I wasn't around during that big dip but have been waiting for a similar price but haven't seen one yet, at least not one that I have been quick enough to act on. I'm a bit wiser now and may be able to phone up a dealer and make an order, I'm too far from a major town to walk into a shop and buy some. Can I ask you fishball where you did get your cheap silver from - the mint, bullion or coin dealer, Ebay?
I got some from SS, some from local dealers and some from online dealers. The mint was still handling the backlog of 1kg/10oz requests and didn't really have stock on hand, didn't want to wait 6 weeks. I don't like eBay in general
For me, research simply makes me more "confident" when others get "nervous" with corrections. Another way of looking at it that reearch has perhaps desensitised me to risk and me more of a risk taker.
I must admit to using ebay to source lots of krugerrands at one stage. 30 plus krugerrands bought in a 6 month period. Admittedly, all from US sellers on US ebay. Obviously I did my homework on buyers credibility and had post made to a domestic US address. I'm definitely NOT using this as a way of promoting ebay. Just that it can be useful at times if the buyer does his/her prior research.
Agree totally For me it's only been the last day or two that the penny has dropped, enlightenment isn't too strong a word I think. The more complex my research has become, the calmer I feel. The last couple of weeks I've been very skittish, wondering if I just potentially blew a load of our savings :/ Now I am confident I have done the right thing, and can calmy watch whatever direction the price cares to take and act accordingly I still need to do a lot more research though, especially I need to figure my exit strategy, although I'm currently thinking I've got a few years up my sleeve to do that. Also need to identify some income producing strategies, and have a few business ideas that I will be following up on in a few weeks after I finish reading the 15 books I just ordered from amazon.com :lol:
I went in last night! maybe like a 5% or less... I was thinking that last night wed see a break-out on the upside.. we are going into the "up season" for silver so im hoping that we will see some up days.. im down already so its looking like a bad short term play.. lucky im long-hauling it.. Dollar cost average.. and consider mints selling out of preferenced items IE: 2012 kooks may not be there by the time the DIP hits (if) Good luck timing the bottom IMO it was $39.80 (US) from the calculations id made.. 1for1
Speaking of the researching phase, I used to be an avid reader of Chuck Butler and was drawn to his Daily Pfennig again today. I reckon he is a guru on currencies. Anyway, he gives a good reason for a short-term correction to the PM complex here with a flight to the USD on the fear or event of a Greek default. We all feel confident that PMs will keep on increasing in price against the inflation of currencies, so as you recent stackers are finding, there are no long-term risks with your purchases of the ultimate safe haven investment. But can you imagine what the US FED will do if there is a rapid appreciation in their currency because of a flight out of the euro? I think we can see here with Chuck Butler's article what the cascading events might be that will see a fall in the POS/POG, followed by a more rapid appreciation as currencies get taken out behind the wood shed and slaughtered in the name of competitive devaluation. Or not. Each to their own.
Now hang on a second,im no expert,i thought that GFC 2 was sposed to make PMs go ballistic?..like "flight to real money" etc etc why are some of you guys saying PMs will drop?...thought GFC 2 was sposed to spook everybody into PMs? dont get it.
During GFC1, the immediate after effect was that PM died. Most likely is due to most investors trying to flee to safety of US treasury bond, no matter how crazy that is, that is the norm of the financial world. Immediately after world economy shows slight stability, PM prices start climbing, because no one wants to park their money into property or shares so only PM was viable as investment, which is why we have the price of gold today. Assuming all else is the same, then the immediate effect of gfc 2 will also be the same.
I think it's important to understand that many others will wait untill the very last moment to move to the safety of PM's. Some of those may get in at an excellent time, others may not. They might (and I'm sure more than a few will) make a lot more in the short term this way, it's all to do with risk/gain If I were younger I'd possibly have a crack at that myself, however I'm a lot more risk adverse than I used to be.
also, what else to buy other than PMs? hate to be left out cold if i only bought PMs and we turned out to be all wrong...since nothing seems to be predictable anymore.
Was waiting for a further dip last night but failed. FAILED. Now it's almost at $40 AU again. FK U SPOTTTTTTTTTTT :lol:
Agreed! When they are dumping all the assets it should force things like the USD up significantly. When you are selling billions if not trillions in shares etc it gets converted into cash, driving the 'value' of the cash higher. It's the response to this (central bank intervention) that will force them into PMs in a large way IMO. It's that time before the big announcements I am waiting for.
Personally I think any repeat of 2008 will do the same thing to the Silver market, that is, a 60% drop in price with gold fairing a little better but still falling like a rock. Maybe not that bad but I would not hope for another GFC if I were you. Of course on the flip side we have Bernanke, he has the ability to make PMs soar. Knowing this I wouldn't be at all suprised if QE3 happens/is happening but is not announced.
AUD falling (trading at US$1.02) is supporting the POS in AUD terms. Hmmmmm.. Ain't it incredible just how resilient the global economy actually is . . . until it isn't. I mean, I would have sworn this week Greece would be in serious meltdown with investors looking to trade their euros for US dollars. Perhaps next week. :lol:
Well it's not actually that resilient, it's only due to massive government intervention that it's still hanging on by a thread. I would say soon, right about the time when the German's finally decide they have had enough of transferring their wealth to everyone else, then it's game over.
I have been keeping a little powder dry in the expectation of GFC II, this last week the weakness in the AUD has me worried, when see a significant economic event, I expect silver to get beaten down to the low 30's USD, the main risk in this is if the AUD drops to .85-.90 USD we will be buying around the same mark. Just my .02c
