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deleted
85 Posts |
 Posted - 01/15/2008 : 15:06:14
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I know that most if not all of you are going to disagree with what I did, but I sold my silver while it was at $16.23 and made over20% profit.
I decided that I was more concerned about a recession than I was about inflation in the near future. I didn't want to take the chance that silver prices would fall and I would need the money during the coming recession. So I'm sitting on a lot of cash righ now. I may decide to get back into the silver market if it falls again. I may put the money into copper pennies or nickels and start to sort big time like some of you are.
I'm not seeking approval, but I wanted to let you know that I did what I thought was right for me. Time will tell if I was right or wrong.
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"The key to building wealth is to not lose money." - Warren Buffet |
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fiatboy
Administrator
912 Posts |
 Posted - 01/15/2008 : 15:16:10
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quote:
I wanted to let you know that I did what I thought was right for me. Time will tell if I was right or wrong.
You got it. 
I don't have issue with you, CopperBar. You do what you have to do. What's the point of "investing" in metals if you never sell them? Most investments don't realize 20% profit, so don't think twice! You did well.
Although I generally keep my metals for the long haul, I do sell some every so often. My stash is actually very small right now, because I've sold much of it to travel abroad. And you know what? I don't regret it for a second.
btw, it takes some guts to come on here and tell us metal fanatics that you actually "cashed in your chips!" And as much as I love metals, I'll be the first to admit that it's good to have some fiat cash on hand. |
"Bart, it's not about how many stocks you have, it's about how much copper wire you can get out of the building." --- Homer Simpson |
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 01/15/2008 : 17:12:58
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CopperBar you have shown wisdom few on wall street or the investment world posess, having an EXIT strategy.
You got out when you considered now to be the time to get out.
You took your profits and now you can enjoy them.
An exit strategy should be in the back of every investors or speculators mind, metal horder or not.
When greeed overrides good judgement and when the thrill of gambling replaces careful consideration of the markets, then it is time to force yourself to cahs out while you have profits to show for your hard work.
For each of us, getting out is more mportant than getting in, and setting up a strategy of when to get out is something we all should think about. |
Edited by - pencilvanian on 01/15/2008 17:17:56 |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 01/15/2008 : 17:55:54
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If you are happy, then cool. Just do something good with the money....like buy some sort of metal. Sorry, I'm a metal head. Like previously stated, at least you got out. A lot of people never can....
I tend to keep an amount of 90% for trade/barter, the rest of my PM's are for the long haul.
Deal |
Live free or die.
Plain and simple.
"If you love wealth more than liberty, the tranquility of servitude better than the animating contest of freedom, depart from us in peace. We ask not your council or your arms. Crouch down and lick the hand that feeds you. May your chains rest lightly upon you and may posterity forget that you were our countrymen."
- Samuel Adams |
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starwarsgeek171
Penny Hoarding Member
USA
651 Posts |
Posted - 01/15/2008 : 21:40:55
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If you're right, then silver could test 7-8 dollar lows in a few years. Then you can get back in and be a two-time winner! Good luck!
Being fairly young, I will continue to follow the dollar cost averaging philosophy when dealing with silver purchases. |
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fiatboy
Administrator
912 Posts |
Posted - 01/16/2008 : 00:44:33
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| Pencilvanian mentioned two words that everyone here ought to consider: EXIT STRATEGY. |
"Bart, it's not about how many stocks you have, it's about how much copper wire you can get out of the building." --- Homer Simpson |
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Art Tatum
Penny Collector Member
USA
400 Posts |
 Posted - 01/16/2008 : 02:44:38
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anyone have some of the little chunky A-mark bars to sell me????
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my machine is running! |
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Miser-stro
Penny Sorter Member
74 Posts |
Posted - 01/16/2008 : 03:29:22
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| WOW!! KOOL user name! He's one of my favorites! |
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Art Tatum
Penny Collector Member
USA
400 Posts |
Posted - 01/16/2008 : 12:32:44
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| he was grandpah! |
my machine is running! |
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n/a
deleted
16 Posts |
Posted - 01/16/2008 : 21:13:53
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| I've made almost 50% on gold. I bought it at $600.50. I'm thinking it might be a good idea to sell half of it if I can realize a %50 gain. That's in only 16 months. Awfully tempting. |
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n/a
deleted
192 Posts |
Posted - 01/16/2008 : 23:12:28
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I think that periodic profit taking is great.
I'm holding my silver, but I think you were smart to take a profit now.
Anything can happen and some major swings are inevitable.
You can get back in the next time silver drops.
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The market can stay irrational longer than you can stay solvent.
John Maynard Keynes,
English economist (1883 - 1946)
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ME CO
Penny Pincher Member
USA
199 Posts |
Posted - 01/16/2008 : 23:17:25
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| I sold 220 ozt worth of 40% silver halves over two occasions late last year- I didn't regret it, some of it even went back into hunting money. BTW I've been averaging silver at just over $2 an ounce so I'm WAY ahead. I'm still hoarding the 90% though. HH Mark |
"54/54/2280" |
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2cents
Penny Sorter Member
USA
44 Posts |
Posted - 01/17/2008 : 14:36:57
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Hey Brian "Art Tatum",
Welcome aboard !
Your "grandpah" was a great musician.
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2cents |
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PennyProspector
Penny Pincher Member
USA
212 Posts |
Posted - 01/17/2008 : 15:34:19
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I also sold some of my silver... Enough to buy a ryedale machine so that I could get copper pennies at a value.
Good job on the 20% gain!
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Happy Prospecting! |
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n/a
deleted
192 Posts |
Posted - 01/17/2008 : 23:34:47
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I while back I traded in all my "oddball" silver.
I had some 10 oz bars, one ounce bars, 5 ounce bars, 2 oz rounds, odd shaped stuff.
I traded it all for one ounce rounds.
I made money because the price had gone up, but my local dealer took some small fraction of that in transaction costs.
I also got rid of my 90% silver that could be confused for circulating coins.
I traded Roosevelt silver dimes for Mercury silver dimes.
I traded quarters for Franklin halfs.
I traded Kennedy halfs for Franklin halfs
Now that I've cleaned up.
I have only 999 silver rounds, and
90% Silver Morgan and Peace dollars, Franklin and walking liberty halfs, and Mercury dimes.
None of this stuff looks like circulating currency. |
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The market can stay irrational longer than you can stay solvent.
John Maynard Keynes,
English economist (1883 - 1946)
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n/a
deleted
35 Posts |
Posted - 02/10/2008 : 17:24:25
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Hi copperbar,I'm glad you made a profit on your silver thats what this
game is all about.i'm gonna hang on to mine its different for us silver
guys in the uk we dont really have any stores(as far as i'm aware)where
we can take our bullion and just sell it!!
Anyway getting back to what other people think-you're only responsible and ultimately accountable,for and to yourself.
P.S. You never know how it will go you could be the only one of us making any profit-best of luck mate!! |
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SOLD MY SILVER
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