It might be time for me to sell some silver on Monday if this keeps up.
Added at 9.18AM on Saturday (5 March):
UOB buys from us: S$44.63/oz (5 March 2011).
Related post:
Consider selling some silver.
Friday 4 March 2011
Silver spiked above US$35 an ounce!
I was just routinely checking the price of silver and look at the green line! That's the latest price. See how it suddenly spiked above US$35 an ounce?
It might be time for me to sell some silver on Monday if this keeps up.
UOB buys from us: S$44.63/oz (5 March 2011).
Related post:
Consider selling some silver.
It might be time for me to sell some silver on Monday if this keeps up.
UOB buys from us: S$44.63/oz (5 March 2011).
Related post:
Consider selling some silver.
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4 comments:
Hi AK71,
Thanks for sharing yr thoughts in silver investment n had just started invested in some silver with UOB last end Dec after getting some knowledge thru yr site sharing.
i) May I ask what is yr strategy that u adopt to lock in yr silver profits? 20% profit or?
ii) At what point will u add more position in silver? At support US29/oz or a pull back of 20%?
Thanks n appreciated!
Cas
Hi Cas,
The decision to invest in silver was based on fundamentals. It was also based on research which I did last year in February which suggested that silver was undervalued compared to gold.
Gold or silver?
It was an important discovery as I decided to invest in silver instead of adding to my gold investment.
Although I keep saying we should buy more silver on weakness, unfortunately for me, silver's price did not pull back enough for me to consider buying more:
Buy more silver on weakness.
The last time it pulled back and fell below the 14dMA, I was waiting for it to retest stronger supports at around US$24/ounce. It never did. A 10% pull back and up it went once more.
Price does not go up in a straight line, however. It climbs a wall of worries and there will be corrections. Then, it would be safer to buy more. After the last correction, I think many would jump in if there should be a 10% correction instead of waiting for a 20% correction.
Selling some at US$36 an ounce is a good idea for me because price has run up so much since the last correction of 10% in January which saw silver at about US$27/oz. A US$9 gain is >30% in two months!
My decision is also informed by Technical Analysis. If we look at the one year chart, price has shot up and pulled away from the 14dMA, a short term moving average. This situation usually cannot last very long.
Could not the price go higher? It could but I would take some profits off the table as a hedge. I am not terminating my exposure to silver, just reducing. :)
Hi AK71,
Thanks for taking yr time to explain yr strategy in silver investment.
I too was waiting for silver to drop to US24/oz to add in more position but it did not come down to that level in Jan.
I shall monitor closely to take some profits too at US36/oz coz heard someone commented that silver usually will pull back when it hit around US35/oz. Not sure if this is true. ha...ha... Anyway, it's alway good to lock in some profits!!
Cheers
Cas
Hi Cas,
Taking some profit is never wrong. :)
Good luck. Yes, we need a healthy dose of this too. ;)
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