I am in silver from $13 to $29...need advise

ArizonaJack

I have about $300 face in 90% and 200 ounces misc. bars.
Do we cash out the " fake money" , buy more at the $29 level?
What will the election bring? Is it better to sit on cash and wait and see or go deep and spend my cash now on more?

derryb

Flip one of those 90 percenters. If anyone here knew for sure, they'd be to busy spending their wealth to have time to answer your question.

Meltdown

I wouldn't stress too much about it. Most likely you can't go too wrong. If you cash out a bit now, you can probably play the trends and buy it back a bit cheaper.
Long term silver still looks really promsing... almost a no brainer.
If you don't need the cash for something more important, just hold it and enjoy the fact that you are ahead.

I'm in a similar boat... I still have $9 silver purchases- My first 100oz purchase was $1,428 delivered from Apmex.
PM's go up & down. Sometimes I stress about the fluxuations because I have been buying at every level since the beginning.
For the most part I enjoy keeping track day to day.

Editing for spelling.

golfer72

I see a lot of people post about whether or not they should sell PM's and they say what price they bought them at which they think has a bearing on what they should do. The price you paid does not matter. The only thing that matters is what the price will do in the future. Forget about what you paid for your stash and ask yourself if you would buy today with fresh money. I can tell you I will not sell any of mine probbaly for a long time.

Coyn

The real question is whether or not you should buy dollars. You already have the "money", silver is the same word as money in many languages of the world. Don't buy paper unless you have a plan what to do with it.

golfer72

<< <i>The real question is whether or not you should buy dollars. You already have the "money", silver is the same word as money in many languages of the world. Don't buy paper unless you have a plan what to do with it. >>

very well said !

tneig

The transition from one state to the other generally costs, unless you can work out a good deal to make the switch even/better. I mean if someone gives you spot $1+ equivalent for the 90%, and you can get the pure silver at that price, great. But you still need more profit to cover driving expenses, shipping, selling costs, or anything on the deal. There may be some folks that would like to make the opposite switch at an equal transition if you can find them. With your investment level, which is close to mine, I'd hold on any transition that costs you. I wouldn't take a loss if the choice was staying as is. (Spot range now doesn't mean its a good time, if it costs you.)

Maybe do the transition by selling any of the odd or hard to sell 90% at a higher spot price then today, hold as needed and rebuy pure silver on a low to cover the transistion cost.
The caveat is that I can hold or wait for each of those times swings, and assuming silver prices will creep up again over time.

On the reverse, with spot in this non-directional period, I'd say just buy some new silver now at this good price, with incoming money. Then sell some 90 when its back in a good upswing trend. If it doesn't move back up, hold and no transition loss.

piecesofme

The real question is whether or not you should buy dollars

I disagree to a point. The OP says "I am in silver from $13 to $29...need advise". First of all it's advice...sorry couldn't resist.
What the OP needs to determine is just what exactly is the cost average. If he bought only a few things at $13 and the majority on the higher end, I say hold.
If he bought most in the mid teens and added just a bit in the upper $20's, then I say cash out and start over because the overall trend is still down.

DrBuster

Why would you sell it to buy back in with that DCA? If you don't need the money just sit and forget.

piecesofme

Why would you sell it to buy back in with that DCA? If you don't need the money just sit and forget.

Because it would be more than a doubler and I'm not grredy, 125% would be enough for me

DrBuster

You'd still have the same amount of silver though. Selling 100oz you got at $15 years ago gets you 100oz you get at $29 today/whenever, all your doing is bumping your DCA. I don't see any net gain....unless you know for sure it's going down further, then you do a lot of work for a small handful of extra ozers.

Coyn

<< <i>I disagree to a point. The OP says "I am in silver from $13 to $29...need advise". First of all it's advice...sorry couldn't resist.
What the OP needs to determine is just what exactly is the cost average. If he bought only a few things at $13 and the majority on the higher end, I say hold.
If he bought most in the mid teens and added just a bit in the upper $20's, then I say cash out and start over because the overall trend is still down.

>>



Sorry but I need to disagree, except from an emotional or maybe a "tax" standpoint, it is totally irrelevent what he paid for them. It doesn't matter if he paid 5 or 45 an ounce. The only things that matters are the price now, does he need the money, what does he think the direction of the price will be and why did he buy them in the first place..



<< <i>Because it would be more than a doubler and I'm not grredy, 125% would be enough for me >>



I bought all of mine under $10, I didn't sell when it hit 20 and I didn't sell at 48. Id rather have silver than cash.

jmski52

I bought all of mine under $10, I didn't sell when it hit 20 and I didn't sell at 48. Id rather have silver than cash.

Ditto, except that I still buy occasionally.

I buy precious metals when I have "too much" cash and some of the cash needs to be "rescued" from that fate worse than death - wanton government spending on crap projects that I generally disagree with, and the subsequent inflation of the money supply used to pay for them.

"Rescued money" remains under my own management, and it is grateful for being rescued. Some day, it will return the favor.

piecesofme

I bought all of mine under $10, I didn't sell when it hit 20 and I didn't sell at 48. Id rather have silver than cash.

Why, what purpose does that serve? You can't buy anything with Silver, but you can buy "things" with the $ profited from cashing in.
There's more to this world than how much Silver a person has at any given time. Taking a profit and benefiting from it is what makes the world go 'round, not sittin there lookin at a pile of Silver and thinking what you COULD do with it. jmho.

fishcooker

I wonder if Buffett wishes he kept his pile o' silver?

piecesofme

All I'm saying is, at some point benefit from it.

rawteam1

<< <i>I bought all of mine under $10, I didn't sell when it hit 20 and I didn't sell at 48. Id rather have silver than cash.

Why, what purpose does that serve? You can't buy anything with Silver, but you can buy "things" with the $ profited from cashing in.
There's more to this world than how much Silver a person has at any given time. Taking a profit and benefiting from it is what makes the world go 'round, not sittin there lookin at a pile of Silver and thinking what you COULD do with it. jmho. >>



sounds like the same song & dance the bank guys & mortgage guys were singing gettin people to refinance during the big boom...

y cant u buy anything with silver?... u can get whatever u want for it, u want fiat us dollars u can get them, u want foreign fiat u can get that,
im sure if u do a little searchin u can find those who will take it in exhange for food, drink, goods & or services...
take a visit to the linesboro inn on the pa & md border, they take it...

u might want to get checked if u caught a case of bufffettitis...lol

someone else's alternative view,
http://www.ibtimes.com/articles/347865/20120601/david-einhorn-mocks-warren-buffett-8217-s-stance-on-gold.htm

Coyn

<< <i>Why, what purpose does that serve? You can't buy anything with Silver, but you can buy "things" with the $ profited from cashing in.
>>



When the time comes when I need "things" I will either exchange it for cash or trade for what I need. But to sell out silver to gain cash I don't plan to use right now just so I can tell myself I have made a "profit" is a bad move. In the end if you use cash or silver to acquire "things" you really don't need then you will have nothing in the end. Mostly all of the "things" we buy today start moving toward zero value the minute we acquire them.

piecesofme

hmmm, Is a college education, something that is going to be essential for a female in the next 10 years (as if it isn't already) that was gained from the profits of selling metals, a "thing"?
The lifetime of earnings that will be a direct result of that education that I have earmarked for my daughter who will be in the job force in that timeframe is worth how much?
And it was at least made possible by daddy locking in profits when he could.
Don't tell me what to do with my money and metals and I wont tell you what to do with yours.
It boils down to what each of us think is the right thing to do with what we have planned, that's all. It really is just that simple folks. We can all have opinons and even ask advice as the OP has, but ultimately we each have to decide the path we are on and where it leads. Again, jmho.

DrBuster

<< <i>hmmm, Is a college education, something that is going to be essential for a female in the next 10 years (as if it isn't already) that was gained from the profits of selling metals, a "thing"?
The lifetime of earnings that will be a direct result of that education that I have earmarked for my daughter who will be in the job force in that timeframe is worth how much?
And it was at least made possible by daddy locking in profits when he could.
Don't tell me what to do with my money and metals and I wont tell you what to do with yours.
It boils down to what each of us think is the right thing to do with what we have planned, that's all. It really is just that simple folks. We can all have opinons and even ask advice as the OP has, but ultimately we each have to decide the path we are on and where it leads. Again, jmho. >>



OP asked about selling to buy back in. Selling to pick up a good/service (education in your case) was not mentioned. Everyone here will tell you that selling for something - land, degree, opportunity, vaca, unexpected bills, debt reduction, etc - is a smart thing.

As far as what to do with extra cash with the election in mind, the other part of the OP, you'll get different opinions on that obviously.

Coyn

<< <i>hmmm, Is a college education, something that is going to be essential for a female in the next 10 years (as if it isn't already) that was gained from the profits of selling metals, a "thing"?
>>



Depends, Starbucks is full of college grads serving coffee to college students. If it's a degree in medial or something with a career attached then yes, its a good investment, If its a degree in History, political science or Oriental basket weaving then save the money.

piecesofme

Let the record show that I wasn't the one to sidetrack it DrB. Threads evolve. I was talking about what it has evolved to since the OP hasn't said a word since posting the thread.

DrBuster

<< <i>Let the record show that I wasn't the one to sidetrack it DrB. Threads evolve. I was talking about what it has evolved to since the OP hasn't said a word since posting the thread. >>



All good.

Sell metal, buy a Jag, ha!

renman95

Sell it and buy it back and then smoe in the Fall.

ArizonaJack

Thanks everybody......I'll sit tite and watch for now while adding to my cash savings.......maybe add a 10oz bar a month or something and add the same cash to savings at this point.

Edited to add, I imagine my average cost on the silver is in the $24-$26 range.....I just paid $29.24 on my last purchase. I like to have some 90% in case of a SHTF scenario.......smaller amounts for bartering. Hoarding .45 ACP, .22, .223 and 9mm lead as well.

derryb

After stocking up in the $12-15 range, I watched silver trade $10-19 for two years before it finally dipped to $10. Point of my story is don't panic, the long term trend still looks great.