Gold and silver. Discuss

[javyn]

Seems like PMs should be going up now to me. Catastrophe, uncertainty, revolution, war, these are things that drives money to them. I think this is just panic selling. JMHO

 

[Crane's]

Originally Posted by javyn

Seems like PMs should be going up now to me. Catastrophe, uncertainty, revolution, war, these are things that drives money to them. I think this is just panic selling. JMHO
Part of it is. Some of it is profit taking. I thought about doing a bit of that myself and decided against it. I also think some of it is necessity in order to fund rebuilding in Japan. Depending on how it goes this week will determine whether or not I stick with my normal weekly buy or add more to the pot and take advantage of the drop.

 

[javyn]

Yep, more need for materials, and higher inflation coming. I'm not being shaken out. But, I am rather stubborn. I'll hold a losing position for years until it comes back around. Did that with NOV, would have no problems with silver and gold, not that I think I'll lose 66% on that like I did NOV for 2 years before I recently made all my paper profits back on it.

edit: Hell, when I was holding International Steel Group, Inc. a few years back, there was an over 10% drop in share price one day for no reason at all. Lots of people got stopped out and/or bailed, but I held on. The next business day it was announced ISG was being bought by Mittal Steel, and I ended up with a very nice profit.

 

[Crane's]

Originally Posted by javyn

Yep, more need for materials, and higher inflation coming. I'm not being shaken out. But, I am rather stubborn. I'll hold a losing position for years until it comes back around. Did that with NOV, would have no problems with silver and gold, not that I think I'll lose 66% on that like I did NOV for 2 years before I recently made all my paper profits back on it. edit: Hell, when I was holding International Steel Group, Inc. a few years back, there was an over 10% drop in share price one day for no reason at all. Lots of people got stopped out and/or bailed, but I held on. The next business day it was announced ISG was being bought by Mittal Steel, and I ended up with a very nice profit.
In PMs I have so much silver that's been bought at 5 to 6 bucks an ounce that I really don't care about what some would call a huge price drop. I've been sitting on some of this for 2 decades and will sit on it another decade if the bottom fell out of the market today. Oh and I'll just keep right on buying no matter what goes on. DCA is a wonderful thing. Javyn, I'm seriously looking at Palladium right now. It's taken a major hit and if it keeps falling like a rock I'll suspend my Gold buying for a bit and play with it. you might want to consider it yourself.

 

[javyn]

Unfortunately I'm a paralegal, not a lawyer. Palladium is a bit too rich for my blood

 

[Crane's]

Originally Posted by javyn

Unfortunately I'm a paralegal, not a lawyer. Palladium is a bit too rich for my blood

LOL. Palladium is the 700 an ounce cousin to Platinum which is the expensive stuff.

 

[javyn]

Oh yes, that's right. Let me amend my previous statement, I am an ILLITERATE paralegal haha.

I'll check out palladium, see if it's as pretty and shiny as silver.

 

[cretaceous_cretin]

Originally Posted by javyn

35oz? Wow a baller

Never really thought of myself as a baller, but I'll take it .

 

[mikeman]

Looks like we had a nice ending to the week! Silver up 3.07%. Hoping next week is a good one as well.

 

[Crane's]

Originally Posted by mikeman

Looks like we had a nice ending to the week! Silver up 3.07%. Hoping next week is a good one as well.
Good enough for me to do a serious buy of Silver Gold and Palladium.

 

[Crane's]

Javyn,

Did you jump on Palladium?

 

[javyn]

Busy weekend, haven't had time to jump on anything, not even my girl

 

[Crane's]

Originally Posted by javyn

Busy weekend, haven't had time to jump on anything, not even my girl

That sucks. It looks like my hunch paid off on Palladium and it looks like Silver and Gold is doing well as well.

 

[javyn]

Kinda torn here. Was going to sell off my oil service stock to buy some bullion, but the stock is running. Trying to figure out how I'm going to time this. heh.

 

[Crane's]

Originally Posted by javyn

Kinda torn here. Was going to sell off my oil service stock to buy some bullion, but the stock is running. Trying to figure out how I'm going to time this. heh.
Yeah, I know what you mean