Ask your friends and family if they know the price for an ounce of silver. Would they have any clue? Do any of them own any physical silver? My guess is they don’t. But they should considering the impending demise of the U.S. dollar.
My family and friends are all pretty much aware of silver now. Of course many of them think I’m an ‘extremist.’ A few did buy and they thank me for it today. Many refused to buy no matter how compelling my arguments were. They thought it was ‘too risky.’ Yeah…what isn’t?
I’d really like to see someone do some on-the-street research on this. Ask the average Joe and Jane if they own silver, or if they can guess the current price or even close to it. Again, my guess is that they’d have no idea. I also maintain most Americans own little or no silver. They’ve been too paper-trained all of their lives. REAL money–gold and silver–is seen as something weird, archaic and odd. It makes them uncomfortable. Paper is familiar. It always has been valuable and always will be. Yeah, sure. Those living in Zimbabwe probably thought the same thing.
As silver continues to skyrocket, there will be few American family silver tea sets magically appearing on the market, because I think most silver has already been sold. So when Americans DO realize their dollars are in danger of evaporating even more in value, they’ll finally flock toward silver. This is why silver is not in a ‘bubble’ no matter how many times the CNBC talking heads tell us it is. Too many are not in. They aren’t crowding the coin shops and buying. Not yet.
When silver first made it’s pop toward $20 a few years back, I went to a coin store while I was on the road in Ohio. What I saw was this: A line…nearly out the door…and people were ALL selling gold and silver. Many held it in their hands. NOBODY was buying. They thought they were smart by dumping ‘at the top’ in hard economic times. This is another reason I suspect most Americans do not own PM. The herd has already dumped what little they had. When the herd returns and starts buying it back, silver and gold will no doubt be at much, much higher prices.