Well for what it's worth, the discussion on this thread has convinced me, a PM newbie, to jump in during today's dip. I've been lurking for a while but this is my first post on Silver Stackers. More importantly, I have just made my first ever PM purchase! - 10x 1 oz 2012 Kooks (yeah, I prefer 2011's design but they seem to hard to get your hands on for non-ridiculous prices); - 2x 2 oz 2012 Dragons (yeah, I know the mintages of the 2 oz aren't limited like the 1 oz, and thus they are unlikely to ever become super-desirable, but they are a nice coin to look at and seem to be attracting good premiums, at least on Ebay ATM) A total of 14 ounces at $609 AUD ($43.51 per oz, including premium). I bought from Bullion Bourse, which seems to have decent prices and a good reputation on here. I'm sure I could get cheaper from the members of this forum but I'm new so figured I might as well start building a stack a bit before jumping into trading on here. I live in Canberra, which limits my ability to do F2F transactions (and there doesn't seem to be many bullion dealers/stores here) compared to living in Syd/Mel/Per/Bris etc. It's a real shame the RAM only does numismatic releases rather than bullion - I literally live under a kilometre from it! Spot price at the instant I bought was AUD $36.96, so that's basically a ~$6.50 per ounce premium, which seems high to a noob like me, but I've been following PMs closely for a while and it seems to be the 'normal' thing. Besides, from what I can tell, that premium is recovered if you sell. I've been waiting for several months for it to hit the 36s or less and now it has. During that time I followed this forum, researched PMs in general and got a feel for the lingo etc. I suppose I am somewhat worried that I might have bought too early and today's 'dip' might end up being a plunge back to the low 30s or high 20s, but if that happens I guess I can always buy more. I'm in it for the long haul anyway, not to make a quick buck. I do appreciate though I'll never get the benefit of having bought in when silver was cheap (~$20) a few years ago but oh well, them's the breaks. At least if silver totally collapses I'll have some nice shiny mementos to look at (I honestly feel I will enjoy the collecting aspect just as much as any potential financial benefit). Anyway, nice to 'meet' you all and thanks for all your invaluable advice - definitely a smart bunch of people on this forum even if they sometimes hold radically different viewpoints from each other
Agreed, you don't want to spend everything now in case it does drop. I spent too much my first two months buying Au & Pt and now can't take advantage of a nice Pt dip. Silver the only pm I'm buying currently, but should it drop, I'll buy a but more
Yeah no worries. I have plenty of fiat to spend if it continues dropping (as it probably will), but I'm not the kind of person that really goes all in at once on anything. A couple of hundred bucks now, a couple of hundred bucks next payday (providing the price is still good), and so on. The way I see it, this is just a first purchase to lock in an "OK but not amazing" price, just in case it does bounce off ~36 then head back up. My fear is that, even though silver may continue to drop, the AUD is falling alongside it, which may not actually mean that it gets that much cheaper in real terms. AUD falling back to 70 cents or something would wipe out even a fairly substantial drop in silver. I'm a dual Australian and US citizen actually, but the bulk of my fiat is currently in AUD so I'm worried about its value eroding.
Another noob here, finally bit the bullet and bought my first peice of silver (10oz bar) been a lurker for a while and have been wanting to get onboard. This site has been an excellent source of info.
Haha, a sobering intro to PMs for me. Plummeted last night then looked like it was stablising at AUD $36.90ish ... so I bought at 1pm today or so (see post earlier). Should have just waited a few more hours ... plummeting again as we speak and already lost another $1 (into the high $35s now). Oh well, only 14 ounces bought = $14 lost already. I'll just buy a few less coffees this week lol...
Buy a small amount every 2 dollar drop, it'll cost average out very nicely in the mid term and big time long term!!!
You're entering at a very interesting time, you should learn allot from this without getting hurt. Do not buy now, wait for it to stabalize, should scare dealers into lowering their premiums as well. Be very thankful you didn't blindly follow the permabulls into buying in the 40s, I have a feeling they're going to be quiet for awhile now.
Definitely has potential to do that, this drop is too severe so there'll be a minor upswing pullback.
I think you're right. Seems to be bouncing a bit now. But once NY opens later tonight I doubt that rebound will hold.
Up or down, no matter what someone says, they've got a 50% chance of being right. Not exactly out on a limb odds
I think every ounces count, but I never count mine in the stack, so what if it drop 1 dollar, 5 dollars or even 10 dollars, just buy more. (stackers don't usually buy and sell everydays) official stacker should be 2 grands of ounces, or 4 monster boxes. officially 2 x 1000 oz bars.
