Community post
Silver slump
Anybody else getting hammered by the recent silver price drop. (This week) What's going on? Just dropped my paper shares but holding on to my stack and a little bit of leveraged etf. Any thoughts on where this is going? Got to be a bottom soon. We keep hearing about the coming skyrocket but I'm wondering if it could be delayed longer than I can hold out.
Replies (4)
Hmmm, never met anyone who does paper silver, I've never trusted it bc there's no silver to back it, just buying paper to buy paper. So, I don't know if you know someone at JP Morgan you can trust on this skyrocketing price assumption. Silver has been pretty stagnant for a while but I'm hoping it goes lower. A few months ago silver was over bought and retraced down to about its current price as I type. I think its still over bought and do not believe the silver at 100 dollar stories etc (at least not anytime soon). I do believe it can have a wild swing like it historically has (like up to 40-50), but if that happens, I'm running my ass home and running to the jewelry district to sell, then a a week later I'm running back to buy again as it only lasts a day or so. Ignore the coming skyrocket, those guys are always saying silver at some astronomical number. Just keep stacking it and letting your price average out, and for the love of god, get rid of that paper silver!!!!
Thanks for your kind insight anarchitect. My son is a landscape architect in Denver. I'm currently enjoying his career vicariously. I have a deep respect for those who design and have spent most of my life tweaking and optimizing other people's creations. That's of course not always appreciated. Have a few original creations under my belt as well but never hit the big one. God's blessings to you sir.
You're not alone. I'm long silver, gold, natural gas and they're all down today. Last week we we were feeling pretty smart, this week maybe not so much. Short term, gold and silver volatility will come from political uncertainty (which I believe is a certainty). The anticipation from the Comey testimony helped us out last week. I should have sold, but the stock market looked weak (to me) last week and then that Friday selloff in tech looked like a good opportunity for lots of money moving to safe havens like gold. Unfortunately there's still not fear in the market. This week it's profit taking and anticipation of rate hikes that are hurting us along with a resilient tech sector. I'm still expecting a bounce in silver and gold after the anxiety of the Fed news is announced. Of course, I'm not expecting a skyrocket anytime soon but $19 would be very nice. Good luck to you! I sure hope you can hold out, we know that silver recover someday. Those leveraged etf's sure are fun when you're right, but statistically they don't give you an edge. I find if you give yourself lots of time to be right, you'll do great in the markets.
Thank you and thats really cool. Landscape architecture is another beast (about the only thing I know about it lol). Keep building friend :)