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 Replies: 5,649 / Views: 461,637 |
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Pillar of the Community
 United States
3789 Posts |
@allspice
not a problem! Glad to be of help, thats been my goal, to help my fellow collectors here get the best possible price and not purchase and then find that prices sink on them.
BTW, I would avoid palladium here as well, I do not like the price action as it broke key levels, better to watch how much lower it goes... if you do want to buy, maybe dip your toes and nibble on a coin or two but I wouldn't do more than that till we have more clarity.
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Pillar of the Community
Canada
746 Posts |
Will do, yup! And thanks for your thoughtful advice, as always!  Yes, palladium is beginning to unravel a bit, isn't it? And after such a nice run, too. Makes sense to wait & see what happens next; perhaps, a nibble...  |
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New Member
United States
39 Posts |
Yup I just purchased some junk silver when silver was at 18.40 an oz. Did I jump the gun? I bought it at spot at 18.40. Just curious on your opinion
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Pillar of the Community
United States
3789 Posts |
Hi tchronis24 Yes, it would have been better to wait, as you can see, silver prices are lower from where you bought at. In fact, its not really a great time to buy as prices drop because you will find- 1- the price drops more than you expected 2- the next time prices drop even more you might become hesitant to buy more. One last thing is this- I have mentioned here before and thats about averaging down. Do not make this mistake. Averaging down in any commodity is a serious mistake and a sure way to find that your asset stays underwater for a very long time, even longer than you expect. If you do decide to buy more, which is entirely your money, your business, then decide whats best for your situation. Again, however, averaging down is a terrible mistake. It would be better to let prices continue to fall and wait until there is confirmation that the downtrend is over and done with. You are not missing anything by waiting. Many many many people have ignored the strength and power of this downtrend. Many people are choosing to ignore how strong and how long a trend can run. Trends are very powerful and they can run longer than you expect or would even believe. Be careful in this current environment in buying gold and silver. Finally, welcome the forum tchronis24, I forgot to mention that!  *edited for adding welcome to new member* Edited by yup7676
09/20/2014 12:33 pm
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Valued Member
Norway
61 Posts |
I just have to add one thing here - while the prices in US dollars have dropped a bit, the same is not true for were I live. Most of the change is for mye case in NOK currency due to US dollar strength vs what it was a couple of months ago. While the drop should have amounted in pure dollars for my part to
Gold: 1000 NOK +/-
Silver: 30 NOK
Platinum: 1000 NOK +/-
Palladium: 650 nok
The drops have been more like:
Gold: 300 NOK
Silver: 10 nok
Platinum: 300 NOK
Palladium: 300 NOK
So all in all, for most people outside Us at least the drops aren't that big as they seem...they have been quite smal actually. Although I have enough metal now, and are currently on looking at US double eagles/St. gaudens coins since I want some of them, and I hold of for more drops in order to buy more, I'm not that concerned as this is a "investment" meant to last at least until I'm 40, and I'm 27 now...so in 13 years a lot could happen. (and; other than buying these coins I would have bought new tv, car etc which I don't need, and lost a _LOT_ more money than because of this drop all due to a belife - I think - that the US economy is so much better/world economy than what I might be)
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Pillar of the Community
United Kingdom
548 Posts |
Just in case this escaped everyone's notice, Scotland rejected independence from the UK in a referendum on 18th September. If they had voted "Yes" this would have created massive uncertainty in the market and probably a short term collapse in the shares price of major British companies. They voted "No", instead.
Any uncertainty that had existed about the economy of the UK in the event of a "Yes" vote has subsided, hence gold dropped to a new low for 2014.
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Pillar of the Community
United States
3789 Posts |
@Demarco Bishop
The Scotland vote really didnt have a bearing on gold's action. Why do I say that? Because for months now, both gold and silver have been consolidating their downtrend for months, way before the Scotland vote.
What we are seeing is a continuation of the downtrend. Scotland breaking from the UK would have zero effect on the global economy or rattle markets and gold and silver would have not jumped higher and out of their downtrend had they voted yes.
Another reason the Scotland voting was a non-event for the globe: The TED spreads did absolutely nothing during all this time, there was no crisis, no panic, no worries on a grand scheme of things.
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New Member
United States
39 Posts |
Yup I appreciate you replying to me and for the advice. Do you think silver may stay relatively steady within the next week or do you see a potential uptrend or downtrend and thanks again for all you do here!
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Pillar of the Community
United States
3789 Posts |
@tchronis24
Not a problem, glad to be of help. My whole thing is to hopefully reach out to my fellow collectors so that their risk is limited in their collections and stacking. I am not nor for stacking. However, I feel if one does this, why not win the game by buying right and minimizing risk.
Silver and gold are in massive downtrends that are in place until they break the downtrend, these trends could run for years and years... and years. The only thing that will negate the downtrend is when price breaks the uptrend. We have zero confirmation of this.
For now, I just see silver and gold is continuing to go lower and stay broken.
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New Member
United States
39 Posts |
Thanks Yup. I appreciate the help and am gonna take your advice. Thanks again for everything
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Pillar of the Community
United States
606 Posts |
yup
Thanks for the posts. Do you see further down in terms of days, weeks, or years?
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Valued Member
Australia
491 Posts |
Our Australia Perth Mint has silver at around AUS$20.40 For a 1oz silver bullion coin it is $29.10 to buy from them & $18.81 to sell to them. Why would you want to buy or sell at these prices? Silver has probably dropped further as I post! Silver is about US$17.40oz Edited by kg5
09/21/2014 10:11 pm
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Pillar of the Community
United States
3789 Posts |
Guys sorry for my delay here in putting up some charts. Ugh I been so swamped with work, its been very busy, beyond busy.'
ANYWAYS-
look, I think we get some sort of breather here in terms of the decline. I think, based on the price action, we continue to get this slow grind down, with lots of chop in between.
No doubt about it, we are in a massive downtrend for now. Expect rallies in price, in other words do not be surprised by big counter trend moves upwards.
However, until we break the downtrend, the downtrend is in full effect. PRices for gold and silver are still down and lower.
I apologize for my delay in putting up charts and discussion of price, I have been so busy here trading. Feel to ask other questions related to the price action.
Whatever you do, if you must buy, only nibble,,,, buying a declining asset is NOT a good thing, prices continue to go, many times lower than one can think that they go go... so again, please be very careful.
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Pillar of the Community
United States
759 Posts |
If I may put it a little differently, trying to call a bottom or top is a losing proposition. If you get it right, you were most likely just flat out lucky. If you want to go long, it is just about always less stressful and more profitable to buy into strength after the trend has reversed rather than buying into weakness. Better to leave 8-10% or whatever on the table and watch your account balance trend up, than take a shot on the way down. It's still looking way too early for anyone who wants to establish a long position.
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Pillar of the Community
United States
3789 Posts |
@onebowl
EXACTLY RIGHT.. for once someone comes out and says what I have been saying along.
Thats been my whole message,, silver and gold are really only buys until the strong downtrend is broken,,, no one can call the top or bottom.
However, seeing that we are on forum where the bias swings towards buying metals no matter what, I mean, if you have to buy, then nibble, tho the clear risk is there that it will go lower.
Good job Onebowl, I agree 100% with your post.
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Replies: 5,649 / Views: 461,637 |
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Posted 09/19/2014 7:45 pm
