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Old 12-02-2013, 12:11 PM   #1
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Default Dumb luck

Two or three weeks ago I decided silver was about to go up, and thought I'd buy some silver bullion. Silver was about $22.70 an ounce that day, so I bought 100 ounces on eBay for $2300.

Several days later the guy refunded my money, saying he couldn't deliver 'cuz he's in Afghanistan and his brother-in-law had sold the bar. So I got all my money back.

Since then, I've been following silver on the Kitco web site, and silver has lost more than 10% of its value.

Saved from my folly by pure dumb luck.
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Old 12-03-2013, 10:25 AM   #2
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Sometimes you gits th bear, sometimes you gits got by th bear
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Old 12-03-2013, 10:45 AM   #3
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This morning silver is at about $19.20, down more than 15% from when I decided it was about to go up.
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Old 12-03-2013, 12:16 PM   #4
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Carl, It's much, much better to be lucky than good any day.
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Old 12-04-2013, 06:19 AM   #5
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That is why they call it "Playing the market" like they do "Playing the ponies" at the race track.

You got lucky and broke even.. Most don't do that well.
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Old 12-10-2013, 06:23 AM   #6
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From the old guy, I've learned at my old age that the best investments in life are the good memories we invest in. At the end that is the joy we get the greatest payback on. Cheers and 73's (KL7IEK)
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Old 12-10-2013, 07:36 AM   #7
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Welcome aboard nightstars

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Old 12-10-2013, 12:57 PM   #8
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On the other hand, silver, unlike paper stocks, will never be worth 'nothing'. Go up & down like the rest of the market, sure. But, in my case, I buy silver an ounce at a time (not having large chunks of cash to play with) so my 'losses' are also in smaller chunks. The overall trend over the past 10 years is 'up', however. I had the urge to buy in hand silver about 10 years ago when my 401k was in the futures market (worst possible place, by the way) with $80k floating out there. IF I hadn't listened to the 'stock market expert' broker (and IF he hadn't pulled a totally stupid and amateurish move with no stop-loss marker), putting that kind of money into $3/oz silver, I'd now have 'bout $500k at last weeks prices. Instead, I get to work until I drop dead, with no more retirement funds, evaporated in a single day's trading loss.
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Old 10-06-2014, 07:01 AM   #9
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And this mrning silver is at about $17 -- a four-year low. Still on the way down, perhaps. I get luckier, and dumber, every day.
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Old 10-06-2014, 07:51 AM   #10
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Kind of brings to mind the Hunt brothers and Silver Thursday.
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Old 10-06-2014, 10:17 AM   #11
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Quote:
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Kind of brings to mind the Hunt brothers and Silver Thursday.
Indeed it does. That was in 1982 or early 1983, I think. Lessee -- one of them was Nelson Bunker Hunt, and I don't recall the other's name, or even how many brothers there were. Should have stuck to making ketchup.

LATER

Ah, just Googled it. It was 3/27/1980 when Nelson and Herbert missed a margin call and silver plummeted from abut $48 to about $11. How the mighty fall.
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Old 10-07-2014, 02:37 PM   #12
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And I bought some hot performing airline stock... just before that idiot with Ebola flew back from Africa and devalued all airline stock even though the airline business is booming, fuel price is dropping and projections for growth are excellent.

But I think I will stand pat. Hills and valleys.

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Old 10-07-2014, 07:03 PM   #13
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Just before the market had a moment I cashed out bought a new truck, tractor, built a 40K garage/barn to put it in and put all my original money back into the bank. Maybe time to go play again.
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Old 10-07-2014, 07:19 PM   #14
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Quote:
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Maybe time to go play again.
Ahhh, maybe not.
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Old 12-01-2014, 07:23 PM   #15
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And today it rallied to close at $16.425. I'd have lost my, um, senses. Or something. It's lost more than 27% in recent months.
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Old 12-02-2014, 03:36 PM   #16
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Quote:
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And I bought some hot performing airline stock...
Which after dropping $5 has rallied back to get me $6 a share gain. Now to figure out when to bail...
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Old 12-02-2014, 03:47 PM   #17
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Quote:
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I bought some hot performing airline stock...Now to figure out when to bail...
Aha! You are D. B. Cooper.
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Old 12-02-2014, 07:35 PM   #18
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Quote:
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Aha! You are D. B. Cooper.
Dammit Carl don't give it away! I only have 3 more parachutes!!
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Old 04-24-2015, 07:27 PM   #19
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Today silver closed at $15.755. Lower and lower ...
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Old 04-27-2015, 12:00 PM   #20
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Quote:
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Today silver closed at $15.755. Lower and lower ...
You can look at it as a potential opportunity when the trend turns.
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