I just called my melter to lock in gold at $1711 oz

[cyberdan]

Last night it was around $1780 when I did my calculating on what to sell. My daughter's college payment is due in a few days and i wanted to have money in the account.

I pulled 4 ounces on karat gold to pay the school and buy some books. Guess she will have to buy used books instead of new.

 

[jim4silver]

Cyberdan,

If a person needs the cash for expenses and bills it is bad when a drop like this happens. But the price is still better after the drop than if you needed to sell it a couple of months ago.

As much as I like seeing silver go up up up, I know I will not be buying at some point as it rises. I have set a $35 limit for my silver purchases. Today after the carnage I picked up a number of nice generic rounds and with the premium paid, did slightly go over $35. I am actually glad to add more to the stash in that over the past few days I figured I was done buying.

The rally is not over. Moves like today help shake out the paper speculators and weak hands. I don't have any proof for this, but I read somewhere that within a 20 minute period today over 50% of the US annual mining output worth of silver was shorted in the paper market. If that did happen, I suppose there will be evidence of it soon.

Jim

 

[cyberdan]

If a person needs the cash for expenses and bills it is bad when a drop like this happens.

Jim, this was a planned buy, just the wrong day to do it.
I am buying all the time and only selling to pay for school. I do not want to keep a lot of money in the bank. Have you ever filled out a FAFSA report? It is a gov't form that most parents fill out if they have kid's in college. It wants to know how much money I have just lying around. Basically the more I have in banks and stocks and IRA the less in grants and scholarships my daughter will get.

That old wives tale about saving for your kid's education is a bunch of k-rap. If you set aside $50,000 for one kid the gov't will say you have a lot of $$ and no grants. If you are a working stiff (like me) and just couldn't save much then the gov't will help pay (in my case) about 40% of college.