Silver is up another 8% today, bringing it to a new high of $56 (for the SLVR ETF). Does anyone have any positions on it, long or short? I personally missed the boat and am now wary of buying in at these levels. Thoughts?
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I'm in SLV.
In my 401K I bought in a few thousand at 22 and a few more at 32. SLV is at 48.15 as I type this.
Obviously, I'm happy but its hard to get too excited when I've made a few thousand in my 401(k) and stil have a few million to go. My modest 401(k) is becoming more depressing than anything because of where I was it to be in 25 years, but obviously that's irrelevant to the Silver conversation.
If I had done this in my personal account I'd be ecstatic.
I was just speaking my pops about this last night. He has bought more hard currency than anything and stayed away from the stock market investing side. Anyways, he was saying that when he first started scooping up silver dollars his upper threshold for whether he would buy just a generic 'junk silver' piece was right about $15. Sometimes he would pay more if the coin itself was valuable, but not too much higher. Now 'junk' silver dollars are in the $50-$60 range (obviously reflecting the increased price of silver in general) and he has stopped buying for the time being. That was somewhat surprising because he is very certain the economy is going to tank (he's no expert or anything, just his personal feelings regarding commodity prices, inflation, unemployment, ballooning deficit, oil, etc.). Just one data point.
Regards
Banker88, as tough as it is to watch SLV at these levels, don't capitulate and buy into it at these prices. A pullback is due, nothing goes straight up
You believe that enough to short right now?
Just kidding - I'm not looking to buy anymore at this point either.
I actually still believe in Silver as a long-term hedge, but the crazy run up of late doesn't seem to make much sense to me. Obviously, the current trend isn't sustainable and IMO isn't really based on anything real. I'm trailing the price up with stop losses of ~5%. As soon as its triggered I'll drop half of my position.
Well, as the guy who called $30 silver by year-end 2010 when it was $18 an ounce (nice work, Braverman), I have to say even I'm kinda surprised to see it where it is today. I wouldn't be a seller, but I would only be a buyer with the portion of my portfolio devoted to absolute crapshoots. It probably goes higher from here, but when it turns it's gonna plummet in my opinion, and that's where the true opportunity lies.
LOL
AGQ then ZSL.
Based on historical trends vs gold silver should be trading in the ~$140 range right now. However I think we will see $90 to $100 silver before the end of 2012. The problem it has right now is this insane momentum can not continue at this rate with out some kind of pull back in the short term.
Wish I had the balls to put a short on
http://www.businessinsider.com/whats-the-latest-with-silvers-wild-day-2…
Rumors of a Silver-Gold pair unwind fwiw.
What does this mean?
Someone was long silver, short gold as a ratio trade and decided to unwind it. That's what I've heard.
did no one notice it went down 20% last night and recovered but still down 5% this AM before the market opened??
Anyone have positions on GLD or SLV right now? I bought into SLV last week at slightly below $34- hoping for it to hit $50+ in the next 3-6 months.
Anybody trading silver or gold? Curious to hear thoughts.
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