People who bought silver a few years ago have been congratulating themselves. An ounce of silver that was then valued at $7.00 is now worth $33.00. A couple of weeks ago, it was worth $50.00.
Silver investors are divided in opinions of silver’s future value. Like separate herds of stampeding buffalo, they are racing off in different directions.
Some think the recent drop is a buying opportunity. Others believe it’s a signal to sell. A few avail themselves of complicated “hedges” to protect themselves from decreases while simultaneously profiting from increases. Those who own mineral rights and silver mines are expanding production.
Those in each herd congratulate themselves on the brilliance of their decision as they thunder forward on their diverging paths. Vanity has become so indistinguishable from rational analysis as to be at one with it.