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Roughly one year ago (April 27, 2011 to be precise) I wrote Taking Silver
Profits - Swapping Silver
for Gold
I have held physical silver and gold investments continuously for 5 years, and on and off before that. Today I cashed out of silver, trading it for an equal dollar value of gold.
For the sake of full disclosure,
my physical precious metals holdings are now entirely at GoldMoney and I have an affiliate
relationship with them.
As a result of that relationship, I will likely be back in silver soon, but in small amounts, and hopefully at decreasing prices. If silver crashes, I will consider switching a considerable percentage of my gold for an equal dollar
value of silver.
Given the unstable nature
of parabolic and hyperbolic
spikes, I believe the price of silver is highly likely
to revisit the low $20's at some point.I
see no point in chasing silver higher here. Moreover, except for pure speculation, I see little reason
to even hold silver in this spike.
Both gold and silver seem susceptible to a pullback,
but especially silver because of the unstable nature
of its advance. For now, I will take
my chances with gold.
Silver never got to the low 20's. Perhaps it does
and perhaps it doesn't. Since gold was roughly $1500 and silver roughly $46 at the time I made the swap, It's
fair to say I am happy with the trade.
I did about 1/3 of what I
would like to do.
Bear in mind this trade is
not a recommendation. Indeed,
I think I am early. If so, and if silver makes an excursion to
the low $20's (perhaps even the mid-20's) I am likely to swap a lot more. If not, and silver blasts higher, I am back in.
As noted above: For the
sake of full disclosure, my physical precious
metals holdings are now entirely at GoldMoney and I have an affiliate
relationship with them.
If anyone wants
information about GoldMoney or investing
in physical gold and silver
in general, please Email Mish
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