$600.70/oz gold happy? (own a lot) sad? (didn't buy any and now want some) myself i am neutral because i don't really own gold, unless my $20 liberty head counts but i didn't buy that for profit purposes but silver, now that i have a lot of, and most of it i bought during the $6~$8 silver prices, and i even over paid a good amount for them, but the current near-$13 silver more than made up for that :smile
I just checked the spot for silver... $12.80 HOLY CRAP!!! It was $12.05 at close on Friday! Im getting a little ancy about keeping my silver, Im worried there is going to be a spike that goes insanley high, then it bottoms out, and then levels off somewhere in between the price at the beginning of the year and the high price. So when are you going to cash out?
i'm going to "cash-out" when it reaches around $20, or by the end of this year, which ever comes first.
HOLD until gold hits $800/oz, then start a slow sell. My dollar-averaged price is just above $440/oz.
I also wish I would have bought more silver a couple years ago (hindsight is always 20/20!). None-the-less I did manage to store away about 150 ounces over the past five years, but I just bought 30 more ounces off e-bay tonight. I paid about $13.40 per ounce for it, but I forsee it surpassing $20-$25 before it cools off. So I feel like i'm still making good choices, but I'm not going to get much more. If the ETF goes through there will be a spike more than likely and it could come this week! Aint it fun!
From what I hear, if china likes what happens with the etf, They will start the same thing. Man those pandas are cute.
I dont know what Im going to do yet hahaha, I dont know if I should just hold for a bit and wait or sit on a hairtrigger and sell off ASAP. The general consensus is that when silver reaches $20 most dealers and collectors will be cashing out and getting what they can for what they have. But Im suspicious of a second spike once silver goes down to affordable rates again.
Lets see....sell or buy??....well since I have sold most of my extra silver and since I don't think this price will stay up long I'm not going to do either....I'm going to buy coins that the price of silver has nothing to do with the price of the coin.....there are a good many coins out there that don't go up or down with silver....ya'll might want to look at them for awhile! Speedy
I play the stock market a lot so this is sort of the same sort of thing, buy low, sell high, do your research so you know when its going to go up or down but I also collect some coins of more numismatic value.
The young collectors out there don't really have any experience with inflation -- at least not the 1970s variety. There is no need to decide on a selling price in advance. Keep in mind that prices can go much much higher than you ever imagine. You will live to see prices so high that people won't believe you when you tell them you could buy gas for only $2.50 per gallon and a house for a mere $400,000. I know it's hard to believe, but it will happen. So while $20 silver might seem high to you now, in 30 years it will probably buy you a candy bar. I have an old Handbook of United States Coins; 22nd edition by R.S. Yeoman published in 1965. Uncirculated 1921 Morgan dollars were $1.00 1885CC uncircluated Morgan was $30.00 1916D mercury dime was $105.00 1909S VBD was already up to $100.00 Most buffalo nickels were still a nickel in XF condition Most $20 Liberty gold coins were $43.00 Anyway, this isn't an abberation. It's the way things are under an economic system that uses fiat currency. So you might be better off trading what you have for something else you want than just converting your collection to cash. Keep your coin money invested in coins. It's fun and there is a good chance to benefit in the very long run.
Not a whole long time ago it was illegal to own gold in Russia/USSR. It was still possible to own it, and smart people did. In the late 1980's and early 1990's it was quite easy to walk down a street and have several people ask you to sell them gold, or they would offer to sell you gold. The most common coins available were the Nikolai II 5 rubles, but occasionally you could buy the 10 rubles or very rarely the 1923 Soviet Chervonetz coins. While the paper money lost value twice completely in the last 16 years gold really either kept it's relative value or appreciated later on by comparison. Even early and in the middle 1990's it technically became legal to own and collect coins, but still did not stop Ivan the administrator from causing you problems with it. This all may sound strange in the USA, but not a whole long time ago, about 30 years ago this was the same scenario there. It was only legal to own "collectible gold" and not bullion.
Nah, it doesn't sound strange at all. It was illegal for US citizens to own gold bullion from 1933 until 1975- I think those were the years? "Collector" pieces were the exception to the rule, but US coin collectors of the day and folks who wanted to own gold knew exactly how you guys felt.
