Daily bear flag, new lows incoming.
Has SLV Bottomed?
- Thread starter cactiman
- Start date
On 07/24/13 I bought some U.S. Silver Eagle coins.
Here's how it works for those who don't know:
Spot Price per coin: 20.19
Premium per coin: $4.00
Sales Tax: 8.00% per coin (no sales tax on orders above $1500)
Total Cost per coin: $26.13
Premium and tax = $5.94 per coin = +29.42%
[P.S. The sales tax is also added to the $4.00 Premium!]
If you sell your coins back to the dealer you'll only get the Spot Price, or maybe even a bit less.
So you have to think long term when buying physical, to make back all the fees and taxes before you get into profits.
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Without getting to personal[good question];
SLV on a 7 year monthly candlechart has bottomed[reg market hours]
July SLV is higher lows, higher close;
SLV $17.76 area held.
Not a prediction, silver/SLV is a roller coaster;
most long term trends are up
When i saw a cash metals dealer paying ''above spot, above fitures price, in July'';
that favored the bulls also.Again silver is a roller coaster;
bears made plenty of money off $50 area mountain top
Buy volume is a bit weak, which could favor bears.I am bullish long/med term......................................................................................Wisdom is profitable to direct.
Two weeks old SLV chart (July 19), but I do not see a lot of changes in the sentiment
High of July is key, if it can take that, a hard run should be seen.
Might as well average down?
I would add to the long if the previous monthly high is taken but average down not something I would suggest, not even as a joke.
You add to your position when your position makes s/r accomplishments, not when you think you getting a "great deal".
I'm sure some make averaging work for them, ammo comes to mind, but then underleverage comes to mind when doing so, and in the case of those less adept, overleverage.
Gold and silver are more long-term plays. Perhaps your time horizon is much different, which is fine.