I bought 2 10 ounce bars of .999 fine silver today, mistake or not?
SanctionII
Posts: 12,224 ✭✭✭✭✭
Had smoe spare cash and thought I would become a "PLAYA" in the silver bullion market. Thus I now own 2 10 ounce silver bling bars.
For all of you prognosticators out there in forum land, did I make a mistake; or am I prescient in buying now, prior to a run up to $50.00 per ounce or more?
For all of you prognosticators out there in forum land, did I make a mistake; or am I prescient in buying now, prior to a run up to $50.00 per ounce or more?
0
Comments
"The silver is mine and the gold is mine,' declares the LORD GOD Almighty."
The name is LEE!
<< <i>$14.50 per ounce; probably a little on the high side; but why worry, silver is goin gto hit $50.00 per ounce soon, isn't it (LOL)? >>
I would like to see it hit at least $16.00 so i can double my money.
"The silver is mine and the gold is mine,' declares the LORD GOD Almighty."
Well, I'll still sell at $50
Saul Goode
Many people today don't know what investing is. They don't have the patience for the long term play. In todays investment world, 10 days is considered a "long term" investment.
<Many people today don't know what investing is. They don't have the patience for the long term play. In todays investment world, 10 days is considered a "long term" investment.>
My best friend used to be an options market market who worked the floor of an exchange. To him a long term investment meant holding a position while he left the floor to go to the rest room.
That said, it is possible, due to the new plans for silver, that this could be a market adjustment and not a bubble. If so, it will rise and then stagnate for years, still not supporting a long term investment strategy.
I suggest getting in and getting out at your price point - be that $35, $50 or whatever you think the market will rise to.
added: I predicted and highly reccommended 3 year ago that people start buying precious metals. And I did take my own advice!
What will it do tomorrow? Oh the suspense, oh the agony. Whatever shall I do? (LOL).
<< <i>My purchase of yesterday is turning out to be a disaster in 24 hours. Silver went down today.
What will it do tomorrow? Oh the suspense, oh the agony. Whatever shall I do? (LOL). >>
I share your pain. I'm going to a show tomorrow with $40 face value of pre-1965 silver (Mercury dimes and Washington quarters). It was supposed to be my spending money.
What will it do tomorrow? Oh the suspense, oh the agony. Whatever shall I do? (LOL).
Buy a bit more on the dips to get your cost average down
<< <i>My purchase of yesterday is turning out to be a disaster in 24 hours. Silver went down today.
What will it do tomorrow? Oh the suspense, oh the agony. Whatever shall I do? (LOL).
Buy a bit more on the dips to get your cost average down
Not something I would recommend and a classic newbie mistake. If that was the plan going in that is fine. If it wasn't, take a time out, and maybe buy more in a month or two. If silver really does crater, having a doubled position is going to make selling a lot more likely. Admitting mistakes is difficult. Arguing with the market is often the road to the poor house.
On the other hand do what Slipgate is doing he/she has the hot hand
<< <i>For all of you prognosticators out there in forum land, did I make a mistake; or am I prescient in buying now, prior to a run up to $50.00 per ounce or more? >>
I just read an article on Kitco about the relationship between inflation and rising metal prices, and that Gold and silver are not necessarily rising in price, but the dollar is just sinking in value. If you paid $14.50 x 20 ounce or $290.00, and silver ultimately rises to $50.00 you will cash out at $1,000. Not too shabby, except that the reason that silver is at $50.00 an ounce IS because the dollar has fallen in the same ratio as silver has risen. Thus, your $1,000 will now theoritically buy the same bag of goods that your May 2006 $290.00 would have bought.
At least inflation won't have eroded your money.
Tyler
deal or no deal?
Over all the money I paid ($290.00) to buy the silver, was money not earmarked for anything, play money as it were. The value may go down and it will probably go up. Since I do not need the cash to pay bills, it will remain locked up in the silver.
1 week to early.....
Might be the time to get a few oz of gold however.....
1) If you want to lose money, chase today's "flavor of the month." People in the know are gone long before the average person 'discovers' a trend. Ie., hedge funds were getting out of precious metals (and copper) in the last month.
2) Have an investment strategy. Why do you want to buy X, and for how long do you want to keep it? In your mind, have sound reasons for doing this. If you are doing what everyone else is doing - because everyone else is doing it - you will lose money. Can I say "internet stocks circa 1999" or "precious metals circa 1979 -1980?"
3) Don't expect to make money day trading, be it in equities, bonds or anything else. Unless you have an aptitude for this sort of thing - and are making a career of following the markets you choose to follow - you do not have enough information to make prudent decisions.
4) Don't think you can buy someone's newsletter as a substitute for doing your own due diligence. If you really knew which way the markets were going, why would you tell anyone else, especially a total stranger, for a small fee?
5) If you want to buy metals and make them a material part of your portfolio, you must seriously believe that there will be a serious meltdown in world financial markets in the not too distant future.
"Seu cabra da peste,
"Sou Mangueira......."