so who regrets selling off some?

[d2arcing]

depressed i sold off 30x rolls of 40% 2 weeks ago and i could have made another 150 if i waited...

 

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[JD-GA]

I just dont believe that America is closing in on having half its population to ignorant to see what government is doing to us. At some point the people will rise and stop the direction government is taking us and these metal prices will come back down. Until that happens though....................

 

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[clovis97]

I am strategically selling off my holdings so I can pay down debt
HH,

$ilver$urfer

I think that this is an excellent move. You are a very wise man for doing this.

Thanks Clovis and Jim for your positive comments! I am sick and tired of carrying excessive credit card debt racked up when money was cheap and easy to come by (i.e. - 12 months no interest CC loans that ended up jacking my rates and chasing my balances once the CC reform act was passed last year). "The rich ruleth over the poor, and the borrower [is] servant to the lender." Proverbs 22:7 -- I am sick of having a feeling of debt over my head and being beholden to others...I want to live without worrying about it anymore.

Most of the debt was racked up through improvements to my real estate holdings, heck, at one time two-three years ago I had well over 100K in CC debt (all of it at 0% to 8% interest). I am down to about 25K now and hope to be completely debt free (minus mortgages of course) by year's end. That is why I am strategically selling 7.5%-8% of my holdings at intervals - I think my next sell point will be about $44.50.

HH,

$ilver$urfer

You've already paid off $75K of debt WOW!!!! That is impressive!!! WTG!!!!

Are you working the Dave Ramsey Plan

If you are, I'll promise you one thing: You will sleep so peacefully at night after the debt is gone. I'm not kidding. I had heard that many times, and am here to verify that it is true.

I don't have much, but what I do have, is paid for in full, free and clear.

FWIW, everyone and their brother made fun of me through my long journey of getting out of debt. It has been one of the best things I've ever done, and it saved us financially. You see, I was diagnosed with a tumor in my head that destroyed my career, a small business that I owned, and my income. I have no idea what we would have done, or where we'd be living had we not paid off all that debt.

You are doing the right thing...stay at it!!!!! WTG!!!!!!!

 

[$ilver$urfer]

I am strategically selling off my holdings so I can pay down debt
HH,

$ilver$urfer

I think that this is an excellent move. You are a very wise man for doing this.

Thanks Clovis and Jim for your positive comments! I am sick and tired of carrying excessive credit card debt racked up when money was cheap and easy to come by (i.e. - 12 months no interest CC loans that ended up jacking my rates and chasing my balances once the CC reform act was passed last year). "The rich ruleth over the poor, and the borrower [is] servant to the lender." Proverbs 22:7 -- I am sick of having a feeling of debt over my head and being beholden to others...I want to live without worrying about it anymore.

Most of the debt was racked up through improvements to my real estate holdings, heck, at one time two-three years ago I had well over 100K in CC debt (all of it at 0% to 8% interest). I am down to about 25K now and hope to be completely debt free (minus mortgages of course) by year's end. That is why I am strategically selling 7.5%-8% of my holdings at intervals - I think my next sell point will be about $44.50.

HH,

$ilver$urfer

You've already paid off $75K of debt WOW!!!! That is impressive!!! WTG!!!!

Are you working the Dave Ramsey Plan

If you are, I'll promise you one thing: You will sleep so peacefully at night after the debt is gone. I'm not kidding. I had heard that many times, and am here to verify that it is true.

I don't have much, but what I do have, is paid for in full, free and clear.

FWIW, everyone and their brother made fun of me through my long journey of getting out of debt. It has been one of the best things I've ever done, and it saved us financially. You see, I was diagnosed with a tumor in my head that destroyed my career, a small business that I owned, and my income. I have no idea what we would have done, or where we'd be living had we not paid off all that debt.

You are doing the right thing...stay at it!!!!! WTG!!!!!!!

Yes, in just about two years I have paid off 75K or more in CC debt - it hasn't been easy but I never thought CC companies could or would jack rates from 4.99% for the life of the loan (supposedly) to 14.99% or 18.99%!!! I was playing the transfer the balance game with some big numbers for 0% here for 12 months, 1.99% there for another 12 months but once that CC reform act was passed all of my interest rates were raised across the board and then they started chasing my balances so I couldn't transfer the debt anymore! I learned the hard way but I am getting through it, since my rentals cash flow very well I will be able to do it sometime this year. I feel happy about it too - even though it doesn't stress me out that much it still is on your mind, day in and day out like a gnat in your ear, keeping you from truly focusing. I have thrown away thousands and thousands of dollars just servicing my debt and to think all that money could have been invested in CRHing. I sleep like crap so hopefully a mind at peace will allow me to get some good Zzzzs too! I congratulate you on paying off you debt and timely too, from what you described about your health situation. Hope you are doing good now and you hit a dream box in the near future!!!

HH,

$ilver$urfer

 

[clovis97]

Question...why pay down debt when governments are diluting their paper money supplies in an attempt to make it easier for THEM to pay down their debt? Why not just wait as every month that goes by the paper money that you use to pay the loan off is worth less and less and costs you less and less to pay off the debt with? Why not take the extra money that you would have used to pay off debt and BUY gold and silver, watch it move up up UP and make your debt even EASIER to pay off a year or two from now when it has DOUBLED in value while the worthless paper has HALVED in value??

In theory you might be correct, but it does not take into account the interest costs each month as you wait for the $$$ value to drop. Plus having excessive debt will affect other options you might otherwise have such as getting business loans, buying a home.

I read somewhere that debt = slavery. I personally would rather be completely debt free (talking about credit card, student debt, etc, not a mortgage).

Jim

I agree 100%. I have always advocated living within ones means. Because of that, I'm completely debt free (including mortgage and cars). When you pay off your debt quickly, it becomes a non-issue.

I also don't believe all of the doom and gloom about the value of the dollar going down as quickly as some people claim. Ten years from now it will definitely be worth less than it is today. But probably not enough to offset the interest payments that you will be making on that loan.

Let's put it this way... the value of the dollar has been going down for a very long time. Yet banks still loan out money to people and end up making out like a bandit most of the time. If the amount of money they make in interest doesn't more than make up for the declining value of the dollar by a very wide margin, then banks wouldn't lend you money. It would be a losing proposition for them. They are well aware of what the value of the dollar is currently doing. And yet they still loan money all of the time.

Now you could in theory do very well by betting on the declining value of the dollar. But the risk would be significant. And don't believe for one minute that this whole "sky is falling attitude" is something new and this time the dollar really is going to take the plunge. People have been warning us about this stuff for a very long time. If you had bet back in the 80's on the declining value of the dollar like everyone was claiming you would have been disappointed in how much you wasted in interest over the years when those predictions failed to pan out.

I'm not saying that the value of the dollar isn't going down. But are you willing to bet a significant amount of money on it? That mortgage interest is a sure thing. It isn't going anywhere and you are guaranteed of losing money on it. The value of the dollar on the other hand? Heck, it could go UP. Well... I guess miracles CAN happen right?

Another side note to this discussion is that if the dollar ever fails, we'll see hyper-inflation, just like Germany did after WWI.

I've read stories where people had to have an entire wheelbarrow full of money just to buy one loaf of bread. If we had the same type of inflation, a gallon of gas could easily cost $20 or more. In that situation, people will be spending every dime of their locked-in, measly wages just to eat and for gas to get to work, and not pay things like house payments, car payments, etc.

For us, I believe it has been better to do without extravagant vacations, fancy leased cars and Starbucks every day, and live below our means without debt. If hyper inflation ever sits in, I feel protected, because I'll only have to worry about what we are going to eat in the long term, and how I'm going to pay the property taxes.

I don't buy into the 'sky-is-falling' mantra either...but if it happens, I'll just deal with it when it gets here. I'm not going to lose a minutes sleep over it until it gets here.

Not sure if any of this makes sense, but it is my story, and I'm sticking to it.

An interesting thread...

 

[mts]

Another side note to this discussion is that if the dollar ever fails, we'll see hyper-inflation, just like Germany did after WWI.

I've read stories where people had to have an entire wheelbarrow full of money just to buy one loaf of bread. If we had the same type of inflation, a gallon of gas could easily cost $20 or more. In that situation, people will be spending every dime of their locked-in, measly wages just to eat and for gas to get to work, and not pay things like house payments, car payments, etc.

For us, I believe it has been better to do without extravagant vacations, fancy leased cars and Starbucks every day, and live below our means without debt. If hyper inflation ever sits in, I feel protected, because I'll only have to worry about what we are going to eat in the long term, and how I'm going to pay the property taxes.

I don't buy into the 'sky-is-falling' mantra either...but if it happens, I'll just deal with it when it gets here. I'm not going to lose a minutes sleep over it until it gets here.

Not sure if any of this makes sense, but it is my story, and I'm sticking to it.

An interesting thread...

Amen.

The only thing I'll add is that I'm not sure that if hyperinflation hits that people will be spending all of their paper money to buy a loaf of bread. I foresee that many will not want to part with their hard earned paper money and will save more of it with the expectation that a recovery could occur. I think we will see people trying to barter as much as possible because paper money will have lost its appeal as a replacement for the barter system. That doesn't mean that they won't spend any paper money. Just that they will try to conserve it if they can find a better alternative.

But I agree 100% with what you've stated above. I'm not going to lose any sleep over it either. I'm not going to ignore it, just not lose any sleep over it.

 

[TheRandyMan]

These responses I have been reading are akin to an ostrich sticking its head in the sand. We are entering a time period the likes of which the computerized/industrialized/modernized world has never experienced. This will make the Jimmy Carter era inflation look like a walk in the park...some of you do remember that, don't you?

I will certainly agree with not having credit card debt as I cut up 38 of my 40 and paid them all off 10 years ago and swore I would never carry a balance again...and I have not. I am speaking of "good debt" as it only makes sense to me to protect myself from the severe depreciation of the dollar that inevitably will occur.

Do what you wish, of course. Just do not say you were not warned...

 

[yonico]

Silver will hit $75 per ounce by November of 2012 at election time.

maybe,
but than again the world will end on december 21 so we won't enjoy it too much

 

[TheRandyMan]

You have never heard ME put a warning out in the last 30 years...

Do as you wish...um...you know the drill...

 

[jim4silver]

These responses I have been reading are akin to an ostrich sticking its head in the sand. We are entering a time period the likes of which the computerized/industrialized/modernized world has never experienced. This will make the Jimmy Carter era inflation look like a walk in the park...some of you do remember that, don't you?

I will certainly agree with not having credit card debt as I cut up 38 of my 40 and paid them all off 10 years ago and swore I would never carry a balance again...and I have not. I am speaking of "good debt" as it only makes sense to me to protect myself from the severe depreciation of the dollar that inevitably will occur.

Do what you wish, of course. Just do not say you were not warned...

Wow 40 credit cards at once, that is quite a bit. What is this "good debt" to which you speak oh wise one. The only "good debt" is maybe a mortgage since you need to live someplace anyway, and you get some deductions and maybe your house value will increase. Other than that the only good debt is on property or goods that are creating a cash flow that is net positive to your interest payments.

You seem to be betting it all on your view that we will have hyperinflation. Maybe we will but we could also have a depression where nobody has any money to spend. So prices cannot go up that much or the vendors will not be able to make any sales.

Please give us examples of "good debt" so that us ostriches can learn something.

Jim

 

[TheRandyMan]

Glad to help out, Jim!

Welcome to Debt 101...Lesson 1...

Good debt includes anything you need but can't afford to pay for up front without wiping out cash reserves or liquidating all your investments. Examples would include your mortgage and your kids college education. Another definition for good debt is that good debt allows you to make money while bad debt just makes you lose money. Under this definition, a car loan that allows you to work at a job that raises your income significantly would be "good debt" despite the fact that you are spending money on a depreciating asset. Leveraging money in real estate can be very good debt if you know what you are doing. Using debt to build a proven business can be good debt as well.

Bad debt includes debt you've taken on for things you don't need and can't afford (that trip to Tahiti, for instance). The worst form of debt is credit-card debt, since it almost always carries the highest interest rates. Trading stocks on margin is bad debt...period...do not do it for any reason. In general, borrowing for "pleasure" is bad debt.

Avoiding debt at any cost is not smart if it means depleting your cash reserves for emergencies. The challenge is learning how to judge which debt makes sense and which does not and then wisely managing the money you do borrow.

Sometimes the decision to borrow doesn't hinge on how much cash you have but on whether there are ways to make your money work harder for you. If interest rates are low, compare what you'll spend in interest on a loan versus what your money could earn if it were invested. If you think you can get a higher return from investing your cash than what you'll pay in interest on a loan, borrowing a small amount at a low rate may make sense. I can think of many ways I can make more on my money than the interest the bank wants to charge me as money has never been cheaper than it is right now...if you can get the loan. If I can borrow money at 5% and make 10%, it might be a good idea...

Class dismissed

 

[eolson3]

I havent sold a single coin. Plan on building a mini cache for the grand kids to find. Need to have kids though first

 

[FreedomUIC]

While I have seen a lot of responses on here about leaving a "cache" for their offspring, I am the exact opposite. I am hoarding Silver and Gold for the next 15 years. That will place me at 65 and retirement. My goal is to have at least 1000 (1/3 of the way there) oz of silver
and 100 oz of Gold to supplment my retirement.

Hopefully SS will still be around, retirement from my currect job and the sale of our Farm in MI should allow us to enjoy our
Golden years in good fashion, hopefully debt free. Our house will be paid off five years before retirement comes and we should be debt free at that time. My wife and I have fought for everything we have, my kids have to learn that lesson as well. Will there be an inheritance, yes. Will it be Silver and Gold - NO!!!!!!!!

Call me selfish or what have you but I am buying for me and my wife of 28 years. It is our next egg when we retire.

 

[$ilver$urfer]

Like I mentioned earlier in this thread, I sold off some of my silver last week and made quite a nice profit and paid off three credit cards. For those of you holding out for the magical $936 an ounce silver...right now a 40%er can buy a value meal at MickeyD's or BK ($6). In 15 years a 40%er may be worth $42 and I would be willing to bet that would be the price of a value meal at that time as well. What I mean to say is the value of your precious metals will pace themselves with inflation. That being said, your future cost of living will substantially increase if our currency keeps going in the same inflated direction. It is my feeling that the only thing that will help you in the future is to pay off your debts NOW and become more self-sufficient! If you can do that the gold and silver you are hoarding will definitely help protect your wealth. Remember though, your living costs (food, fuel, cable, internet, clothing, health care, sundries, etc.) will increase along with the value of your holdings.

HH,

$ilver$urfer

 

[FreedomUIC]

Like I mentioned earlier in this thread, I sold off some of my silver last week and made quite a nice profit and paid off three credit cards. For those of you holding out for the magical $936 an ounce silver...right now a 40%er can buy a value meal at MickeyD's or BK ($6). In 15 years a 40%er may be worth $42 and I would be willing to bet that would be the price of a value meal at that time as well. What I mean to say is the value of your precious metals will pace themselves with inflation. That being said, your future cost of living will substantially increase if our currency keeps going in the same inflated direction. It is my feeling that the only thing that will help you in the future is to pay off your debts NOW and become more self-sufficient! If you can do that the gold and silver you are hoarding will definitely help protect your wealth. Remember though, your living costs (food, fuel, cable, internet, clothing, health care, sundries, etc.) will increase along with the value of your holdings.

HH,

$ilver$urfer

So far PM's have outperformed Inflation by leaps and bounds. I have never had an investment of $500.00 turn into $900-$1000 in
less than six months. It is a hedge against inflation, yes, but it is also a nest egg we can depend on in the future. Silver and Gold may both dip back to 1990 levels in the next two or three years, but I have 15 years until I retire. I would bet my bottom dollar that
Silver will be over $100 toz and gold pushing/exceeding $2500 toz.

My figures would roughly be 1000 toz of silver would equate to $100,000.00 dollars in the future.
100 toz of gold @ 2000 would be $200,000.00 at the time of retirement. That is approx. $300,000.00 that I would have
if I was not hording. Some estimates place it Gold higher and Gold a little Lower, same for Silver. Either way, it will make life
a little easier in our Golden Years. That is my goal.