Did you buy that dip?

[Cu Penny Hoarder]

If not, you should've.

Got more at $23.85... Another blessed gift!

[Morsecode]

I'm tryin. I think my guy in Ontario jumped off a bridge, he's not picking up the phone.

[mark8925]

not the bottom of the dip, but at $24.30

[Cu Penny Hoarder]

I'm tryin. I think my guy in Ontario jumped off a bridge, he's not picking up the phone.

Online bullion dealer or LCS?

[Morsecode]

A dealer I found on kijiji. Because I'm in the US I can't reply to the ads through kijiji directly, but he listed his personal email in the ad. I think he has a store up there. Probably just a busy day for him. Hope I can raise him tomorrow.

[Recyclersteve]

If you are referencing silver, yes I bought the silver ETF (Ticker: SLV) in the pre-market session Tuesday. I bought at $22.55ish. Doing this as a trade, not buy and hold forever.

[bankmining]

Glad I didn’t buy that $23.85 dip.

[Morsecode]

I finally reached my man in Canada. Tells me he just closed on several thousand 80% dollars. He is my new best friend

[pennypicker]

I finally reached my man in Canada. Tells me he just closed on several thousand 80% dollars. He is my new best friend

I've always liked those Canadian silver dollars...great design both front and back!

[Recyclersteve]

Bought even more SLV this morning in the pre-market session at around $20.50ish. Then I even went into my daughter’s account and bought some for her at about the same price.

[Rodebaugh]

Grabbed 10 SLV leap calls

SLV Jun 17 2022 20 Call $5.45

[Cu Penny Hoarder]

Glad I didn’t buy that $23.85 dip.

Your money is all tied up in cash, huh?

Ag still WAY undervalued.

Going to hold off buying anymore unless Ag gets back to the $19 area, which totally possible.

Long term hold gents... long term.

[Morsecode]

It's been a while since the weak hands have had reason to rejoice (and it takes one to know one)...This time I almost have what you could call a plan, so the dips however deep they go are welcome.

[Recyclersteve]

Grabbed 10 SLV leap calls

SLV Jun 17 2022 20 Call $5.45

That’s actually a lot less in premium (due to implied volatility) than I thought. And the Open Interest is a healthy 8,000+ contracts, so it should be pretty easy to get in and out without a huge spread. If we have another correction I may look at LEAPS as well. Thanks Doc for the idea!

[shinnosuke]

In addition to my own steady purchases, my 89-year old dad continues to buy. He has never sold a gram of metal since the 60's. He just landed a bunch of Canadian Maples. My siblings are not stackers like dad and me. They prefer cash. Pity.

[Recyclersteve]

An update on the SLV (silver) trade where I bought on 9/22 and bought more on 9/24. Sold all shares yesterday (10/9) at $23.01. Yes, I left some $ on the table since SLV closed at $23.41.

I sold earlier in the day as volume was very unimpressive. When I see a big move up or down, I look for volume to surge to confirm the move. It didn’t happen with SLV, which made me more skeptical.

Still, the net was a 5.4% profit in 17 days. Over the course of a year that projects to a 115% profit. So I’ll take it.

[Cu Penny Hoarder]

An update on the SLV (silver) trade where I bought on 9/22 and bought more on 9/24. Sold all shares yesterday (10/9) at $23.01. Yes, I left some $ on the table since SLV closed at $23.41.

I sold earlier in the day as volume was very unimpressive. When I see a big move up or down, I look for volume to surge to confirm the move. It didn’t happen with SLV, which made me more skeptical.

Still, the net was a 5.4% profit in 17 days. Over the course of a year that projects to a 115% profit. So I’ll take it.

Now $25.30. Oh well, at least the trade was profitable.

I never trade paper PMs, I just buy more phyz whenever it goes on sale, like it did when I started this thread.

[Recyclersteve]

An update on the SLV (silver) trade where I bought on 9/22 and bought more on 9/24. Sold all shares yesterday (10/9) at $23.01. Yes, I left some $ on the table since SLV closed at $23.41.

I sold earlier in the day as volume was very unimpressive. When I see a big move up or down, I look for volume to surge to confirm the move. It didn’t happen with SLV, which made me more skeptical.

Still, the net was a 5.4% profit in 17 days. Over the course of a year that projects to a 115% profit. So I’ll take it.

Now $25.30. Oh well, at least the trade was profitable.

I never trade paper PMs, I just buy more phyz whenever it goes on sale, like it did when I started this thread.

You are confusing real spot silver with the silver ETF, a stock. The stock closed Friday at $23.41 as I stated. Real silver is over $25. Why the difference? The stock has expenses, not the least of which is likely huge storage and insurance costs at the big London vault. Therefore, the percentage gap difference between SLV and spot silver widens by a small amount each year.

FYI- I also have a good amount of physical. The neat thing about trading SLV is that commissions both ways are zero. That is like a coin dealer selling with zero markup. Sounds insane, doesn’t it? It is a bit like grocery stores that used to sell milk for a penny a gallon. They lost money on the milk, but were betting the average shopper would spend a bunch on their other groceries.

One potential negative about SLV- How do you really know the silver is in the vault? You don’t, and some people like Ted Butler have been saying for years they have proof J.P. Morgan is lying about the contents. Butler cites things like duplicate serial numbers he found, etc. So I go in and out of SLV as a trade, not as a buy and hold.

If the JPM thing hit the fan and they said, for instance, that they only have 60% of what is supposed to be in the vault, the price of SLV could plummet at the same time the price of spot silver would go up sharply. This is because everyone would suddenly realize the total supply of available above ground silver worldwide is substantially less than thought. It would be a very interesting situation.

[Cu Penny Hoarder]

An update on the SLV (silver) trade where I bought on 9/22 and bought more on 9/24. Sold all shares yesterday (10/9) at $23.01. Yes, I left some $ on the table since SLV closed at $23.41.

I sold earlier in the day as volume was very unimpressive. When I see a big move up or down, I look for volume to surge to confirm the move. It didn’t happen with SLV, which made me more skeptical.

Still, the net was a 5.4% profit in 17 days. Over the course of a year that projects to a 115% profit. So I’ll take it.

Now $25.30. Oh well, at least the trade was profitable.

I never trade paper PMs, I just buy more phyz whenever it goes on sale, like it did when I started this thread.

You are confusing real spot silver with the silver ETF, a stock. The stock closed Friday at $23.41 as I stated. Real silver is over $25. Why the difference? The stock has expenses, not the least of which is likely huge storage and insurance costs at the big London vault. Therefore, the percentage gap difference between SLV and spot silver widens by a small amount each year.

FYI- I also have a good amount of physical. The neat thing about trading SLV is that commissions both ways are zero. That is like a coin dealer selling with zero markup. Sounds insane, doesn’t it? It is a bit like grocery stores that used to sell milk for a penny a gallon. They lost money on the milk, but were betting the average shopper would spend a bunch on their other groceries.

One potential negative about SLV- How do you really know the silver is in the vault? You don’t, and some people like Ted Butler have been saying for years they have proof J.P. Morgan is lying about the contents. Butler cites things like duplicate serial numbers he found, etc. So I go in and out of SLV as a trade, not as a buy and hold.

If the JPM thing hit the fan and they said, for instance, that they only have 60% of what is supposed to be in the vault, the price of SLV could plummet at the same time the price of spot silver would go up sharply. This is because everyone would suddenly realize the total supply of available above ground silver worldwide is substantially less than thought. It would be a very interesting situation.

Okay, but why trade SLV instead of futures (SI)? Much better tax treatment on futures derivatives.

[Recyclersteve]

Now $25.30. Oh well, at least the trade was profitable.

Okay, but why trade SLV instead of futures (SI)? Much better tax treatment on futures derivatives.

I did it in an account where there won’t be any taxes. I’ll leave the futures trading to someone else, thanks.

[Cu Penny Hoarder]

Now $25.30. Oh well, at least the trade was profitable.

Okay, but why trade SLV instead of futures (SI)? Much better tax treatment on futures derivatives.

I did it in an account where there won’t be any taxes. I’ll leave the futures trading to someone else, thanks.

A Roth IRA?

If anyone here wants to actively trade PMs, get a trading account/broker where you can trade gold and silver futures. You don't need $25,000 either, like you do with a regular stock (day) trading account. It's the best, most tax effective way to do it.

[Mercuryman]

Now $25.30. Oh well, at least the trade was profitable.

Okay, but why trade SLV instead of futures (SI)? Much better tax treatment on futures derivatives.

I did it in an account where there won’t be any taxes. I’ll leave the futures trading to someone else, thanks.

A Roth IRA?

If anyone here wants to actively trade PMs, get a trading account/broker where you can trade gold and silver futures. You don't need $25,000 either, like you do with a regular stock (day) trading account. It's the best, most tax effective way to do it.

I know people can lose their tail end on futures and speculation. (it all seems like a gamble at this point)
If one was to be interested in playing with SLV and understanding how to take profits what would you recommend? ( Aren't the taxes still steep on any gains?)
Would appreciate your insight.

[Recyclersteve]

Now $25.30. Oh well, at least the trade was profitable.

Okay, but why trade SLV instead of futures (SI)? Much better tax treatment on futures derivatives.

I did it in an account where there won’t be any taxes. I’ll leave the futures trading to someone else, thanks.

You could do this in a retirement account. Or an account where you have prior losses to carry forward that can be used.

[Recyclersteve]

I know people can lose their tail end on futures and speculation. (it all seems like a gamble at this point)
If one was to be interested in playing with SLV and understanding how to take profits what would you recommend? ( Aren't the taxes still steep on any gains?)
Would appreciate your insight.

I’m NOT an accountant so please verify important details with someone else before taking action. That said, tax rates on capital gains are NOT steep. For a married couple filing a joint return, they can earn over $300k and still be in just the 24% tax bracket.

There have been a number of times in the past 50-80 years where you could have paid 50-70% in taxes. With all the debt our government has and all that is being added to it (think Coronavirus relief money), I think taxes RIGHT NOW could indeed be the lowest many will see in their entire lifetimes.

As far as how to trade SLV or anything else for that matter, you are onto an extremely complicated subject. Don’t expect to get truly good advice without paying for it.

I will say this. People spend huge amounts of time studying things like technical analysis (the study of stock charts), but they totally miss the boat on another super important aspect of trading, that is, managing your trades and your emotions. If you are someone who would panic and sell if silver went down 15-20% in a hurry for no apparent reason, then you are destined to get your backside kicked. Frankly, I think most people fall in that category, which is a good reason why people are paid to manage money for others.

Someone who says, “Fine, I’ll just cut my losses before they get out of hand.” Three things wrong with that:

1) If you cut losses at, say, 5-6%, expect to have lots of losses.

2) If you are mixing gains and losses on the same actively traded item, you may be violating the 30-day wash sale rule (and some or all of your losses may be disallowed on your taxes). This could at the very least make your taxes much more complicated and expensive to prepare.

3) Cutting losses doesn’t work well with gap moves overnight. Example: SLV closes at $23, right about where you’d sell to keep your loss from being too big. The very next day it opens at $22, down $1 and keeps going lower. If you sell, your strategy to cut losses and get out at around $23 just failed.

What worked for me? Probably around 15 years ago I was trading a lot of metals mining stocks. Metals were in an uptrend. Everything was lining up great except my trades were only around 50/50 (half profits and half losses). They should have been MUCH better. I made two simple adjustments and my results were out standing after that. The changes were to buy less in the first place (forget trying to be a hero by hitting a home run on everything). The other change was to be prepared to buy more shares at lower prices to lower your average cost. You do this only if nothing is truly wrong. If there is a 50/50 chance the company could go bankrupt, I wouldn’t buy more shares at a lower price.


After making these two changes- over the next roughly 120 trades I only had something like 6 losses.

[Mercuryman]

I know people can lose their tail end on futures and speculation. (it all seems like a gamble at this point)
If one was to be interested in playing with SLV and understanding how to take profits what would you recommend? ( Aren't the taxes still steep on any gains?)
Would appreciate your insight.

I’m NOT an accountant so please verify important details with someone else before taking action. That said, tax rates on capital gains are NOT steep. For a married couple filing a joint return, they can earn over $300k and still be in just the 24% tax bracket.

There have been a number of times in the past 50-80 years where you could have paid 50-70% in taxes. With all the debt our government has and all that is being added to it (think Coronavirus relief money), I think taxes RIGHT NOW could indeed be the lowest many will see in their entire lifetimes.

As far as how to trade SLV or anything else for that matter, you are onto an extremely complicated subject. Don’t expect to get truly good advice without paying for it.

I will say this. People spend huge amounts of time studying things like technical analysis (the study of stock charts), but they totally miss the boat on another super important aspect of trading, that is, managing your trades and your emotions. If you are someone who would panic and sell if silver went down 15-20% in a hurry for no apparent reason, then you are destined to get your backside kicked. Frankly, I think most people fall in that category, which is a good reason why people are paid to manage money for others.

Someone who says, “Fine, I’ll just cut my losses before they get out of hand.” Three things wrong with that:

1) If you cut losses at, say, 5-6%, expect to have lots of losses.

2) If you are mixing gains and losses on the same actively traded item, you may be violating the 30-day wash sale rule (and some or all of your losses may be disallowed on your taxes). This could at the very least make your taxes much more complicated and expensive to prepare.

3) Cutting losses doesn’t work well with gap moves overnight. Example: SLV closes at $23, right about where you’d sell to keep your loss from being too big. The very next day it opens at $22, down $1 and keeps going lower. If you sell, your strategy to cut losses and get out at around $23 just failed.

What worked for me? Probably around 15 years ago I was trading a lot of metals mining stocks. Metals were in an uptrend. Everything was lining up great except my trades were only around 50/50 (half profits and half losses). They should have been MUCH better. I made two simple adjustments and my results were out standing after that. The changes were to buy less in the first place (forget trying to be a hero by hitting a home run on everything). The other change was to be prepared to buy more shares at lower prices to lower your average cost. You do this only if nothing is truly wrong. If there is a 50/50 chance the company could go bankrupt, I wouldn’t buy more shares at a lower price.


After making these two changes- over the next roughly 120 trades I only had something like 6 losses.

Thanks for info, I think I'm going to hold off on playing with the paper.... I feel like I'm late to the party.