Holy Crap!

[clarence]

Did anyone else see the price of gold this evening? Down $84.00!! Trading at $1,477.00 an ounce!
What the heck is up with that!

 

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[ret-detector]

Yep, 'buy time'...

 

[brctom1]

I read (interwebs) or heard (talk radio) that Cyprus dumped 10 Tons of their Au in the last couple of days (due to their financial woes) and, that, that might be part of it's price falling out of bed..

Thoughts....?

 

[Mzjavert]

I just checked the silver price and right now it's just below $26.00. Gonna go buy some Franklin Halves on Monday.

 

[CoinandRelicMan]

Good luck on that Franklin buy!

 

[liftloop]

when ever some one sails a bunch it drops
I want to know who is buying it....

 

[Tom_in_CA]

Yep, 'buy time'...

It's inevitable that someone will always come on saying "hold on to your gold (or silver)!" "It will always go up in the long-haul", or "you'd be a fool to sell now", or "you'd be a fool not to buy now, since it's down, and will only go-back-up".


I am reminded of when I was a teenager (1980) the FIRST time silver was up. I was new into detecting, and by then had a few hundred silver coins (the parks were easy for silver in those days

) When I saw that silver dimes could be sold for 15x or 20x face (ie.: $1.50 to $2.00 each), I gathered up all my common silver, and sold it off. No sooner had I sold it off, then my other metal detecting friends parrotted the same lines you saying now: "You shouldn't have sold", "you are the one making the mistake", and so forth. I felt shamed and foolish therefore, in this circle of metal detecting buddies

A year or so later, when silver was dropping (as we all know from looking at the historic charts), they chimed in with the same mantras you're saying now: "This only means it's the right time to buy!". And so on, and so forth, as the years progressed. But as we all know, it got lower and lower for the next 25 yrs.


The particular friend I had sold my silver to (at about 15x face), ended up having to sell it for a pittance 20 yrs. later (3 or 4x face, I think) and took a big loss on it. He had no choice, as he had to liquidate to cover some expense or debt he had

And in my mind, I could not escape the image, all those years earlier, of him chiding me, rolling his eyes, etc.... at how I shouldn't have sold, and he'd be in for a windfall, etc....


And even if that person had held on to the recent silver highs, of the past few years, yet even with new historic highs, they still do not compare once you factor in inflation from those 1980 highs, to now.


Thus no, I do not agree that gold and silver is always to be held, always goes up, and always buy-buy-buy.

 

[Number9]

Mr. Investor... it's all in one thing... TIMING!
And no one thing is good all the time!

 

[Charlie P. (NY)]

Consumer confidence is, for some reason, increasing and the stock market is charging; so metals will drop. That's the way it goes.