Id be pulling the trigger now or at least buy 50% of what you intend to buy in total. It's best not to get too greedy hoping for an even better deal. The metals have already dropped a lot. We may see some more down side soon but it shouldnt be a whole lot and if that does happen, you know what to do
When I think silver is a bit too expensive I will look at buying something else, it may be numismatics, trade cards or gold, which ever seems the best deal. I stopped buying meaningful amounts of gold around $900 and ounce so it hurts to buy it at all! I would be more interested in the Gold to Silver ratio and swapping some expensive silver for some cheap gold when the time is right
Buy some at set intervals on the way down. Sure, you might have been able to get it for $40-$50/oz cheaper, but then again, you might have also missed the opportunity
I don't tend to make large purchases of anything - that's simply due to the fact that when I assemble a reasonable amount of fiat worth "firing", I'll buy (unless my gut tells me to wait). I did the same thing this morning - gut told me the price was right, and despite the price of silver being tempting, gold was just as tempting, so bought a little Au to balance out the stack (well, try to balance it anyway - lost cause for a while methinks).