Last week my wife and I went into the bank to sign paper work to release funds so I could buy my silver, now you know how hard it is to convince a wife to let you spend 10k on silver... Well tomorrow I can let loose using advise that has been given from all you people but now I am crapping my pants should I buy buy buy or wait for the price to drop? Will it drop? My friend that I had dinner with tonight that got me started said that he will keep buying up to $60 mmmmm. Let's face it if I buy and the price dives down well that's the gamble but living the rest of my life with a wife that will say REMEMBER THE LAST TIME YOU HAD A GOOD IDEA is unbearable. What's peoples long time prodiction.
Ask your self why are you in precious metals for? wealth preservation or to make "fast cash" ? what is your time frame for holding?
Well I thought five to ten years. And my reasons are I like owning silver with my eye on a profit. And my money is better spent on silver than racing horses.
Buy Buy Buy, Your wife is already convinced, if she wasn't you wouldn't be in your current situation.
Well, you can also look at it from a different point of view. What if silver went up to $50AUD by end of the year and you didnt buy in? Would you say for the rest of your marriage REMEMBER THE LAST TIME YOU STOPPED ME BUYING SILVER?
You are not 'spending' a cent. You are just changing to a better bank. Fluctuations are normal. You have FAR more 'risk' of an UPSIDE move than a major correction at this level. Hold her hand and jump in! The water's great!
Silverstalker love it you got me I'm in. I hope you guys have a spare seat i am coming along for the ride. Just don't crash
well i lead by example last night and as soon as the fiat landed i swapped 2K for some nice PM coins . Not sure how long we will be able to buy silver for! ? Will PM coins go the way of PM bars???? Buy buy buy
Renovator nothing gets me more excited to watch the price of an asset drop after I buy some. I love averaging down. Averaging up really pisses me off as has been happening with silver.
It means he can buy more. Which is what I am hoping for with silver. If prices drop below $35/oz I will be selling my car and pouring it into the silver.
Renovator its not sickness, its called Value Investing. If something is fundamentally sound and undervalued and it gets even more undervalued even better. The only time a falling price is a worry is when the fundamentals and therefore intrinsic value is declining. Why do people get silly about investments. If you buy apples every week when you go shopping would you hope that the price of the apples drops between now and your next visit so you get the same number of apples for less or do you hope that the price rises? The answer is obvious yet why do people act silly in regards to investments? To Quote Buffett: "When share prices fall and you can buy more of them for the same amount of money people don't like them any more". When you plan on being a net buyer of something be it cans of coke,bags of rice, toilet paper, houses, stocks/businesses, precious metals, etc you want the price to fall not rise. You want the price to rise when you are looking to sell not when you are looking to buy.
If it gets to 35 i'll sell everything that is not bolted down... Oh crap come to think of it i have already
If you think about it $10k isn't that much money, its not even remotely close to a deposit for a house And if you earn median wage of around 60k, you can get that 10k back in half a year saving like mad. Worst case scenario would be the $10k silver is only worth say, $6k fiat. So what? Unless you really need the fiat it shouldn't really bother you all that much. It's not like you can suddenly lose your entire $10k like stocks :]
You said goes down after you buy not before. my comment was about losing money on something you already own
At the end, it's a gamble, but the odds aren't so bad. When in doubt, coins are a good way to prevent total loss as they can gain a collector value and may be legal tender (e.g. kooks). That little safety net costs a premium of course. I feel comfortable buying at these prices as long as the cash keeps rolling in.
All I'm saying renovator is that if the price of something you already own falls, assuming you are still looking to accumulate you can buy more even cheaper which is good is it not?
