Were you prepared for a 30% drop in Ag prices?

Weiss

Or were you expecting it to go to $100, $200 or more?

Are you prepared for it to drop to $20, even $15 or $10 an ounce? Or will that devastate your finances?

cjmezz

Was VERY heavy in gold........now i'm glad I was/am! I won't lose any sleep over my 165oz of silver going down or going up....won't break me or make me rich!

bstat1020

No problem, ditched a lot of my silver and switched to gold when silver was around $45.

TWQG

I ditched a boatload of eagles at $50.50 each the weekend before the crash so yes I felt prepared for the drop.
The way I'm positioned in silver now, I'd be happy with $100 or $10.

fishteeth

sold out of almost all remaining silver at Central States a few weeks ago. Dumb luck to hit the market high.
Picked up some great coins in the trade:
1813 5 dollar PCGS AU50, 1857 3 dollar PCGS AU50, 1852 20 dollar PCGS EF45, 1871-S 20 dollar PCGS EF45, 1850 2 1/2 NGC 55, 1910 10 dollar indian PCGS AU58, 1861 5 dollar NGC AU58,
1823 Ugly 3 50 Cent in PCGS EF45, 1814 E/A PCGS VF35, 1808 50 Cent PCGS VF35 and several other coins I can't think of at the moment

Now I am getting ready to start buying silver again when I get a good feeling

guitarwes

I probably bought more silver in the past 3 months than I ever had, but was fortunate to be holding very little when it fell. I took some profits and got out.

I'm holding what I got "stuck" with, but it did/will not hurt my finacial position. Can't help but feel a little knot in my throat for the one's I sold to when it was pushing $50.....but if they play it right, I don't think it'll be long before they can break-even or make a buck here shortly.

Pokermandude

I bought a bunch on the way up at around $45, but had also transferred some silver into gold as a hedge. Am glad I did!

Meltdown

I was expecting some sort of correction but missed the boat on selling high. If it even touched $50 I was planning on unloading a bunch but it started dropping that monday and didn't stop dropping for a week straight.

I'm not too dissapointed because I believe it is only temporary. I certainly brought down my dollar cost average quite a bit overall.
I was still buying silver when I could up to $46 per oz.

jmski52

I fly in defiance of those who say that I should try to time the market - in & out every time it reverses, and in defiance of those who say pms are in a bubble or that I should only hold a minor weighting of 5% to 20% of my assets in pms for "diversification". BAH!

We are in a long-term paradigm change that requires I call it the way I see it, and I see it as a currency devaluation that rotates through various sectors of the economy categorically, and then returns to the starting point for Rounds 2, 3, 4 and 5.

Despite calls of "deflation", the deflation has been decreed "off-limits" and every indication is that for every dollar destroyed by deflation, 3 new dollars will be created - one to replace the destroyed dollar from bad trades by illegitimate hedge funds and banks in the mortgage loan market, one to counter the debt problem and to appease various political action committees, and one to fund the entitlements for retiring baby boomers who have not saved and will pressure the politicians for the benefits which remain unfunded and over-promised.

Don't say that I didn't tell you so.

RedTiger

No. I thought it would be a relatively minor correction and hold at $40. I paid for my mistake.

secondrepublic

I didn't expect it to drop so rapidly. However, I did sell 40 oz. at $44.50, which turned out pretty well. I was expecting to sell rest around $70-$80, and I still think there's a good chance of another big run before it's all said and done.

dpoole

I bought almost all my stuff when it was $12-$27. Bought some in the mid 40s this time, thinking it was a minor/moderate dip. Whoops. The average cost still leaves me way aheadf, though, and I'm in it for the long haul.

As far as your specific question is concerned, the answer is No.

kookoox10

I bought all of my stuff when it was in the $15-25 range...but something told me to stop when it reached my financial plateau. I'm glad I did.

roadrunner

I didn't buy during this run up and did expect a pull back into the upper $30's or lower $40's, but after a run to the mid to upper $50's.
No big deal. There will be another run though it could be a while. It took silver 30 years to form this huge massive cup. Who knows how
long it will take to add on the handle.

roadrunner

mrearlygold

I lost but didn't lose as I'm not into it for much. I bought about 100 oz's when gold was $262.50 or thereabouts. Didn't buy anymore until 2004/2005 when the fellow who was assembling the Ylang Ylang collection shipped me about 100 pounds of gold eagles, krands etc and I kept smoe for my head ( is 60's language ok to use? )

I am however sitting on a pile of loot and will be buying another pile of it soon.

People are a funny lot. NOBODY wanted to buy 1799 Eagles in AU-58, real PQ specimens when I was asking $6,000 for them. LOTS of them came out of the woodwork in the mid 20's.

Betcha the same exists for metal.

But then again I'm looking to buy another house now, ( Gotta get out of this third world environment on the west coast before I go stark raving mad ) and judging by the amount of attention the realtors are giving us, we're bucking the trend, as usual. Ha!


Just so you don't think I was pulling your leg on the Ylang Ylang collection:
Ylang Ylang example


That was a neat collection that ended up as a tragedy unfortunately.

RedHerring

I don't see it dropping below $20. If it did that would really hurt. $100 will arrive soon enough and the day will soon come that you cannot buy silver under $50 ever again - count on it.

gecko109

I expected some type of correction, but couldnt determine exactly when it would occur. Would it happen at $45 and drop back to $35? Would it happen at $40 and back down to $30? Would it run all the way to $70 before a pullback to $55?


Nobody knows WHEN a commodity will correct....but all seem to agree that one was due. I was fortunate enough to sell 30% of my position (300oz physical) on the Monday before the big drop @ $46.16. I did this not because I suspected an imminent correction, but rather because I wanted to take some of my profit down in the form of a summer cottage for my family.


Just got back from a 2 day/ 2 night stay at the new place. Simply gorgeous! Weather was a bit chilly, but we got in some fishing and even a campfire last night. My 4 year old calls it our "jungle house" because its located in the woods. He didnt want to leave.....but momma and poppa have to get back to work.

57loaded

wasn't seeing it drop 30% but i did not buy any during the run up.

wasn't seeing it going parabolic (up) either.....

fishcooker

Of course. It's a commodity. Investors proclaiming that silver never goes down didn't change that.

edmundfitzgerald

Bought my silver at 17oz/average, and switched it into gold at 27oz.

derryb

I like the volatility, it makes for profitable paper trading.

goingbroke

JCMhouston

I was prepared, and now I am prepared to buy all the way to the bottom.

Wingsrule

Replace "Ag" with "Tech stocks" or "housing" or...

tydye

I was prepared in that I did not place short term funds in the metal. Do I wish i had backed off some purchases the last few months? Sure. But even if silver drops below $30 or even $20 over the coming months I would still be ahead.

My only really big regret was my late April/early May purchase. Around the 2-3rd week of april my favorite dealer called and asked if I wanted a bunch of premium silver bars and gold at just over spot. I agreed but told him I would not be able pick it up until a few weeks later. Fast forward a few weeks and I go to pay for and pick up my new stash. My dealer offers me $500 to just walk away - remember I had not given him a dime yet - just a verbal about 2 weeks ago. I told him thanks but I could not do that to him.

jdimmick

Got caught with little, basically what I had taken in over the counter that Fri/ sat before the fall. I was lucky as I had over 80k in transit already locked in that shipped out the friday am before the drop, or it would have been ugly. For the weeks precceding the fall, I had literally been shipping every other day becuase I expected it. I actually felt bad becuase I had sold some ( just a little) rounds to a fellow board member the week before, but it went along smoothly with no problems, of Course it could have when up another 10 bucks and he would have come out ahead.
I was a little worried that the company I shipped too would try and back out, but again it went smoothly, I know they took a heck of a hit.

After about a week, I was actually able to get out of the remaining silver at pretty close to break even when the fake upturn (dead cat bounce) started, for some reason people on e-bay seem to be behind the know when it comes to market pricing, or maybe they just expected a quick rebound that didnt materialize.

I can tell you this: Some of the people who had been coming in buying over the past few months before the fall, lost a pile. The week of the drop, and a few days after, many of them were pouring into the shop at an alarming rate trying to dump/ sell out as fast as they could. I was so busy buying, I had lines forming inside and outside the store of people trying to sell ,which is unheard of in this area.

Now that it has been a few weeks since, the people who were so aggresively buying have all but dissapeared, nobody is wanting to buy silver like before, I have a few hard core's that have taken this opportunity to add "some" postitions at the current rate, but nothing like before. I know that fundamentals really havent changed since the fall, but I just feel it may be over with at least for now. Will have to wait and see , I think many have been scared off.

secondrepublic

For people who bought anywhere between 4 and 20... they are still sitting on big paper profits, percentage-wise. Really, anyone who bought below 30 has some kind of a profit, even including transaction costs.

I didn't expect silver to break right on the doorstep of 50. It was pretty obvious that silver had entered a parabolic rise. But I thought it would go to 70-80 before crashing. It seemed way more likely that silver would surpass its 1980 high, at least in nominal terms, and maybe end up around 100+ in its blow off top.

Part of me is skeptical that we've experienced the blow off top. It seems more likely we're entering trading range of low- to mid-30s. If that consolidates as a price floor, I could see another shot at scaling Everest from a base camp in the 30s.

cupronik

I was at the CSNS show in Chicago and the way silver dollars were selling between dealers nobody foresaw the degree of the correction that silver incurred the ensuing two weeks. Up until that show on Coinnet, there were several buyers of certified generic Morgan & Peace Dollars in MS63-66. Since the correction began I have seen NO bidders trying to buy these coins on Coinnet. . . . . . what happened????

PutTogether

I sold off a couple hundred cullish Morgans and Peace right at $46ish on ebay. I managed to net $31 each after paypal/ebay fees.

I seriously considered selling off half of the rest of my total silver stash (100oz bars, 10oz bars, and eagles) Doing so would have left me with a decent amount of silver, AND more cash than I started with when I started buying it.

I just didn't get around to lugging it up to the local place. Still kicking myself. I could have bought it all back and pocketed a very large amount of cash.

Oh well.

Konahead

bought most below $15 so my loss is on paper only for now. No worries here. I also expect it will go back up in time as this economy is not getting better any time soon.

TwoSides2aCoin

I was prepared...
... Ill-prepared, but hey !

fivecents

I traded a 100 silver ounce bar, several rolls of 1 ounce silver rounds and some ten ounce silver bars for one ounce and half ounce gold eagles on friday right before the big drop. Wish I would have sold some of my 90%.

renman95

<< <i>I fly in defiance of those who say that I should try to time the market - in & out every time it reverses, and in defiance of those who say pms are in a bubble or that I should only hold a minor weighting of 5% to 20% of my assets in pms for "diversification". BAH!

We are in a long-term paradigm change that requires I call it the way I see it, and I see it as a currency devaluation that rotates through various sectors of the economy categorically, and then returns to the starting point for Rounds 2, 3, 4 and 5.

Despite calls of "deflation", the deflation has been decreed "off-limits" and every indication is that for every dollar destroyed by deflation, 3 new dollars will be created - one to replace the destroyed dollar from bad trades by illegitimate hedge funds and banks in the mortgage loan market, one to counter the debt problem and to appease various political action committees, and one to fund the entitlements for retiring baby boomers who have not saved and will pressure the politicians for the benefits which remain unfunded and over-promised.

Don't say that I didn't tell you so. >>



Tru-dat comrade. I'm in the same Gulag. It'll be a long grind.

First, other country's will have to slowly divest dollars, seems to be happening now. Sadly, the last to know that we are in a sheit-sandwich are the American sheeple. Poor lambs.

DrBuster

Did trade 20oz generic rounds for some gold at around $45/oz. Not counting the HS puck, did buy 10 pandas that are now $13 less. Not sweating that.

Few months to 40 and I'm not really looking to sell anything until retirement, or dire circumstances, so this drop doesn't bother me....other than the folks that know I'm a silver guy asking me how hard a hit I took ($100 basically - whoop D doo) expecting to hear that I lost my shirt or something.

dontippet

No problem, but I did purchase a good amount at $48 with intentions of a quick sale. Now, I'm just hanging on to more silver for the future. Might be a good thing for the future. But, I just wasn't expecting to use as much of my tax returns for PM's.

jmski52

Actually, I was "unprepared" if that means the dollar value of my holdings went down. However, they were way up just prior and remain way up. No preparation was required. I did sell about 300 oz. just prior to the last spike in order to buy a coin, and I've bought some pucks in the past few months (about 200 oz.) so my net position is still down about 100 oz.

These lower price levels give me a little more latitude to keep accumulating, since it does get more difficult to buy at $50/oz. I'd feel much better with a well-established base while I continue to nibble and plunge (as the case may be). Since this will be a good year for income from my work, I'd rather have prices abate while I continue with some further accumulation.

It is situational for me, as it is for most people.

Ahrensdad

<< <i>I can tell you this: Some of the people who had been coming in buying over the past few months before the fall, lost a pile. The week of the drop, and a few days after, many of them were pouring into the shop at an alarming rate trying to dump/ sell out as fast as they could. I was so busy buying, I had lines forming inside and outside the store of people trying to sell ,which is unheard of in this area.

<< <i>

I know several dealers that say this is a common occurance. People buy when it's high and sell low out of fear.

I got caught with a little bit purchased at the peak. I dollar cost averaged with other silver bought and was able to sell it all and did just fine.

cohodk

I sold all my silver at an average of about 40 GSR and switched to gold. Of course I missed out on another 25% move higher. I was not surprised at all by the rapid decline. I mentioned many times in the last few months that silver declines 30% almost annually. The high volume on Apr 25, which I wrote about, was a precursor to the massive distribution that occured a week later.

jmski52

I mentioned many times in the last few months that silver declines 30% almost annually. The high volume on Apr 25, which I wrote about, was a precursor to the massive distribution that occured a week later.

Yes, you have and yes it does. Yes, you did and yes it did! I have great confidence in your talents, sir.

AUandAG

As many on the BST know I've been selling off silver since January. 99% was sold on the run up to $49.
It was a good run. Now, I'm a buyer again starting next month (closing on a new home mid June). THe
reason for my sale of silver had nothing to do with the run up! Just dumb luck and a need for the cash
to buy the new home!
I'm retired and this was a part of my retirement plan that I established at age 60 (5 years ago). Sell the
house, pull my equity and add cash and buy the new home for cash. Well, that did not quite happen with
me being in the worst real estate market in the country (las Vegas) but I did come close. New house
payment is $211/month.
I can live with that!
bob