannot explain it. Walk me through this trade please. Go step by step since I obviously need help.
How is James to play volatility with physical metal he purchased prior to 2011?
Common guys, please!
And please stop blaming the trader. As long as I have read your comments you have always been either promoting precious metals investments or talking up the chart dynamics that point to a rosy future.
I cannot EVER recall you saying to sell or get out of the metals market because it was falling so obviously you did not foresee how deeply prices would decline either.
And thus you are no better than every other buyer of metals that you accuse of making mistakes.
Not even once in all these years do I recall you giving a sell recommendation although you claim to have done so yourself near the top. In fact, the correct advice for anyone who was not an experienced trader should have been to avoid this market until it stabilized.
James said silver is a shitty investment.
For a buy and hold guy that is a fact because he is trapped in a trade that has lost more than 50%. But instead of just agreeing with him you think it better to heap scorn and accuse him of stupidity for not selling.
Well Matthew, everyone who bought and held physical silver since early 2010 is currently sitting on a losing trade today and that is the MAJORITY of metals investors including Al, Cory and most of the people who come to this site.
Just stop and think about what you are writing for once, would you.
Anyone who bought in 2010 had a chance to sell for a great profit in 2011. Like James, you’re a joke!
Nobody is a joke who simply acknowledges the facts about this market. You can dress it up and plaster on the lipstick all you like but it is still a pig.
I agree with your comment about “nobody is a joke who simply acknowledges the facts about the market” Problem arises when one considers that folks look at things differently more often than not. I have found that is what make life really interesting!
Correct. So both of you are jokes for not acknowledging that James screwed up, not silver.
I guess that “screwed up” is one way to put it. But, common Matthew, let’s be kind.
Thanks man.
Al, we all screw up but that is not the point. My point is that James should not blame silver or any other asset for his actions. Silver has always acted the same so he should have avoided it to begin with ten years ago. He now wants everyone to avoid it, not because he cares about them but because he needs to convince himself that silver is bad not his abilities.
You, on the other hand, Al, are getting ready to buy. That is the intelligent thing to do whether you screwed up in the past or not.
It also shows that you are not going to compound a past mistake (not selling high) with a new one (not buying low).
$1000 silver within 50 years sadly likely to be outside the lifetimes of many current silver investors/speculators/stackers.
It is a good sensational number but you need to consider what is the purchasing power of the dollar at that point. At such a time, oil is also likely to be $1000 a barrel.
With a bullish hat on, one might say that silver has been forming a 35 year cup and handle pattern since 1980 (especially if it bottoms near $14 and doesn’t go much lower). With a bearish hat one one might suggest that is could be in a 20 year secular bear market. The truth is probably somewhere inbetween with a chance to get a new silver bull market in the next major dollar down cycle, maybe in 2017-2024. However it seems that the back of silver’s wildly bullish case from 2010-2011 has been pretty much broken and reality is starting to set in. If silver can be replaced in solar panels for instance, that will not help with the bulls’ arguments.
Silver is just going to go up when there is inflation, like everything else.
Another point I think is pertinent with silver. If a new bull market takes a long time to come, one could still consider it was a legacy investment. However silver takes up a lot more space than gold and is less portable and less easy to store. Also it is much less easy and is more expensive to send it by post for instance compared to gold.
Also in Europe it is generally subject to VAT sales tax at around 20% (depending on the country; I am talking about the UK) whereas gold is has not been since year 2000 – gold has been zero VAT rated. (For you people across the Pond, VAT stands for ‘Value Added Tax’ or ‘daylight robbery’ whichever you prefer).
In terms of a long term investment it seems to have many disadvantages with respect to gold. It is simply the volatility to the upside that gives it the attraction of a potential moonshot speculation but then you have to get out at the top. So you needed to get out in 2011 at $49! Whether it is time to buy again now at $15, who knows but if you held all the way down from $49 four years ago you might not have the option. Therefore silver is just a gamble in my view and not an investment.
A Listener,
You are competely correct and totally crushed Matthew’s false premise regarding silver, volatility, opportunity and investing merits. Great job.
Good to hear from you James. Sorry to say but Matthew just cannot back down and he will never admit a mistake. This time he is really talking out of both sides of his mouth though.
On the one hand he insists this is a cyclical bear within a secular bull market for metals and on the other he mocks those who call it what it is (a shitty investment class with a 4 year losing streak) and instead berates them for not playing swing trades. Is volatility really the last refuge of the metals pumpers?
Just when I thought I had finally heard it all. So this is what they promote now that the investment itself is a total loser! I bet day trading is just the idea that will rope in Ma and Pa who are sitting on small single digit annual gains in their normal retirement portfolios.
Look Ma, silver is up…no wait, its down again…..now its up…..come on give me that joystiick Ma and load up some calls….errr no….some puts…….awww gee this game is no good. Its just like the Casino! Come on Ma, lets just get lunch, my back is killing me.
A lot of my friends make a lot of money day trading. I simply choose not to do it at my age. I am just fine and I plan to keep it that way. And part of my being just fine includes owning physical.
James, you’re a joke.
Bird, anyone who knows anything knows that the secular bull is intact SO FAR.
Yeah Bud….because the near 100% retrace in the HUI since 2001 is telling us the gold bull is alive and well. Good luck to you then Mr Chart Reader.
Gold is still more than four times its 2001 price and even the HUI is not “near” its 2001 low. It would have to fall another 60%+ to get there.
Excuse me? Have you seen the long HUI chart. It is indeed almost back to its 2001 lows having lost what…off the top of my head, maybe 87% of its value since the 2011 peak. Boy, that sure is a picture of enthusiasm for the mining sector.
But don’t worry. It will retrace 100% in good time because there is very little holding up what remains of that chart. And where it comes to gold, while it may still be four times its 2001 price that only means it still has a long way to drop.
So I am not convinced by that argument either.
Excuse you? No. The HUI would have drop ANOTHER 68% to hit its low.
The HUI is down 82% since its 2011 high. This is not unusual for a cyclical bear market in this sector.
Common guys let’s keep anger out of this.
Admittedly, Big Al sometimes has trouble keeping it out of his life. But, I do try like hell!
I don’t think anyone is angry here Al. Both of us are on topic and discussing the resource markets. We do however disagree on quite a number of points (everything!). But I think that is par for the course on any discussion board.
Well we agree on that. When I said that you two are a joke I didn’t do so out of anger.
PROLONGED…………again word of the day……………………………..the Claw