This market will test a lot of people, that's what the Fed wants to shake the Gold and Silver Riders off the bull to extend the life of the dying dollar. My advice is keep your pm's and don't look at the price for three years. I am going to sell some of mine when Gold gets to $1650 ish as IMO there will Be another price smack down. If that works I will buy in a lower market then wait my 3 years ignoring markets and take up the gym again and other interests. Knowing my luck the price will go to the moon when I sell Its a personal choice! If you sell and silver goes to $50 - $200 would it bother you. Good luck
Surprisingly though Salty a lot appear it is a biggie. $26 at least has been referenced numerous times as a likely direction over the last few months, yet reading the posts here has spooked far more people than I thought it would. What I'm watching more closely is gold. A break of that $1500 level will really put the cat amongst the pigeons. If I was the arm of the fed and BOE though that is exactly what I'd do. Flip side is they have a good thing going why risk a fracture of paper and bullion which is one reason along with some TA that I expect it to stop at about $26.32. If we break $26 on a close I think we go to the $20 area. Have to suck it up on either, nibble if you can and certainly not panic sell. Those that are really worrying would be better to forget it for 6 months and take up a hobby!
Ive been thinking gold was in for a correction since china & the other countries started stockpiling it I had a gut feeling about the first half of this year for metals & so far its correct.The US trying to dash their hopes of having a gold backed currency . But i think in the end they will just buy more because its cheaper . Not sure anything is going to save the USD .just delaying the inevitable .Or is it going down so the US can buy more wth their freshly printed paper ....who really knows whats happening anymore
^^^ I agree. It's not just Gold that the Chinese are buying up in large quantities.... they're buying more everything. In quanties greater than they consume normally. Farmland, Coal, Iron Ore, Cotton, Wool,... Cotton-Wool, you name it. It's just natural selection at work. If anyone knows how to prepare for the bad times during the good, it's the citizens that actually survived communism... the Russians & Chinese. They're just doing what's in their genes. Those that didn't have the preparedness genes aren't around anymore.
I can understand someone being impatient and saying it's time for them to bail on silver with prices falling the way they have been. But surely the decision someone makes needs to be made on the basis of the fundamentals. And the fundamentals are clear, supply is weakening and demand in strengthening. That always results in higher prices. The market price, and all the paper metal nonsense that goes with it, will eventually reflect that reality. I have bought into silver with the view that as industry picks up in the next few years, and as the effects of printing money and economic idiocy start to be felt, PMs will become much more valuable. For me, as a late entrant to the market, I can only be delighted that I can get Eagles and Britannias in bunches of 20 each for around 22.00 a coin, and I can buy .999 physical in the vault for only 573 a kilo. The price might fall further, it might fluctuate wildly for a while, but at the end of the day demand is outstripping supply and my ounces are going to be worth a lot more than they are now. I might have to wait 5 or 10 years, but that's why I only put in surplus cash. It will make me back far more than sticking it in a bank and trying to dodge equity slumps the next time Europe decides to give bank depositors a short back and sides and a few more banks go pop.
If you ask yourself should I cut my losses and sell out now remember the following. 1. Silver price is heavily manipulated and probably will be for a few more years yet. 2. Physical bullion investment sales are up a huge amount over the last few years and I suspect will continue to climb. 3. Silver is relatively rare & also has a large industrial demand that will continue. 4. Silver costs a hell of a lot of money to Find, Drill, Dig, Process then Mint/Refine. Ignoring the whole Fiat money printing inflation side of things, ask yourself is the current price for silver Justified? I don't believe so I believe out of pure rarity, demand and cost of production, silver should be worth a lot more than the current price. Darn my last pack of Gillette razor blades cost me $29 dollars and there is no way in hell that stainless steel is rare or the product was as hard to produce. I started buying silver at around 35 bucks and have since been accumulating all the way down my only reasoning is I believe its still very cheap for a rare commodity.
And given the timing of this quote, how much better off would have the original poster been from not listening to your opinion. Acting fast on the negative price movement, and buying back in with fiat money on lower prices. Why does a 'stacker' have to mean hold at all costs. The intelligent stacker could have reduced his holdings on negative sentiment, and bought back in at lower prices. His total holding would now be HIGHER.
those that use it as a foundation to biold wealth will NOT necessarily be pleasantly surprised if they only purchased during the parabolic price movement (for this cycle). Those that understand the pricing of cycles, have already sold to the 'suckers' of any significant price rally. They are waiting patiently on the sidelines, ready to snap up their positions again, using that fiat money, but once the weak players have been eliminated.
same might have been said about silver prices expressed in 'fiat currency'. doh, did i just say something wrong. its permissable to joke about these sought of things, so long as it doesnt relate to precious metals? conclusion: the pot should be careful of calling the kettle black.
