Silver Price Over $49, Unemployment Up, Economy Down, Sense of Impending Economic Collapse

Silver and Gold prices are up again today in what has been a pretty voatile week so far. More people filed for unemployment and the economy actually shrunk. There seems to be a general sense of impending doom, or at least an economic collapse. It seems more and more people I talk with are aware of the value of precious metals and are holding them in case they "need them".

I believe the awareness of the value the metals hold is a large factor in the rising price. Many people who before would not consider buying silver or gold are now looking to protect themselves. Inflation and hyperinflation is also on more people radar now as Wal-mart and McDonalds have said they will be raising prices.

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• economic collapse
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[kixdirtsevin]

you need to make a video about Ron Paul2021........ he is our last hope.

[CommentaryUSA]

@kixdirtsevin I was hoping for a little sooner :)

[NovusChaoMundi]

What do you think would happen to the metals if the market suddenly crashed? Would the metals hold on or would they fall in sympathy and it still remains to be seen whether or not were going to have a currency crisis ? whats your opinion?

[CommentaryUSA]

@NovusChaoMundi I think if the market crashed, the full faith and credit that is currently backing our dollar, would crash with it. metals would go higher in terms of the dollar. But also I believe the people who were lucky enough to get out would put their money into commodities, specifically gold and silver. People will realize the true value of paper and I believe, rush to put it into real assets. If China reduces their $ holdings by 2/3 then we may be well on the way to a dollar crisis.

[Hoepsakee]

Good to see you back. Long time no vid:)

I'm just wandering, do you personally know people who started investing in PM's lately?

I hope more people are investing, but looking around me over here in the Netherlands, I don't see lots of people waking up. Cheers.

[CommentaryUSA]

@Hoepsakee Yes, I have a friend who said he was going to buy more when it got near $44. Well it got down near there the other day, but I have not talked to him since then so I am not sure if he bought back in or not. Also I know people who are now looking at their jewelry box in a whole different light. There is still a fair share of clueless people out there but I am finding more and more who are starting to wake up. Its getting to where I am not the one initiating the conversation anymore.

[ytgv3fc7]

@CommentaryUSA I think if you check over on channel scrapgoldbusiness who is in Prescott Arizona - he's doing swift business. He makes it clear that no one should if they don't have to, but that people are forced into getting food + gas and are using inherited / earlier-bought gold & silver to do this

[SilverDude7890]

I agree with you, but the average person couldn't give a rat's ass about investing. They are not even complaining about high gas prices. Pilots are buying $1m airplaines cash in their own name. They just say oh well, and keep driving. 4 years ago with high gas prices, people started carpooling and getting fuel efficient cars, not today. The poorest do feel the impact, but for now the middle class does not. There is so much traffic on the highways--ergo nobody is hurting yet.

[eyeswideopennimrod]

You think the coverage of the royal wedding is bad in America, you should try been in the UK right now. Not 1 person i spoke to this last week gives a shit about the royals, but from the media coverage you would think we all love them, how wrong they are, the day they had Diana killed was the last straw for most of us, but it is getting less all the time. Your right about the coming years, silver stackers will have a chance.

[goedeck1]

Was watching Chris Matthews Hardball today; he is so out of touch that when a guest mentioned "tin foil hat", he said 'what does tin foil hat mean?' LOL

[apox2011now]

There is no more silver. That's why people are holding on to it.

Supply is dried up.

50 years of a fake fiat trash system. Talk about backwardation!

When every country refuses the dollar- $1,000,000 paper dollars will be worth zero. There will be nothing on the shelves.

[apox2011now]

need some videos about the nazi SS skull and bones fuckers who have hi-jacked this country. We're run by nazis. Research it. It's hideous.

[apox2011now]

fucktuations awe... fuck it!

[chineechik]

2 problems as I see it. Too much USD being printed leads to inflation. Also, price of oil drives the economy. Peak oil.

[silverexplosion]

When the "rich" guys start buying gold and silver, that will be fun to watch.

[SkeyeSTATION]

Always enjoy your straight-from-the-hip approach and common sense breakdown of the complex market you post on. Any thoughts on the Canadian 3 year outlook from your situation, location, perspective? Stable, iffy, safe?..how far behind in a time line would Canada be behind a quick fall of the U.S. dollar to say 40 cents. Hope this is not looked upon as a stupid question..lol We are all concerned - everywhere. Cheers & Thanks!