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other1z
7th May 2009, 17:20
How-dee folks,

So, we've seen a quick run on silver over the last week, and I'm feeling frisky with anticipation of a couple of things:

~ Entering the paper market for PURELY profit driven reasons
~ Dusting off some of the big boys and waiting for the peak, then selling.

What is your strategy right now?

With all the standard caveats (e.g. market volatility, et al) it is difficult to make steadfast decisions as a result of one week in gains. That said, some of the TA (which I have a new-found use for...at least in terms of the paper market [ooh...it pains me to say it...Thanks Katwoman])

http://www.kitco.com/ind/Vermeulen/images/may072009_1.jpg

This chart below is the weekly chart showing a clean bull flag breakout. Using technical analysis we can calculate a measured move which is about the $19.50 level. This is done by measuring the rally from the bottom in October to the top in February. If you calculate this move again from the high then you arrive at the $19.50 -$20 level.

There haven't been any large moves in a while, and I'd really like to pull some profits with this potential gain. In terms of PM, profits are merely the residual purchases of more PM, from sales on other PM. In other words, it's time to "sell high" in preparation to buy low.

This also gives me pause to consider my first move in to the paper silver market, for paper's sake only. I could probably get in quickly, maybe put a few thousand in. Any of you ETF'ers have thoughts? Where's greendragon when you need him.

This could be an interesting run. I am confident that we'll see a pull-back, but it's important (to me) not to rest on laurels, when potential exists to improve ones' position in holdings.

So...what're you thinking?

Let's try to keep this focused - no (limited) political mudslinging, just serious discussion on your position now, and if you intend to (or not) implement some strategy in the days ahead.

akak
7th May 2009, 20:02
Just sitting all this out myself. The banks and financial system are not only not fixed, but sinking further into insolvency and collapse. Until I see anything positive in the way of restructuring or political sanity, I will not be selling one ounce of silver.

If I had any extra money, I would maybe play around a bit with the ETF's, but Bush and Obama have seen well to it that I do not.

What is Truth?
7th May 2009, 20:15
I'm trying not to get greedy or listen to pie-in-the-sky advice as to how high silver will go. If silver continues to climb then what is to say this isn't the sell in May high? My fear is that silver won't even hit my break even point before it collapses again. Then we will get to read how everyone is going to back up da truck this summer when it goes down to $9.00. I wish I would meet up with a buyer in the dealer's parking lot as I go in to sell.

JCM6395
7th May 2009, 20:15
I'm trying to build up as much silver/gold as I can before the last wobbly leg of this house of cards collapses. Its all a race against time. The "Messiah" in DC sure as hell isnt going to fix things. I think he might even be more clueless than Bush #43 was.....and that is saying something! Just a smooth talker answering to the puppet masters.

Ardent Listener
7th May 2009, 20:39
I won't rule out that silver may peak in May. I sure won't be buying after $15 is broken. The asking price over spot of physical silver makes jumping out and back in much more tuff and risky now. Not to mention the small bar physical shortage we saw last year as prices tanked. I wouldn't mind trading off some of my small bars for 1,000 ounce bars if a small bar physical shortage occurs again and the deal was right.

Willie Hunter
7th May 2009, 20:54
I'm holding off on silver at this time. I plan to purchase some gold in the morning.

PSUDave
7th May 2009, 21:03
Right now I'm sitting on the sidelines, not buying or selling. Just watching. :-)

SeekrBrnEvryMin
7th May 2009, 23:21
I changed jobs about a year ago and cashed out the 401k just after things started to turn bad.

I had considered getting into gold, but a wise-coworker enlighted me to the advantages of silver over gold.

About this time, silver was low, and I went on a shopping spree. Gosh, that was fun.

I'm waiting for a time when gold seems lower than usual and silver seems higher than usual to swap some out.

Until that happens, I intend to keep putting long-term cash into silver and buy the dips.

hiyosilver
7th May 2009, 23:49
I'm waiting for a time when gold seems lower than usual and silver seems higher than usual to swap some out.


Forget about the price....keep watching the ratio.

ccjoe
8th May 2009, 08:50
With unemployment claims over 600K this morning being construed as "good news" it is scary to do anything at this time. I don't know what any asset group is going to do. This charade will end so I'm just keeping some powder dry and hoping for ag to drop to at least< 13 before buying. As Glen Beck said this house of cards is going to collapse. Gold > 900 is out for me as I still think people will be selling their grandmother's gold necklaces to cope with this deflationary and sick economy.
I just wish I had the money last week with silver at mid 11's:( and I would have pulled the trigger.

Mr. Jingles
8th May 2009, 09:41
I decided about 2 months ago that my stack was where I wanted it to be and started my long term food storage. I think I will continue on this path and just wait this out on the sidelines. I think things are going to get a little to risky for me to think about trying to sell and then jump back in at a lower point and I don't want to take any losses at this point in the game. My long term food storage endevor will keep my mind occupied while this all runs its course. If we do see a good dip this summer I might decide to add a little more to the stack. Good luck to everyone with your choices.

SilverJim
8th May 2009, 10:15
I have been sitting here chomping at the bit for a large check to clear my account so I can buy silver. The stressful part is that the check is on 5 business day hold by the bank (fing corrupt sobs) until next Monday. The price of silver has shot up by 1.50 this week! GGAAHH!! F me I guess. Now what do I do? I am just hoping JP Morgan will step up to the plate like a good little silver manipulator and crash the price of silver rigth now so I can BUY BUY BUY! (losing my mind). :???:

Mylläri
8th May 2009, 11:11
I've made two large purchases of silver leafs from APMEX over the past two months and I told myself that afterwards I'd be sitting on a good pile of SHINY and that I should pull back on buying for a while. I'm satisfied at this time with my holdings and want to wait to see what happens over the summer. If spot goes into the $11 range again I'll probably consider buying a bit more, indicators show that it will probably not happen though. I'd like to get my hands on a small amount of gold but I don't think that will be dropping drastically either any time soon.

I have my popcorn, peanuts, Milk Duds, and a gigantor Icee... I'm just waiting to watch the show :D

Steadfast
8th May 2009, 13:23
I am buying..
I am always buying...

I use to buy 10-20 oz. a week
But,
my buying now is ONLY at Pawn shops when I can find silver rounds, at, or below spot...

and on ebay, but only if I can win at 50 cents above spot.

This can only mean I am waiting...