Silver correction is finally here!!

cdickrun64 · May 5, 2011

Down 30%.....and I'm guessing it will drop all the way down to $22-25 per oz.

Cuts the value of my stash in half......ouch!! Good thing im not retiring until 2029!

rfishoutofwater · May 5, 2011

I know right? I was thinking of selling when it was at 47 but I am in it for the long haul and have a ways to go before I retire. I am going to wait and see where it levels out then start buying again. Just going to stick with CRH for now. my local coin shops have all there silver and gold locked up and not selling anything right now

mlayers · May 5, 2011

I know what you mean about cutting your profits. I was hoping for $50 a oz to sell some off but we miss it by $3. So now we must hope it gose back up. Maybe this will stop some from CRH and we can find more silver to add to our piles.......Matt

Jasonstar94 · May 5, 2011

I was particularly happy that this correction has happened because it is healthy for the silver price which long term will go up much higher. But in the meantime I can accumulate more silver through garage sales and coin roll hunting perhaps more easily now because of the dip.

JD-GA · May 5, 2011

I tried to order 3 more rolls of eagles today for a client. My bullion provider told me shipping will be 1 month. Tells me the supply is still low and demand still very high if im being put off a whole month for 3 little rolls. If this thing hits bottom and stabilizes my guess is you will see it come back up pretty darn fast. Still is painful to watch it drop having 1200 oz put away

jrf30 · May 5, 2011

mlayers said:
I know what you mean about cutting your profits. I was hoping for $50 a oz to sell some off but we miss it by $3. So now we must hope it gose back up. Maybe this will stop some from CRH and we can find more silver to add to our piles.......Matt

I saw it at $49.60, so don't know why you think it missed by $3??

I sold a bunch of eagles at $50.50 when it was droppping and silver was back down to $47 or so. Of course, I also sold a bunch of eagles at $37 on the way up, thinking it might be the top. : ::)

So I missed that one. But the $50.50 I feel real good about.

I'm going to be a buyer again. Soon. Maybe tonight if it shows strength overseas, but probably not until early next week. Never know though. I pull the trigger fast in both directions.

wharghoul · May 5, 2011

I'm extremely happy with the correction and think the timing couldn't be better. I was starting to worry with $50/oz. getting so close. Like most of you I presume, I'm many years away from retirement or going liquid and I want to CRH for silver pretty hard for the next few years before I switch to hoarding copper full time.

Most of us can agree that the long term prospects for silver and gold are positive, that is if you believe that the dollar will continue it's downward spiral and the deficits will continue to mount. So why cheer for the price to go to the moon? :dontknow:

It draws too much attention and it will be the deathnail of CRH as we know it.

If you think CRH has gotten a lot of attention lately, just wait till it hits a nice big ole number like 50.

I've got a number in mind in terms of total ounces that I'd like to put away and I'm about half way there, so I need more time. Another sustained sideways period of $20-25/oz. would be great in my opinion.