Silver getting crushed today

Howdy folks,

An update on my momentum play with junior silver miners. As told earlier, I'm playing SVMLF (Silvercorp Metals) with smaller plays with EXK and AG. Here's their charts vs. the XAU. Er, these are pretty pictures.

http://bigcharts.marketwatch.com/ad...&lf=1&lf2=0&lf3=0&height=0&width=0&mocktick=1

Note that last week, I was forced to actually scale back my play in SVMLF because it broke my mental stop loss by pulling back over 10% between Tuesday and Thursday. Hell, wifey and I were headed north early Friday morning, so I had to post an after hours sale around 7:30 a.m. on Friday. Then it was up 5% on Friday, another 1% yesterday and around 10% today. I sold my total original investment (I had rounded second base) so now I'm playing with 'house money'. That's OK. I bought at $0.50, 0.60, 0.63, 0.67 and 0.93 and with it at $1.98 as I write . . .

Note that these silver miners are listed at http://www.kitcosilver.com/equities.html
but these are serious nosebleed stocks and not for the faint hearted. EXK is up over 23% today alone.

Bloomberg TV had a news item this morning about silver entering a bull market.

Works for me.

and so it goes,

peace,

rono

 

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so anyone got an idea what really is going on ?

 

Soon as it got to New York it tanked. Overseas it was doing great.

 

I'm blaming SD51555 since he put the notion out that he may sell soon. The markets immediately tanked - like within 2 minutes!

 

I've seen sell-offs before but never as dramatic a drop in under an hour.

 

Howdy folks,

I'm not sure you can figure it out in the short run particularly. I just try to go with Captain Price and ignore the talking heads. This guy blames it on profit-taking and other factors. That's what it felt like yesterday afternoon - profit-taking.

http://www.kitcosilver.com/equities.html

I try to separate my precious metals holdings into Investment and Speculation. My Investment in precious metals is sort of my insurance policy against whatever. My security blanket, if you will. I believe everyone should have a pm stash of anywhere from 5-10% depending on their wants and needs. Above this amount, I feel is Speculation. You're playing the market. You're betting on appreciation in the POG and POS. You're playing the game not unlike playing the overall stock market or even going to the casino and playing blackjack. This is fine so long as you realize that it is a gamble.

I mention this because for the former, my investment, I really don't care what the current paper price of gold or silver is. Sure, I'd like them to be higher, but in my long range plans it's not a deal breaker either way.

However, in my speculative plays, all this short term flux matters utmost. I'm a momentum player and have to have green numbers to hold. I'm using a 10% mental stop loss to tell me to reduce my speculation. So, if they dink around with the market price too much, I'll get stopped out. I hate it but if you're going to play, you simply must have sell rules you follow without hesitation. Besides, you can never go wrong taking profits - teehehe ;-)

and so it goes,

peace,

rono

 

rebound ...come back.... There will be a few told you so" on here.. B4 long...

 

I am not selling my hoard of silver and gold anytime soon. Stay the course. Add when you can.

 

LOL... Let me see if I got this straight...you collect numismatics, that fluctuate based on a collectors market and people that stack precious metals are suckers because the metals markets also fluctuate.

Bravo genius, keep up the bad work.

 

Im from suffolk county and only found a two places that sell silver eagles, may I ask where you go?

 

If you purchase online you will save a lot of dinero!

 

Buy them online. I go to dealers in my area to get pre 1964 coins

 

$17.52 today!

 

$16.95 as I type. Drop of $.50 cents from Friday.

 

Ouch!

 

They couldn't let silver take off. It would wreck everything in their house of cards economy.

 

I guess it's all guessing here but I don't understand the trends a whole lot so can anyone with insight give me an idea on whether it'll continue going down or shoot back up in the next couple days? Missed out on the $14/ounce thing and it's making me really mad here. Almost bought yesterday.

 

If you have the time and patience, almost any reasonable buy or sell price can be realized in two days or twenty years. You should be more interested in return of investment in a shorter time period. Especially at a young age. My son had the foresight to do this. He now is 45 years old with a net worth in seven figures. Nothing more than maximum deduction to his 401k. Even consider the dividends accrued elsewhere. There are none on precious metals or most collectables. I keep precious metals as a hedge, not as an income. However, I don't keep stocks and bonds as fun investments in my present life. Coins, paper currency and bullion - YES. The pleasure is worth a little risk. Only in limited amounts. 5%-8% of your net worth. That is what I would recommend for silver purchases. If you have no net worth, don't buy silver. Buy some bonds or equivalents. Or if not there, you should spend it on good clothes, a haircut, or anything else where you would make a better impression during a job interview. Then do what my son did. Invest in your 401k.

 

The market will never go up in a straight line.

There's always pullbacks - buying opportunities.

 

And it's back to $17.18. Anyone know the answer to my question? Will it ever be around $15-16 again?