| Author |
 Replies: 29 / Views: 3,582 |
|
Pillar of the Community
United States
3670 Posts |
This does not apply to you guys that sell 365 regardless of the price, as you already know what I am about to say....
Worst mistake one can make right now, is let that voice creep in that says something like....
"Sell now, get what you can, before the bottom falls out and CUT YOUR LOSSES."
You listen to that voice, I SWEAR YOU WILL REGRET IT LATER....
If your so squeamish that you can't stomach a little pullback, then perhaps you have picked the wrong thing to invest in to begin with and need to look to something else. If indeed you plan is to invest and not collect, as the coin collectors simply turn cartwheels in these windows....
Sell now, and you will be sick about early May, and your plans will be set back a year perhaps longer....
My dads late friend Jim who has long since past on from cancer once said....
"I would trade all my money (and this guy was wealthy) to have my health back once again. The patterns are the same how I made it to begin with, I could simply start over and re-build my wealth. But my health, I can't buy it back"
My point it is only money, you can always start fresh if it did hit 2 bucks an oz. and that is just not realistic anyhow, as I would just continue to buy as much as I could and create an immense hoard and wait for it to go back up. And it will not take 30 years to do it this time, like it did in the early 80's, even if that UN-realalistic dip came to pass....
That is the same fellow who I once told a story of here about a trip to Vegas where my dad and his buddies went upstairs in the hotel and found ol Jim watching TV in his boxers, eatin some room service. They asked him why he was not down stairs gambling, an he replied he blew out, fifty grand, blown out! They had been in the hotel for about 45 minutes at that point, lol....
Later he bet 300 at the dog track on the way out on the longest shot dog to try an get it back, and they asked him which dog was his, and he said the one at a DEAD STOP going to the bathroom in the middle of the track....
All the silver hoarders need to come together and buy when they can, and everything else will fall into place. I have my rent covered for the 9th, and it would be real easy to use that and buy a 10 oz. brick, and try and make it back before the 9th, but I choose to be patient and when the money allows, I will add more if the price is still low. I am up to 73 oz. and would love to sell a couple of train sets at the same time and add about 20 oz... Edited by Silverhawk74
12/28/2011 4:07 pm
|
|
|
|
Valued Member
United States
493 Posts |
Definitely, don't jeopardize your health to much clamoring to buy silver by over working yourself or anything. I think most of us should be glad silver is coming down. I've had to hold myself back all year from buying into this train wreck of over pricing. If people want to sell into any kind of silver crash in pricing, I'm all for it. I just don't see the price coming down all that far, like $25, but maybe it will.
|
|
Pillar of the Community
 United States
3670 Posts |
I agree Everything, and at least your smarter than I and been more patient, as I tend to buy in the high times too much.... Look at it like this, if you buy on ebay when silver is at 30 bucks an oz., after shipping or Free shipping you are still paying around 40 bucks an oz., and many of you make that same mistake as I and buy on the bay.... So my point is, most of you got in at 35 or 40 an oz. whether you like it or not if you have in fact been buying on ebay or similar high priced silver stores with state tax on coin, as I have done. And to sell now would be to take a major loss, and that is not smart IMO, unless you need the money to put food in mouths. Then that changes everything, just mark it off as a gamble lost and move on.... Edited by Silverhawk74
12/28/2011 4:13 pm
|
|
Valued Member
United States
264 Posts |
Silver lasts forever, stocks change daily. Day trading during college taught me that the markets were emotion based and had no concerns for P/E. At my age and thanks to my knowledge of metal markets from the steel side, I see silver investing differently than most. The $45 ounce silver market encouraged ebay sellers to offer rare coins that were hidden for years under lock and key. Coins from the Spanish vessel El Constante (sank off the coast of Louisiana) were being sold this summer and I loaded up on them after verifying the seller. Now with the silver market on a down turn, it will be pure bullion trades for me. I am content on waiting for a $20 price before buying again. Go ask anyone in Europe if they would prefer their retirement invested in Gold/Silver bullion rather than Euros. I could not sleep knowing my cash could digitally wash away overnight. |
|
Pillar of the Community
Canada
1502 Posts |
Quote:
Now with the silver market on a down turn, it will be pure bullion trades for me. Agree completely. Most of the rarer/limited edition/commemorative/tending-toward-numismatics pure gold and silver coins are still holding their value even during this dip, but this dip is a perfect buying opportunity for pure bullion coins. |
|
Pillar of the Community
United States
4008 Posts |
Quote:
Day trading during college taught me that the markets were emotion based and had no concerns for P/E. Well, I've never day-traded, so can't claim any expertise there. I have bought and sold in the stock market for 35+ years, though, and have made enough to retire while still in my 50s. The market is an amazingly complex beast. There are literally thousands of factors affecting what happens in it on a daily basis. Emotion is certainly one of the biggest factors but it is by no means the only big one at work. As to PM pricing... yes, we are seeing prices retreat now. This is not at all unusual for this time of the year. Neither is it unusual for prices to spike higher in the April-May time-frame. Buying a little more than I planned to buy now is a strong possibility. I hear the siren calls of Maples, ASEs, and bars...  |
|
Pillar of the Community
United States
1150 Posts |
Now is a time to buy, not sell. Good post.
|
|
Valued Member
United States
410 Posts |
Interesting post, it seems that this is aimed at me. I started buying in August and on average I paid $41.60 per oz. Most of this is in proof coins that I paid spot or less for. These seem to be holding value even as silver prices fall. However, I do have some 90% quarters that I paid $36 per oz for that I'm thinking of dumping. I regret buying them since I have no interest in 90% silver Washington quarters. The problem is that my local coin shops are closed for the week. Do I dump them or hold them in hopes that silver prices rebound enough to break even? Long term I see silver dropping back to about $15 to $20 per ounce. The question is whether silver has another good bounce left before prices collapse? |
|
Pillar of the Community
United States
3670 Posts |
Great call JSH and I almost pulled the trigger on a 2005 proof Eagle this morn at 59.50, but I held off as you mentioned those proofs hold their value reeeeaaaal nice. My local dealer will not let them go for less then 80 tax an all, and provident will not even budge below 65 on them, so you can actually find better proof deals on ebay right now, just around 60 even.... I say go ahead and move the 90%, especially if you are not happy with it, as I don't buy 90% either. That does not mean I wont one day, it is just that I like nice premium items, and a simple ASE or Phil Harmonic is about the cheapest items I allow into the collection. Everything else is sealed bars, or high premium proofs, burnished eagles or something along those lines.... If you can get a good deal on the 90% quarters, and convert them into some better silver, I say go for it.... |
|
Pillar of the Community
United States
4008 Posts |
Quote:
Long term I see silver dropping back to about $15 to $20 per ounce. For the life of me, I cannot see any terrific financial, economic, or political news coming down the pike in 2012 that would justify this. We still have: a HUGE debt; politicians with no courage to face reducing spending or our debt; a sickly economy; minimal job formation; Europe flailing; Japan flailing; and China, Russia, India, and Brazil starting to flail. If there really IS some good news out there, LET'S HEAR IT! The case for silver is still fundamentally strong. I suppose that if industrial consumption were to collapse, that would lower silver prices. Only problem there is that about 70% of silver production is via recovery from base metal processing. With a sick economy, less base metal production would occur and that would reduce the amount of silver produced. Perhaps that reduction in silver production would be enough to hold prices steady... hard to say for sure. There would be some sort of balance there, though. |
|
Valued Member
United States
410 Posts |
Ed_B: 2012 is not long term.
|
|
Pillar of the Community
United States
4008 Posts |
Quote:
Ed_B: 2012 is not long term. So, please enlighten us as to what IS long-term in your lexicon. A lot of the conversation here shows that people are thinking in terms of weeks and months, sometimes even in just days. For me, long term would be 3-5 years but not everyone thinks the same way. |
|
Pillar of the Community
Canada
1502 Posts |
Quote:
please enlighten us +1 always open to be convinced one way or another, but so far the "silver is in a bubble" camp haven't provided an ounce, pun stumbled upon, of solid support save for references to convenient points in history that don't apply to today's environment anyways. Quote:
We still have: a HUGE debt; politicians with no courage to face reducing spending or our debt; a sickly economy; minimal job formation; Europe flailing; Japan flailing; and China, Russia, India, and Brazil starting to flail. If there really IS some good news out there, LET'S HEAR IT! well said! |
|
Pillar of the Community
United States
2168 Posts |
I wouldn't sell now unless it was the last thing I had and needed basic living needs. My silver was purchased for the long haul. I just can't think of anything else to replace it with giving me security (any PM for that matter) I will just hold tight for the ride
|
|
Pillar of the Community
United States
4008 Posts |
A lot of us are in that same boat, Angel, and there's nothing wrong with that. Those who buy, sell, and trade silver or gold can make money doing it and that is fine if that's what they want to do. Anything that increases the liquidity in the PM market is a good thing, IMHO. If we want to be buying small amounts of PMs on a regular basis, someone HAS to be selling or we might not be able to buy any. In a lot of cases, it is the people who are always buying, selling, and trading who provide the opportunities for us to buy. It does not bother me a bit if they make a little off of my buying.  |
|
Pillar of the Community
United States
2168 Posts |
I agree. Anyone can do as they like. I guess when in an upswing,I don't sell for the thought that it will keep going up and I will just have worthless paper. That is how I feel about the fiat currency. I feel safer with the PMs and the fact that they will never be worth less than face! During some of these upswings in price I searched halves for face price silver to make up for some of the greater cost! Lucky to find 19 silver halves!
|
| |
Replies: 29 / Views: 3,582 |
Posted 12/28/2011 4:10 pm
