Author Topic: Big smack-down on PMs today...  (Read 12540 times)

Offline TexDaddy

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Re: Big smack-down on PMs today...
« Reply #30 on: May 16, 2012, 01:13:31 PM »
...Could be a long summer for gold/silver bugs...
I am in PMs for the long haul. If I had my way, I would never sell any and just leave it as part of my estate.

I have silver I bought at $5/oz and $40/oz and all points in between. Similar story on gold. I thought it was too high when I bought at $600 and it was damn sure too high when I bought it at $1200. Not as high as what I bought at $1700, but I firmly believe we are going way beyond that.

I view the current market as just a time when I can get more bang for the buck.

Offline RationalHusker

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Re: Big smack-down on PMs today...
« Reply #31 on: May 16, 2012, 01:20:23 PM »
I am in PMs for the long haul. If I had my way, I would never sell any and just leave it as part of my estate.

I have silver I bought at $5/oz and $40/oz and all points in between. Similar story on gold. I thought it was too high when I bought at $600 and it was damn sure too high when I bought it at $1200. Not as high as what I bought at $1700, but I firmly believe we are going way beyond that.

I view the current market as just a time when I can get more bang for the buck.

Tx,

If you don't mind my asking, how much of your savings (percent-wise, not asking for a $ amount) are you comfortable holding in US dollars?  There are times when cash is king, but I also hate to see my purchasing power erode away.  It's tough for me to hold much in paper, even though Jack has made good points (repeatedly) about not fearing cash (i.e., paper money).

Thoughts?

Offline rogersorders

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Re: Big smack-down on PMs today...
« Reply #32 on: May 16, 2012, 01:26:31 PM »
but then I'm also mesmerized by the falling price...  :-\

No kidding, I'm checking it every 5 minutes at work.

I bought this month's allotment at $29, then I bought next months at $28. I'm just wondering where it's going to bottom out at. I've got a few toes in, but if goes below $25 I may get waist deep. I don't know if I could go all in, it's a really big commitment.

Offline TexDaddy

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Re: Big smack-down on PMs today...
« Reply #33 on: May 16, 2012, 01:45:50 PM »
I really don't have any dollar denominated investments. I am a gold plated silver bug and a sterling silver gold bug. I will not get rich this way, but hopefully, it won't just all desolve away.

I do have a modest cash emergency fund.

I kinda look at it this way. My dad bought bubble gum as a kid, 5 pieces for 1 cent.

When I was in elementary school, I could get 1 piece for 1 cent.

Now, it is over 5 cents a piece.

http://www.amazon.com/Bazooka-Bubble-Gum-Original-Pieces/dp/B000NMDVEW

275 pieces for $15.95 = 5.8 cents each.

The moral of the story, 1 cent in 1932 = a solid quarter+ in 2012.

Granted, 80 years is a long time in terms of our lifetimes, but...
« Last Edit: May 17, 2012, 03:39:26 AM by TexDaddy »

Offline RationalHusker

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Re: Big smack-down on PMs today...
« Reply #34 on: May 16, 2012, 01:50:09 PM »
Tex,

Thanks - that makes me feel better.  We sound similar, though you got in earlier than I.  My first gold buy was around $800 an ounce.  Silver around $20.  I have a couple different savings vehicles designated as emergency fund (US dollars). 
--RH


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Re: Big smack-down on PMs today...
« Reply #35 on: May 16, 2012, 02:23:11 PM »
I err on the side of too much cash sometimes probably because I've watched some significant price drops on PMs.  I don't want to be trying to sell gold that I paid $1500 for at $800 because PMs happen to be down.  I'd rather have enough reserves to wait it out.  Do I risk losses to inflation?  Yep, but there's no such thing as risk-free investing.

Offline TexDaddy

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Re: Big smack-down on PMs today...
« Reply #36 on: May 16, 2012, 02:25:51 PM »
Oh, you definitely need enough cash to roll with the punches.

What is this "too much cash" thing you speak of?  ;D

endurance

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Re: Big smack-down on PMs today...
« Reply #37 on: May 16, 2012, 02:27:49 PM »
What is this "too much cash" thing you speak of?  ;D
If the bottom drops out of the dollar, that will mean any. ;)

Offline RationalHusker

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Re: Big smack-down on PMs today...
« Reply #38 on: May 16, 2012, 03:12:37 PM »
I err on the side of too much cash sometimes probably because I've watched some significant price drops on PMs.  I don't want to be trying to sell gold that I paid $1500 for at $800 because PMs happen to be down.  I'd rather have enough reserves to wait it out.  Do I risk losses to inflation?  Yep, but there's no such thing as risk-free investing.

I hear you.  It's best not to get greedy and try to maximize every gain and minimize every loss.  Can't do it.  Trying to will make you (or more likely, me) crazy/paranoid.  I should probably not check metal prices again until I've doubled my cash reserves.  Right now I could cover 3-4 months of expenses with cash without liquidating any other investments.  That's probably not enough.  I'd hate to sell any metals right now.  Hopefully prices will be higher by the end of the year.

Offline ncjeeper

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Re: Big smack-down on PMs today...
« Reply #39 on: May 16, 2012, 03:21:58 PM »
Just called my silver contact and bought some more.

Offline rogersorders

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Re: Big smack-down on PMs today...
« Reply #40 on: May 18, 2012, 04:52:06 AM »
Just called my silver contact and bought some more.

I have a silver "contact" also, he goes by the code name apmex.  8)

I just bought a bunch more. Hopefully with the euro and dollar on roller coasters we'll have a few more of these buying opportunities before it goes through the roof.