Yeah I know all my gold except for 1 coin which I got for spot at 1750 has been bought below 1700 its not much but this drop hasn't fazed me as I could sell for spot and still break even or make a little money. Silver however isn't the same story. That said I bought half my stack in the low 30's and the rest between 35-42 so I'm not down too much. If I do buy it'll be just under 10 g (no paper work) and lots of bars (I plan to sell within 6 months or less (hopefully), may wait till monday to see if it dips a little further.
Looks like you and I got in at about the same time. I was buying gold first, then silver as my capital got thin. Gold was about 1618 if I recall. Just out of curiosity what made you take the plunge into PMs? I did because I was looking for a way to preserve a chunk of cash I had received in early July. Everyone wanted something, wife, mother, kids. I realized if I didn't do something fast I'd be broke LOL. I looked at everything and decided PMs had the best upside long term and provided decent liquidity. I only wish I had more money now to buy a hunk O' silver!
As far as "where is silver going?" To da moon LOL, but first IMO it'll drop into mid twenties next week because of the margin hikes, If us stackers are really, really lucky...22
So essentially we are back where we were at around February or so....price-wise. If it dips below 30, I may have to back up a fleet of trucks.
Booty bandit, so the price smash has freaked you out of owning silver? Why would you now want to take out a loan to buy more? Seems like the ending to a bad story to me.
how would you feel if you were a noob stacker and everyone was saying that silver is going nowhere but up and its the safest investment going on and that its going to hit $50 in a few months, so you put everything you have in it at AU$46/oz only to see it at $30/oz the next month, its pretty demoralizing
Yes it can be demoralising, so in turn hold on to what you have purchased for now and don't go into debt to buy more. Wait for silver to go up again, sell off a little to give you some cash back and keep the rest of your stack untill you have understood more on stacking and aim to feel safe and comfortable in the meantime booty. Dont panic !!!
Bit of a market dip caused by paper junk in a storm. The dip will sort out the weak long holders, but it wont stop the strong hands from taking delivery at the end of the month. The big money has been waiting for this dip! Million dollar orders for physical will be coming in to take advantage of the criminal paper players. Short term its annoying, long term its great. Buy up and watch the house of cards collapse. Its only a matter of time for the tide to go out, revealing who has been swimming naked.
Mate, I've been there done that. Bought ASEs at $50 each, maples at $48 each, bought Kooks at $49 each and bought some 10oz bars for $450+ back in the May hype. Was a foolish move but that is how we learn, from our mistakes. Silver dropped to < $32 AUD afterwards and what did I do? I bought more. Silver is very long term, revisit the fundamentals as to why you are stacking if you have doubts. ps. There were plenty of people saying Silver might go down, you probably weren't listening to them though. Thus is the nature of the bull market.
Bootybandit if this is of some comfort I hope this will help. I bought into silver not that long ago, the spot price was in the high 40s and I bought $25k worth in total and I'm only a young guy with three children so money just dosnt grow on trees for us. I got caught up in all the spin and of coarse I had to convince my wife and that's no mean feet. I know what you meen with everyone saying buy silver it's the best investment you could make and I know you must of because you are here now. Those people you listened too are not wrong it's just that it won't happen tomorrow. Because there's a dollar sign to judge it on you are able to follow it too closely, if it was your house you don't notice how much the value gos up or down. It's like your superfund because you don't look at it every day you don't worry about it but if you did you would see violent swings in loses. My advice is be happy that you have found precious metals as millions havn't and from what you will learn now will help you later and I give you my word you will be rewarded, be patient because one day items not long from now you will look like a genius when your telling your friends that you were buying silver back when it was only $40.
Also, you only make a loss if you sell. And if you can't afford to be losing money on it, you probably weren't able to afford the initial investment.
I agree with all of the above comments. You bought because you believed Silver or other PMs would appreciate in value and they will. What you have to understand is that any commodity or equity never just goes straight up. There are many peaks and valleys. I along with you and others bought at more than the current spot price. I am actually excited because lower prices means I can buy more ozs for my money. Unlike buying stock in a business that might go out of business, Silver, Gold or any other metals will be around till the end of human history. Don't despair, the price will go up it always has and always will.
i agree, mate i bought in at between 38 - 41 finished buying about a week ago. no way i will be selling. kicking myself for missing a better entry point but thats how it goes i guess. The more it goes down, the longer i hold. I guess it comes down to if you have over invested compared to your income.
I can relate to that, and I can assure you that I do not purchase 1-2 ozs at a time. It's part of the learning curve - but in the long run it will pay off. These types of corrections are fantastic, as they force a stacker to really consider why they are in PM's. Security, wealth creation or preservation. What's your reason?
I'd seriously suggest you write down why you're in the game of PM's. Before going into any investment you should way up the pros and cons - Risk Assessment. This involves you're tolerence for a worse case scenario... http://forums.silverstackers.com/topic-12575-noob-question-about-us-default.html ^My offer still stands...
I cannot undetstand why everyone is kicking themselves for getting into Ag in the 40's. PM just like most solid investments need to be held for a period to realise a measurable return. I will continue to buy Ag for the next 18-24 months regardless of price, only then will I re-assess the situation. If you want instant riches, the spring carnival is just around the corner... Time to back up the truck. Good Luck to all!
Hey Bootybandit Sorry to hear that ur entry point for Ag is bad timing, don't worry about it, relax, don't sell but reanalyze ur situation. Regardless of what investment vehicle ur in remember that the outcome Is highly dependent in ur mindset, investing is a mindgame... If the fundamentals haven't changed with Ag then u have nothing to worry about, Ag is a long term play...
