2011 GOLD high $1,500.00, SILVER high $24.00

I didn't like the way silver was reacting in today's market. It did drop below 35.70, so I sold down to my 25% level. With all of the factors I think should have boosted it, I feel it was just hanging on. I would buy back in at 37 if it was a strong move. I lost a few cents per ounce, but I feel better, and I would not be afraid to build up again if it looks good.

Jim

 

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I just hope that this silver $$$ is not like 1980.
I hope it just level off and don't drop to $3.01 like 1980

 

Currently
(Bid)
Gold 1406.60
Silver 34.79
Platinum 1761.00 (Ouch!)
Palladium 760.00

Kitco now has a little button to click, asking, and then aswering the question.."Did gold really go down..(x amount) dollars?" The explanation given is enlightening to me. Am I the last to see this button??? (And the explanation) The button is on their metals chart.

 

Looks like you're not the only one selling. Stocks, commodities, PM -- are we seeing a massive flight to the safety of fiat money?

 

Last weekend at the Las Vegas coin show, I noticed that many silver coins were very near melt. Probably because of the recent surge ? Anyway, I used the proceeds of recent sales of some silver to buy more coins. lol Probably not a sound move, but it nearly completed more sets.

gary

 

Sounds stupid I know, but the US dollar does indeed gain strength in times of troubles. It happens so regularly I am sure many people make a large living off the movement.

 

This happens periodically. However, since asset classes across the board are falling, it has a bit of a deflationary look to it. Hyperinflation is widely expected. Deflation rarely receives even a passing thought. I think there is a 50/50 chance between the two. Crashing markets can destroy monetary aggregates faster than the Fed can "print" it. Time will tell.

 

why wouldn't you want it drop? I hope it does so I can buy 10 grand worth of silver.

 

If the price of anything crashes by 95%, it usually means that something is seriously wrong and it will probably take a generation or two before the asset class becomes attractive again.

 

Good point. While I own quite a bit, I have stopped buying world silver that is affected by melt values. My dream scenario would be to sell nowadays and then have silver drop so I can buy more coins. To collectors, silver being high is bad because it limits our purchases. High PM only helps PM investors, not collectors.

 

Well silver took a generation. But to long term holders that is ok. It took me 20 years to have the paper gains I have today on silver, and if I had to choose I would choose that silver was still $4 an ounce so I could feel good about buying coins I find beautiful. Hopefully I can sell at a good price, and in a few years will feel good about buying bullion related coins again if the prices recede.

 

I'm a big believer in compounding, so if something doesn't move for 10 or 15 years, it really puts a dent in the compounded annual return. But you are correct that what is bad for bullion buyers will be good for collectors, so there's always that to look forward to.

 

High PM's only help people who are willing to sell right then.

 

The old saying history replete is self.I will always remember what happen in 1980.
But I hope not!!!!

 

huh? I know history repeats itself but I have no idea what you're saying.
I hope silver goes cheap so I can load up on it

 

:thumb::thumb::thumb::thumb::thumb:Me to for about 7day's
then I can load up with more!!

 

A concept that has stayed in my mind is that after the 1980 crash of PM, there wasn't a great desire for people to buy back in, even slowly. PM accumulators could see such a drop and feel the disappointment of paper losses ( Gee mother, we could have cashed out for $30,000 rather than $10,000, but it was the manipulators fault we didn't sell then). I personally don't feel I have the time to store silver after a great drop in price and a recovery. Of course many of you were active in the 80s, and recall friends saying they had wished to buy silver before the run, and they would buy in on the drop~ well most didn't, they had experienced the risk and results and decided to go other routes. I think that coin collecting as a whole started a rapid decrease. It will be interesting in the future, after a big correction ( when it comes ) how the membership of coin clubs and forums react. Not trying to be a downer at all. I hope silver goes to $50,$100 or more. I will trade on the way up. My goal is to only have a small portion at risk when the downturn comes. PM have been very, very good to me.

Jim

 

:thumb:

Very well said.

 

Well said Jim!!
:thumb:

 

Well so much for silver breaking 37 lol. Now its down to 33.63