Bit early to call yet, I pulled the trigger just before the market opened 50 oz silver and a little gold. If it drops again this week I'll do it again, if not at least I dropped the cost price average.
Ouch another $50 down Tail has stopped waging but it's not between the legs yet, glad I went heavy on silver and not gold this morning.
Down 60 now! Looks like it's turning into a panic sale ... But do we even know what is triggering this? Silver following gold btw...
When I first joined this forum the chart below was high on the discussion lists in many posts. It's been a bit scarce lately, but now would be a good time to revisit it, in order to try to determine where we are. One of the most common comments in 2010 was that you'd know a bubble had formed when the queues at goldkiosks were 20m long and PM's would be a common topic of conversations at dinner parties and gyms, just as tech stocks and property were (and maybe even BTCs, I don't know I don't have a social life), and, there would be a phase of increasing media attention. In fact we've had a thread trying to track PM stories in the media, obviously the mania has not built, because that thread is rarely updated. Likewise, gold and silver remain alien concepts to most people. So, I think we are at the first bear trap. I can't find a chart on the average gold price compared to it's current price to confirm whether we are above or below the mean at the moment.
Judging by the mood I would say we are more likely in the 'Despair' part of the Blow Off Phase and the most we can hope is that we didn't buy it all above the mean as that is where we are headed. Pass the worms...
I do indeed, watching the spot minute by minute is not a healthy thing to do. I don't watch house prices everyday to see if my RE is still worth anything. People have been sitting on their silver for years, keep sitting on it, If You're Going Through Hell, Keep Going - Winston Churchill EDIT to say: My biggest concern now is that my regular dealer will not be able to get me any more bargain price silver if the prices continue to drop. I may be left holding fiat during one of the best buying opportunities for years.
hey vc, pull your finger out and find me a chart showing spot gold price over say the last ten years and it's mean.
