I too have to ask. WHEN do we sell?

[jrf30]

I've been buying and hoarding silver. And saying it was going to the moon. But, what is "the moon".

I feel if the dollar crashes (Totally) silver will be worth a LOT more. Maybe 4 - 6 times TODAY'S value. BUt, if it doesn't, and most say it won't, will it retreat again? Is this a bubble caused by shorts finally giving up and covering. Others pushing it up on speculation? China? Nothing normally rises this fast without a correction.

So, even if long term it goes up a lot, will it correct back to ... $21 at some point shortly. Only down to the last high points, but that is still down quite a bit from here. And will it hit $35 before it does that drop?

Oh, what to do, what to do. Not a bad spot to be in, with a nice profit, but still, I don't know if I lighten up some on this run (Not yet. When the run ends. It is moving too much daily right now) or if I just sit on it and wait for the dollar implosion.

If I sell now, I could buy another 4 bedroom 2.5 bath house for the money. That TOO would go up when the dollar implodes. (I Just bought one, 1,944 sq ft, built in 2005, with 4 bedrooms, for $60,000 at auction! The prices of houses are NUTS right now in Phoenix, AMAZINGLy low, as opposed to silver, which is starting to get amazingly high)

I'm not selling yet today. BUt curious what others think on this rally, where we think it might go short term, and just ideas on what you guys are doing. (ALways good to hear what others think too, before deciding what to do. BUt make up your own mind, and take your own responsibility. As I shall)

 

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[AGCoinHunter]

I have said it on here before. I am not selling any of my stash. Nothing wrong with anyone taking profits and if you need to money I would certainly encourage them to sell and make a profit. I personally am holding on for the collapse of the dollar. I am only in at face on a majority of my silver so if the bubble pops and it drops to under $10 I am not worried. JRF, as you know the key to this whole thing is diversification. Hard assets are going to be what you need in a hyperinflation economy. I have been entertaining buying raw land since I have enough residential real-estate at the moment. Something thats farmable or worthy of growing timber.

 

[packerbacker]

jrf, I'd say, if you have enough silver to buy a house and that silver cost you peanuts, it's time for you to sell. You can buy the house and rent it out for the rest of your life if you have to. When silver does retreat, and it will eventually, you will still have the house bringing you in an income. You can take this income and continue looking for more silver but you have locked in a win. Kinda like the game shows where folks reach like $25,000 and can continue on but the least they can go home with is the $25,000 no matter what.

 

[jim4silver]

If I sell now, I could buy another 4 bedroom 2.5 bath house for the money. That TOO would go up when the dollar implodes.

JRF,

How do you figure this? If the dollar crashes it will be very bad economically for everyone, even if you have gold and silver. Those holding gold and silver will not be as bad off since they will still have something valuable. But I don't believe there will be lots of people running out to buy houses at that point, even now with low interest rates and falling prices people are not buying houses like you would think.

Who will have money to buy houses (other than the small amount of gold and silver holders) if the dollar crashes? If a person needs a place to live I think buying a house under those conditions is a good idea, but as an investment to flip or even rent I think is a bad risk, unless you are willing to hold it for many years to sell.

As far as the price of gold and silver, nobody really knows for sure. I still believe that even if we do have a correction, by the time this bull market ends in a few years or more, the price of gold and silver will dwarf the current prices. Even if a new currency is created the only way it will get confidence is if it is backed somehow by gold. In that case gold will still stay high since it will be needed in great amounts to back all the already created dollars whether real or electronic that are currently floating around.

PS. I do think buying land (farm, rural, etc) is a good buy as opposed to residential.

Just my thoughts.

Jim

 

[mts]

I agree with Jim that by the time the current movement is over, any correction will dwarf today's prices. So I'm not selling anything. That would be like trying to time the market. It's hard to do and you have just as good of a chance of being wrong as you do of being right.

Personally, I hope it does correct way back down to $15 an ounce. When it does I'll buy about $100K worth! I'm in it for the long haul. Some day I'm going to hand each of my children several giant treasure chests filled with silver and gold. What they do with it is up to them. I've already got them started on their own silver collections. They've watched their silver values jump from about $150 to $250. It's been really fun for them to watch it skyrocket. Imagine a 9 year old boy counting up the value of all of his silver each time I tell them how much it's gone up each week. You can't buy moments like those. Well... maybe you can! :P

I'm just mad that I didn't buy more when it was cheap. I passed on Gold at $1000 an ounce too. What a mistake that was!

 

[Rich Hartford]

$60,000 for a house ! I'd be lucky to build a garage for that price up here ! That could change next month though,one never knows.
Right now I will not sell any PM's, unless I absolutely have to as a last resort.
Like Jim, I would buy land,when the prices fall,and they will.
HH
Rich

 

[conpewter]

I would hold for a while until the price stabilizes a bit, I know silver is always volatile but it has been crazy lately.

If you have the time to properly manage a rental I'd say that is a good place to put money. The government has admitted they plan to inflate their way out of this mess, so I want to get money into a hard asset, and a house is a great way to leverage against inflation, if you have mortgage on it, you can pay it back with inflated dollars. I would only buy locally though and do the management personally, otherwise you might end up paying more than you get in rent.

 

[packerbacker]

It has lost $2 in the last 3 hours! Hmmmmmmmmmmmmmmmmm....a correction or a nose dive??

 

[AGCoinHunter]

It has lost $2 in the last 3 hours! Hmmmmmmmmmmmmmmmmm....a correction or a nose dive??

Market manipulators doing their thing.

 

[thurmownator]

It has lost $2 in the last 3 hours! Hmmmmmmmmmmmmmmmmm....a correction or a nose dive??

Short-sighted profit takers. IMHO

 

[quiksilver]

Short term silver will prob have more and deeper pull backs but i am still long on silver. As for thinking it is high remember gold at 900 was considered high.

 

[kd5txx]

Well I got up this morning saw that silver had gone up another dollar and sold my 40% . I kept the cash and was gonna look around for a good deal in Eagles. Bought some with some of the money and will probably go back tomorrow and buy more since it fell some. So...I was just trading up to 99.9.

 

[Silver Stripe]

I sold alot this AM and bought gold since the ratio was down below 50. I should have kept more cash back but the way both were rising I wanted more metal. I'll wait and see if it goes to 45-40 and do it again, or if the ratio starts climbing to 70 I'll sell the gold and buy more silver. Thats gonna be my play these days. HH all, Mark