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Silver now at pre Lehman levels, 4 year low.

Discussion in 'Off Topic' started by IronMonster, Sep 21, 2014.

  1. IronMonster

    IronMonster Washington Opinionated Member Diamond Supporter

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    I am a PM guy. I have been buying for about 4 years now and none of my buys are good looking at where the price stands today or where it seems to be headed. I wish I had some dough to buy some more at these prices to cost average. Some of what I bought was close to double what the price is today.

    I bought to hold long term. I am not too worried about where the prices goes ( Although I would have liked to buy twice as much obviously) I didn't buy it as an investment but more as a peace of mind thing. I dont like that the price has crashed but honestly even with the price way down I feel better with a pile of metal than I do with digital numbers on some screen.

    So what do you think? Is it time to buy? Is it going to continue to crash? Is shiny metal just dumb?

    Harry Dent says we will see $500 gold and $5 silver in the coming years, Mike Maloney says we will see $10,000 oz gold and $200 silver. I dont really have a clue.

    I dont trust our government to do the right thing, and if you dont trust the government you cant trust the currency they back. Sooner or later something is going to have to give on that 17 trillion we are in hock.
     
  2. toys in the toybox

    toys in the toybox Tenino Member

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    Kinda like buying/hoarding guns and ammo this last year...you are now sitting on some expensive crap that aint expensive no more. A diverse portfolio is key as has been the teaching since time began. Precious metals are part of that and while i dont feel they are as volatile they sure as hell follow trends.

    You may be upside down in what you have now and it may get worse so i wouldnt bother to get rid of it you will just be taking a bath. May as well keep it until the next apocolypse. May be awhile since the last surge was 25 or so years ago. If your a prepper then you may also consider just keeping it for your trading stock.....

    OR dump NOW salvage what you can and invest in something that will grow faster than precious metals and make up for your current losses. A good money market at 7-10% will be way better than stagnant metals
     
  3. IronMonster

    IronMonster Washington Opinionated Member Diamond Supporter

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    I have no intention of selling any of it for the next 40 years, Actually I buy a little more every month no matter what the price.

    I have other "investments" The silver sure is not one. The only reason I would dump it would be to help fund the purchase of a farm off someplace when I could get the hell out of Seattle.
     
    Oregonhunter5 likes this.
  4. lucifermonkey

    lucifermonkey Portland, OR Well-Known Member

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    Hold and go long. If you have extra cash buy more while it's down. :)
     
  5. Certaindeaf

    Certaindeaf SE Portland Well-Known Member

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    Yes, diversify as was said prior.. and don't be afraid to sell/trade whatnot high, when and if you desire/need to.
     
  6. d2the3

    d2the3 Eugene, Oregon Well-Known Member

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    unless it's .22 ammo:eek:
     
    BoonDocks36 and IronMonster like this.
  7. Certaindeaf

    Certaindeaf SE Portland Well-Known Member

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    No, not at all.. perhaps that should be .0008 of all your holdings but I'm not talking of the 80% that are one paycheck away from the street. It's really only up to each individual though. financial advice nevermind
     
  8. 2506

    2506 Seattle Well-Known Member

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    Why do people listen to Harry Dent in light of his obvious inability to accurately predict the future?
     
  9. IronMonster

    IronMonster Washington Opinionated Member Diamond Supporter

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    I listen to all of them, And believe none of them. If I believed him the last thing I would be doing was buying more silver :)
     
  10. husker

    husker portland Active Member

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    I am not a smart guy and I never understood buying silver or gold.
    From what I do understand, when the dollar goes down in value silver and gold go up like it did because there may be an economic crash. At that point I would and do have spent my money on survival food, guns, ammo and ect. because I may have to live off the land if it gets that bad.
    Maybe I should have just stayed with my first sentence of (I am not a smart man)LOL:confused:
     
  11. IronMonster

    IronMonster Washington Opinionated Member Diamond Supporter

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    Silver and gold is not something you buy unless you have your house in order. You can only buy so much food, so much ammo and so many guns... Once you have all that then maybe buying some gold and silver is reasonable. Its not a good short term investment (or at least its not good to bank on it as a short term investment) Silver is extremely volatile, as the price shows going from about $17 up to $48 and back to $17 all in the last 4 years. On a long enough time line I think I'll do just fine, And if I had money to spend I would buy a lot more right now. I think over the next 5-10 years we will see much higher prices and even if we dont I feel better having the metal than digital numbers on a screen.

    The other thing is we are not talking about big bucks. If I had lots of money I would not put it all silver or gold. I'd buy farms and business and productive real estate. I buy a one to two hundred dollars worth a month, its my version of a retirement account. It adds up over time. I might do better with an investment account, mutual funds, ETF's and derivatives. And I do have a little in some investment accounts, very little actually because over the years I've done very poorly at picking the right thing at the right time. Before 2007 I had close to $50,000 invested. I think today its around $8000.

    I like silver, even though to date its treated me quite poorly :)
     
  12. lucifermonkey

    lucifermonkey Portland, OR Well-Known Member

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    Silver at $30, Gold at $2,000 within 3 years.
    Hold now until the bounce and then all in. ;)
     
    IronMonster likes this.
  13. Just Jim

    Just Jim Well-Known Member

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    I think it was the eighties that gold went to $800 and silver to $40. Only to crash for 20 years to very low prices. Who sets the values on PMs? I don't think they are set by the free market so they are controlled. I don't buy them for that reason, in my opinion the prices are rigged. o_O
     
  14. IronMonster

    IronMonster Washington Opinionated Member Diamond Supporter

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    That doesn't do me much good. Well over half of the silver I bought was at prices over $30

    :(
     
  15. IronMonster

    IronMonster Washington Opinionated Member Diamond Supporter

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    I have no doubt they are controlled, I also think at some point they will be used as profit centers again.

    JP Morgan currently has the largest pile of physical silver owned in the entire history of the world.

    They currently own over 6000 tons, which is far more than the Hunt brothers owned when they "cornered" the market.

    I am pretty sure JP Morgan is not buying it because they think the price will go down from here.

    I have no illusions I know what is going to happen. Its better than taking my money to the casino (but maybe only a little )
     
  16. Just Jim

    Just Jim Well-Known Member

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  17. IronMonster

    IronMonster Washington Opinionated Member Diamond Supporter

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    Awww.... A fellow Zerohedge reader :)

    Pretty much never any warm and fuzzy stories over at Zerohedge
     
  18. Just Jim

    Just Jim Well-Known Member

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    No, zero has been wrong at times but they give you news long before most places do.
     
  19. Just Jim

    Just Jim Well-Known Member

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    What I really don't understand about people is when they say they are not investing in PM'S but saving. Lots of people have lost huge amounts of money if they have to sell.:eek:
     
  20. IronMonster

    IronMonster Washington Opinionated Member Diamond Supporter

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    Well, that's the thing. You should never buy an volatile "investment" if there is any chance you will need the money. Granted you may still have to but I keep maybe 6 months worth of cash on hand and I have lots of other assets that could be turned into cash long before I ever got to the silver. I keep it all the metal a safe deposit box in a small local bank. Its not what I would consider a "liquid" investment.

    My grandad saved silver dollars, he put away about 40,000 of them over the course of his life. It was his nest egg. My dad sold them back when silver was about $8/oz for around a quarter million bucks. If he would have waited till he could dump them at $40/oz it would have been about a 1.1 million. Didn't seem like a bad way to save to me.