Buying the next leg up

[CriticalSilver]

When asked about silver specifically, Griffiths stated, "Of course the volatility in silver is absolutely brutal, even when the VIX index is comfortably below 20, the volatility is still large. Now that the VIX is up at 45, you can expect the price of silver could move 10% in a day and I don't think it means anything.

Ultimately it will go where gold goes long-term, but at a leveraged rate. So the prediction now would be for the coming month it may well have some high volatility, but longer-term it would be a buy. If one could buy into silver at anything in the high 20's, so $28, $29 area, I think you're getting some cheap long-term silver. I think silver is going to go up hundreds of percent from here over time."

Source: http://kingworldnews.com/kingworldn...r_to_Go_Up_Hundreds_of_Percent_From_Here.html

So given that the low is in at US$26, thoroughly and obviously rejected as a legitimate price in the candle stick charts (see here: http://stockcharts.com/freecharts/gallery.html?$SILVER), what are the strategies for buying this next leg up?

Do people prefer to nibble at the market on the rise with small, consistent purchases, or get as much as possible in the US$30 dollar range then sit on it, happily riding this next leg up? Do you expect any specific selling points of correction along the way that may provide sell/re-enter points?

Are there any good ideas for buying this next leg up?

 

[CriticalSilver]

Oh, personally, I favour picking up as much physical as one can afford now and then buying a trading position in ETPMAG for selling any pull backs on the way up, turning those profits into physical.

But I would love to hear better suggestions.

 

[LovingtheSilver]

Nothing wrong with playing in the paper markets to use profits to boost physical, however I'm useless at buy/sell times so i just stroll along with my physical.
Worth looking into though

 

[thatguy]

hoping for a leg down my self... one can always hope

 

[RetardedMonkey]

Im also useless with buying and selling paper. So I just buy physical as I can

 

[Thor122]

Or can buy phys and cef (pslv not because are 17% over spot)

 

[CriticalSilver]

hoping for a leg down my self... one can always hope

Why, did you sell your sub-$30 position from Monday already or are you just being greedy?

But if it isn't going back there again, what's your buying strategy for the climb back up to, presumably, new highs?

 

[thatguy]

hoping for a leg down my self... one can always hope

Why, did you sell your sub-$30 position from Monday already or are you just being greedy?

But if it isn't going back there again, what's your buying strategy for the climb back up to, presumably, new highs?

Hopefully not greed, but am playing around a bit . Still not convinced this is not a dead cat bounce. Will buy @ 34.30 if no significant drop, it's just money after all . Some bad news at the moment could break the $26 support IMHO. My price target lower is $22 FYI

 

[stinkypete]

hoping for a leg down my self... one can always hope

Why, did you sell your sub-$30 position from Monday already or are you just being greedy?

But if it isn't going back there again, what's your buying strategy for the climb back up to, presumably, new highs?

Hopefully not greed, but am playing around a bit . Still not convinced this is not a dead cat bounce. Will buy @ 34.30 if no significant drop, it's just money after all . Some bad news at the moment could break the $26 support IMHO. My price target lower is $22 FYI

ill jump on the $22 vibe train !! :lol:

 

[Dwayne]

I tend to make small, regular purchases. When spot dips significantly I buy in larger amounts every decent sized drop. When it goes up what I judge as too quickly, I either slow my purchases or temporarily step back from purchases at all until things settle down again somewhat. Alternatively, I switch to buying gold instead of silver if it's behaving more reasonably (or visa versa).

 

[CriticalSilver]

hoping for a leg down my self... one can always hope

Why, did you sell your sub-$30 position from Monday already or are you just being greedy?

But if it isn't going back there again, what's your buying strategy for the climb back up to, presumably, new highs?

Hopefully not greed, but am playing around a bit . Still not convinced this is not a dead cat bounce. Will buy @ 34.30 if no significant drop, it's just money after all . Some bad news at the moment could break the $26 support IMHO. My price target lower is $22 FYI

:lol: That was quick profit taking.

Seems, like your suggesting that rising above mid-US$34 will confirm the upward trend though. That is pretty reasonable and could be a good position to enter a trading position for riding this next leg. I'll keep an eye on it.

 

[thatguy]

Why, did you sell your sub-$30 position from Monday already or are you just being greedy?

But if it isn't going back there again, what's your buying strategy for the climb back up to, presumably, new highs?

Hopefully not greed, but am playing around a bit . Still not convinced this is not a dead cat bounce. Will buy @ 34.30 if no significant drop, it's just money after all . Some bad news at the moment could break the $26 support IMHO. My price target lower is $22 FYI

:lol: That was quick profit taking.

Seems, like your suggesting that rising above mid-US$34 will confirm the upward trend though. That is pretty reasonable and could be a good position to enter a trading position for riding this next leg. I'll keep an eye on it.

could be a good recipe for loosing money but nothing ventured nothing gained.

 

[Wout]

It seems that the market in general is very nervous and scared atm like any bad news will make it crap its pants and theres plenty of bad news that will come out of Europe over the next few months so I think theres a good chance well see lower silver prices based on crappy growth expectations, in saying that i bought when it was $30 but with cash on hand to buy if it goes lower, if it doesnt ill just buy more gold which is looking like it will start recovering from here

 

[CriticalSilver]

I think you're right about buyers being nervous, and we will probably see a push to lower prices for the weekend close. But with so many economic disasters pending I think we will see a new resolve in the coming week to remonetize gold by the market as it asserts itself as the primary safety asset over the USD. That is, that nervousness over gold and silver will dissolve through next week as the bull picks up a head of steam. $34 by Wed I reckon.

 

[940palmtx]

hoping for a leg down my self... one can always hope

Why, did you sell your sub-$30 position from Monday already or are you just being greedy?

But if it isn't going back there again, what's your buying strategy for the climb back up to, presumably, new highs?

Hopefully not greed, but am playing around a bit . Still not convinced this is not a dead cat bounce. Will buy @ 34.30 if no significant drop, it's just money after all . Some bad news at the moment could break the $26 support IMHO. My price target lower is $22 FYI

Mine's $12

 

[Wout]

I think you're right about buyers being nervous, and we will probably see a push to lower prices for the weekend close. But with so many economic disasters pending I think we will see a new resolve in the coming week to remonetize gold by the market as it asserts itself as the primary safety asset over the USD. That is, that nervousness over gold and silver will dissolve through next week as the bull picks up a head of steam. $34 by Wed I reckon.

Until the endgame comes where the US$ suffers to severe inflation and the US bond bubble collapses I still think the US$ will be the knee jerk reaction of investors out there, until then there will continue to be fear in the gold market and it will get sold off to cover other losses on fear of a recession, thats my opinion anyway

 

[thatguy]

Why, did you sell your sub-$30 position from Monday already or are you just being greedy?

But if it isn't going back there again, what's your buying strategy for the climb back up to, presumably, new highs?

Hopefully not greed, but am playing around a bit . Still not convinced this is not a dead cat bounce. Will buy @ 34.30 if no significant drop, it's just money after all . Some bad news at the moment could break the $26 support IMHO. My price target lower is $22 FYI

Mine's $12

look at getting something other then physical then.

 

[CriticalSilver]

I think you're right about buyers being nervous, and we will probably see a push to lower prices for the weekend close. But with so many economic disasters pending I think we will see a new resolve in the coming week to remonetize gold by the market as it asserts itself as the primary safety asset over the USD. That is, that nervousness over gold and silver will dissolve through next week as the bull picks up a head of steam. $34 by Wed I reckon.

Until the endgame comes where the US$ suffers to severe inflation and the US bond bubble collapses I still think the US$ will be the knee jerk reaction of investors out there, until then there will continue to be fear in the gold market and it will get sold off to cover other losses on fear of a recession, thats my opinion anyway

A completely reasonable opinion to be sure. I just have the feeling from all I have read over the last week that we are starting to turn a corner on the role of gold. I keep reading about the leveraged speculatives being shaken out of their positions to the point of there being none left, which leads me to think it will be strong hands buying from here and at these levels. So maybe not the beginning of the end, but the end of the beginning. But we shall see what next week brings.

 

[CriticalSilver]

Here's some interesting insight from David Schectman (Miles Franklin), don't buy too far above the 200 day MA currently around $38 so this dip is a gift, because silver is heavily oversold at the moment.

[youtube]http://www.youtube.com/watch?v=d699_k6FrgY[/youtube]

[youtube]http://www.youtube.com/watch?v=I3V9NA6YuAM[/youtube]

Source: http://sgtreport.com/

This is a great overview of the manipulation in the market for new entrants to the Silver market.

For everyone else, does anyone know when the Comex will enact contract position limits? I've heard next week, but David Schectman says in about a month.

 

[CriticalSilver]

So, That Guy reckons $34.40 is the sign post that confirms silver is on another upward trajectory and I agree this is a good confidence giving level that indicates we are back on a bull run. There still will be points of resistance above that that will need to be overcome, however, I feel we may even see this level as early as tomorrow.

David Schectman (above) reckons any buying under the 200 day moving average is good buying.

What about you guys? What price point do you feel signals the bull is in flight and it is safe to start accumulating again?

(now that's a terrible mixed metaphor!)