Sold 28 OZ. of Gold and Platinum today........

2manycoins2fewfunds

Word is smelter is 3-4 days backed up.
Lot of others must be selling

DoubleEagle59

I agree that the price will still drop a little bit more. Perhaps all the way to $800 to $850 an ounce

But if you don't buy it back, you'll be sorry in a few years time!!!

CarlWohlforth

Wow! That is a nice chunk of precious metal!

fc

the question i have is what in the world do you do with 30+ G?

that money was doing quite well tied up in PM for the last few years.
how do you plan to keep the investment going and/or hold onto it
without losing to inflation?

any good stock picks to share with us?
paying off debt?

i am curious!

fishcooker

28 gold and plat eagles would make a nice little piggy bank, wouldn't it?

Manorcourtman

You missed PM peak. But good for you for realizing the PM market is heading south quick despite the EXPERTS who say otherwise.

Julio

Time will tell. I pawned my crystall ball. I'm assuming you made a nice profit. There aint one thing I can think of for not taking a profit.

I'd rather cut my losses, and take my gains, when investing.

If I got your drift, you purchased as an investment, sold at a profit. . Take Care,jws

BECOKA

I agree only time will tell.

Assuming an uneven mix you probably had 40K+ what on earth are you going to do with that? Especially if the market starts climbing tomorrow.

lope208

30-40K in guaranteed CD's or a high yield savings account will earn a nice bit of interest while you decide which coins to purchase next. I have an online savings account at 5.25% and I've seen some closer to 6% now.

AnkurJ

Where did you sell it? I have has some below melt on the BST for a while with no bites, and a local jeweler gave me a low ball offer or about $20 per gram for .9999 bars!

2manycoins2fewfunds

It was mostly 06/07 stuff from US mint with 25-40% short term return.
Too good to pass up such a short term gain.

As far as Platinum one look at the price graph over last 1-2 years shows a recent parabolic spike. I'm old enough to have seen such spikes before in stocks etc. They tend to be brief and I know it is a mistake to try to catch the absolute top. Spike is usually as sharp going down as it was going up.

Did sell some Platinum at $2080/Oz. a few weeks back. Missed the absolute $2300 top in Platinum and $1030 in Gold. Couldn't get to B&M because of day job.

All and all I've sold appox. 1/2 of my 2005-2007 holdings in gold and platinum.
What remains is mostly 2005 Platinum proofs, 20th Anniversary reverse proof golds, and 2006-W MS platinum. Averaged cost is now very low. Simply took the easy money off table.

timcoin

<< <i>30-40K in guaranteed CD's or a high yield savings account will earn a nice bit of interest while you decide which coins to purchase next. I have an online savings account at 5.25% and I've seen some closer to 6% now. >>



2manycoins2fewfunds, at that rate (5.25%), you might consider Municiple Bonds instead as they are exempt from taxes.

roadrunner

Nothing like holding municipal bonds that are going into default. And there will be lots of them.

When the smelters become unbacked up, then what??

roadrunner

Griv

There is nothing wrong with taking some profits when the time is right but you know of course you are going to lose a lot in the long run. PMs are going back up despite this pullback. We need CNN and MSNBC to quite freaking people out and when reality sets in then the lack of PM production will once again govrn the prices.

I still laugh a the last when platinum dropped $400/oz and gold $80/oz and all you wimps were crying the end of the world. Platinum recoved $220 and gold $50 and this in the middle of a multi-phase Federal stimilus package. I'll be harping this in 3-6 months when all you scaredy cats are boo hooing that you sold low and now are not sure that you want to buy gold at $1500/oz. No balls, no blue chips.

fastrudy

Nobody ever loses taking a profit.
You might have to change your forum name!

jdimmick

Sure dont, I sold 25 oz at 999.61 two weeks ago, and bought back several this week at much lower price only to sell those and buy then again.

Jim

RunnersDad

I agree that anytime you are taking a healthy profit, there is nothing wrong with selling. I certainly have not been collecting coins for that long, but I have a number of friends in the finance and investment industry..and they will tell you the same thing. If you can afford to hold long term then all the better...but if you have to sell now but are still taking a nice profit then there is nothing wrong with that either. Who says that gold and platinum won't continue to drop to a lower bottom and some individuals that have sold can buy back in on the cheap before it rises again.

roadrunner

Nobody ever loses taking a profit.

If you ran that question by the late great Wall Street trader Jesse Livermore you would get a different answer. His view was that the biggest profits were made by those who stuck with the trend and then got out once the long term trend was starting to break down.
Most of the "traders" who settle for 5% and 10% here and there along the way eventually get wiped out or make peanuts compared to the longer term holders. So while you might not get hurt taking a profit, you won't likely get the majority of the gain. I don't think you'll find most old money day trading for 5-10% on every move.
I'm with Griv on this one. All those day traders who got out of gold at sub $700 in summer of 2007 probably never got back in until gold hit $1000 and fell back (assuming they got in this time). They missed the biggest move to date just to make $50/oz.

The volatility coming in all the markets will only become more difficult to time.

roadrunner

ChrisRx

<< <i>30-40K in guaranteed CD's or a high yield savings account will earn a nice bit of interest while you decide which coins to purchase next. I have an online savings account at 5.25% and I've seen some closer to 6% now. >>



Could you tell me what savings account that is?

Griv

<< <i>30-40K in guaranteed CD's or a high yield savings account will earn a nice bit of interest while you decide which coins to purchase next. I have an online savings account at 5.25% and I've seen some closer to 6% now. >>



Shoot, you might as well stick it in your mattress for 6%.

roadrunner

You won't earn anything on that CD after inflation and taxes. In fact you'll lose money for sure in the current environment. A better play would be to stockpile non-perishable food items, and other hard goods from your local supermarket, Home Depot, hardware store, etc. Gold has been appreciating at a net 25% or so for the past 7 years. It's one of the few items keeping up with the loss of dollar power and inflationary effects.

But at least in that CD you won't lose huge hunks of it as you could in bonds, stocks, and other more risky sources.

roadrunner

Joe26

The banks with the highest rates on savings are the ones in the most trouble. Countrywide was paying the highest rate and you know what happened to them. Washington Mutual has a high rate and not coincidentally a lot of stupid mortgage loans. I believe UBS marked down the value of their money market fund which was supposedly safe. I know about FDIC but it could be a while before you see anything and I don't think they're prepared to handle several large bank failures. I prefer silver over gold but I would rather have either than money in a Northen Rock.

2manycoins2fewfunds

I always advise people that best return is to first pay off debt!

oldcameoproofsguy

When it backs down to $400 or $500/oz I'll start buying double eagles again.

Silverstate

<< <i>When it backs down to $400 or $500/oz I'll start buying double eagles again. >>


I assume you may never buy any Double eagles again.

jmski52

Congrats to 2manycoins. Now you will have to change your name to include 2manyfunds!

And you've started to displace Russ as the market timer!

I've got my cash ready to go, and I'm ready to buy. It's just a matter of when, so I am depending on you and Russ.

Just gimme some kinda sign, guys..............