Am I watching my life savings go down the plug hole ?

[dccpa]

^^^^ So if you left all your cash in the bank and next year the backs were closed for a bank holiday and you lost 80% of your cash - would you still be unhappy ?
Metals are savings not speculation. Metals will preserve your wealth over long periods of time while short term you can get burned if you gamble. Sit back relax and watch the game.

Care to list any sources that state insured amounts have been or will be touched? In the US, those of us with accounts under $250k are ok. I will let the rich guys worry about losing some of their savings under a bail in plan. Personally, I will take a highly unlikely potential loss over a sure loss.

 

[Golden ChipMunk]

How do you put all those Bars/ Coins in the Plug Hole unless it is papers then can flush it away Royal Flush. :lol:

 

[JB3]

I view metals as insurance, and I don't trade insurance.

If I paid slightly over the odds for some of it: so be it. That's just like having a slightly expensive insurance policy.

I only lose if I sell, and I won't be selling unless things change markedly.

 

[Ronnie 666]

^^^^ So if you left all your cash in the bank and next year the backs were closed for a bank holiday and you lost 80% of your cash - would you still be unhappy ?
Metals are savings not speculation. Metals will preserve your wealth over long periods of time while short term you can get burned if you gamble. Sit back relax and watch the game.

Care to list any sources that state insured amounts have been or will be touched? In the US, those of us with accounts under $250k are ok. I will let the rich guys worry about losing some of their savings under a bail in plan. Personally, I will take a highly unlikely potential loss over a sure loss.

You are not serious are you ? The US FDIC will cover deposits under $250 k. The problem is that the FDIC Fund has a grand total of .......$25 Billion with a line of credit to the Fed of another $130 Billion to cover a total of $9 T+ of deposits ,,,,,,hahaha It will save a small bank failure but any systemic crisis and you are screwed. If you feel safe with the FDIC insurance you need to seek psychiatric help, because you are deluded.

http://www.zerohedge.com/news/2013-...rance-9283-billion-deposits-297514-billion-de

 

[Pirocco]

^^^^ So if you left all your cash in the bank and next year the backs were closed for a bank holiday and you lost 80% of your cash - would you still be unhappy ?
Metals are savings not speculation. Metals will preserve your wealth over long periods of time while short term you can get burned if you gamble. Sit back relax and watch the game.

Care to list any sources that state insured amounts have been or will be touched? In the US, those of us with accounts under $250k are ok. I will let the rich guys worry about losing some of their savings under a bail in plan. Personally, I will take a highly unlikely potential loss over a sure loss.

You are not serious are you ? The US FDIC will cover deposits under $250 k. The problem is that the FDIC Fund has a grand total of .......$25 Billion with a line of credit to the Fed of another $130 Billion to cover a total of $9 T+ of deposits ,,,,,,hahaha It will save a small bank failure but any systemic crisis and you are screwed. If you feel safe with the FDIC insurance you need to seek psychiatric help, because you are deluded.

http://www.zerohedge.com/news/2013-...rance-9283-billion-deposits-297514-billion-de

That still doesn't mean that metals preserve the purchasing power you had when you paid too much for them, Ronnie 666. If one pays a price that later halves (relative to other products), and then the price doubles and the other products double too, then that one still lost half the purchasing power he had when he bought the metals.
Tell me then, what's the difference between this loss, and a 50% haircut like for ex in Cyprus?
This makes clear that the risk you see within the banking system deposits, exists as well in precious metals.

Also, saving in a certain product, is speculation, with dollar and silver just being two examples of speculation.
Some people speculate on the dollar to save, others speculate on silver. It's not the product / the metal itself that makes a speculation succesful, but the price-related risk on the moment of the speculative act.
So both dccpa and you can be right, depending on the price risk of the dollar, or silver, on the moment of the statement.

Take for example silver over the last decade. The price is now 4 times the price of abit over a decade ago. A couple years ago, it reached even 10 times.
Did other prices also quadruple over this decade?
Silver might have had some catchup to do, since it has had a flat price for 2 decades earlier, while other prices doubled.
And yes, serious inflation can pop up. But as illustrated above, it doesn't affect only silver so if you paid a doubled price above the inflation decades trend, then you still lost half the purchasing power you had.

That decades fiatcurrency inflation trend manifest itself in other markets along fluctuations, which are caused by errors made by a part of the speculating masses, with the other part exploiting them. This risk on loss is as big as the fiatcurrencies / bank deposits risk on loss.

And I'm sure you know this all. So I've to bounce the question back: are you serious yourself haha?

 

[sammysilver]

What is interesting about this thread is the positioning of the end game. I've lost sight of the originator, he was just about to neck himself if I remember. Others started stacking early in the piece, so they come across as been there, done that. Others started a couple of years ago at $48 an ounce, they will never be sated until it hits $50 an ounce so they can be vindicated. That April, two and a bit years ago is the defining point; those that started before or after have a head start with dollar price averaging.

We will all be winners some day, as long as it's not today. And I guess that is the crux, if you need to liquidate now, you may feel hard done by; however probably not as bad as shareholders at the time of the GFC.

So there will be winners and losers, I guess the trick is picking the time to be a winner.

 

[Kawa]

The number of weak hands here on this forum as well as people who are substantially into metals with no diversification may explain the volatility of Silver.Clearly there are people here that should not be investing at all or voting in a federal election.

There are many here with under 100K invested that are shitting themselves.

I say wipe your forehead first before your ass and get real.

 

[dccpa]

^^^^ So if you left all your cash in the bank and next year the backs were closed for a bank holiday and you lost 80% of your cash - would you still be unhappy ?
Metals are savings not speculation. Metals will preserve your wealth over long periods of time while short term you can get burned if you gamble. Sit back relax and watch the game.

Care to list any sources that state insured amounts have been or will be touched? In the US, those of us with accounts under $250k are ok. I will let the rich guys worry about losing some of their savings under a bail in plan. Personally, I will take a highly unlikely potential loss over a sure loss.

You are not serious are you ? The US FDIC will cover deposits under $250 k. The problem is that the FDIC Fund has a grand total of .......$25 Billion with a line of credit to the Fed of another $130 Billion to cover a total of $9 T+ of deposits ,,,,,,hahaha It will save a small bank failure but any systemic crisis and you are screwed. If you feel safe with the FDIC insurance you need to seek psychiatric help, because you are deluded.

http://www.zerohedge.com/news/2013-...rance-9283-billion-deposits-297514-billion-de

I notice that your link has nothing to do with the source I asked you to provide to back up your statement that insured assets will be confiscated. I will take your silence as an admission that you don't have a source.

The US has recapped its banks, has Australia? I know Europe hasn't. If you don't believe me, go watch a Kyle Bass video. If the major US banks were to go under, many banks would go under and the result would be a worldwide depression. In a depression, cash is king. And those who pay attention would have withdrawn money from banks at the first signs of trouble. But the US has an unlimited printing press for a few more years, so the Fed will not allow the banks to go under. Personally, I recommend local banks as many local banks are in a very strong financial position. And you can reach out and touch your banker.

Silver is too much of an industrial commodity now to become a main money source again. You need to stop repeating the pablum spewed by the people who make money pimping pms and start thinking for yourself.

 

[tiddleyetom]

^^^^ So if you left all your cash in the bank and next year the backs were closed for a bank holiday and you lost 80% of your cash - would you still be unhappy ?
Metals are savings not speculation. Metals will preserve your wealth over long periods of time while short term you can get burned if you gamble. Sit back relax and watch the game.

Exactly, Ive been watching the game since 2003 and been up on everything ive bought except the 5 coins I bought earlier this year..shit happens but the main thing is as Ronnie 666 sais, "Sit back relax and watch the game"

 

[klacey]

Being in metals just gives you the control and the security no bank ever could. Wish I had been awaken many years ago to this. But atleast i started and have a reasonable amount. 2014 i will really push to get to a nice figure of 1000 oz, i will feel good about that.

 

[jjrici]

I'm feeling very nervous about silver prices being in free fall,

I've put all my eggs in one basket here, I'd been saving heavy and built up a nice big pile of cash which I put into silver bars and gold coins,

I went all in in the summer, every penny I've ever saved is now tied up in PM

Don't think I'll ever get to retire now, think i'll be working till the day I drop dead at this rate !

It's not looking good is it ?

Unfortunately you have performed the cardinal sin of wealth preservation. You have put your entire nest egg in an asset class that you don't really understand (I say this politely).

Hopefully you are young enough to both learn and recover from this.

Your final comment sums it up well:
'its not looking good is it'.

Well frankly no its not.

You have no passive income generating assets, you have all your assets tied in an 'asset class' that can act as a medium of exchange, but for which that medium of exchange fluctuates relative to the core medium of exchange mechanism 'fiat money'.

Who ever was your financial advisor should be shot on the spot, and if your 'financial advisor' was media hype of anonomous posters such as exist in this form (as well as others), then you hopefully have learnt a good lesion (financial lessions are never cheap).

Hopefully you still have that most precious asset of all "TIME" so you can repair your situation.

 

[jjrici]

We are in the despair cycle...hold on a little longer....metals will probably trend cautiously upward in about a year....

http://forums.silverstackers.com/uploads/8838_silver-bubble.png


.

sorry but another well being nave post.

'probably'??????

This is the guys life savings we are stalking about, not a small speculative position or a position that is held in case the world goes haywire (ie an insurance position)

 

[jjrici]

Hang tight, Mate! Remember who you are, "The Optimist".

and another nave post.

How could someone say this, do you know the back ground of this poster, do you know his personal circumstances.

Silver can act as a store of value, but it will never be an income producing asset.

 

[jjrici]

Have faith....And you shall be a wise and noble man this Xmas.

and so says the advisor to the donkey with the carrot stuck in front of him as he plods along.

Have faith donkey, keep walking eventually you might reach that carrot.

Nave faith is the death of wealth creation.

 

[Photonaware]

Miscellaneous funds etc performacne over the past 12 months.
Guess which one is the stack ?
No prizes for getting it right - sorry

 

[Pirocco]

Silver is too much of an industrial commodity now to become a main money source again. You need to stop repeating the pablum spewed by the people who make money pimping pms and start thinking for yourself.

Silver became an industrial commodity because of the big amounts found in the (United) States in its earlier days. Why? Because that made the price drop enough to make it an affordable option. The opposite can happen, and the price trend over the past decade wasn't due to mining drops/recycling drops/industrial demand increases, but to people that bought it in a monetary role (storage of value).
And whether silver becomes a main monetary asset or not, is in the end upto all speculative people on its market, and their trading behaviour, whether or not they make good decisions, as to not become the pain side of the money for nothing clubs that infest / frontrun all markets where former bank savers move to.

 

[Pirocco]

Miscellaneous funds etc performacne over the past 12 months.
Guess which one is the stack ?
No prizes for getting it right - sorry

http://forums.silverstackers.com/uploads/731_chartbuilder.png

So, it's a worser time to sell.
So, it's a better time to buy.
Isn't it funny how sentiment reflected in charts should be treaten as an opposite signal?
When everything appears sunshine flower bees, sell.
When everything appears dark dead graveyard, buy.
This is the origin of the terminology bull / bear. The bull throws his victims in the air (tries to make them hesitate to sell / buy high), the bear pushes his victims down the ground (tries to make them hesitate to buy / sell low).
Now find the chart of the time period before this chart, and it shows the opposite 'performance'.

 

[Pirocco]

sorry but another well being nave post.

'probably'??????

This is the guys life savings we are stalking about, not a small speculative position or a position that is held in case the world goes haywire (ie an insurance position)

Sorry, but what's the naivity involved in holding those life savings on a bank account during your life?

 

[Ronnie 666]

Care to list any sources that state insured amounts have been or will be touched? In the US, those of us with accounts under $250k are ok. I will let the rich guys worry about losing some of their savings under a bail in plan. Personally, I will take a highly unlikely potential loss over a sure loss.

You are not serious are you ? The US FDIC will cover deposits under $250 k. The problem is that the FDIC Fund has a grand total of .......$25 Billion with a line of credit to the Fed of another $130 Billion to cover a total of $9 T+ of deposits ,,,,,,hahaha It will save a small bank failure but any systemic crisis and you are screwed. If you feel safe with the FDIC insurance you need to seek psychiatric help, because you are deluded.

http://www.zerohedge.com/news/2013-...rance-9283-billion-deposits-297514-billion-de

I notice that your link has nothing to do with the source I asked you to provide to back up your statement that insured assets will be confiscated. I will take your silence as an admission that you don't have a source.

The US has recapped its banks, has Australia? I know Europe hasn't. If you don't believe me, go watch a Kyle Bass video. If the major US banks were to go under, many banks would go under and the result would be a worldwide depression. In a depression, cash is king. And those who pay attention would have withdrawn money from banks at the first signs of trouble. But the US has an unlimited printing press for a few more years, so the Fed will not allow the banks to go under. Personally, I recommend local banks as many local banks are in a very strong financial position. And you can reach out and touch your banker.

Silver is too much of an industrial commodity now to become a main money source again. You need to stop repeating the pablum spewed by the people who make money pimping pms and start thinking for yourself.

As you clearly do not understand the zero hedge article here is a simpler one for you to comprehend.
http://www.dailypaul.com/249683/fdic-dif-cannot-cover-all-deposits

 

[Ronnie 666]

Care to list any sources that state insured amounts have been or will be touched? In the US, those of us with accounts under $250k are ok. I will let the rich guys worry about losing some of their savings under a bail in plan. Personally, I will take a highly unlikely potential loss over a sure loss.

You are not serious are you ? The US FDIC will cover deposits under $250 k. The problem is that the FDIC Fund has a grand total of .......$25 Billion with a line of credit to the Fed of another $130 Billion to cover a total of $9 T+ of deposits ,,,,,,hahaha It will save a small bank failure but any systemic crisis and you are screwed. If you feel safe with the FDIC insurance you need to seek psychiatric help, because you are deluded.

http://www.zerohedge.com/news/2013-...rance-9283-billion-deposits-297514-billion-de

That still doesn't mean that metals preserve the purchasing power you had when you paid too much for them, Ronnie 666. If one pays a price that later halves (relative to other products), and then the price doubles and the other products double too, then that one still lost half the purchasing power he had when he bought the metals.
Tell me then, what's the difference between this loss, and a 50% haircut like for ex in Cyprus?
This makes clear that the risk you see within the banking system deposits, exists as well in precious metals.

Also, saving in a certain product, is speculation, with dollar and silver just being two examples of speculation.
Some people speculate on the dollar to save, others speculate on silver. It's not the product / the metal itself that makes a speculation succesful, but the price-related risk on the moment of the speculative act.
So both dccpa and you can be right, depending on the price risk of the dollar, or silver, on the moment of the statement.

Take for example silver over the last decade. The price is now 4 times the price of abit over a decade ago. A couple years ago, it reached even 10 times.
Did other prices also quadruple over this decade?
Silver might have had some catchup to do, since it has had a flat price for 2 decades earlier, while other prices doubled.
And yes, serious inflation can pop up. But as illustrated above, it doesn't affect only silver so if you paid a doubled price above the inflation decades trend, then you still lost half the purchasing power you had.

That decades fiatcurrency inflation trend manifest itself in other markets along fluctuations, which are caused by errors made by a part of the speculating masses, with the other part exploiting them. This risk on loss is as big as the fiatcurrencies / bank deposits risk on loss.

And I'm sure you know this all. So I've to bounce the question back: are you serious yourself haha?

--------------------------

Gosh you are so to the point and succinct. Let me me : I would rather have an 1 oz of metal Au,Ag,Pt,Pd even if I paid 30% more than its current paper value than owning unsecured credit at the local branch of a bank. The metal is an asset that has real costs of production and value that will always exist. The other are electrons on a screen which at this point in time you can swap for real goods and services; tomorrow who knows? Yes I am perfectly serious I choose the metal anytime. For your interest I have done this for over a decade.