to those that sold their silver ...

So many people posted on here over the past 6 months that they were selling their silver as silver climbed from $22 to $24 to $27 last Fall and Winter. I remember the sellers outweighed the buyers by about 2 to 1 with many posts asking the "best way" to sell their silver.

Now that silver is a breath away from $40 ... Do you feel foolish or sick now? Did you guys buy back in at higher prices? Or do most of you still think silver is in a bubble over $25.

I bought pile of gold and silver in October 2009 right after it became clear to me that the Bernank was going to inflate and money-print his way out of the financial crisis; and so far it's been one of the best investments i've ever made (gold is up 40% and silver is up 140% in that time).

I remember a huge number of "expert" financial planners on the radio (guys like Ric Edelman) saying gold and silver are the absolute worst investments and we should be buying TIPS (meanwhile TIPS are paying 0.000005% while silver is doubling). Just goes to show you that sometimes these so called experts are the worst people you could take advise from.

 

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I'm fairly certain that the "TIPS" recommendations were based upon long-term inflation hedges in extreme environments. I, for one, started selling at $34/OzT, and I don't feel sick about it at all. Why? Well, my cost bases were $5.85 and $8.13. If I didn't sell and silver dropped back to $18/OzT, THEN I'd feel sick.

 

That's a good attitude! At least you won't get an ulcer. And nobody ever went broke booking a profit.

Still if I sold my hoard at $34, I would be kicking myself.

I honestly think silver could approach $50 later this year. If history is any guide, the period from Sept 1st to the end of November is usually when Silver and Gold make their big moves. I am guessing silver will be close to $50 an ounce by the end of Nov 2011 (but would i be shocked if it was higher? ... no)

 

I sold a lot of silver at $36 and got pretty much spot for it because I took it as trade and got a lot of other stuff I wanted. I think I sold all together over 140oz of nothing but extras, duplicates and some bullion I didn't want. It could go to $90 an oz and I wouldn't be sorry I sold when I did because it was stuff that was just sitting here not being enjoyed whereas the coins I bought with their sale are coins I enjoy very much. Of course, thats looking at things from a non investor in bullion standpoint.
Guy

 

Hind sight is always 20/20.

 

Ain't that the truth!

I sold off quite a bit of silver at around $28. Do I feel bad about it? Not at all. My hoarding was done for a reason, and that was so I had some backup cash if I needed it. It doesnt do me any good if I keep hoarding it in hopes that it will go up and up. If you don't sell it, whats the point? Anyway, I kept a lot of it, but only in the form of uncirculated coinage, mostly Morgans. I did that because in case silver dropped off, my thought was these types of MS coins would still hold their collectible value instead of their silver value.

ps ripley: Your choice in font color is very hard to read with my 38 year old eyes.

 

I understand that completely Cole.

I really enjoy looking at my old Draped Bust half dollar and other old coins.

Still it's interesitng how the prices of those coins seem to languish in comparison with bullion coins. I wonder if eventually the excitement generated from the explosive move in gold and silver might eventually precipitate a renaissance in coin collecting (well maybe that's just wishful thinking)

I've been a collector since 1968 or so ... and it's funny that I have made close to $70k in profits from bullion, while probably losing $5k in the rare coins and currency i've bought over the years. It's nice that the bullion gains has sort of funded my rare coin collecting (although i am small potatoes rare coin guy, having never spent more than $600 for a rare coin -- and most are well under $200).

I bought this Draped from 900Fine for $350 last Summer; and I bet it's still worth $350 ... if i had put that money in ASE's they'd be worth well over $800. But how do you put a price on enjoyment?

 

If you are going to remain happy and sane, you don't buy until you are sure, and don't sell until the same. I have little qualms about selling when I am concerned with indicators, and buying when the indicators are positive. The spot price is not indicative of the mindset of the whales. When they decide to sell, the price will come down fast, no matter what the "to the sky" people think. There are not enough of the small timers to support the price when huge amounts of derivative shares are sold. THEN, I would feel bad if I was trapped and couldn't get out, but not when it is my examined decision. There are always places to put your money for future gain when PM go down.

I realize this is not for "Buy and Die ( with my PM)" or "The end is here , or at least nearby" people, just answering the question.

Jim

 

I've been buying silver since it was around $9.00/oz. I sold some at $30 and I've continued to sell all the way through $39. But I was also buying on the way up. So I don't feel bad at all. Locked in some profits, but I'm still heavily into the silver game. I should probably buy even more right now.

I think silver's probably still got some room to run. Its previous high of around $50 in 1980 is something like $125 when one adjusts for inflation in the ensuing 30 years. Besides, the herd is just now getting in since it's doubled in the last 9 mos. Problem is, it's darn near impossible to call the top.

 

Tops usually occur after an exposive parabolic move ... i wonder if the top might be somewhere between $120 and $200 an ounce??? That's a good question to contemplate.

 

Well I have just sold 10 ounces or so, holding onto to much more out of circumstance more than anything, (SD boxes another state away and I lost the key ). I woul dnot have been sick selling for $24, $28, or $34 though since there is a distinct difference between physical PM and stocks and bonds. When a stock goes up, you pay market, when going down, you sell at market. For physical PM, you pay a premium going up. To sell when going down, you sell at a discount to market, sometimes 10-20% discount.

Knowing this, is it silly to sell into a rising market if you believe long term it will come back down? No, its just prudent divestment. Let's say PM bulls are right, and it goes up to $50. If it goes back down to $39 and someone wished to sell, the price they will receive will be much lower than they would receive today. This happened in the 1980's and on other occasions. PM's have a much larger buy/sell spread that is very much impacted by public sentiment. Stock market heats up, another investment gains favor, and you will see offer prices on physical PM's drop lower and lower.

Just my two cents.

Edit: Personally I love what Cole did. Divest from an inflated asset and acquired collectible coins when their market is pretty quiet. If I was to do that with US coins, I think I may look at old commemoratives, as they are really quiet right now, but have history of gettin red hot at times.

 

I have no problem with losing money by "Rebalancing" my coin related assets. If I lose money this time due to the "heavier" asset going up, that is just due to the markets, which I can't predict anyway.

 

I let a little go around $24 and $30 for a project I was doing and traded a little junk in at $37 on a coin I wanted. I'm still holding the vast majority I started with. Most of my purchasing was done in 2008, while some stuff goes all the way back to my childhood that I got when it was $5.

I'm only down about 15% from where I was. I do regret letting some of it go but I'm more glad that I didn't sell any more! This bull market is stronger than most of us could have imagined. I mean, some did imagine it, but to watch it actually happen is another thing altogether. Silver's practically been going up 0.50 a day. I don't know where the next sell point will be but I'll gladly be a spectator.

I have no reason to doubt that we'll see $50 this year, but I'm not going to be buying at $40 or $50. These are newly established, short term highs. Until it levels off and establishes some type of low to use as a basis, I'm not interested in buying at newly set highs. Right or wrong, it just doesn't seem right to join the panic with everyone else at this time. Although I do get a sense that I somewhat missed the boat and squandered opportunities in 2008. Should have loaded up more on the bullion side in 08 than worry about the numismatic side.

But, I enjoy the numismatic side of things more so I have to let it go.

 

My sentiments exactly.

 

I would say that the point is having something tangible, desirable, and universally tradeable no matter what the future holds that will last practically forever. It may not be 'doing' anything for you collecting dust, but should the day come when you need to call upon it you will be glad you can.

Now if I were in it for profit, yeah I would sell a bit on the way up, still buying on the dips, ready to unload before the New Year, but I don't see the point in profit when the gains are inflated away.

 

When silver first inched up into the $26-$27 range it was a rewarding validation of the anticipated reaction of the market to things like a declining dollar (i.e. inflation), european debt issues, US debt issues, Geopolitical issues etc. At the same time there were people coming into this forum for the first time (attracted by the booming metals market) who were eager to glean information about investing in silver. The interesting thing to me was the people who talked down to those buying in at those levels and scolded others who were bullish. The scolding came under the heading of trying to "protect" people from buying in at inflated levels.

A well informed buyer is one who has considered the pro's and con's of an investment. That said, I wonder how the "protectors" feel now knowing that they talked some people out of getting into the PM market that had a lot of room to run. I'm just sayin...

BTW I have not sold any of my silver; all bullion. It is my insurance policy with a premium I get to keep. Hopefully I'll never have to submit a claim!

Regards,

Bluesboy65

 

i put all of my cash savings in gold and silver back in 2009

it was making NOTHING in the bank

best move i ever made

the funny thing is the Bernank is still saying "There is NO INFLATION out there" ...
I am not sure what world he is living in? Dreamland?

 

You are very disciplined and consistent in your objectives. Everyone can respect that.

Regards,

Bluesboy65

 

Howdy folks,

I have not sold a gram. It's not that I can't capture a profit as I was buying rolls of ASEs at under $100 including S&H and my first tube of AGEs at a spot of $335.

I have yet to see a change in the fundamentals or technicals of gold and silver. feh. I'm a momentum investor who happens to also be a coin collector and so id'd this trend back in 2002. With Mo investing, you ride the trend until it stops.

That said, WTF am I to tell someone to sell or not sell. Once heard you can never go broke taking profits. I also know the value of being able to sleep at night. Ergo, I'm the last person to admonish someone who sold some or all.

But, then we can all ask Warren Buffet WTF he was thinking when he took a huge position in silver and then sold it around, what, $10? $15?

and so it goes,

peace,

rono

 

Perhaps one of the most meaningful pieces of advice I have read regarding this topic was to 'have a plan of when you will get out, a number, an exit strategy, so that you will not continue to wonder what to do, and then stick to your plan' I have paraphrased this, those were not the exact words. DesertGem gave that advice in another thread, a while back, quite a while. It stuck with me. It seems if we each have a plan, and act on it, at whatever number makes sense to us, for whatever our reasoning, we won't look back with regret.

My husband used to say "lamenting is the pastime of a coward", so no looking back. I am still struggling with completing my 'plan', my 'exit strategy', and at the moment, I struggle with the idea of greed a little bit -- greed could make me wait too long. That's why I read all of these threads, trying to see all sides, so that I can adequately make a decision of 'when' to get out (if at all.) And then, I will not lament in any way.

Of course, the trouble is what the heck could you put the cash into now anyway????

Thank you all for the opinions I continue to enjoy reading. I am learning so much.

LucyRay