How long should I wait before buying silver?

i been waiting for a year now and I think I will make a big purchase in 2016 just because I want to. But how much downside do you think is left for silver or gold?

 

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Before everyone says "Sorry we don't have a crystal ball " I don't see any huge downside currently with silver and its current price as long as its for the long run

 

I would personally wait 3 weeks

 

Silver bottoms out at 12:07 pm (EST) December 22nd, 2105. Trust me.

 

But that's only because the zombie apocalypse starts 11:43 am (EST) December 22nd, 2105

 

The next few weeks could trigger a major downside for precious metals because of a strong dollar that might last for a while.
-- The Fed is apparently ready to raise its base interest rate which will strengthen the dollar.
-- At the same time, the European Central Bank is doing quantitative easing, which probably will add more punch to the dollar.
-- The oil price could go into a free fall since OPEC has abandoned production quotas. Falling oil prices are another factor that strengthen the dollar. (Goldman Sachs sees a potential bottom of $20, just under half of the current price). The current glut is widely forecast to continue for much of 2016, at a minimum.

My suggestion is to watch all of this since you are looking for an advantageous entry point. Good luck!

 

Just buy and tuck it away! It will take time but it will be worth the wait.

 

You waited too long. You should have bought it when it was hovering around $6 about 10 years ago. Now, it really doesn't matter when you buy because it will never rise to the ridiculously inflated prices of a few years ago.

Chris

 

Oh man... I never got that email...
They were supposed to tell me this time...
They are so inconsiderate!

I'm gonna quit the union if they don't get more organized. Sheesh.

(On topic however, I would buy a little bit every week and cost average your purchases. And if you see a big dip, buy a little extra. That's just me, though.)

 

This may be incredibly redundant to hear, but...

Don't pull the trigger all at once. Too many horror stories of guys doing so because they got hooked by one of the "end of days" emails or commercials out there. Set a budget and space it out over a year or two. Shipping is cheap enough that many small orders shouldn't impact your price.

I became a far better investor when I stopped trying to be the best ever.

 

That is a good rule for all types of investing. Don't buy your planned position -- be it a stock, bonds, or PMs all in one fell swoop.

 

Never say never again. But I have my personal doubts of seeing another upward spiral in my lifetime. It's a matter of how long one has to wait, IMHO.

 

I will NEVER get married again!

Chris

 

There are exceptions to every rule, I suppose.

 

Zackly!

Chris

 

I believe one can safely proclaim that the maximum downside for the respective metals is approximately $14/oz. for Silver, $1100 for Gold.

If you're a "collector", as I, bullion values are irrelevant, as are the constituent values of any other item I might purchase for my household.

This really isn't the best venue for estimating future values of commodities controlled by others. I'd suggest that you visit a fortune teller.

My personal goal is to purchase when others are reluctant, and sell when they are enthusiastic. I've been very successful with my "system".

I currently purchase coins every week, but would venture my buys are different than yours.

JMHO

 

Who the devil was it that said 'buy when everyone is selling and sell when everyone is buying? Tip of my tongue.......

 

The devil?

 

I think it was Getty who said "Buy when the blood is flowing in the street" Or was it J.P. Morgan? One of those guys.