Similar to past pullbacks, most folks who intended to buy on the dip probably won't. They will wait until it falls just one more dollar, then another, then another. And when the price turns around and goes back up, they will kick themselves [again] for not buying.
Absolutely true, been there done that! This is a good time b/c many ppl start to panic and they sell abruptly giving us a chance to get a couple good deals, maybe. Been there and done that too!! Your quote up there reminds me of some collectors I already know. I think that's why they stick to Lincoln cents. http://www.thestreet.com/story/11103387/1/gold-and-silver-fail-to-find-upside.html
I think that's human nature, it's much easier to buy something when it's going up as that's when greed rules. On the way down, the primary emotion is fear, which tends to make people retreat into their caves. I targeted a correction to $35 when silver hit $50 -- however I could easily be wrong (often am!)
I hate to say it Cloud, but are you saying some kind of timed purchase mechanism that would try to circumvent human psychology may have a place in your scenario here?
Yesterday I was preparing to ship 80ozs of silver to APMEX then put it aside because of down prices I'll wait 'til silver approaches $50. again. Still long.
Interesting article on silver manipulation by the U.S. Gov't ... http://www.numismaster.com/ta/numis/Article.jsp?ad=article&ArticleId=19596&et_mid=426531&rid=2236004
You know what Cloudsweeper, you are right! Silver just had a big 20% pullback in 2 days, why not buy a little more silver right now. So I just bought 2 rolls of ASE's for $931 a roll (w. no shipping charge). I bought these from my local dealer, even though they cannot deliver for 2 weeks (due to them being completely sold out of silver eagles). I checked APMEX, but their price was higher. I also checked ebay and it didnt appear I could do much better than this price right now. So I have just added another 40 oz of silver to my stash. If silver drops more tomorrow, I can buy more -- but at least I took advantage of this steep 2-day drop to add to my position.
done! thanks goodwood ... a shipping charge by your seller might make the prices closer ... i am paying no tax or shipping.
Either we are both making a smart move or we screwed up. I just bought two rolls of ASE for $930 a roll. I hope we both are making smart moves.
Elapid, I am with you bro. I still think it's possible that silver could slip down into the $35 to $40 range -- but in case it doesn't why not buy some more hard money after a huge 2-day 20% pullback! If silver drops more, just buy more! Come next Fall, I guarantee you will be very happy. Think of it as you just got a gift, a nice 20% off sale! Tell you one thing though, if silver does slip down to $35 an ounce ... I am loading up again on paper silver in my retirement accounts. Keep your eye on the double long silver ETF that trades under ticker symbol AGQ. That has pulled back from $380 down to $264 today.
I personally wouldn't buy silver at this point unless I can get it for a safe $30/oz or so... gives you room to play in case of a crash or continued decline. It's too risky to be so optimistic about the chances of silver going back up towards and above $50/oz., we don't even know all the time what it is that causes these declines.
I think my average buy price for all the silver I have is in the $22-$25 an ounce range. Most of it I bought at $17 -$19. So I dont mind adding a bit more here.
I'm a fan of mechanical buy and sell rules. I don't think the details matter as much as having a plan and sticking to it. Sometimes people forget that it is more important to their wealth accumulation to earn a high return on investment rather than try to catch the exact top and bottom so you can brag about it.
I am just reading of this recent silver crash. Personally I have never purchased ounces of silver and have myself wondering if I should buy some now that it's dippin'.
i honestly think we will be hitting around $28-30 an ounce by next week or maybe 35 tops. for me right after they got osama i thought maybe i may sell my bullion.i have no clue if the two were correlated but i sold at 46.50 monday (bought at $18-20) and now im hoping i can buy double what i had soon if prices drop enough......I'm sorry if my happiness isnt insulting to anyone who is getting seriously hurt by the drop because i dont like people losing dough. if anyone has some insight is now a bad time to switch buy gold or do people think theres a sharp drop coming for gold also??
