I had planned to sell some silver today but it is a public holiday. Tomorrow then? Well, it seems that I have missed selling at a good price because today is a public holiday. News of Osama bin Laden's death sent silver plunging while the US$ firmed. Currently, silver is at US$45.00 an ounce or so.
A retracement to the US$42.00 to US$43.00 region could be a nice hedge for someone waiting to go long. I am hopeful that price could retrace further to the longer term 20wMA which is currently at US$35 or so. Buying more silver on weakness, are we? You bet.
12 comments:
Do you recommend buying silver coins than opening an account with UOB? Btw, where do you buy your physical silver coins? Regards from Jane
Hi Jane,
I do not have physical silver. I have a UOB Silver Savings account. :)
what's the best stock to buy today? pls advise. thanks
Hi zaw,
What's the best stock to buy? I don't know. If I did know, I would be the richest man on earth. ;p
What stocks you buy depends on your motivations in the first place. Then, you search out those stocks which would help achieve your goals. Good luck. :)
So you suggest that I should sell my silver these few days and not to keep it? thanks, shache
But why not buy the physical silver? Are there any risks or factors I should consider? The charges for the UOB silver account are quite high if I am to buy a small qty. Regards from Jane
Hi shache,
I am not suggesting anything. ;)
I can only tell you what I am doing. Having missed selling at close to US$50 an ounce, I am in no hurry to sell my silver now. I am waiting to accumulate on further weakness, if any.
Hi Jane,
I have physical gold. I buy 1oz gold bullions from UOB and if I wish to, I could sell these back to UOB for a nice capital gain now.
However, there is no such service for silver coins at UOB. I know there are people out there who are selling silver coins but will they back these back from us at a fair price? I don't know.
I trust UOB and I guess the Silver Savings Account is the next best thing for me. :)
Silver is now at US$41. What is your view? Is it a good time to go in now?
Hi Ping,
Price broke support provided by the 20dMA which is at US$43.30. The next support is the 50dMA at US$38.67.
Is it a good time to buy now? For anyone yet to be vested in the metal and who is afraid to miss the boat, a small long position as a hedge is not a bad idea especially when we remember the shallow corrections it had experienced in recent past.
Personally, I am waiting to add at longer term supports. :)
There is this company called Silver Bullion that provides this buy back service. Not sure if any one has heard of or used it before... Seems like UOB is the safer option. Regards from Jane.
Hi Jane,
I would like to see UOB start a Silver counter just like the Gold counter they have now at their main branch. :)
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