Quote

Silver Stock Report "Today, I received word from about 15 of my subscribers that Warren Buffet's Berkshire Hathaway has sold their pile of nearly 130 million ounces silver." (May 7, 2006)

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Quote"Today, I received word from about 15 of my subscribers that Warren Buffet's Berkshire Hathaway has sold their pile of nearly 130 million ounces silver . . .

This is very bullish for silver, because it explains why silver's rise took longer than we thought (Warren was selling), and it also means that there is much less silver above ground than we thought. Buffett's hoard of 130 million ounces no longer exists! Clearly, Warren made a mistake, and he seems to admit it when he says that he sold silver too soon. I always suspected that Warren did not understand gold or silver too well.

. . . Buffett's problem is a pitfall I've worried that my subscribers would fall into. The danger is selling too soon, due to not knowing why you bought precious metal in the first place. For example, what if you sell gold as gold rises to $3000 per ounce, on its way to $30,000 per ounce? Well, between $300 and $3000, you'd make ten times your money. And then, between $3000 and $30,000, you'd give back all your gains, and be no better off. This is why I've personally risked my reputation, by writing "outlandish" articles about how and why gold can rise to infinity dollar per ounce! (As paper money dies.)" (May 7, 2006)