What a bunch of wussie-boys!!
saintguru
Posts: 7,727 ✭✭✭
You LOVE gold and silver at the highs, yet when the SIXTH correction in this bull market that began in 2002 occurs you run up the trees like a bunch of scared monkeys!
Sit tight, be patient and WAIT for it to go LOWER!! $880 is the trigger point to buy gold...if it goes lower that that buy more. That's a 14.5% correction and if that scares you I suggest you stay away from commodities. This isn't a kid's game, never has been...but the masses and even hedge funds seem to think it's a money tree when all is great and running day after day.
I've been trading gold since 1979, from the pits of the CME to the auctions on Platinum night and everything in between and I assure you that you're gonna lose some scrotum hairs when you make your move against the direction of the market at first. (bif deal....who needs them? :funny
But THOSE are the buys and sells that pay off the biggest!
With all my experience I still moan to myself when I sell high and watch it go 10% higher. But if you want to be a pro you have to have the stones to know when it's time to commit to action!
If you think the dollar is going to EU$1.00, get OUT of metals.
"Wall Street [precious metals] is the only store in town that when there's a sale no one comes to buy."
No one was better than Professor Graham. Ask Warren Buffet.
PS. You can buy GLD (NYSE) instead of the physical metal. It's easier!
Sit tight, be patient and WAIT for it to go LOWER!! $880 is the trigger point to buy gold...if it goes lower that that buy more. That's a 14.5% correction and if that scares you I suggest you stay away from commodities. This isn't a kid's game, never has been...but the masses and even hedge funds seem to think it's a money tree when all is great and running day after day.
I've been trading gold since 1979, from the pits of the CME to the auctions on Platinum night and everything in between and I assure you that you're gonna lose some scrotum hairs when you make your move against the direction of the market at first. (bif deal....who needs them? :funny
But THOSE are the buys and sells that pay off the biggest!With all my experience I still moan to myself when I sell high and watch it go 10% higher. But if you want to be a pro you have to have the stones to know when it's time to commit to action!
If you think the dollar is going to EU$1.00, get OUT of metals.
"Wall Street [precious metals] is the only store in town that when there's a sale no one comes to buy."
No one was better than Professor Graham. Ask Warren Buffet.
PS. You can buy GLD (NYSE) instead of the physical metal. It's easier!
0
Comments
I buy coins and take the favorites out. Then I sell the least favorites. They become someone's favorite. I like to take my profits and buy more coins made of gold than silver. It's a strategy for me to have better coins even though my most valueable coin is brass. The metal that makes me the most money is galvalume steel . I hope we don't do like Canada and go to those type metals in our coinage.
Anyway, your posts cut through the BS with PMs and I always like to read what you have to say (as rough as it may appear to many)
Oh, has anyone noticed that the Mint has lowered it's prices to reflect the current losses in PM?
I didn't think so. With the Mint, what goes up stays up. I'm sure that'll do wonders for their sales. Let's make some keys!
<< <i>How do you arrive at the trigger point for buying? >>
These are professionals. Don't try this at home!
The name is LEE!
<< <i>How do you arrive at the trigger point for buying? >>
There are a few simple methods.
In a primary bull market, which this IS, 15% corrections are generally safe to buy.
If it gets worse then use Fibonacci numbers.....38.2% is a great correction number for SERIOUS drops.
And you have to have the intestinal fortitude to BELIEVE in what you do. If you're just looking for a ride, go to Disneyworld. Commodities have taken down men bigger that everyone here combined.....because they let their egos interfere or they lost their discipline!
The key word when playing any commodity is DISCIPLINE! You lose that, you lose all your peanuts!
<< <i>Very well said. I just wish I had the funds to act it out. Maybe some day.
I have the funds, at least to a limited degree, since I have increased cash in the last few months. What I don't have, though, are the stones to act it out.
GLD (NYSE). It's a pure play on gold. It's marginable if you have the balls and it's less capital intensive. I bought some this morning as a re-entry and I'll buy more if it drops.
I saw them used on CSI or some other program like that, didn't know they were good for nature, murder investigations and now gold!!
I personally have no clue what PMs are going to do, I just buy the index mutual funds continually, great dollar-cost averaging.
Will’sProoflikes
<< <i>You can buy......
GLD (NYSE). It's a pure play on gold. It's marginable if you have the balls and it's less capital intensive. I bought some this morning as a re-entry and I'll buy more if it drops. >>
But that wont help you if we have an intense monetary meltdown overnight. Try trading that paper for goods, oh wait...there isnt even any paper.....ummm try trading those scrambled electrons.....
Do you see this drop in PM's, especially silver, as being a hit to the low to mid priced and widget coin market, such as common MS Morgans?
It's also interesting to see the PM market correlate to energy commodity prices.
==Looking for pre WW2 Commems in PCGS Rattler holders, 1851-O Three Cent Silvers in all grades
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<< <i>Jay,
Do you see this drop in PM's, especially silver, as being a hit to the low to mid priced and widget coin market, such as common MS Morgans?
It's also interesting to see the PM market correlate to energy commodity prices. >>
NOt at all.
A) Is this really CHEAP metal?
C) Bythe time the next auction rolls around we will be at new highs anyway.
Just so I'm on record as puttting my money where my mouth is I put a 1/2 position on in GLD at 90.50 for myself and clients! If we get to $880 gold the other half gets bought.
errr, speak for yourself?
wanna fite?
heh.
seriously, I am not nervous (nor a wuss) - that said, even you must admit that this freefall is happening awesomely quick.
<< <i>who is calling who wuss?
errr, speak for yourself?
wanna fite?
heh.
seriously, I am not nervous (nor a wuss) - that said, even you must admit that this freefall is happening awesomely quick. >>
Yeah? They ALWAYS happen quick. If it was orderly it would likely only be 5% waiting for the bigger one.
Corrections are caused by too much money being made! Funds, individuals, institutions keep pressing their bets, averaging up. When you start to get a downdraft they all hit the door at the same time...some wait and when it happens the next day it's another rush for the door all at once.
Now I believe gold is dropping in sympathy to the agricultural commodities dropping. There's fear that an economic slowdown will diminish demand and frankly I don;t believe it. Look at what the grains have been doing...LIMIT DOWN yesterday. It's an all for one deal.
If the dollar stays over EU$1.35 gold will be over $1000 for a while. It's not an esoteric argument. It's where the money wants to be.
I think you are correct but I didnt think today would be down this big.
Why are agricultural commodities dropping on recession fears? What happened to Giffen’s paradox? The higher the cost of bread the more bread people buy—why would that not apply in the context of the lower the disposable income the more bread people buy? You still gotta eat.
CG
<< <i>Jay
Why are agricultural commodities dropping on recession fears? What happened to Giffen?s paradox? The higher the cost of bread the more bread people buy?why would that not apply in the context of the lower the disposable income the more bread people buy? You still gotta eat.
CG >>
If there's an economic slowdown the feeling is that demand for raw materials will drop. Not FOOD, but they throw the baby out with the bathwater. How about this....the demand for most materials are astronomical! China is scrambling for iron ore!! It's in the ground but the spot market is tighter than a frog's ass and the two major producers RTP and BHP are raising prices and China is pissed off.
There is a blend of logic, panic and irrationality in secular commodity corrections and THAT'S what offers opportunity.
Recall Schmuckatelli's Conundrum. "When a bunch of knuckleheads make too much money the net sum when it's over is losing all."
<< <i>Jay, nice OP, but your fingers went dyslexic.....I believe you meant a 38.2% (Fibonacci) correction.
YEP. You know I type too fast and don;t look back.
Box of 20
<< <i>I suggest you stay away from commodities. >>
Wiser words were never spoken.
Most people do not make money buying commodities. The suggestion of buying stocks related to precious metals is better but you would have made the same kinds of gains buying steel stocks. Precious metals seem to be affected by a lot more than supply and demand whihc makes them very unpredictable.
Gold's pretty, but it tastes bad.
Too many positive BST transactions with too many members to list.
Hopefully they will hold but don't count on it. Platinum production is still a problem so once the speculators are done with their fun, we can get back to business. Gold is a bit different but should stable out soon as well. Good luck with silver, I told you it was risky.
<< <i>Not all here are wussies as I continue to buy and buy big. Bring it on. I sold what I needed 2 weeks ago to fund 2008 PM purchases so a price break now is even better. PM prices going up is great but when they come back down, that's good too. Just in time for Mint platinum coins too!
Hopefully they will hold but don't count on it. Platinum production is still a problem so once the speculators are done with their fun, we can get back to business. Gold is a bit different but should stable out soon as well. Good luck with silver, I told you it was risky. >>
The not-wussies don't have to identify themselves. The wussies have already declared the sky being on the ground.
EOM
jay, i agree with all of your original post but the last statement (above)......call me crazy but i want the tangible yellow stuff.....in that sense i guess i agree with gecko's post
greg
www.brunkauctions.com
greg
www.brunkauctions.com
<< <i>
Sit tight, be patient >>
Easy for you to say...when your money isn't on the line.
<< <i>>>PS. You can buy GLD (NYSE) instead of the physical metal. It's easier>>
jay, i agree with all of your original post but the last statement (above)......call me crazy but i want the tangible yellow stuff.....in that sense i guess i agree with gecko's post
greg >>
I have physical gold....but when I want to "trade" it's MUCH easier to buy GLD and not have to deal with all lthe physical agravation.
By trade, in MY world it means buying the 10-15% corrections for the next move up.
Trouble is, I don't like selling all that much.
I knew it would happen.