Would you guys sell your stash now?

[SFBayArea]

In looking at the chart for silver, it doesn't really look good. The resistance point is around 30.. If it breaks, look out below, it could crash back down to 26. Trust me, I'm hoping it can bounce back and hold at 30 but along with the stock market, they both don't look good.

I've always been big on holding and adding to reserves but yet I sold 40%ers for $5.50 each when they were $40.50/oz. a few months ago and recently shipped off a few more at $4.15 each earlier this week. Sad to be parting with the hard work brought into gathering them but at some point, gotta be smart about it. I've unloaded about 45% of my CRH silver holdings recently. All of them being 40%ers but I've kept all 90%ers.

Wonder what everyone else thinks. One thing that I've learned recently about the commodities and stock market is that traders dictate the price not supply/demand or news. Once the traders get real bearish on something, it seems hard to stop until it gets real oversold or vice versa. In looking back, should've sold at around $48/oz because that's when it was overbought. It's shame but traders control the market through futures contracts and paper has power over physical. None of them are interested in the physical.

If the CRH finds were easy to comeby and I could consistantly get it like in certain areas of the country, I could hold on by making up for the losses on the spot price by new finds. But finds are slim around these parts so I've decided to sell 45% as my hedge against prices going down. Anyone else planning to unload or stay?

 

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[FreedomUIC]

I made the move to liquidate ALL of my CRH finds when silver was close to $50.00 dollars. I knew that the upward trend was way to fast and way to sharp of an incline for it to sustain itself. I took those funds and buried them in my safe. I have started buying 5 oz bricks once or twice a month on the dips and trying to get at least 1/4 oz of gold when it falls below $1700.00.

I also collect coins as a hobby, Complete sets of Peace Dollars, Barber Halfs, Rosie Dimes, ASE, Maples and so on. I have liquidated everything except the bullion based collections. I consider the Peace Dollar a bullion at this point and kept that and the dime collection. From what I see at the charts and graphs lately is very similar to when the Hunt brothers lost their bid to corner the silver market. I know it is not the same circumstances so please, lets not go there. I am foreseeing silver next year to hit a one year low of around $25.00 an oz, give or take a dollar.

This is going to do quite a few things to the worlds availability of Silver. It is really not profitable for a Silver Mining company to mine silver at $25.00 dollars an ounce and maintain their stockholders happiness. Secondly, at that price, manufacturers who do use AG in their products are going to swoop in and grab the lions share of what is out on the market at that time. When that does happen, a shortage will occur, demand will increase and the price of PM's will start to rise again. I am still going to hold to my prediction that within 10 years, AG will top $100.00 and AU will be above $2,500. It is not wishful thinking on my side, it is more educational from what I have gleamed from history. This bump to $50.00 was just testing the waters, manipulation is going to end shortly and then you will see the true value of PM's start to rise. They will move at the intended ratio and not
blow each other out of the water. That is why I am starting to purchase "Bricks" and any AU I can get my hands on. It is an investment for our retirement and a hedge against inflation.

I will step down from my podium now.

Let me modify my statement. When I refer to AU, I am talking about "Libs", "Indians" and so on. While I have purchased some bullion AU, it is not very much.

 

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[ImpurestStewart]

I have no choice but to sell right now due to losing my job. It amazes me that I can trade a piece of paper for either a shiny rock or a hamburger.... If anyone is interested I am going to offer $1,100 worth of silver for $1,000 soon. I need it paypal though. PM me.

 

[CaptainRobin]

As I stated, real money is real money. Silver has been a medium of exchange for all of recorded history. Gold also. Silver was the "poor man's" medium of exchange. Gold was the "rich man's" medium of exchange. IF I was to do gold, it would be in the tenth ounce coins currently produced by the mint. How is someone going to "make change" on an ounce coin of gold if things go to heck? Fishhooks, seed, strike anywhere matches and hunting ammo are MUCH better barter items. I'll keep my silver, but I'll purchase more handtools. With tools and skills, you can do most anything. You can't eat your silver or gold, but someone may covet it. Might come in handy one day, and it cost me only face value. Just my four cents of copper cents pulled this AM from pocket change... one can always use copper for various projects. Drill a hole through them, they make excellent non-corrosive washers on machanical projects and cost less than a store bought item. Beat 'em flat with a hammer and anvil, they make excellent sheathing. Just my thoughts, from an ole Southern Boy. That 40% stuff... turn it, take your profit. Keep the 90%.
Robin

 

[SFBayArea]

I have no choice but to sell right now due to losing my job. It amazes me that I can trade a piece of paper for either a shiny rock or a hamburger.... If anyone is interested I am going to offer $1,100 worth of silver for $1,000 soon. I need it paypal though. PM me.

I hear ya.. I sold to APMEX. It takes a while before they get the check out to you but they get decent rates and you can lock in the price over phone in case the market takes a dive the next day so you don't have to worry about it. $1000 is the minimum so you're good there. Their offers are better than that of local dealers in my opinion.

 

[fistfulladirt]

Who doesn't think about selling? Just push the thought away and hold for the long

*unless it's 40's