I’ve read some things about having to discuss ETF’s with the IRS, which claimed that they came under the heading of “collecting” gold, not “investing” in it. Sure that sounds dumb to US, but who wants to take on the IRS? I don’t have any French ancestors, but once again hunks of bright, shiny gold sound like great mattress-stuffers and better jewelry. Nothing like a bright, shiny 5-Ducat piece, dos y medias, and the occasional Credit Suisse one ounce with the head of Ceres on the reverse from Jordon. Saudi Gaudy is always great…

I’m not buying silver while I watch the odd goings-on in the metal market. I’m still certain enough that I’m right that my holdings sure aren’t for sale for Spot, but any time I don’t understand the game and who the players are I pass until I can figure all that out by observation.

I read a great pair of articles recently about what might happen immediately after the dollar was devalued. One tidbit is the imaginary tale of a man who goes home from a panic shopping trip that day. “Where is all the toilet paper I asked you to get?” his wife asks in dismay. He replies proudly, “Honey, I bought all they had, but when I got out to the parking lot a guy offered me ten bucks for each bundle I had paid $5.19 for! I couldn’t pass up that sort of money, could I?!” Chuckle…at worst the wife would manage to hang the jury.

Nope, my silver isn’t for sale at anything less than the classic ratio of 16:1…and it wouldn’t be for sale for that, either. Anyone who made me such an offer would either be moon-struck, or he would know something very important I didn’t know. It is usually safer not to take people for lunatics.

I think it significant to note that for over a year most of those holding silver would not part with it for Spot. Yeah, I’m up over 50% on all that I bought during a couple of hectic months late last spring (it isn’t easy to find physical silver of known purity that does not carry mintage or fabrication fees) but metal is tricky stuff. Sell on a high and buy on the dip? Well…what if we find, yet again, that no one is illing to sell physical silver then? It’s just a thought, but inflation and deflation both move erratically and unevenly. Another thought is to look around ourselves and see what else is undervalued.

Signature chuckle…but you’ll do better–or at least safer–to listen to Jeff and Doug. I’m just a sweet little old lady who has found over a very long lifetime that in general her analysis is trustworthy, but THEY are Jeff Clark and Doug Casey! What say, guys, shall we hold our successes, dump our losers, and otherwise check this round? Regards, LBT