I tried to short silver.

[fishball]

Thank you very much for putting some thought into helping me figure this one out. I have a lot of thinking to do between now and the opening of Monday's trading day. What to do, what to do.

Just make sure you don't use stupid methodologies like Value at Risk to determine whether or not you are going to invest in something.

What is a Value at Risk methodology?

-L.H.

http://en.wikipedia.org/wiki/Value_at_risk#Criticism

 

[cdnmetalmetalhead]

you tried to short physical silver?

 

[Ag]

LaramieHirsch - not pointing fingers but you learnt some good lessons - shorting as pointed out refers to selling silver contracts or the like. I'm guilty of saying 'short physical' but it's a play on words...

...and Yes I agree with Turk - charts suggest this is a current bottom and will move to $39 ish next - MY OPINION! TAKE IT AS A GRAIN OF SALT

Have you heard of the term 'dollar cost average'? good one to look up - think this is your next 'safest' move - should use the same tactic when selling unless you need the cash quickly.

Lastly sounds like your trying to trade the spot with physical - doesn't work quite the same given the 'spread' (difference in dollars between what you can buy at and sell at - in this case the dealers markups) Instead,if this is your plan, would suggest one of the silver index's or mining companies like CCU or AYN.

Good luck

 

[LaramieHirsch]

you tried to short physical silver?

Yup.

LaramieHirsch - not pointing fingers but you learnt some good lessons...

....Have you heard of the term 'dollar cost average'? good one to look up - think this is your next 'safest' move - should use the same tactic when selling unless you need the cash quickly...
Good luck

Yeah, hard lesson. I am hoping I can rectify it with a new, smarter, albeit risky, move.

"Dollar cost average?" I'll try looking this up today. Not sure I understand what you mean in mentioning it, but I'll look into it on my next break.

Lastly sounds like your trying to trade the spot with physical - doesn't work quite the same given the 'spread' (difference in dollars between what you can buy at and sell at - in this case the dealers markups) Instead,if this is your plan, would suggest one of the silver index's or mining companies like CCU or AYN.
Good luck

Yeah. The spread kills me. Silver Wheaton isn't a mining company exactly. Instead, they go to all the mines out there, and they take all the ore and what not that contains silver that the mining company doesn't need. For example, they will go to a copper mine, obtain some ore with silver in it that the copper miners don't need, and sell that.

Silver Wheaton's been steady for the last few years. They're not questionable and new or anything like that. They're solid as far as I can tell.

i think you would be better of paying of the card. physical silver is not for speculation. you would be better of in the paper market but i am expecting that to blow up one of these days. with the premiums above spot when you buy and sell they work out expensive.

Yes, I know. Paying off the card sounds like a nice immediate gain. But if I could do a little more with this money, I could pay off the card completely, instead of spending the next six months saving up to pay for the remainder of the card with hard labor.

I, too, expect the paper market to blow up. But not just yet.

But yeah, those premiums above spot are killer. A hard lesson, like Ag said.

 

[samwang]

right now i believe silver is heading for another rally maybe up to 38-40, then it will have another correction, maybe down to 30 or sth

or it will rise above 40 and 33 marks the end of this correction

personally i think there will be another correction coming

 

[BigBen]

Why on earth would you pay over a 10% fee on an investment? Thats like, insane!
Just short a CFD or SLV, 0.01% fee, in and out cash in ur profit for cold hard metal then?

Your silver dealer just make a decent buck from you
I would be demanding my money back.

 

[Silvester]

Thought it said you tried to snort silver. That's a no-no.

 

[malachii]

Why not have a foot in both camps. Buy some physical now (maybe 50% - maybe more, maybe less) and plan on buying more if the price goes down or you think it has made a descent base. This way you keep some cash available in case it does go down further but if it "goes to the moon" you haven't missed out either.

malachi

 

[RhythmDoctor]

Thought it said you tried to snort silver. That's a no-no.

I once snorted a line of ground pepper for a bet. It was agony, but worth the 50 quid.... Until my nose began to bleed for the next 30 minutes.

Never again.

 

[Wout]

see what happens after June 30th, could be a good time to buy in depending on how the US economy reacts to QE2 ending. I dont think it will react well and commodities/shares will take a hit before they roll out QE3 or something similar