Catching the falling knife in gold/silver markets
Posted by Frugal on September 11th, 2006
Boy, it hurts. I went in to buy some 5 positions last week and today. Got my hands cut badly!
In my last market post, I said that
From all the above charts, the most obvious conclusion is that HUI is about to break out in a BIG way, under this ascending triangle technical formation. Now my only problem with this is that it is simply TOO obvious. And when it’s so obvious, it scares me, because the market rarely accomodates the wish of the majority.
I guess I was so right! But I didn’t listen to myself! Greed overtook me.
I’m going to stand far away from the trading screens. I’m in for the longer term. Unfortunately, if the 200 days MA supports are broken, I will be looking at probably many months to recover the losses in my portfolio.
US dollar is still looking quite strong. That is definitely a negative for precious metals.
Be really careful, if you are in this PM/dollar-shorting market.
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September 14th, 2006 at 11:47 am
Wow PM is going through the ground. I start to question the wisdom of holding on. I guess that’s good, for this isn’t going to turn around until there is total fear.
September 14th, 2006 at 12:33 pm
I’m very bearish right now, and in a holding pattern. I will buy some more, if it really plunges another 15 to 20%. But otherwise, I won’t be buying anymore. I’m still deciding whether to lighten up a bit if it comes back to $625, $630.
Ugly, ugly, ugly.
September 14th, 2006 at 8:06 pm
Pullbacks in silver present buying oppoertunities
September 14th, 2006 at 8:06 pm
Pullbacks in silver present buying opportunities
September 19th, 2006 at 3:10 pm
Didn’t have much physical silver before, so I doubled it right now. Any recommendations on particular home safes, or other particular storage ideas? Only 200 silver eagles now, though it will be a lot more before I’m done.
September 20th, 2006 at 12:23 pm
Sorry, Novice.
I don’t hold that much physical metals at home. In fact I just have about what you have. Coins are not that big. I didn’t even put them in any safes. I just hid them a little. I think I’m okay with anything less than $5K worth of stuffs scattering around in my home. Maybe once my collection gets to $10K (or once the silver price goes up), I will start to think more serious about safe storage.
The only problem that I have with home safe is that they are obvious targets for thieves. Probably they would simply steal the entire safe, and take their time later to open it.