Silver buyers

When I was in first year college,  there was a group of people that went around town buying old silver coins from the residents.   They connected to some enterprising barrio folks, gave them  commissions to help them entice the people to sell whatever silver coin they have.

A distant relative of my mother from Pila-pila came one morning and said “Tiyo,  yung lahat ng iyong baryang  luma ay papalitin nila ng  limang-daan”.   After much convincing,  my parents parted with their isang tabong old silver coins thinking that these had no more value because they were already demonetized.   They thought they got a good deal by getting a five hundred peso  windfall.

I could still vividly remember that very moment.  I was standing at my father’s office table in the middle of our store wearing a baby pink cotton dress.    He was smiling while  holding the empty tabo and the P500 in his pocket.    Ako naman,  meron akong naramdaman na panghihinayang.  Gustong kong bawiin yung coins.  Pakiramdam ko talaga  naisahan kami.  “Pa,  bakit mo ibinigay?  Lahat yun?”   My father didn’t answer,  he just dismissed his young daughter’s gut feel.

The isang tabong coins were silver-na-silver.    Although cheaper than gold,  it certainly could fetch much much higher than what my father got.  And I was 100% sure that the agent pocketed a fat commission.  And aside from her commission,  she even slashed the payment to my father.

This Gold Buying Frenzy that’s happening today reminds me of my parents’ silver coins.     My gut feel tells me the same thing.  Keep whatever you have.  Don’t sell your gold.

I would like to share ohmybuhay reader Jeg’s insights:

Jegsays:

Hello Ms. Annie. ISang short na background.  In 1971, itinigil ng Fed Gov ang gold standard ng pera.  Ibig sabihin nag imprinta sila ng dolyar ng walang backup ng ginto ganito na rin sa lahat ng bansa.  This allowed the economy to develop at a very fast phase.  Fiat currency ang tawag dito.  Never in the history of the world that a fiat currency did not collapse.  NOw they are planning for a new currency backed by gold.  the dollar is collapsing because of that Quantitative Easing.  Sinira ni  mr. Bernanke at ng amo nya ang dollar.  They did not allow the free market to correct by itself in 2007-2008 crisis instead they bailed out at inutang nila ang pera ng future generations nila.  Ang dollar index ay nasa down trend ang charts habang ang ginto ay pataas.  To the readers pag isipan nyo mabuti kung ibebenta nyo ang ginto nyo.

Jeg further adds:
Silver is the new gold, kasi wala naman na tayong mabiling ginto other than alahas na over overpriced ang gold content. Ewan ko lang sa bulacan baka meron pa. Silver is very useful these days kasi nasa mga electronics ito kasi magandang conductor at kahit sa mga undergarments (medyas, panty, bra, sando) and medical supplies because of its antiseptic property. Silver is $33 dollars an ounce which is way underpriced. Dapat kasi 1:16 ang ratio ng gold to silver kasi nga ito ang proportion ng supply sa ground-earth. Pero alam ang mga financial institution, minamanipulate nila. Isa na dito ay pagbenta ng paper gold paper silver. Walagn physical metal, papel papel lang. Kaya ayun nagbenta sila ng silver ng higit pa sa pwedeng mamina sa maramingmaraming taon. Kaya ang silver ngayon tumataas ang presyo. Sabi nga pag nag implode ang US economy, ang 33$ na iyan ay magigign $500 in an instance at tataas pa, dahil nga sa ang totoong physical supply ng silver ay mas kaunti sa ginto, these days.