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 Replies: 21 / Views: 3,156 |
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Pillar of the Community
United States
5855 Posts |
Silver has basically dropped to where it was a couple of days ago. If it wasn't "time to buy" then, why would it be time to buy now?
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Pillar of the Community
United States
1454 Posts |
It seems to me that with gas hitting $4 per gallon, this weak "recovery" of ours will surely be choked off, especially if gas remains it this level for long. The last time the Dow began to tank, and some say gas prices played a role in it (along with housing foreclosures of course), silver went from $21 to under $10 and remained in the teens for the next two years while the Dow went from approximately 6000 to 9000 or so.
I can't predict whether or not the market will crash anytime soon, but gas prices effect everything, it seems. Wish I knew the answer. I did just about everything in my power to buy silver from late '08 through '10. When silver spiked above $20, I dropped out, for the most part. I'd love one more chance in this lifetime to get cheap AG before that long predicted ascension into the rarefied stratosphere of $100-500+ silver finally begins and all of us silverbugs become millionaires. :)
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Valued Member
United States
306 Posts |
and that's why PMs are called a roller coaster
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Pillar of the Community
United States
667 Posts |
Like I said in another post be cautious when it comes to buying at his time. Greece could fall of the face of the earth but it is too small to have a hard or long lasting impact on PM's.
While I certainly would not say I knew of or even predicted a fall it was at best expected. IMHO the PM market is a little volatile right now.
I still caution be cautious though gold appears to be the best buy when it hit in the high 1600's today.
Silver is harder to speculate as it really can go either way. I know this sounds like a safe cop out but really it is just to goofy to know where it will be in a month.
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Pillar of the Community
United States
648 Posts |
Profit taking. Manipulation. Volatility. News. Drama etc - I'll be buying/nibbling on the dips. Hold on for a ride.
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Pillar of the Community
United States
1450 Posts |
Looks like things are rebounding tonight. I think it was mostly a combination of end of the month profit-taking and programmed trading. These ups and downs are going to get more frequent and probably more extreme. If there is manipulation(which I personally believe there is)it is getting harder to control and hence larger moves up and down. If you have a weak stomach,you may want to get out now. Otherwise,hang on for a wild ride.
P.S.:I am surprised we haven't heard from Joe!
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Valued Member
United States
223 Posts |
I'm not buying any more than just a couple $s face right now. I picked up $4 face under spot today. I'll wait to see about what direction we might get. If we get under $30, I'll put about $3,000 I've got in reserve into play. If we get to $40 in silver it might just be time to look at my first couple gold pieces.
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Pillar of the Community
Canada
3692 Posts |
Great for me, I almost bought an old lady's husband's collection of CAD silver dollars going into the deal with the morning price of $37. $35 is fine for now, lots of unloading going on in the world. I have my own sell price but I don't want to influence the lot of you. March, however, is always a weird ride. I just hope gold doesn't take off until May.
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Valued Member
United States
100 Posts |
Crazy, crazy day. I was out of pocket (went hunting today) so didn't see any of it and then heard about the big dive on the news coming back from the ranch. Darn, wasn't able to go and buy anymore! :) Earl
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Pillar of the Community
Canada
1723 Posts |
were you hunting bear!? :-)
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Pillar of the Community
United States
4008 Posts |
Quote:
I just wish silver drops to $27.00...... I think I would be selling off my possesions to get as much as I could. Considering just how volatile gold and silver can be, waiting until prices drop to sell your stuff and buy in may be counter-productive. Might be better to sell your stuff now so you have cash on hand to make your gold and / or silver purchases quickly. Just sayin'. Quote:
Silver has basically dropped to where it was a couple of days ago. If it wasn't "time to buy" then, why would it be time to buy now? If there is additional info available now that wasn't available a few days ago, that could be a reason. Lots of things influence the PM prices, though, so it can be difficult to get a clear picture on some of these price moves. One thing I DO know is that CNBC and their stock shills have ZERO idea why gold or silver do anything.  Quote:
Greece could fall of the face of the earth but it is too small to have a hard or long lasting impact on PM's. I would agree with this, MK, right up to the point where Greece does a true default. If that happens, there will be an immediate and massive problem in the EU and US banking sector via all the CDS contracts that would be activated for payment. Not that this is likely but it is possible. It is at times like this that I prefer owning PMs to all other forms of investment. Holding paper money in general and euros in particular at such a time would not be at all good, IMHO. Quote:
Profit taking. Manipulation. Volatility. News. Drama etc - I'll be buying/nibbling on the dips. Hold on for a ride. Very nicely summarized, Trip. I agree.  Quote:
P.S.:I am surprised we haven't heard from Joe! Perhaps after getting burned a few times by commenting and then having the market turn around the next day has tempered his enthusiasm a bit? |
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Pillar of the Community
United States
667 Posts |
I have been a very steady buyer, never too much at one time. For the most part these past few years have proven this to be a wise style. Just imagine those that just had to get on the wagon and bough everything they could at the highs.
I have been cautious lately, with no sound reason other than than the market doesn't make much sense. I mean I have been reading this crap for over 30 years and something - just a little something states it doesn't make sense.
There is something telling me a banner buying period is going to come soon, but who knows I could be very wrong.
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Pillar of the Community
United States
4008 Posts |
Buying a little all the time is a great way to buy into PMs, IMHO. This process is similar to investing in a 401K... a little every month. This way, you tend not to ever buy a lot at the highs or lows but do end up with a low price on the total amount purchased... DCA, actually.
All I can say, MK, is... Trust The Gut! If it is telling you something, you would be a wise man to listen. I also have had similar subliminal messages about various things and have found that it costs me more to ignore these than to go with them. I like playing the odds, so anything I can do to bend those odds a bit in my favor is well worth doing.
Funny that you should mention this, though. I am getting similar gut to brain signals about the US stock market. I have quite a bit of my personal wealth invested there and I am getting THAT feeling once again. The last time I had this was back on July 4th of 2011. Over the next few days I will take some of this capital off of the table and wait to see what develops, if anything. The mid-March through April time frame looks especially precarious for US investors. As always, unknown the future is. We will just have to wait and see what happens. Having more dry powder while waiting looks real good to me about now.
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Valued Member
Canada
491 Posts |
Hmm, very similar feeling Ed and mkfarm. Not really willing to put too much into anything at one time. Seems the market needs to digest the gains lately and anyone putting money into retirement vehicles right now should be very wary.
This latest drop in silver still has some room to move down, especially if the Greeks are smart enough to default. Money will be pulled from everywhere to stem the carnage from something like that, including PMs.
To be a bit more positive the normal 58/60 day cycle on silver has reset the clock so now all we have to do is wait until the end of the month to see what happens. My forecast is for a good upward move in the summer, I know most say the summer is not generally a good time for PMs but I've been playing with dates and reading articles like mad lately. So my sentiment today is that the metals will perform when everyone is busy doing their summertime activities.
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Pillar of the Community
United States
4008 Posts |
Interesting thoughts, Roger. The part about a possible summer rally in PMs is especially interesting. As you stated, that tends to be the quiet time of the year for PM prices. Not sure why this should be so but I have read a number of articles that have mentioned this. As to the Greeks... yes, they would be WAY better off to simply default, get their financial house in order, and go on about their business. The more I study this situation, the more clear it becomes that this is not about the Greek people, although it SHOULD be. It is about preserving the loans made to Greece by the big EU banks. Right now, it is looking as if Greece will default but it will be dragged out as long as possible so that as much money can be extracted as possible. Like jumping into cold water, they would be a lot better off to just do it and stop this 1" at a time nonsense. That only prolongs the misery. Both have the same end result except that less wealth is removed from Greece, leaving them more wealth with which to restart their economy. As for PM prices... I am thinking that we will see them fluctuate for a couple of weeks, perhaps with some nice buyable dips in there, and then move strongly higher in the April-May time frame. No data supports this, so it is just a feeling on my part.  |
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Posted 02/29/2012 5:30 pm
