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D'oh!!! This one's a stomach turner....
take a ride on the 'Dizzy'...
DZZ, that is.
Then use the profits to buy physical. Simple enough idea.
Thanks Sexy... DGP's been kind to me in the past, so I may use that to play the other side.
Just sorry I didn't see Tuesday coming (now if it can get back before expiration this month, it'll just make for a funny war-story (assuming the ulcer doesn't kill me))
It was asking for a drop. It (silver) moved up there too quick. Don't bet (in the short term anyways) against the people with the printing presses or commercial banks.
Psych 101: yesterday, I wanted to buy PM. Today, I do not.
higher rates across the board is bad for ALL equity, except anti-equity: shorts..
This could be a significant reversal. If there is a semi crash in PM's the physical demand at some point will extinguish supply and there wont be any availability.
Funny how APMEX and other sites don't reflect the drop in spot to the price in physical, still offering them at the high. Guess the run's bigger than expected.
This is fucking bonkers!
Monday morning, after watching a cartoon on YouTube and reading some comments on a blog, I bought a bunch of silver. After paying retail value, plus juice, I own these damn silver bars at $32/oz. I didn't think much of it because a trillion dollar bank on Wall Street was (supposedly) going to implode very soon, and the price of silver was going to hit $75/oz or more. This was a fact, and the only variable was whether or not the world was going to end.
Tuesday, I went and bought a Jaguar, based on this inside information that I had and the enormous profits that I mentally booked for myself.
48 hours later, I still haven't received the bars, and my dealer said he'd buy them back from me at the wholesale value of $27/oz. He said the rumor of JPM going bust turned out to be just a bunch of mania, driven primarily by silver/gold dealers trying to dump inventory at record high prices to a record numbers of idiots.
Anyone want to buy my Jaguar? I can't afford it anymore.
You didn't seriously buy precious metals at 10 year highs did you? Tell me you're joking
Yes, I did. I wish I hadn't. And I think it's more like 30 year highs.
There was only one poster on this forum this past weekend that advised on selling silver/gold on Monday. He said that while fundamentals are certainly strong, the current price movement was indicative of pure mania, rumor and speculation by dealers trying to unload inventory at record high prices.
That person got junked over 40 times and ridiculed by EVERYONE. So I assumed EVERYONE was right.
I bought. Not only did I buy, I used my head as collateral and now I'm getting calls from a neurosurgeon representing Mr. Lucifer. Anyone know who Mr. Lucifer is?
Pretty sure he is the chairman of the Federal Reserve.
Uninteresting troll is uninteresting.
Day trading is not wise. When I was paying $7.33 each for Silver Eagles back in 1995, I thought dealers were nuts asking $8 for them in the numismatic periodicals. Not so much any more.
Hang in there.
I started buying silver two weeks ago, at $27, 28, 29 and 30. I am so not worried.
Don't be such a putz. Take delivery of your bars and wait. You will do very well. The shyster here is your dealer, trying to panic you so he can make money on bars he doesn't even have. Tell him you want delivery and see what happens.
The mistake wasn't buying the silver, it was buying the Jaguar.
Yeah, there might be some truth to that.
The Jaguar salesperson told me the $10,000 addendum to the MSRP was due to the rarity of the car, and that I probably could sell the Jaguar on Craigslist for $20,000 over MSRP, netting me an instant profit of nothing since the taxes on the purchase would eat almost all of it. But at least I (supposedly) wouldn't lose money.
Well, that was bullshit. I went to the other Jaguar dealer this afternoon and tried to sell it to them, but they offered me $20,000 less than MSRP, and the vehicle is only 26 hours old with 14 miles on it.
I'm such a fucking sucker! First I take the advice of all you idiots and buy silver at 30 year highs, because everyone here told me it was going to $75/oz and that the failure of JPM was imminent. Then I buy this Jaguar with the imaginary profits and loose another $20,000.
For me to break even out of my silver trade that I made on Monday, silver would have to reach $34/oz., because I only get wholesale when I sell it back to the dealer. At today's prices that puts me $7/oz underwater!
You fuckers! BOB SAGET!!
I don't understand why the Jaguar dealer lied to me, and I don't understand why the silver/gold dealer lied. Are they just trying to make money off me? That's ridiculous! Fuck Obama!
What I really mean to say is: please, please, please do not save my statements from this thread and use them against me when gold/silver go back up. My ego is far too inflated and fragile to handle ever being told I'm wrong. As a matter of fact, I'm never wrong. Never wrong, and markets do not change, got it? All markets move linearly. Gold and silver down today; gold and silver down forever. Capice?
Yep, and why?, because no one is DUMPING physical.
At least anyone with a brain.
Supply & demand, this is DECEMBER.
Happens every year.
Yes, it is never a bad idea to have some cash, best of all would be some FRNs, both for emergency purposes as well as for PM dip buying.
Does anyone remember the old days: When silver broke $20 and gold broke $1,000?
Didn't think so...
I thought it was exciting when it went from high 500 to around seven briefly then back and ground sideways for a year.
Wow, you must be shitting your pants on a daily basis over the last couple of years then. I pity your drycleaner, and your fellow carpoolers.
Not equity in gold. When Volker began to raise rates, gold followed lock step. Gold peaked when interest rates did. Raising interest rates shows a loss of faith in policy; a loss of faith in policy is a boon for real assets, ie gold.
gold kept rising b/c real rates were still negative. It took some time for them to turn positive.
yeap - that's exactly what Goldman kept doing...
Long Financials CDS´s
Long PUT ES 1110 JAN 2011
Hope this cheers you up. I thought it was hilarious.
It's just weak hands being chased out of PMs. Its the sign of a bull market in action.
I'd call it a buy opportunity...
probably not for a day or 3.
(...if I were not already all in.)
Popping the Tum's w/ ya Mikey!
i'm levered agq and ugl...
LOL! Stuffed the liquid part of the IRA into calls in AGQ and GDX on one of the bounces yesterday (that were masquerading as a bottom)!!!!!
I'd suggest great-minds-think-alike, but clearly we're just a couple of shitheads!
hahaha yes that looks to be the case. could have bought today...should come back eventually
It bottomed at 28.01 right about where a channel's setting up, but I dunno if I've got enough extrinisic left before it gets to the other side of the channel again. Maybe lighten up a little if there's enough of a bounce today. See what comes when it gets to the MA's? Do those still work, or is TA completely flown the coop?
if i can get a bounce back to monday's levels i'm going to switch to physical i think. just not sure how to time this one
People making buying/selling decisions on 50 cent swings are day trading.
That's not how physical metals are used for wealth storage.
If you're getting burned on ETF trades, then knock yourself out, but you'll not get much in the way of sympathy from true goldbugs.
Yes, there was a 'masquerading bottom' yesterday. Ah, the trials and tribulations of reading charts, just when ya think ya have the answers, they change all the dam questions on us..... but uh... looking at the hourly in the moment on SLV, we're now at the 200ma with a DOJI and and HAMMER following... could be time to back up the truck.
There are no tops or bottoms in silver/gold -- just relative "prices" in fiat currencies.
Thanks Mac but truth to tell, I'm not the least bit worried... ;-)
You see, I have long known that the PM's would retain their value and the goal of the EE is to destroy the USA through the systemic flaw of its monetary system. My concern is not for the metals, but rather what the neighborhood will look like when that and food and ammo are the last remnants of fungible goods.
Good timing for my IRA packed with GLD and SLV that gots to be rolled into a Roth this year.
Think about it. Gold only broke $1,000 about a year ago and Silver sat below $20 forever... Wake me up at $1,200 so I can buy more physical.
That's about what I figured - at 1200 for AU and 22.50 for AG I start buying again. Thanks, COMEX Crime Syndicate!
Heh - I thought I commented on this. I suppose I should have known better. Oh well, another day another server burp!
I started accumulating Physical Gold in March 08 at $1000, it went down to $700 by October. My attempts to finess my additional purchases were not great and for ages (until Apr 09 in fact) my average price was offside. I did not loose ANY sleep!
Since that first purchase in 08 I have exitted the equity market completely and continued to buy gold every eight weeks. In October 09 I started to acquire Silver every 8 weeks. So once a month I make a cash transaction with a reputable bullion dealer, Gold and Silver on alternate months.
I no longer put any money into a pension, mutual fund, money market fund or any other `product`
My pension holdings from previous contributions are commodity, resource, energy and food production focussed.
As long as the printing of Fiat money continues I will stick with my strategy. I am not nimble enough to finess my purchases, let alone worry about day trading the stuff.
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