Silver is Crashing dramatically!

Silver is going crazy right now, as well as gold. Silver is at 28.58 an ounce. It hasnt been that low in a while. Its crashing, it went down 70 cents in 10 minutes.
So I suggest once silver reaches so low, we invest. I wish i had more moey. but I dont have much so I buy as much silver as my paycheck allows.
And I believe it will be a great investment when silver goes back to 30+ dollars an ounce or more! Any thoughts or questions, or would like to share valuable information?:rollling:

 

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Metals down across the board, Platinum down $57, Palladium down $32, Gold down $24, silver down $.90, crude oil down $2.24, copper holding up a little better at only 3.8 cents down (about 1%).

Nat gas and U.S. corn about even.

 

I don't think we have seen the bottom yet.

 

I think we are nearing a bottom (maybe is already in at $28.50), I'd be surprised if we went below $26.

That's just my best guess though from what I've seen from others and what I believe the long term fundamentals to be.

 

Why weren't there posts on here complaining about silver going "crazy" if it goes UP $.90 in a day?

Just curious.

 

Because percentage wise, a $0.90 loss is bigger than a $0.90 gain.

$30 to $29.10 is a 3.093% loss.
$30 to $30.90 is a 2.912% gain.

Thus "The sky is falling!"

 

And it went down about 3.50 dollars an ounce since it reached its peak at 32.03 a week or so before. not just 90 cents.

 

i will be coming into a small inheritance soon (<40k). considering going the precious metals route as opposed to a traditional ira. any thoughts ideas or suggestions?
bullion ASE's panda's etc.
thanks
walter

 

If it hasn't hit bottom, or expected to bottom out a lower price, there is still time to sell and rebuy with a gain. Otherwise your silver may be starting back up later from a bottom, several dollars/oz. down. If you are a long term collector.stacker, this is will a small problem. If you had to scrimp and save to even buy a couple of ounces, it is a problem. Possibly even, it may go to 20 this year. There is nothing but past performance to indicate either way. Everyone with silver or gold has been hit. How it affects you is really determined by how you have proportioned it as a holding. If you are in 80% precious metals and 20% in an IRA, stocks, real estate, etc. it is probably much more scary.

If you are new at bullion 'investing' consider the action. Some people consistently say the economy and debt will drive out the USD and then PM will be king. That is all opinion. Read , study, do the due diligence before you decide.

 

If it were me I'd just buy silver as low over spot as I could. (with the exception of some undesirable forms, 40%, 35% ect.)

Right now Provident metals has 1 oz silver rounds for .69 over spot, and 10 oz bars for .69 over spot in any quantity. That is the best deal of any online retailer that I've seen.

 

Diversify. Dont be silly and invest all in PM's.

 

I think it is great. Now I can afford to buy some gold at a reasonable price!

 

In my opinion the slide is not over with. I am looking at this as more of a correction to a more accurate valuation, but don't take my word for it. Do you own DD and take it from there. From mine own experience, the folks that tell you they know exactly what will happen are the ones to stay away from. Truth be told, no one really knows, but we can make educated guessed based on valuation. After this guesses, then we can weight our portfolio in that direction, but with enough balance and diverity in it to save our bacon if were we were wrong.

The way I see it though PM's still over valued, real estate and equities undervalued. So, a few Mutual funds might be a good place to park it, and if you do really like metals, you can take those possible profits from the mutual funds an roll them into silver when it is in the $20 range. YMMV and do your own DD.

Mike

 

Buying silver is an investment you sit on for years. I like the drops, if it goes lower I will buy a massive amount.

 

It went lower. 28.45 an ounce.

 

Yup and gold had a large drop too, hit 1565.60 at the low and silver 28.322

 

gold hasnt reached the mid 1500s in a long time.

 

What’s the number, something like 80% of those inheriting money lose it within a couple of years? I think it goes something like, since the heirs didn’t have the ability to make it in the first place, they don’t have the ability to keep it. Or is it easy come, easy go?

 

If this were me:

1) I'd pay off any "bad debt" - i.e. anything that has no tax advantages over 4% interest. I have a mortgage under 4% so I wouldn't bother as I'd be "losing" money in the long run
2) I'd put 20-30% of the remaining in PM's, but I would space my purchases out over a few weeks to cost average, especially if it continues to drop. Personally I'd buy a small amount of gold, up to a half ounce, and the rest into silver, and I'd look also for some nice coins at around spot that also have potential numismatic value (for me that's silver IKE's and reasonably priced US silver coins)
3) I'd then look for a nice mutual fund for another $40% of it, something returning 3-4%
4) I'd add some stocks to the portfolio with the rest, something with a nice steady dividend return, and reinvest the proceeds.

I personally wouldn't keep much cash on hand as you'll get pitiful returns on a bank account, but by all means, please don't dump it all into one place.

 

I doubt that will happen to kydedhed, he sounds like a smart guy