Buying Silver

[Jonflyfish]

Bought some silver at the spot price of $27.65
Cheers!

[beauanderos]

Bought some silver at the spot price of $27.65
Cheers!

Some physical? Or another paper play? I am officially wary, after seeing so much (personal) wealth destruction, I've kinda lost my taste for the game.

[barrytrot]

Ray is it "destruction" or just "compression"?

Assuming you have your Scrooge McDuck like hoard still in tact the value will magically reappear should silver increase again, which I find to be quite likely eventually.

[Market Harmony]

I bought some scrap sterling off of eBay for the first time in a long time... average price per fine oz of $23.67... of course, it's gonna take a little cost to refine and reprocess to market accepted bullion... I'm happy

[Jonflyfish]

Bought some silver at the spot price of $27.65
Cheers!

Some physical? Or another paper play? I am officially wary, after seeing so much (personal) wealth destruction, I've kinda lost my taste for the game.

Lifting the financial hedges and using the proeeds for physical purchases. It's how I stack and rack- Protect the stack with hedges then uses the proceeds to rack more on the stack.

Cheers!

[deacon]

I'm thinking of picking up some SLV. What are your thoughts JFF? I stack and hold, but paper comes and goes.

Deauanderos, do you diversify with other things? Miners, energy, dividend stocks, ect?

[Country]

I'm scaling in with the RSI this low. Probably going to BUY more CEF tomorrow if it continues downward.

I think what we're seeing in the last few weeks is the European liquidation phase of assets, similiar to the breakdown here in the US in 2008. My guess is there is forced liquidation going on in Europe to try to repay sovereign debt. Perhaps the IMF or other central organization is forcing some of these sovereigns to liquidate a large portion of their GOLD before loan debt is to be sanctified. A large printing of fiat was the after effect here, and it would be reasonable to assume that it will occur in Europe some time soon. All of this is long term bullish for barbarians like us.

[beauanderos]

Ray is it "destruction" or just "compression"?

Assuming you have your Scrooge McDuck like hoard still in tact the value will magically reappear should silver increase again, which I find to be quite likely eventually.

Just saying, not advising anyone here, but in my own case... dry powder is looking pretty good compared to our usual alternatives.

[rexmerdinus]

Bought some silver at the spot price of $27.65
Cheers!

Thought I'd gloat a little too. Just locked in some ASE's at $30.45 shipped, with spot at $27.80. I know silver may still be on its way down, but I had some dry powder and couldn't resist popping off a round or two!

[fb101]

JFF -
Big thanks for the tip off.
Big question -
I realize you're not giving advice, but lets say on general terms, if somebody
locked in a price of 27.65, where might this nonspecific somebody want to put the stop order?
Thanks again!

[rsk1963]

Thought I'd gloat a little too. Just locked in some ASE's at $30.45 shipped, with spot at $27.80. I know silver may still be on its way down, but I had some dry powder and couldn't resist popping off a round or two!

where?

[Copper Member]

I'm still holding out till $26.

[rexmerdinus]

Thought I'd gloat a little too. Just locked in some ASE's at $30.45 shipped, with spot at $27.80. I know silver may still be on its way down, but I had some dry powder and couldn't resist popping off a round or two!

where?

Hopefully I'll buy when it's $26 too!

As to where, read my sig. No, I'm not peddling the program--if you read back a few days on this forum, my offer to do a group buy at my cost is still good!

[reddirtcoins]

I'm still holding out till $26.

$23.68

[Jonflyfish]

JFF -
Big thanks for the tip off.
Big question -
I realize you're not giving advice, but lets say on general terms, if somebody
locked in a price of 27.65, where might this nonspecific somebody want to put the stop order?
Thanks again!

Hi fb101,
Not sure about specific stops at this level. What I've done is to be "paper short" my physical stack from the highs as a hedge and am now starting to lift the hedge and use the proceeds to buy more physical to protect afresh after the next giant rally. Being short from a much higher level essentially locks in that price as the shorts benefit from the decline in a 1:1 ratio. I'm sure you know that but it sucks that I have taken such criticisms and verbal assaults here for trading paper that not only protected and locked in the physical stack at a higher level but ultimately increased the size of the stack as well. I much prefer that vs watching the price go down day after day without any benefit...and there's no greater feeling than to see the phyzz stack increase because the price went down. I was sorely attacked for doing this but as a physical hoarder I could think of nothing better to do. It's my version of "To protect and serve"
Have a great rest of the week. I'm off to The Bahamas for some R&R.

Cheers!

[Beau]

Thought I'd gloat a little too. Just locked in some ASE's at $30.45 shipped, with spot at $27.80. I know silver may still be on its way down, but I had some dry powder and couldn't resist popping off a round or two!

where?

APMEX IS 500 2012 SILVER EGLES for $30.35 at 11:35 EASTERN TIME

[Jonflyfish]

Bought more at spot $27.42 after lifting more hegemoney

[SoFa]

If you guys love silver at 28 or 27 now, what's the rush? Buy it when it's going back up through 27 or 28.
If it goes up fast you might miss it by a little bit, but maybe a much lower price will be hit and you can get more ounces.

[beauanderos]

If you guys love silver at 28 or 27 now, what's the rush? Buy it when it's going back up through 27 or 28.
If it goes up fast you might miss it by a little bit, but maybe a much lower price will be hit and you can get more ounces.

They wouldn't be buying if they were certain the price would continue to drop. Their actions speak their thoughts... that the market has likely bottomed and will revert to an upward direction. Who knows if they're right. It's a tough call to make, particularly after silver has dropped twelve days in a row.

[68Camaro]

Fundamentally, its very difficult to call a bottom - I've never been very good at it and don't know many (any) with solid track records at either timing them or noting the specific number - and frankly, it's even hard to know when it is truly "going back up". What I have been good at it trends, and even though I have been frustrated a couple of times as trends I have successfully called have resulted in my having to sit on the sidelines while the market continued up for many, many months (irrationally, I believed - and was eventually proven right). What I have learned from all this is that timing is out of my control. But I've learned to trust my gut on trends, and our trend now is inevitably down for the larger market/economy.

Regardless, this is far more than a pure value call, or an investment. My fundamental objective over the past 18 months has been to convert FRNs - which have no fundamental basis of value and which will eventually be seen as worthless - into things of relatively lasting fundamental value to both my family and to others, which are some mix of various desirable attributes of either capital creation or recognized wealth. In so doing I recognize that I am both learning how to do this as I am going along, and doing it in a way that I will see in hindsight was not perfectly efficient - but I don't know any other better trustworthy way to do it. I would prefer to buy as low as possible, but the process (at least my process) is inherently inefficient. My belief is that the price of what I have acquired will eventually rise to the point where my relative inefficiences at this stage will be overcome.

I also have a fundamental concern/belief that the market will literally dissolve overnight one night, and I have no idea when that day/night will be. It could have been last night. It could be tonight. So my decision making includes a preference to buy and have physical in hand now versus some possibility of a slightly lower price tomorrow which may not happen and which may result in me postponing the buy for too long.

It's not my objective to be "rich", but to protect what I have. For me the "risky" commodity holding is silver, versus gold. For primary wealth preservation I hold gold. For a mix of preservation with some hope/belief in additional appreciation, I hold silver. Those that desire to be wealthy should not be quick to follow any of my advice.

[silverflake]

Guys, I was out of town for 2 days and I come back and silver is under $28/ounce? What have you all been doing? Well thanks for the oppotunity but I have very little dry powder. Gonna have to search through the sofa cushions to scrape together some coinage to buy some silver today. Or should I wait until tomorrow?

Keep stacking.

[rexmerdinus]

If you guys love silver at 28 or 27 now, what's the rush? Buy it when it's going back up through 27 or 28.
If it goes up fast you might miss it by a little bit, but maybe a much lower price will be hit and you can get more ounces.

I'm buying all the way down...selling all the way down too, as long as I can net a spread, with which I add to my personal stack. If I pay $2.00 over spot for Eagles, I can make a small profit, even on FeeBay with PayPal.

[Jonflyfish]

$26.91 lifts more hedgemoney for the phyzz stack & rack.
That's a huge pull from high levels!
Cheers!

[Beau]

If you guys love silver at 28 or 27 now, what's the rush? Buy it when it's going back up through 27 or 28.
If it goes up fast you might miss it by a little bit, but maybe a much lower price will be hit and you can get more ounces.

I'm buying all the way down...selling all the way down too, as long as I can net a spread, with which I add to my personal stack. If I pay $2.00 over spot for Eagles, I can make a small profit, even on FeeBay with PayPal.

.
where can you get ASE`s at $2. over spot?

[doug]

If you guys love silver at 28 or 27 now, what's the rush? Buy it when it's going back up through 27 or 28.
If it goes up fast you might miss it by a little bit, but maybe a much lower price will be hit and you can get more ounces.

I'm buying all the way down...selling all the way down too, as long as I can net a spread, with which I add to my personal stack. If I pay $2.00 over spot for Eagles, I can make a small profit, even on FeeBay with PayPal.

.
where can you get ASE`s at $2. over spot?

Check his siginature line at the bottom of his post.