This Doesn't Look Good

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Only if you're looking to sell. If you're looking to buy, then it's great. It's the calm before the storm in an election year. By year's end it'll be higher then when it started correcting itself.

Remember, prior to when your chart starts, silver was in the $13.00 range. It went up about 60% without stopping, not, it's correcting itself. August is usually a bad moth for the metals. I personally think a bottom is forming around the $18.00-$18.50 level. If it holds, it's up from there.

Buy, buy, buy and buy more and hold until it goes up.

 

I started investing in January of this year when Silver was at $14.27. It has been fun seeing it go up to $20.72 at one point. I just got alarmed when it took a $2.00 drop in a month. I was making a budget for the month and I have some medical bills and a girlfriend to spend money on. When it was all said and done, including putting money in savings I had $300.00 left for silver purchases, about how much I set aside each month. I was reviewing charts on Kitco, and yes if you look at the year to date one it looks pretty good. This one doesn't and it makes me wonder how much the correction will be. I still will probably make that $300 purchase of silver this month but not right away. I have been a silver bull all along, this was just alarming when I looked at it. The Silver Bears on this site are probably saying "see, I told you so".

 

The great thing about your budget is that you can dump the girlfriend a lot faster.

Chris

 

I am all about coins and metals.. but not for a solid investment plan. Stick with good mutual funds (try opening a roth IRA if you don't have one yet). Much better plan that metals. Metals can be a side thing for fun, but not a good idea for your main investment, IMO.

 

I'd be very shocked to see it go under $18... It's another great opportunity to buy. Given that neither of the two main candidates seems to have a plan together which is going to stimulate the economy, I really think we're going to see a big run in November and December, and into 2017. By year's end, I wouldn't be surprised to see $25 silver, and by the end of 2017, $35 silver.

 

Silver can actually be a much better plan than an IRA if you know what you're doing and you have a dealer who allows you pretty much free access to their "junk" 90% silver. I hand pick the coins I get from my dealer's junk boxes... They're either high grade coins such as Uncirculated Franklin Half Dollars or semi-keys such as Pre-1940 mintmarked Washington Quarters... coins which aren't going to really drop in value no matter what the price of silver does.

 

For a solid retirement, you better be buying a LOT of those coins then. Like, hundred of dollars worth (or more) a month. I will stick with tried and true mutual funds.

 

I've got a lot of coins from 44 years of collecting. I've done very very well for myself. As I like to say, "if it ain't broke, don't fix it." I'm just adding to my retirement stash now.

I also don't trust the economy right now (I think the government is fudging the numbers), and I don't think it is going to get better no matter who gets elected in November as neither candidate seems to have a clue about it.

 

I'm hoping it goes below $17. I've been waiting.
This entire year it's been cycling low to high and back down.

 

Well, it's up to $18.71 at the moment... I'm hoping it stays low (under $19) for another week or so, as I will have access to more money to invest right after Labor Day.

 

I agree with you. I have a 401K where I put 5% in a month and get a 4% match from my company. I will be buying a house soon so a lot of my money is going into savings. Once I am established in my house I will start a Roth. Silver is just fun for me, like a hobby. I buy some and Coin Roll Hunt for fun and get a lot of enjoyment out of it. I have made some money on silver this year but nothing to fund anything big. Thanks for your wise advice.

 

I am going to hold off on my monthly purchase until I see something close to a trend. Hopefully downward a bit so I can get more bang for my buck. Then in October we get the election year hysteria and silver goes up because of an uncertain Economy.

 

Yeah, I've put up some of my "excess" stuff on eBay just so I will have more to invest this month... "The calm before the storm" I think is what we can safely call this little lull.

 

Home ownership is a good thing... best "investment" I ever made! Good luck to you!

 

Are you guys paying attention to this tomorrow? Santinidollar mentioned it in another thread.

 

The jobs report is important, but one must also bear in mind that those numbers are a little fudged... I expect for a "strong" jobs report as per usual under this admin when the numbers come out tomorrow.

There aren't as many "full time" jobs out there as there once were. A lot of people today have 30 hour a week jobs with no benefits as opposed to 7 1/2 years ago when these same people had 40 hour a week jobs with benefits.

 

It can be fudged for sure. But fudged or not, if it leads to the Fed raising the interest rate, the dollar stands to be strengthened, which could negatively impact commodity prices.

 

I don't overly rely on the "charts" that show price patterns in deciding on my investments. But the chartists will tell you that a dangerous pattern is when an item keeps making lower highs and then dips down to lower lows.

 

Yes, because there's definitely a higher premium if you convert your girlfriend to a wife and try to liquidate. Like any other tax deferred asset, severe penalties for withdrawal.