Posted: 2/14/2008 10:05:20 AM EDT
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I have a bunch of silver that was purchased awhile ago at less than $5 an ounce. It's now $17.22. I can sell for probably $16 or so. So, I'm looking for opinions here. Should I go ahead and sell or should I keep it? |
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I will now describe the life cycle of the typical investor that holds an asset that has skyrocketed in value: 1) Awesome! This is the next Microsoft, Google, Starbucks, etc!! 2) It's been a great ride! If it just gets back to the previous high I'm gonna sell it all! 3) Shit. If I can just get back to even I'm gonna dump this turd. 4) Fuck. It's not even worth selling now. Don't be that guy. Since it appears you didn't have a target or objective when you bought it, if it were me, I would take at least half off the table now and think about a price at which you'd be a seller of part or all of the rest. You might want to think about two prices actually - one above and one below where you are now. Bird in the hand and all that... |
Been doing this for roughly 30 years, think I have a pretty good handle on how to manage my bullion. Thanks for the advice though. Also just for general informations sake, I deal in precious metals and rare US coins as a side business setting up at shows 2 to 3 times a month. I rollover ALOT of bullion constantly. |
My opinion is that you must be doing something wrong if you can only get $16/oz for $17/oz silver...  What form do you have? 90% pre-64 coins, 1oz rounds, bars, sterling jewelry, etc. Most places that buy silver will give you spot, or very close to that or they're ripping you off. |