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View Full Version : I must sell SOME silver soon, need advice!



Mylläri
25th November 2009, 16:26
Okay folks, I've been working on getting a new car lately and have been planning on cashing out some of my lesser bullion to make a nice downpayment or for whatever other purpose in relation. Considering that the market closed out at 18.84 today, closest closing spot to 19 since March 2008, I think this is the perfect storm for my own interests. I have to travel tonight so no sale will happen today. For me it will have to be on Friday, Saturday, or Monday.

So here's the thing, the market tends to do well on most Fridays and also tends to dump on Mondays. I will have to have the money in hand/bank account on Monday, so would anything think it would be best just to sell on Friday or perhaps Saturday after the market closes for the week? I know, I know... I'm a silver sinner for wanting to sell. Mind you though that all I want to sell is what I consider to be my "lesser" quality bullion, in fact from now on I plan to buy and hold SAE coins almost exclusively.

cabtrom
25th November 2009, 16:41
I agree with suz dude cars are waste of frigginf money. the future will not get easier. Hod your dough dude.

SilverJim
25th November 2009, 16:49
Sell on Friday. When you have yourself stretched to max your silver position there is nothing wrong with selling a little when the need arises. You made money while holding that portion and that is wise. I have done the same and will again I am sure. My other option was not buying as much silver as I did (which would not please me) or not have made profit while waiting, (which would also not please me). So, its all good. Go for it!! Good luck. :)

gonzo
25th November 2009, 17:48
I am in the same position. I am building cabin in tennesse and my life savings is in gold and silver. I started buying a couple of years ago when my bank accounts reached a certain level. I have unloaded quite a bit in the last month to make sure I am not in a cash crunch in this final phase of construction. If you need to sell you should at these levels but if we have a pullback I would hate for you to panic. That's what I am doing, even though I am confident we may have a little more upside on this rally.
Only you can judge your financial situation. I am doing what I think you are doing and unloading my bigger bars with less premium. Once my house is complete and finance's in order any spare cash will again be offset into metals.
Hope I helped. And selling is not sinning if you have to !

What is Truth?
25th November 2009, 19:07
Okay folks, I've been working on getting a new car lately and have been planning on cashing out some of my lesser bullion to make a nice downpayment or for whatever other purpose in relation. Considering that the market closed out at 18.84 today, closest closing spot to 19 since March 2008, I think this is the perfect storm for my own interests. I have to travel tonight so no sale will happen today. For me it will have to be on Friday, Saturday, or Monday.

So here's the thing, the market tends to do well on most Fridays and also tends to dump on Mondays. I will have to have the money in hand/bank account on Monday, so would anything think it would be best just to sell on Friday or perhaps Saturday after the market closes for the week? I know, I know... I'm a silver sinner for wanting to sell. Mind you though that all I want to sell is what I consider to be my "lesser" quality bullion, in fact from now on I plan to buy and hold SAE coins almost exclusively.

The guys I deal with would rather buy on a weekend since they know that the market will be locked for 48 hours. Thus I feel they offer a little better price because they may be able to move it out the door before Monday's market opens.

Zoltan
25th November 2009, 20:04
Do you mean "new" to you or "new". If you mean "new" then I'd say you are foolish to dispose of good silver for questionable technology and a rapidly depreciating asset. If you just mean "new" to you (ie an already depreciated used car with good value because you need a car) then it may be a good deal.

I would say the day you choose is less important than who you sell to. Do you have a dealer who will buy back at a reasonable price? If you are buying a car privately maybe you can agree to a swap (and avoid tax implications). This is easier if you have a third party who will pay an set rate for the silver.

I would keep my silver and buy a cheaper car (lots of used 4 door sedans in the world that are available for a song).

JMHO

Z

What is Truth?
25th November 2009, 20:24
I resisted ragging on him for wanting to buy the car with his silver. But the part of his post were he said he was only selling his "lesser" quality bullion really was too much for me. Then he said he was going to buy more silver eagles. So not only is he going to sell silver for a new car, but he is also going to turn around and spend even more to replace it with silver eagles. Either he really thinks silver is about to drop soon or he just lilkes to sell and buy silver a lot.

My Pants Are Cold
25th November 2009, 20:33
Okay folks, I've been working on getting a new car lately and have been planning on cashing out some of my lesser bullion to make a nice downpayment or for whatever other purpose in relation. Considering that the market closed out at 18.84 today, closest closing spot to 19 since March 2008, I think this is the perfect storm for my own interests. I have to travel tonight so no sale will happen today. For me it will have to be on Friday, Saturday, or Monday.

So here's the thing, the market tends to do well on most Fridays and also tends to dump on Mondays. I will have to have the money in hand/bank account on Monday, so would anything think it would be best just to sell on Friday or perhaps Saturday after the market closes for the week? I know, I know... I'm a silver sinner for wanting to sell. Mind you though that all I want to sell is what I consider to be my "lesser" quality bullion, in fact from now on I plan to buy and hold SAE coins almost exclusively.

Sounds like a plan.

JesterJay
25th November 2009, 21:48
Excellent,
Answered all the questions he didn't ask and pretty much told him he was a moron for thinking the way he does about HIS PERSONAL SITUATION which you have not one fucking clue about the specifics.
But pardon me, I'll step aside so everyone else can tell him he's an idiot for having a NON-GREEN plan (Buy a car? OMG!!! How can you? What would Al "Made all this **** up" Gore say?) and exercising his right to free speech (which he probably wont exercise HERE any more).
How the HELL do you know that his idea for buying SAEs to replace the generic (lesser bullion) isn't the smartest move in the coming economy/silver rush? Izzy thinks it is. He has called everything correctly so far.
Good God PLEASE!!! Help Us.
Even the "smart" guys on the forum are acting like Liberal Democrats, trying to tell us whats good for us.
That's ALL I have to say about that,
JesterJay



I resisted ragging on him for wanting to buy the car with his silver. But the part of his post were he said he was only selling his "lesser" quality bullion really was too much for me. Then he said he was going to buy more silver eagles. So not only is he going to sell silver for a new car, but he is also going to turn around and spend even more to replace it with silver eagles. Either he really thinks silver is about to drop soon or he just lilkes to sell and buy silver a lot.

Cup-of-Ruin
25th November 2009, 22:25
I used to drive a nice new car, then I caught the silver bug disease, now I don't have a car.

Mylläri
25th November 2009, 22:37
Sell on Friday. When you have yourself stretched to max your silver position there is nothing wrong with selling a little when the need arises. You made money while holding that portion and that is wise. I have done the same and will again I am sure. My other option was not buying as much silver as I did (which would not please me) or not have made profit while waiting, (which would also not please me). So, its all good. Go for it!! Good luck. :)

This is the post I was looking for. Just to be a little more specific with my situation, allow me to post some points:

1. I just sold a vehicle that I purchased new in 2006. A crappy American brand SUV that lost over half its original (price) value within 2 years and was incredibly unreliable.

2. I plan to purchase a new 2010 Subaru Outback. FWIW I had previously owned a 2003 Subaru Outback and when I had to get rid of it the return I recieved on it was several thousand dollars above the "book" value. So I'm not at all worried about depreciation with this brand.

3. I am selling what I consider my "lesser" bullion due to the fact that I will not recieve a return on it, comparitively speaking, like what I would with my SAE holdings. Hence why I plan to buy almost exclusively SAE bullion in the future.

4. The buyer has guaranteed me at least $20/ounce for whatever I'm selling. More for COINS, but at least $20 for each round.

5. Any sale that I make will at least triple, if not quadruple, the price I had originally paid for what I am planning to sell.

6. I hold more more silver than I honestly need for any situation, I ONLY plan to sell what I no longer desire to hold anymore.

Fair enough? I look forward to all comments anyone would like to make :)

ryshay
25th November 2009, 22:43
Okay folks, I've been working on getting a new car lately and have been planning on cashing out some of my lesser bullion to make a nice downpayment or for whatever other purpose in relation. Considering that the market closed out at 18.84 today, closest closing spot to 19 since March 2008, I think this is the perfect storm for my own interests. I have to travel tonight so no sale will happen today. For me it will have to be on Friday, Saturday, or Monday.

So here's the thing, the market tends to do well on most Fridays and also tends to dump on Mondays. I will have to have the money in hand/bank account on Monday, so would anything think it would be best just to sell on Friday or perhaps Saturday after the market closes for the week? I know, I know... I'm a silver sinner for wanting to sell. Mind you though that all I want to sell is what I consider to be my "lesser" quality bullion, in fact from now on I plan to buy and hold SAE coins almost exclusively.

The late great Jake took the time to figure out what the price moves in silver are for each weekday (2003-present). Monday and Wednesday had the biggest price gains. So I would sell on Monday. Why do you say that the market tends to dump silver on Mondays? Tuesday and Friday are the down days. I would not sell on the weekend. You can sell on Monday (which historically is an "up" day), and once you agree to a price with the buyer, then you have "locked-in" that price, and it will not change, even if silver goes down on Tuesday.

http://forums.silverseek.com/attachment.php?attachmentid=1198&d=1258484503


Sorry you hafta sell. Silver is good, but you gotta get from A to B too!

chroNick
25th November 2009, 23:34
Contrary to what others are saying, I'd say it hold it as long as you can, and consider getting some kind of extention. I see gold going higher in the next week, and so there is a very good possibility it will break this $19 area and go up another 5-10%.

SilverLite
26th November 2009, 02:46
If it were me, i'd sell my car and buy as many SE as I could ($18K worth of SE is not bad)

But that would be a long long walk to work ;)

silverheartbone
26th November 2009, 09:32
Mylläri, if you need a car,
there is nothing wrong with new,
as long as you do not overpay.

Last month I bought a new car.
My fourth Hyundai.
My second Sonata.
IMHO, you can't go wrong with the brand.
Otherwise, with most other brands you are overpaying.

Homer
26th November 2009, 09:44
Good plan!

When the dollar is on its way to oblivion, trade intrinsically valuable silver for a (very rapidly) depreciating item which will be junk in a few years, then use depreciated dollars you accumulate after that to buy what you already had (silver), except at a much higher price.

Brilliant!

Mylläri
26th November 2009, 20:58
IMO there will be plenty of car deals later.

Perhaps I've not made this clear, I need a vehicle ASAP. My work requires me to travel on a regular basis and I think it would be far more feasible to buy a new vehicle rather than pay about four times as much per month to drive rental vehicles.


Good plan!

When the dollar is on its way to oblivion, trade intrinsically valuable silver for a (very rapidly) depreciating item which will be junk in a few years, then use depreciated dollars you accumulate after that to buy what you already had (silver), except at a much higher price.

Brilliant!

Spoken like a true silverbug :rolleyes:

To everyone here, can anyone tell me why you would purchase something and NEVER make any use of it? Let me make this CRYSTAL CLEAR, I honestly do not plan to hold every ounce of precious metal I've ever purchased indefinately. I would like to, at the very least, sell some off if I can make good use of it in a specific timeframe. If you love your metals so much and want to be buried with all of it when you die, thats great. But please have some class and do your best not to berate me when I ask for advice regarding a simple question. Sheesh, I've stated that I have more PM than what I would ever need... so please cut out the negativity.

ryshay
26th November 2009, 21:09
Sheesh, I've stated that I have more PM than what I would ever need... so please cut out the negativity.

Ha, I can tell you just knew you would get this reaction from SSF.

Also, a lot of people think that when you say you will get a "new" car, they may think you are getting a brand new car off the lot.

A "new" car for you could be a used car, of course.

Maybe some think you want a nice new Beamer or something.

You gotta get from A to B to keep the job. Everyone knows that, deep down.
I think they heard "new" car and started getting angry.
They thought this was a "I want" purchase and not a "I need" purchase.

Argyria
26th November 2009, 22:39
Yeah for me a car is a tool. I buy used cars at $2000, use them for a couple years till they fall apart, then buy another. I personally don't want to pay for the depreciation of a more expensive vehicle. But without a car, I cannot work. Obviously, no income means no more silver.

SeekrBrnEvryMin
26th November 2009, 22:48
Just pay cash for your car.

Argyria
26th November 2009, 22:50
Just pay cash for your car.

Oh definitely.

SilverLite
26th November 2009, 23:09
Myllari,

I am happy that you have enough PMs and hope that one-fine-day i too will have similar holdings.

If you really need a car then by all means GET A CAR. Seriously do some homework and find a quality, reliable, efficient, etc and above all 'simple' car to meet your needs.

I've also had the same scenario with long work commutes time and time again and believe me the money flows out of your wallet and into the grease-monkey's jeans for the smallest lemon repairs.

I strongly dislike 'unnecessary' debt... Are most of us free from debt? Probably not. Do I fall into that trap from time to time? Sure, but who doesn't? Am I perfect, hell no! :)

Best of luck to you my friend.

cybermorpheus
27th November 2009, 11:06
Ey MillarY!

Did you sell at the end, today???!!!

LOL!

Mylläri
28th November 2009, 12:56
Just pay cash for your car.

Here is my simple formula I've been using for years...

1. When I have excess cash I use it to buy metals

2. If I were to ever need cash in excess of what I have on hand I could convert metals into cash and immediately use it to purchase whatever it may be.

I don't tie up a lot of paper cash in a bank account or under my mattress, comprende?


Ey MillarY!

Did you sell at the end, today???!!!

LOL!

Heck no! :D

Considering that the day's high was equal to Wednesday's close, I think I'll wait until Monday to try my chances ;)

Thanks for asking CM.

SeekrBrnEvryMin
28th November 2009, 13:46
Comprende.

But I was being partially facetious.

You could wait until you built up enough cash.

Especially if you have to take a hit selling your Ag.

TexAsh
28th November 2009, 16:47
If it were me, I'd sit tight, let someone ELSE by the car. And then I'd buy it later for a song, let them eat the depreciation when you drive it around the block, and it is "used".

The way I get the most bang for my automotive buck is I buy a car that is maybe 2 yrs old so the big depreciation hit has been absorbed elsewhere. I get a 150k mile bumper-to-bumper warranty to insure against repair tragedy and drive it while maintaining it fairly well and sell it with just under 20k mi. left on the warranty so it is easy to sell. Then I flip and start over.

Not that you asked about automotive cost efficiency...

Mylläri
2nd December 2009, 10:08
Good news! I did end up buying that 2010 Subaru Outback I wanted :D

Perhaps better news, I did not end up selling any of the silver I had intended to sell (as of yet). I'm glad I held off considering the breakthough to 19 which ups the original bottom buy price my dealer was offering. That all being said, I still have to sell a small amount of the shiny stuff. Today (Wednesday) or tomorrow (Thursday) I'm looking to make my move. I would like to see a major move like we saw last week before the dump on Friday. In all probability I would be conservative and not think that the market will move above 19.50, let alone 20, today or tomorrow. Any further thoughts on this?

Let me make this clear, I have to sell what I had intended to sell previously by the end of this week. I do, unfortunately, need some extra cash on hand before Friday. The good thing is that I don't plan on selling a whole lot and what I will sell I've already at least doubled (if not tripled) my return on.

ccjoe
2nd December 2009, 14:13
Good news! I did end up buying that 2010 Subaru Outback I wanted :D

Perhaps better news, I did not end up selling any of the silver I had intended to sell (as of yet). I'm glad I held off considering the breakthough to 19 which ups the original bottom buy price my dealer was offering. That all being said, I still have to sell a small amount of the shiny stuff. Today (Wednesday) or tomorrow (Thursday) I'm looking to make my move. I would like to see a major move like we saw last week before the dump on Friday. In all probability I would be conservative and not think that the market will move above 19.50, let alone 20, today or tomorrow. Any further thoughts on this?

Let me make this clear, I have to sell what I had intended to sell previously by the end of this week. I do, unfortunately, need some extra cash on hand before Friday. The good thing is that I don't plan on selling a whole lot and what I will sell I've already at least doubled (if not tripled) my return on.

We're way below the day high of 19.47 so I would wait till Friday to sell. Just MHO.http://www.kitco.com/market/