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What Happens To Gold And Silver Next? Look Out Below?

 
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Pillar of the Community
United States
4742 Posts
 Posted 04/01/2013  11:02 am  Show Profile   Check barryg's eBay Listings Bookmark this reply Add barryg to your friends list Get a Link to this Reply
Yup, it has certainly dipped a bit again. When it hit $28 this morning I picked up a roll of 20 Australian Kookaburras. This will go very nicely with the rolls of Britannias and Libertads I have picked up in recent weeks as the silver price has ratcheted downward.

Strangely enough, gold doesn't seem to be following suit, so I have restricted my dip-buying to silver.

The nice thing about buying the dips is that it will continue to work as long as you are buying for long-term investment and not short-term profits. Right now, every dollar silver dips is an excuse to buy more!

My Coin & Currency Collection
(Dansco 7070 and 8100 albums, Proof Type Set, U.S. Currency Type Set & Foreign Bullion Collection)
Pillar of the Community
United States
3787 Posts
 Posted 04/01/2013  11:20 am  Show Profile   Bookmark this reply Add yup7676 to your friends list Get a Link to this Reply
WELL

ima not so sure about dip buying for short or long term, and even less so when the trend is down.

Whats to say silver doesn't come back for longer than one thought or what if you need the money? Everyone has a diffrent time frame.. but then again, still, if you buy at 26 thinking it was a great deal, mind you this is solely an example,, and it goes to 24,,, how is that a great deal if it keeps going lower? Averaging down, in a downtrend is not a great idea, in fact the money being made right now is in selling short silver.

in anycase, a quick thought I do have is- if you are dip buying, I think like Barry is doing, buying the silver coins with prem is a great way to deal with falling silver prices, if I was looking to buy,I would be looking at picking up a box of Pandas, or some sheets. Shop around and look for those silver coins that been carrying that prem to them and grab a deal.

Finally, as Barry pointed out, thus far gold has been holding in tho as I write this from my desk in sold is starting to sag.

and yet, look at the leader of the PMs, palladium. Now theres where one should be buying.

more later, watching a big corn short position thats taking a lot of time.

ps- love you guys, miss you all! nice to be posting on the board, I see a bunch of threads I been missing in the diffrent forums that I want to reply too.
Pillar of the Community
United States
3787 Posts
 Posted 04/02/2013  10:00 am  Show Profile   Bookmark this reply Add yup7676 to your friends list Get a Link to this Reply
As I have been saying, and did say with this original post,,, the longer the move,, it will be resolved and it will be big. ..... and its happening a big move down.

Do not attempt to keep dip buying at this point, you will be underwater and you don't know for how long.

IF you are a dip buyer of silver and gold.. wait for this selling to slow down, I'd say give it a day or so,, but at this point, in a strong downtrend, buying dips will deplete your cash.

Again, I am saying and I personally am against buying the dip.. but if you have too... because I would rather see my friends here getting more silver at lower prices,,, than to be underwater as they average down, which also can be and most times is the kiss of death.

and remember, now is the time to buy high quality silver and gold, don't waste your time with cheap junk silver. you will need the cushion.
Pillar of the Community
United States
3787 Posts
 Posted 04/03/2013  10:55 am  Show Profile   Bookmark this reply Add yup7676 to your friends list Get a Link to this Reply
And yet again silver contiues to slide. But I know you dip buyers who have bought every dip must be doing so well

as I have said over and over, the money to be made is in selling silver. For those of you who cant comprehend "selling" in this context, it is selling short silver and making coin as the price goes lower.

Buying every single dip will be costly for all of you and you wont be happy as the price slides lower from where you bought.
Pillar of the Community
United Kingdom
616 Posts
 Posted 04/03/2013  11:29 am  Show Profile   Bookmark this reply Add starbuxinvestor to your friends list Get a Link to this Reply
7676,

Well I guess I should be buying Canadian Maple Leafs then.
Pillar of the Community
United States
3787 Posts
 Posted 04/03/2013  11:43 am  Show Profile   Bookmark this reply Add yup7676 to your friends list Get a Link to this Reply
Star-

Yes I would if I was buying bullion,, or Pandas etc. Look at the coins that had higher prems.

My only suggestion is to not be too quick to buy the dip. As of now, its not working becaue folks are underestimating how strong this dip is...

so best thing would be to just watch, dont be a rush to buy because cheaper prices will be hand in both silver and gold.
Pillar of the Community
United Kingdom
616 Posts
 Posted 04/03/2013  11:46 am  Show Profile   Bookmark this reply Add starbuxinvestor to your friends list Get a Link to this Reply
7676 I think you missed the joke. Leafs are denominated at $5 versus $1 for ASEs. I realize different currencies.
Pillar of the Community
United States
4742 Posts
 Posted 04/03/2013  11:47 am  Show Profile   Check barryg's eBay Listings Bookmark this reply Add barryg to your friends list Get a Link to this Reply
Well, there is a reason I am not buying any monster boxes and am instead buying a little bit at each dip. Since I'm gambling on silver being much higher in the long term, I'm not going to worry about spending a little too much here and there.

Last year, however, I wasn't as smart. I bought a monster box as silver dropped below $30, only to see it quickly drop to $26 within a couple of days. That certainly hurt...

My Coin & Currency Collection
(Dansco 7070 and 8100 albums, Proof Type Set, U.S. Currency Type Set & Foreign Bullion Collection)
Pillar of the Community
United States
4742 Posts
 Posted 04/03/2013  2:32 pm  Show Profile   Check barryg's eBay Listings Bookmark this reply Add barryg to your friends list Get a Link to this Reply
In other news, looks like gold is finally dropping as well today. I have plans to purchase some if and when it ever goes below $1550, and earlier today it hit $1550.10 before rebounding a little bit. So close! But I'm going to stick by my guns and wait, since if it does hit $1550 it will likely go a little lower and I don't want to buy now and then watch it drop another $50 or so...
New Member
United States
37 Posts
 Posted 04/03/2013  3:57 pm  Show Profile   Bookmark this reply Add veritek to your friends list Get a Link to this Reply
This two-day drop in price was enough to convince me to close out my GLD April 20 puts. Now I get to buy physical with my profit!!

Sold in case there's a quick bounce up in the next few days. Although I still think it will drop some more... but didn't want to get too greedy. And even if it drops... No big deal since I'm buying with money I made on the way down!
Pillar of the Community
United States
3787 Posts
 Posted 04/03/2013  4:13 pm  Show Profile   Bookmark this reply Add yup7676 to your friends list Get a Link to this Reply
as of today, I am selling gold, that is I am short gold.


Gold does have some free air below it pricewise from here and then there are points of support for a bounce.

BTW, the other day someone had posted if proof silver and gold would go down in price, and I did see that it appears the US Mint will be adjusting prices slightly lower so if you are looking for some proofs you might want to check that out.

and I would like to tip my hat at Ver, he sold puts, I am glad to see someone benifiting from lower prices this way, that makes me happy :D I really wish I could impress upon my dear friends here that just because prices are falling... doesn't mean that the only way to benefit is by buying the falling prices, but rather partake in the selling of silver and gold.


Finally, before I get accused that I am talking my book or antigold, that while I do have an open trade in selling short gold, I am LONG gold via GLD and have been since the funds inception.
Pillar of the Community
Canada
834 Posts
 Posted 04/03/2013  6:38 pm  Show Profile   Bookmark this reply Add swrbxxx to your friends list Get a Link to this Reply
This dip has been awesome! Been picking up 100's of oz a day in JM and Engelhard bars (old poured & pressed) and as soon as they come in there out the door from anywhere from 35-60$ a oz. average with no complaints.
Pillar of the Community
United States
4742 Posts
 Posted 04/03/2013  9:56 pm  Show Profile   Check barryg's eBay Listings Bookmark this reply Add barryg to your friends list Get a Link to this Reply
Picked up a 100-ounce J&M silver bar last night. I'm thinking it's time to get a little gold now that the price has dropped below $1550. Perhaps a 100 gram bar or two...

My Coin & Currency Collection
(Dansco 7070 and 8100 albums, Proof Type Set, U.S. Currency Type Set & Foreign Bullion Collection)
Pillar of the Community
United States
4742 Posts
 Posted 04/04/2013  08:29 am  Show Profile   Check barryg's eBay Listings Bookmark this reply Add barryg to your friends list Get a Link to this Reply
I pulled the trigger last night when gold dropped to $1544 on a pair of 100 gram Pamp Suisse gold bars from goldmart (only $19.99 per ounce over spot). I was expecting gold to immediately drop below $1500, but so far prices have remained remarkably stable.
Pillar of the Community
United States
3787 Posts
 Posted 04/05/2013  1:50 pm  Show Profile   Bookmark this reply Add yup7676 to your friends list Get a Link to this Reply
Heres our first bounce from the days of selling. Gold bouncing as well. Plenty of chop here price wise can be expected. For gold there is much price history here in this area where there will be chop and as such I expect narrow range bound trade as the next move begins to resolve. As I stated in this post originally, this big moves, trend changes, take their time to resolve themselves, it is not 1-2-3 and done.

I sold into yesterdays gap down my line short in gold. I would expect a retracement in both silver and gold going foward.. as this has been the case. Remember, just because they both retrace does not take away from the fact that they are still in strong downtrends.
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