Gold under $1500 for a few days and silver now well under $18

Discussion in 'Bullion Investing' started by myownprivy, Sep 13, 2019.

  1. myownprivy

    myownprivy Well-Known Member

    Sometimes the best thing to do is nothing.

    So those prices didn't last long, did they? Just for the summer?

    I hope no one bought at $1520 thinking it would be $1600 by the end of the summer. I hope no bought at $18.50 hoping it would be $20 soon.

    For those of us who didn't buy or sell at all during this summer spike we're in pretty good shape, relative to prices last year or the year before. Still about $200 up on gold per ounce and about $2 up on silver per ounce.
     
    runninghorse1 likes this.
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  3. Kevin wu

    Kevin wu Well-Known Member

    I have bought some gold at 1520 and silver at 18.50 , you don't need be panic when gold and silver go down or up in short period of time , you need looking long pictures of the gold and silver , i don't worry too much if and gold and silver go down to 1200 and 14 again , if you worry to much you shouldn't buying any gold and silver , just hold cash .
     
    fiddlehead likes this.
  4. desertgem

    desertgem MODERATOR Senior Errer Collecktor Moderator

    I wouldn't worry, it will start upward again soon, and then go back down. Like earthquakes, the aftershocks can be up and down over and over. Hold your cash until you figure things in the world is somewhat stable again, and then buy or sell to you advantage. IMO, Jim
     
  5. pmbug

    pmbug Member

    Yeah. Same goes for equities, bonds and crypto.
     
  6. EdThelorax

    EdThelorax Well-Known Member

    I believe that accumulation is the way to go.
    I like buying about the same dollar amount of silver every month. It is similar to cost averaging, but a little better.
    If you buy one ounce of silver a month, your cost average is the total/12.
    The average of $15 and $20 is $17.50.
    if you spend $30 per month, when silver is $15 you get 2 oz, at 20$/ you get 1 1/2 oz. the average of $15 and $20 is $17.50. In the above example, you would have 3 1/2 oz for $60 or (60/3.5=17.14) or an average of $17.14.
    If you keep accumulating, in less than a decade you will be very glad you did.
     
    SilverMike likes this.
  7. Player11

    Player11 Bullish

    Buying opportunity?
     
  8. desertgem

    desertgem MODERATOR Senior Errer Collecktor Moderator

    Better ones in North Central Arizona properties.
     
  9. crazyd

    crazyd Active Member

    Wasn't there some lively thread a while ago that Silver would NEVER go above 16 ?
     
    Randy Abercrombie likes this.
  10. capthank

    capthank Active Member

    I bought a 1901 S, $5 gold Lib. Head, a 1913 $5 gold Ind. Head,1908 $5 gold Ind. Head, 1914 S gold Ind. Head and a 1899 S gold Lib. Head. Gold was at $1504 and I paid spot. And a bunch of silver at spot
     
    GoldFinger1969 and EdThelorax like this.
  11. medoraman

    medoraman Supporter! Supporter

    Just like there have been threads how silver will go over $100, and it will NEVER go below $25.

    Either answer is wrong of course. Today it is about fairly valued IMHO, more so probably than equities. However, pm has no cash generation.

    I still think my advice to buy when no one is interested is good. I was buying the last few years before this pop. Smart money buys assets that none else wants and waits for the market to come around. It usually never chases a bull. I am sitting on the sides unless an interesting piece at spot pops up right now. I am actually on the sidelines for most things right now, thinking almost all assets are fairly priced or high. I will wait for a correction.
     
  12. crazyd

    crazyd Active Member

    I just buy a little each year - when something catches my eye and/or I have some extra cash on hand and there is a modest premium over spot. Dont worry too much what the trend is at the time. :)
     
    fiddlehead and medoraman like this.
  13. mill rat41

    mill rat41 Member

    I'm gonna use the pop of the last few months and just dump it all - Buffs, classics, AGE, ect. All the junk silver, ASEs, pucks, foreign silver - to the melting pot it goes (or whatever the LCS does with it).

    It was mostly bought with discretionary money from my single days, now with a wife and kids we have out-grown the old bachelor pad. Most if it came from the 2008-2011 PM boom, and while I might break evenish on the gold, the silver is still deeply underwater.

    The way I see it, a few tens of thousands more money down on the new house will save me a thousand or two in mortgage interest per year. Not to mention not needing the extra large bank box anymore.
     
    GoldFinger1969 likes this.
  14. myownprivy

    myownprivy Well-Known Member

    That's a lot to sell at once, which increases the likelihood of tax issues. Are you prepared to report this on your income taxes? Depositing a fat check from a coinshop into your checking account might raise some issues.

    It might be advisable to sell bits at a time and get paid in cash in order to evade taxes.

     
  15. fiddlehead

    fiddlehead Well-Known Member

    Haha, there is a saying "holding cash is a safe way to lose money". I guess there is a time to hold cash and time to do something else, darned if I can figure it out, but I've never felt real comfortable sitting on any significant amount of money that wasn't invested in something. Emergency funds, sure, but ........
     
  16. desertgem

    desertgem MODERATOR Senior Errer Collecktor Moderator

    Consider refinancing also. 30 yr @ 3.69, 15yr@ 3.16.


    Jim
     
  17. mill rat41

    mill rat41 Member

    I hadn't considered tax implications, but the sale will be at a considerable loss - so I wouldn't reckon there will be a tax issue.
     
  18. Derek2200

    Derek2200 Member

    Get to where you want to be strategically but beware could go down.
     
  19. Justacowgirl

    Justacowgirl New Member

    New poster here....just hanging out with my coins..learning. But in response to Jim i just refied at 3.1 from 3.7.. keep looking
     
  20. Justacowgirl

    Justacowgirl New Member

  21. kanga

    kanga 60 Year Collector

    I can remember when gold was about $46/oz (~1963).
    And silver was about $50/oz (~1980).
     
    fiddlehead likes this.
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