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ChrisGraley (29.86)

I'll be selling some silver very shortly.

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August 09, 2011 – Comments (17)

I'll be selling it at $60 an ounce and I'll be selling only enough to pay for my initial investment. 

Bernanke went on TV today and assured me that it will get that high.

I'll put it all in Swiss Francs, because the dollar sucks.

As soon as I see another buying opportunity, I'll put it all back in silver.

All you bubble posters can jump in and tell me how it can never get to $60 now if you like.

Bernanke has already told me that it will. 

 

 

17 Comments – Post Your Own

#1) On August 09, 2011 at 6:38 PM, Frankydontfailme (27.45) wrote:

I'd recommend gold over francs

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#2) On August 09, 2011 at 6:50 PM, ChrisGraley (29.86) wrote:

LOL, well if I got a good price on gold, I would put it there, but I doubt it will be when I sell silver.

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#3) On August 09, 2011 at 7:02 PM, HarryCarysGhost (99.69) wrote:

Chris, how did you come up with $60? It seems to me that $50 is the magic # and is when I took some off the table and bought back at $35. Noy too shabby consirdering I started at $17.

(disclosure- the physical amount I own pales in comparison to the miners).

(wait I think I can answer my own question, must have to do with charting, Silver making new highs and pulling back and then moving on to the next high)

Am I right?

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#4) On August 09, 2011 at 7:19 PM, ChrisGraley (29.86) wrote:

$50 was my magic number until Ben went on the tube today. No interest rate raises for 2 years means solid massive money printing for 2 years.

I'll sit through the sell off that happens at $50. 

 

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#5) On August 09, 2011 at 8:37 PM, XMFSinchiruna (27.59) wrote:

ChrisGraley

Just to clarify, when you say you'll be taking only enough off the table to recoup your initial investment, I take that to mean you intend to leave some meaningful exposure intact for triple-digit silver?

The Swisss, for what it's worth, will likely opt to forcibly devalue its currency and/or otherwise disincentivize those sorts of movements into its currency. It seems to me you might be able to do well placing a portion of the proceeds into carefully selected equities. If oil is still below $90 when silver is at $60, might not an energy play or two seem enticing? Some of those former Canroys are still yielding 7% or more.

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#6) On August 09, 2011 at 8:42 PM, Frankydontfailme (27.45) wrote:

What Sinch said (maybe add stocks like PG, EXC, KO).

Also, if you trade silver for gold with a dealer, you pay no taxes (and who cares the price of gold then, as long as silver has outperformed it you've made great gains). 

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#7) On August 09, 2011 at 9:30 PM, ChrisGraley (29.86) wrote:

Yes Sinch, 

My silver holdings average out to a cost of about $14 an ounce. I plan to sell just enough to pay those costs and I'll let the rest ride.

I already have some CANROY's and I might add some but I don't plan on being out of silver very long. Hence, the reason why I'm picking a currency over something else. I'm hoping for a buying opportunity again.

Yes the Swiss will probably devalue, but I don't think that they will devalue enough given the global environment. They will also probably devalue before I buy. The Canadian Dollar and Aussie Dollar are other options if I'm wrong. I'll be selling the Silver in my Goldmoney account so my options are limited as far as Currency.

To repeat, I'm just trying to bank some of my gains. Now oil is a very attractive option that I might look at. I've also been eyeballing Nat Gas and AG commodities. But the point I wanted to make is that Silver will hit $60 and I still won't cash out. I'll be playing with the house's money at that time though. It may not go back into silver, but it just might if I can get a good price.

Franky, I believe that I get the same tax advantage if I convert to Francs in my GM account. If I see something worth while to invest in at that time, I'll do it and take the tax hit, but planning it out in my head before I see what the market is offering, the conservative play is Francs. 

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#8) On August 10, 2011 at 1:27 PM, jesusfreakinco (28.98) wrote:

ChrisGraley

Great post.  Love to see and hear what others are thinking.

Been diversified a long time with some exposure to Singopore, Swiss, Cando, and Aussie primarly.  Have bought Everbank foreign currency CDs. Any thoughts on Everbank would be appreciated.

Apart from that picked up some real estate recently with low fixed interest rates that likely will be pennies on the dollar to repay when inflation rears its ugly head.

Any other hedging thoughts?

JFC

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#9) On August 10, 2011 at 2:04 PM, MrPecuniam (< 20) wrote:

Well considering your an expert in silver I think I would rather trust your opinioons over inustry experts Eric Sprott and Ted Butler. Heres something that might interest you as well ;)

 

http://www.investmentrarities.com/ted_butler_comentary07-25-11.shtml

 Also if you are considering silver @ 60 then I would suggest buying Silver Wheaton (SLW). 

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#10) On August 10, 2011 at 5:25 PM, ChrisGraley (29.86) wrote:

JFC,

Sinch's CANROY suggestion is a good one. Also buying stocks on the TSX would also be a good choice. Keep an eye on the commodities that Jim Rogers buys. There are very few countries in the world not printing money, so commodities are always a good choice.

MrPercuniam, 

Sinch is a silver expert. I'm just a silver investor.

I still own some SLW, but the miners have not kept pace with the physical for the last 6 months, so I doubt I'll add more. With oil prices dropping though, that might lower costs for miners enough to let them catch back up. 

I'm a Sprott fanatic btw. 

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#11) On August 10, 2011 at 5:26 PM, leohaas (31.88) wrote:

Selling silver? Isn't the whole reason to own PMs that they ARE money?

Just pulling your leg. Congrats on your great gains. And yes, $60 is in the bag. Bernanke's TV appearance has little to do with it, though!

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#12) On August 10, 2011 at 6:35 PM, SN3165 (< 20) wrote:

"but the miners have not kept pace with the physical for the last 6 months, so I doubt I'll add more." But, that is the precise reason to get in now, IMO.

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#13) On August 10, 2011 at 9:22 PM, ChrisGraley (29.86) wrote:

SN3165 (78.42) wrote:

 

"but the miners have not kept pace with the physical for the last 6 months, so I doubt I'll add more." But, that is the precise reason to get in now, IMO.

Yes, but I'm at a loss as to why they haven't kept up. They should have. I'm not selling my miners, but I wouldn't invest more without knowing why they are lagging. 

That's not something I'm saying others should do. It's just that I tend to trust my Spidey sense when the real world doesn't meet my expectations and this time it's telling me that I'm missing something. 

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#14) On August 11, 2011 at 11:14 AM, ElCid16 (95.70) wrote:

Yes the Swiss will probably devalue, but I don't think that they will devalue enough given the global environment. They will also probably devalue before I buy.  http://globaleconomicanalysis.blogspot.com/2011/08/swiss-central-bank-ponders-temporary.html

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#15) On August 11, 2011 at 1:03 PM, XMFSinchiruna (27.59) wrote:

Hey Chris,

Don't know whether you saw I referenced this blog post in my article yesterday:

http://www.fool.com/investing/general/2011/08/10/silver-wheaton-will-dazzle-the-world.aspx

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#16) On August 12, 2011 at 7:41 AM, ChrisGraley (29.86) wrote:

Thanks for the shout-out Sinch.

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#17) On September 08, 2011 at 1:12 AM, mhy729 (31.25) wrote:

The Swisss, for what it's worth, will likely opt to forcibly devalue its currency and/or otherwise disincentivize those sorts of movements into its currency.

Chris (TMFSinchiruna) FTW! 

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