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 Replies: 35 / Views: 4,865 |
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Valued Member
United States
223 Posts |
Poll Question
I've become fairly disinterested in silver lately. Done a few small sells in the 10-30oz range. I'm now considering a big selloff of at least half of my stack. Would work out to around 100ozs. I have sold/traded most of my generic bullion and currently have numismatic bullion and alot of commems and sets.
I believe we will be buying in the mid-teens by Christmas. The money could be put to good use right now. I would be looking to buy later.
What would you all do? We've had a little run up and we'r nearing my DCA.
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Pillar of the Community
United States
5820 Posts |
What would you do if silver goes to high twenties by Christmas? But you answer your own question if silver goes down to mid-teens by Christmas.
My crystal ball has been very cloudy lately!
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Pillar of the Community
United States
3789 Posts |
I voted for SELLING.
As someone who makes his living from buying/selling and trading assets and riding trends,I can tell you the best days are for now.
Sell half and raise cash. Lock in profits in something thats in a downtrend. Move on to something else.
Finally, I am going to say something that will probably shock a ton of people and is a VERY HARD concept for 99% of you here to understand. I would be a BUYER of silver and gold at much HIGHER PRICES. I would GLADLY pay up for gold and silver, at MUCH MUCH higher prices. Why?
The reason is simple. I buy high to sell higher. Once this downtrend is over, I will gladly buy because prices will rise higher from where I buy. I am NOT interested how ever, in waiting 10, 20, 30 years. I will make more money by buying assets that are rising while waiting to see what trend emerges in gold and silver.
So again, there is NOTHING wrong in buying high to sell higher.
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Bedrock of the Community
13014 Posts |
Id sit on the things with a strong numismatic premiums and complete the sell of any remaining generic you have that you arent just absolutely in love with.
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Pillar of the Community
Canada
815 Posts |
I would reccomend holding off to sell until you can get what you paid back at the very least, ideally sell once spot is at your purchase price. This is my investment advice to you.
My personal advice is to sell if you feel you want to. I am in a similar boat, but I am switching my silver to gold for a slight fee, all numismatic, and I am "completing" my silver hoard at about 100 ounces, which at my current income level is more than enough IMHO.
I don't know how much you make a year, but I don't think there's any need to have more than 1/10th of your annual income in silver. There are other things you should be investing in, in order to prevent downturns from hitting you as hard as this one has. Follow your heart.
For me, I always wanted a ten ounce bar, and I bought one. I always wanted a kilo bar, and I bought one of those too. I always wanted a tube of rounds, and lucked into a nice SBSS tube at a good price. Now, all I don't have that I want is a 100 ounce bar, and I will save that for my late 30's, or exclusively put my PM investment money towards one until I have it.
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Bedrock of the Community
United States
10982 Posts |
I vote to hold unless you need cash now. 100ozs will only get you a couple grand right now and that's not much unless you really need it. That said, if other things have your interests, by all means have a little fun. You only live once.
P.S. If you really believe silver will drop 30% by mid-December? I'd sell all of it.
Edited by BH1964
10/23/2013 02:29 am
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Pillar of the Community
United States
919 Posts |
If you have sold your generics and have "numismatic bullion and alot of commems and sets" left then I would hold those. The premiums to buy those back will be higher then buying back generics. Also, some may be hard to find if you bought quality the first time. If you still have generic bars and need the money sell those. Those are easy to replace and carry a small premium. If you are selling ASE's I would think about the premium to get back in. Since most pay $3-4 over spot to buy those, silver would have to drop well below $17 to make it worth while. |
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Pillar of the Community
United States
2543 Posts |
Everyone who is sick of hearing downtrend raise their hands ........ Silver hit the 23's mid-April, except for a couple of dips to the high 19's during the mid-summer doldrums, silver has been $21-$23 for 6 months. It's beyond me how people can still post a thousand times on a $2 bounce up and down in silver. After a six month stagnation in price, I think the term " downtrend " just does not apply like it did last spring. For as many forces that are working to keep silver below $30, there are just as many forces keeping it above $20. Two things that Yup always says that I agree with, Quote:
The market will always determine the price Yes it will, the " Look out below " thread was started 2/15, silver was $30/oz, this morning it was $22/oz , 1941 posts later, for all the prognostications for all the ruminations, for all the chicken little fears and bickering, the price has bounced around $8. The OP is talking $800.00. Not a small chunk of cash, but still just a $25 AGE a little more than what you can buy a half an ounce of gold for. Yes a lot of cash but definitely not life changing. My point is , if you need the cash, then sell. Don't sell because you are trying to predict what it will do by Christmas. For every article on kitco that says it is "downtrending" I will find one on Yahoo Finance that says it has nowhere to go but up. If you don't need the cash, then what is the point ? If you just don't want to bother anymore ? Then that brings us to the other thing I agree with Quote:
there is NOTHING wrong in buying high to sell higher. You can always get back in if you want. |
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Pillar of the Community
United States
899 Posts |
I voted sell... but like some have said - I'd sell selectively. There isn't a reason to believe silver will be in the teens... but that also doesn't point to any reason it will be in the 30's anytime soon either. I think it is floating right now about where it is supposed to be - because there isn't anything pushing it lower and nothing pulling it higher. Like denco indicated - it has been floating right about this price range for the last 6 months with no reason to change.
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Bedrock of the Community
United States
36491 Posts |
If you absolutely need the money now you have no choice but sell. If not, hang on tight as there is a storm brewing in the financial markets and you'll be glad you have the silver.
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Pillar of the Community
United States
3789 Posts |
The fact is metals are in a downtrend, a very powerful downtrend.
In a downtrend, it is always common to see counter trends. This happens because price has memory, as an asset moves, it runs into both resistance and support in terms of price.
Currently, gold and silver have locked into this range. This type of range bound trading brings out people like Denco who are mistaken and get confused and have been worn out by this range, they get/are exasperated as to why this is happening and then make the honest mistake of saying that the downtrend is not in place or doesn't matter.
However, what is happening is VERY COMMON. I repeat myself, this is common. Patience is needed here, nothing goes up in a straight line and nothing goes down ina straight line. It is all a process. the back and forth we are seeing in price will be resolved in time. This type of trading in price always brings out folks who decide that its time to either buy or sell because they perceive that nothing is happening. The mistake that is being made is that the overall trend is being ignored.
Therefore, with all authority and assurance I can say we continue to be in a very strong downtrend, that silver and gold are broken and so,,, if you have profits, you should be booking profits.
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Pillar of the Community
United States
2543 Posts |
Quote:
Currently, gold and silver have locked into this range. This type of range bound trading brings out people like Denco who are mistaken and get confused and have been worn out by this range, they get/are exasperated as to why this is happening and then make the honest mistake of saying that the downtrend is not in place or doesn't matter. Here we go again ........ what the heck did you just say, besides nothing? Seriously do you ever get tired of #1, calling me out, but more importantly do you ever tire of hearing yourself talk ..........about absolutely nothing. You have 1200 posts, 1000 of which are in your own thread, professing your authority in telling us what PM's are doing. You have not substansiated any credentials nor have we seen even one coin that you own, much less the thousands of dollars you profess to own in silver and gold coins. Bottom line is, you have been spouting your " authority" and trend following for 7 months, silver hasn't moved out of a $2 range in 6 months. Yet you keep telling us it is "trending". Instead of telling me I am " mistaken and confused " go back to your own thread ,where you have been padding your post count for the last 7 months, and tell us all some more for the next 6 months how silver is going to bounce around in the same $2 range for the full part of a year, but only you have the " knowledge and authority " to tell us " it is common in a downtrend to lay stagnant for a year " Really people six months, six months 1900 posts and silver had done n-o-t-h-i-n-g. But then again what do I know, I am dazed and confused . |
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Pillar of the Community
United States
3789 Posts |
@Denco
what it sounds to me is that you want to muzzle my contributions to the forum.
I dont know why you would even take anything personal about this? I wasnt even trying to say anything mean so I think you need to chill out.
I get this impression that you are really in love with gold and silver (which if you are is your right and I have no problem at all with that) and so it rubs you the wrong way that someone who makes his living off trading would contribute to this board and actually have a differing viewpoint than "yea gold and silver are going to the moon".
I don't expect you to grasp the day to day movements of the markets. But there are others on this board that want to learn and are learning. It is for those people who have no clue and want to be educated about where gold and silver are going and what happens next, thats why I contribute on a regular basis. I have no stake in this at all other than to contribute and help others.
Finally, why on earth do I need to show my coins? To prove what? What business is it of yours what I own and dont.
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Pillar of the Community
United States
919 Posts |
When you call a person out by name you make it personal. I left the site for a few months because of things you said about me being uneducated and unknowing. I had not come here for that so I left. I'm glad I came back, but I just stay away from your silver thread.
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Pillar of the Community
United States
3789 Posts |
and yes, Denco, I am not attacking him but how he talks about the current price action, is very mistaken and is what I expect to hear of individuals who cannot understand why, in a downtrend, prices are bouncing around in a range.
Again, back and forth, range bound trade paints and contributes to an overall picture that will give us answers going forward. These sort of things take time to work out. In fact, it is at the point when someone takes their eyes off the market because it has been "stagnant" or as it properly is termed, "range bound" that eventually a move happens.
I just dont see why you take these things on a personal level. I was not putting you down, you just illustrated a perfect example thats very common, thats all.
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Pillar of the Community
United States
1391 Posts |
Thank you denco7. I don't always agree with what you say but I find your contributions valuable. I think yup is unfairly talking crap and then deals with it in a passive agressive way. Yup, you are the one that needs to chill out. As far as making it personal:
"This type of range bound trading brings out people like Denco who are mistaken and get confused[...]"
That is about as personal as you can make it.
As far as his comment regarding your number of posts, I've thought exactly the same thing.
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Replies: 35 / Views: 4,865 |
Posted 10/23/2013 12:00 am
