Silver correction?

I can't believe you guys didn't average in once silver pierced under $30.

On paper silver completely wiped off its gains for the whole of 2011. Why would you not buy in at under $30 if fundamentals have not changed. I felt it was heavily manipulated to paint a grim view on the metal. You need a clear mind and some guts to actually buy in after that massive pull back. Given that people were happy buying into 40s, 50s. Massive pull back occurs and everyone is scared thinking it may go back down to 20s. If your are scared, just buy gold. The run is starting, imo. Unless there is a catastrophic event, like a 2008. Its heading upwards. Very rare chance for it to go back into the 20s, the FED has hinted that its keeping interest rates low until 2014. Pretty much a zero return if your holding fiat US Dollars. This sent gold/silver up 3% over 3 days.

Worse case you buy metals at $35, it tanks to $20. If you still have a job and have no rush to sell then keep accumulating. One day you will realise the gains. If metals tanks, it means one thing. Fiat currency is still worth something. Just make sure you keep enough cash for emergencies.

Buy while you still can, rather then looking at the price. What good is it if the price is $20, but no one has any to sell. Remember dealers rely on mints to supply bars / coins, mints rely on miners to supply raw materials at agreed costs. If mints are not accepting orders, then dealers sure as hell won't be selling at a loss on current stock.

Slam

 

Not everyone invests the same way, sticking to my strategy meant my average cost has remained very low even through 2011. Of course being human sometimes we get things wrong, I didn't see Silver recovering like it has done recently, but at least I have not lost any money.

These days I have next to no money for PMs anyway, so it doesn't really matter

 

I'm going with a small correction soon, then one more big climb up in most equities before they all fall off a cliff big time. So in regard the OP..... Yes I still think Stella could be right for low $20's. When I first started buying some years ago I used to like getting a multitude of views from different sources on You Tube; now by and large they bug the hell out of me. Sentiment changes between near total despair and cries of fowl everywhere when it's down, to it's going to the moon in the next week when it's up like now. I can't believe the drivel I read in the comments on these self invented 'gurus' either ($1000 silver and all that soon) when we are only in January !! It's frankly laughable.

As for the QE there is no way that the US fed is going to start that in a big way with oil at $100 per barrel, they will have $150+ if they start that now and mass civil unrest to boot and they know it. Why do it when they can 'imply they will' and keep the markets up a little longer just on words.

Could be completely wrong on all of it, but under 30 buying the dips is pretty good for me whatever happens.

 

When the stock market tanks this year (finally), gold and silver will follow it down like it did in 2008.
If you can buy at the bottom of that rollercoaster dip (assuming anyone is selling), then you may be getting it for around $18-24 an ounce.
After that the price of gold will rise again when people realise this is a currency crisis and silver should hopefully follow.

That's my opinionated prediction. Take it for what it's worth.
Nothing.

 

By it's very nature a Usury based currency requires an ever expanding money supply, your post seems to suggest the fed has a choice to not print via QE. If there is only 1 dollar in existence and the someone borrows it and promises to pay 2 back, the other dollar must be loaned into existence.

 

Have to agree shiney. I think it already is to a point .Where else would you put your money atm ? .Our economy is stable we have a few years & billions of dollars of contracts still in place that will keep us floating for a while yet.

 

.. well how many financial advisors predicted the 2008 crisis wiping peoples accounts??? You can't even trust your financial planner anymore. All the rules are out the window.

How many FPs advise on the purchase of pms? My mums FP scoffed at having them in a portfolio other than a few percent as a token gesture. I brought up every reason from actual value to the benefits of not having counterparty risk. Seemed to all go over his head..

 

Mine did. And thats the only reason I would have ever found this place

 

Well you should be tooting their horn, IMO. A rare find.

 

I experienced that too ! I will never go near an FP again and thankfully I found my way here to SS.

 

+1

 

Charts anyone?

http://profitimes.com/free-articles/silver-epic-reversal/

btw I don't believe this author, but I'd be foolish to not make contingency plans for this sort of scenario anyway - but his chart tho fanciful (axes?) raises questions.

 

yepp, i was pretty demoralized when it dropped half its value since i bought at $46/oz, my first thoughts were fuck everyone that said it was going to the moon, but now ive just started day trading and i want to stock up while its low and just sell it as it goes up, I was going to do that at $28 but i thought it would drop abit so i waited and waited, I would love to hold silver long term but I really want to buy a house ect..

 

Day trading with physical?

 

I want to buy a house too. Silver is more wealth protection for me.

 

Yeah just be homeless and unemployed like me... living the dream :lol:

Im serious though, its awesome.

 

so you're using the computer at the local library?

 

Nope, just sitting on my mums couch with my laptop haha

I am not homeless in the sense of sleeping under a bridge... just bouncing between spare beds with family and friends until I leave the country again in Feb