It never fails...

Bought a small quantity of gold and junk silver at a coin show yesterday and this morning PM prices tanked.
:stormy::stormy:

 

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Yea that is a little on the depressing side, But just remember there is always "Turn Around Tuesday"
And in the long term it is going to go up.
Just keep stacking

 

Unless you sell it, it hasn't tanked. You only lose money when you sell the stuff for lower than you paid. Until that time, you still have the metal. Now comes the tricky part. Do you sell and take a loss, or wait and hope the prices go back up and maybe make a profit or break even. The scary part, is that if there is a bubble and it breaks, could the bottom fall completely out.

PM's, like any commodity or speculative investment is all about "timing". Hit it right and reap the reward. Miss it and it can get expensive.

I hope you do well. My timing has never been that good, so I try and spread out my trades. But I doubt I will ever break even.

Good luck !

gary

 

Yes, I'm sure it'll go up...but in the intervening 30 years it may also go into the single digits again. Most of us have seen that happen a time or two.
Guy

 

It is possible that it could go up but keep in mind that its just another commodity and as such is subject to the same rules which affect other commodoties. In other words, it has just as much possibility that it could go down further.

I certainly hope not.

And for the record, given my prediction record, each and everyone of you needs to send me a silver quarter since the mere fact that I said it could go down is an absolute guarantee that it'll go up! :devil:

 

With my luck i just happened to decide to sell my coins at this time. Too late to end an auction???

 

I wouldn't worry about that. I would hold your horses on gold.. but a dip in silver is just another excuse to buy =0

 

I think the word "tanked" is way too strong.
When silver goes back to $4 an oz, as it was a decade ago, then you can use the word "tanked".

 

I did the same, though I paid slightly less than melt, so I am not at as much of a loss.

 

What if I want it to go down? My stack is tinie tiny, I need some months to accumulate! If you reverse your decision i will send you a crisp $1 bill. Hold onto it, it will make an excellent conversation piece someday. You can show it to the kids and say "I remember when..."

 

I do the same with stocks. Don't worry if this is a long term position. You study the asset, and if you wish to own it at this price a price drop in the short term in not a problem. I have bought stocks at $15 that then went down to $11. I was not happy, but know long term its a $25 stock. Going down to $11 I view as a chance to buy it even cheaper than the cheap price I bought at $15.

If you remember WHY you bought at the price you did, then short term movement is not a concern, only opportunity.

Chris

 

You have to remember the USD is the thing being manipulated here.... Quanitative easing, printing of money.. shorts... The precious metal is still a resource in an expanding population. As long as we are comparing the oz of silver to the American dollar and not a bucket of seed or corn, I am not worried.

 

the dow jones is also taking a hit.

 

This image always cracks me up

Source

 

Just make sure its money and not turkeys, "Oh my God they're turkeys! They are hitting the ground like bags of wet cement!"

Edit: Btw for you younger members, this is a WKRP sitcom reference, one of the funniest episodes of tv in history.

 

Quick question, what was the prices of common silver coins and ASEs back when silver was that low? I didn't get into coin collecting until two years ago, so it's hard for me to imagine silver at that low of a price.

 

Junk silver was sold to dealers for 2.6 times face, and you could buy for 3.2 times face. I know because I used to split the difference with a guy I knew, and pay him 3 times face for his junk. Silver dollars went for about $7 for a decent one, $6 for Peace or 21 or bad morgans, and $5 for junk Peace dollars. If you bought a roll at an auction you could get them pretty easily for less than $100 a roll. BU rolls went for $250 approximately, depending on the date and condition of course.

ASE's were about $6-7. I only bought 1986's though, prefering junk and silver dollars to ASE's.

Btw at those prices Barbers or SLQ were never junk. They were picked out and sold at a premium. The "best" junk was WL halves and mercury dimes, and even those had a premium of 3.5x face at some dealers.

Hope that helps.

 

WOW, a WKRP in Cincinatti quote. I can't believe I recongized that!

 

Showing your age man.

 

I'm working on a time machine, we shall go back in time and more than multiply our money by 10x, all I need is a nuclear cell that can power New York City for 18.5 years to power it, then we shall go back in time, and grab as much gold and silver as we can possibly carry along with a bunch of UNC 1909-S VDB cents and other key date coins. You in?