20 post and joined in 2013-04-19 need I say more Just give him a few more years of ups and downs and he'll fall into line
So: How old are you? How much is 'life savings'? Do you have other assets? Once we know this anonymous advice will be more precise - still from strangers on the internet - but more precise!
I would rather have my money in something i physically can handle, then in a system that doesn't physically exist. Fiat currencies always fail and its heading that way now. I feel you will benefit holding on to your PM's. Keep stacking what you can, but only what you can afford to.
I sympathise and if it helps - you are not alone !! As long as you can maintain your lifestyle and it is only savings that are in PMs then maybe you just have to sit tight and wait on a recovery. All indicators point to a manipulated market and as the fundamentals for investing into PMs remains unchanged, perhaps you will see a better valuation at the end of 2014. For future reference, most advisors recommend only investing 10 to 15% of your total assets into metals. Your eggs might be in one basket for now but that's not the same as on the roulette wheel in a casino or like some investors in Lehmann. If you can hang on and don't need the fiat then don't panic and avoid selling ( fire sale ) at a large loss. Some of us paid much higher prices than you and are nursing substantially higher paper losses right now.
I feel better knowing just how rare silver is becoming. It is the 2nd most used commodity in the world, behind oil. And is used in just about everything that is made, with new discoveries being made for its use. They recently found out it can be used to fight cancer. Its an amazing metal. Some believe it could even be extinct by 2020. (not sure i believe that, but im no expert). To me silver will head in one direction in the coming years and that's up, way up. How far, who knows.
optimist, don't despair despite some of the comments on your post. I think you have done the right thing, going all in. It's about cahoonas, show them off with your silver. You'll be seen to be right, sooner rather than later.
Don't disagree about silver being an amazing metal with a lot of uses. But there is a tremendous amount of silver around. So unless we have hyperinflation, silver should not skyrocket in price. Anyone who believes silver will be extinct by 2020 is an idiot. There are silver mines that haven't even been opened up yet and some of the current mines have decades of life. That doesn't even include exploration around current silver properties. Aurcana is shutting down its Shaftner mine because of low silver prices. Funny thing is that they bought the mine in 2008 when silver prices were lower. So all those ounces from Shaftner are going to be around for a while.
Yeah i have to say i find it hard to believe the whole extinction by 2020 being thrown around. I believe it could be one of the first to go extinct, if we continue to use and not recycle it like we do. Recycling of silver will be huge if the price was higher like gold is, but it seems to most to not be worth it. I believe we will have hyperinflation, specially if they keep printing money like they are. Will it be on the scale like Germany 1920, who knows. I bet the world didnt expect gold to go from 170marks/1oz gold to 87trillion/1oz gold over 4 years. I have only just got into the history of money and how it all works, so im very much in unfamilair territory.
dccpa made the point I was going to regarding the nonsense insinuations that some make regarding shortage of silver due to immense industrial demand coupled with shortage of operating mines to fulfill demand...that just isn't realistic. There is no shortage of silver and if industry were to actually require in one fail swoof significantly more than is available 1) spot price would go up and then down within a few months / a year as existing mining companies would step up the pace and some small and large newer companies would rush into mining to cash in on the winfall and production would exceed demand or 2) if there is a long term shortage which would drive prices higher, industry would find less costly replacements for the silver like copper, graphene, etc. Price of silver would then reflect the lower demand (a consolidation). Supply and demand still is the main driving factor behind investor sentiment...investor sentiment directly affects spot prices. .
I also believe that more than 50% of silver is mined as a byproduct of other mining ventures and as such, there will always by a strong supply of silver.
Thanks for all the advice guys, I'm in it for the long haul so I suppose today's price doesn't really matter coz I'm not selling. Think I was just having one of those days worrying I'd made a massive mistake and done the wrong thing. To be honest if I had any cash at the minute I'd be buying more at these prices.
Patience is not one of our strong points. Luckily it gets easier and at these prices its a great time to buy. I quote something i heard today 'to become rich, do as the rich do'. I bet they know exactly whats going on and what to expect. And they are buying PM's. HSBC recently brought $876m worth of silver, why would a bank do that.
I'm mid 30's I've gave someone 150,000 for his stack which at the time was a few grand under spot price; 100 kilo bars, 20 kruggers, 100 full sovs, 100 half sovs, 500 random oz rounds (and a few other bits and bobs) I own my house mortgage free and a few rental property's still mortgaged
I just wish I'd bought it this week, then I'd still have a few quid under my mattress. LoL I'm gutted I've no spare money at the min
With a stack like that, I would be far from gutted. You may not have any currency, but you my friend, have a s#itload of money.
I'd be more worried about your govt taking it and I'd be sorting a second home somewhere less doomed and debt ridden. Look here > www.sovereignman.com
Well then your original post wasn't very accurate - you haven't got all your eggs in one basket and PMs don't represent your 'life savings' at all.
