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harbl_the_cat · 05-06-2012, 05:42 PM

Silver opened down $0.35 just touching $30. Looks like anyone who regrets not buying last week might quickly get a chance to test the sub-$30 levels soon.

I'm going to pick up a 10 oz bar on this little dip.

Mojofabulous · (This post was last modified: 05-06-2012 05:57 PM by Mojofabulous.)

It's the european elections bs. socialist won the presidency in europe and greece political system is going to fall in to chaos for a while.

vonredbird · 05-06-2012, 06:16 PM

i don't know about the rest of ya...but i'd be estatic if silver fell to $26. talk about a stacking opportunity!! bring it!

Mojofabulous · 05-06-2012, 06:24 PM

I'd be happy for you...while my eyes bled from all the red :-p I got nothing to spend right now. Well, that's a lie. But I have nothing I SHOULD spend right now.

Mr.Akamkk · 05-06-2012, 07:18 PM

I am going to wait a little while longer. I still think its going down considerably more and probably right around election time.

vonredbird · 05-06-2012, 07:30 PM

(05-06-2012 06:24 PM)Mojofabulous Wrote: I'd be happy for you...while my eyes bled from all the red :-p I got nothing to spend right now. Well, that's a lie. But I have nothing I SHOULD spend right now.

"should" is all relative i guess. i shouldn't have any $$ to stack since i have a huge mortgage and some credit card debt. some would say i should be throwing all my money onto the mortgage, i instead make the minimun payments because i believe silver is gunna rocket one day. i don't want to miss this opportunity. money is so cheap to borrow right now, while silver in my opinion is super cheap... great combination. i started stacking at $17 and haven't sold any so i'm winning. ahhh, who knows...plus i like the shiny stuff, makes me feel better when i get it compared to saving a bit in interest.

Cointreau · 05-06-2012, 07:35 PM

Myself, I don't expect the PM's to fall much further, if at all. The two election results are pretty bullish for silver in the long run as Europe has said au revoir to austerity. which means more spending, higher deficits and a bigger debt bubble. Correct me if I am wrong.

Mojofabulous · 05-06-2012, 07:38 PM

I don't think paying off the mortgage is a great move right now if you have a low interest rate. Credit card debt is another story. Depends on the interest you're getting charged.

Cointreau · 05-06-2012, 07:39 PM

(05-06-2012 07:30 PM)vonredbird Wrote:
(05-06-2012 06:24 PM)Mojofabulous Wrote: I'd be happy for you...while my eyes bled from all the red :-p I got nothing to spend right now. Well, that's a lie. But I have nothing I SHOULD spend right now.

"should" is all relative i guess. i shouldn't have any $$ to stack since i have a huge mortgage and some credit card debt. some would say i should be throwing all my money onto the mortgage, i instead make the minimun payments because i believe silver is gunna rocket one day. i don't want to miss this opportunity. money is so cheap to borrow right now, while silver in my opinion is super cheap... great combination. i started stacking at $17 and haven't sold any so i'm winning. ahhh, who knows...plus i like the shiny stuff, makes me feel better when i get it compared to saving a bit in interest.

Good call Vonredbird. If things turn out as we expect then the high inflation that's coming will help to inflate away your mortgage.

vonredbird · 05-06-2012, 07:42 PM

(05-06-2012 07:35 PM)Cointreau Wrote: Myself, I don't expect the PM's to fall much further, if at all. The two election results are pretty bullish for silver in the long run as Europe has said au revoir to austerity. which means more spending, higher deficits and a bigger debt bubble. Correct me if I am wrong.

all i can say is "i hope you're wrong." i want cheaper silver. i don't think any of us actually "know" what's going to happen. to be honest, i'm getting bored of all these financial games and politics. i used to be really into it and study for a couple hours a night but it's just the same story over and over.

Mr.Akamkk · 05-06-2012, 07:50 PM

(05-06-2012 07:35 PM)Cointreau Wrote: Myself, I don't expect the PM's to fall much further, if at all. The two election results are pretty bullish for silver in the long run as Europe has said au revoir to austerity. which means more spending, higher deficits and a bigger debt bubble. Correct me if I am wrong.

I think your opinion is accurate for the LONG TERM out look on Silver. In the shorter term (now-Nov.) I think the PM's are going to drop considerably. Obama needs a strong dollar and low unemployment to get re-elected, and hitting the PM's hard down will accomplish that. The Euro will go down and split which is also negative for PM's shorter term with a bullish long term outlook. Keep buying the dips when they appear, its not the wrong thing to do when you consider how high this could actually go.

Mojofabulous · (This post was last modified: 05-06-2012 07:52 PM by Mojofabulous.)

silver and gold are reversing right now. zerohedge is hinting at a fall 2011 style massive intervention after a selloff in equities. This could be a REALLY fun week either way.

97guns · 05-06-2012, 08:16 PM

(05-06-2012 05:42 PM)harbl_the_cat Wrote: Silver opened down $0.35 just touching $30. Looks like anyone who regrets not buying last week might quickly get a chance to test the sub-$30 levels soon.

i bought earlier today, 36oz at $29 flat so im pretty protected with strong support at $30

Mojofabulous · 05-06-2012, 08:17 PM

did you buy scrap or something? How'd you get a 29 price tag per ounce?

97guns · 05-06-2012, 08:49 PM

(05-06-2012 08:17 PM)Mojofabulous Wrote: did you buy scrap or something? How'd you get a 29 price tag per ounce?

won this ebay auction, minus 3% in rebates

http://www.ebay.com/itm/261017719407?ssP...500wt_1326

Viper_99 · 05-06-2012, 09:01 PM

(05-06-2012 07:38 PM)Mojofabulous Wrote: I don't think paying off the mortgage is a great move right now if you have a low interest rate. Credit card debt is another story. Depends on the interest you're getting charged.

I disagree, paying off the mortgage for me is a huge priority. The news in Canada is that rates will be rising come fall. With a big mortgage it is critical to get it down fast at these low rates. If rates spike and you haven't knock that puppy down in the end you will pay vast amounts in interest that you could of avoided. If we go to depression who knows how long you will be able to hold your job. Debt is death!

Mojofabulous · 05-06-2012, 09:05 PM

If you have an adjustable rate then ya, there's that risk.

vonredbird · 05-06-2012, 10:16 PM

(05-06-2012 09:01 PM)Viper_99 Wrote:
(05-06-2012 07:38 PM)Mojofabulous Wrote: I don't think paying off the mortgage is a great move right now if you have a low interest rate. Credit card debt is another story. Depends on the interest you're getting charged.

I disagree, paying off the mortgage for me is a huge priority. The news in Canada is that rates will be rising come fall. With a big mortgage it is critical to get it down fast at these low rates. If rates spike and you haven't knock that puppy down in the end you will pay vast amounts in interest that you could of avoided. If we go to depression who knows how long you will be able to hold your job. Debt is death!

very valid points. i am in canada as well. i don't believe the rates in canada will rise any time soon, at least not until the usa increases their rates. the increase in rates will create a huge imbalance for our production capitalization if the us doesn't follow suit. there is no worry of the usa increasing their rates. it would pretty much bust the country in a matter of months, if it's not busted already. as for the employment situation, i think we've been in a mild recession for a while now and i've been blessed to escape the downturn. i don't worry about work, i may have to eat my words some day but i've never been outta work if i chose to work... 27 years now. thx for the feedback... it is something to think about.

harbl_the_cat · 05-06-2012, 10:18 PM

I just refinanced and locked in my mortgage into a 5 year term at about 3.15% I think.

I still have about 30% home equity PLUS cashflow from renting out my basement and having a nanny. If silver goes to the moon in the next 5 years, my number one priority will probably be to pay off my house - although I do want land and other rental properties.

tIf not - I'm stacking gold and silver to create generational wealth. Much of the silver in my possession will one day be my children's and noone but us will know that.

dragonfly5 · 05-06-2012, 10:51 PM

In Canada also - not so lucky job wise - self employed now and basically it's underemployed. My wife got laid off 2 years ago and hasn't been able to get back into her field so it's been a bit tough. Mortgage on our house is now a line of credit which I really want to eliminate and pay down when I can. We're looking at selling and renting for a year or two and then buying back in when real estate is more reasonable - because right now it's crazy expensive and I can't wrap my head around how people can pay so much for houses. I really think that if interest rates take a hike then the house prices will take a 10-25% correction.

Seems like there has been a lot more talk on the board recently about silver going down and as I started stacking only recently having another great buying opportunity would be great.

Viper_99 · (This post was last modified: 05-06-2012 11:27 PM by Viper_99.)

(05-06-2012 09:05 PM)Mojofabulous Wrote: If you have an adjustable rate then ya, there's that risk.

Mojo can you lock in longer than 5 years? The best we can in Canada is a 5 year mortgage. Harbel has done well with his 3.15 5 year. Dragonfly might be on to a good strategy as well. The Bank of Canada has been warning Canadians that we are in a housing bubble for a while now and that could end at anytime. If dragonfly lives in an area that is over inflated that correction may give him a good advantage to pick up a cheaper home in a few years. If only we had a crystal ball it would be sooo much easier.

vonredbird · 05-06-2012, 11:53 PM

(05-06-2012 10:51 PM)dragonfly5 Wrote: In Canada also - not so lucky job wise - self employed now and basically it's underemployed. My wife got laid off 2 years ago and hasn't been able to get back into her field so it's been a bit tough. Mortgage on our house is now a line of credit which I really want to eliminate and pay down when I can. We're looking at selling and renting for a year or two and then buying back in when real estate is more reasonable - because right now it's crazy expensive and I can't wrap my head around how people can pay so much for houses. I really think that if interest rates take a hike then the house prices will take a 10-25% correction.

Seems like there has been a lot more talk on the board recently about silver going down and as I started stacking only recently having another great buying opportunity would be great.

from my experience, if you're living in a high land value area such as vancouver and you sell... it is very unlikely you will ever rebuy in the same area. unless you move to another city where house prices are cheaper, the likelyhood you can save up a downpayment and rebuy before the market increases is slim. ya, the housing market may correct 10% but unless you are an avid saver or you have equity in your existing home (which you will put aside and not spend), saving for a downpayment will be tough. my suggestion would be to enroll in some part time studies that would benefit your self-emplyment. that's what i've done and increased my income by 300%
very tough decisions, and i'm not in your shoes...just my pennies worth Smile

Cointreau · 05-07-2012, 06:07 AM

Yes, it's a good idea to get yourselves locked into a fixed rate.
If banks become distressed, they will raise mortgage rates regardless of where the base rate is. A couple of banks here in the UK raised their home rates recently even though the base rate was stuck at its historic low. Three percent is fantastic deal by the way.

nosirrahx · 05-07-2012, 06:58 AM

I am just about to buy a house myself. I live in America so even though that I have assets over 5 times the price of the house and an income over the price of the house I cannot finance any of it without a co-signer because I have not played the debt game. If I had half the income and half the assets but 3 loans on my credit report I would qualify with ease.

It sucks that we have a system were unless you go into debt immediately at 18 you can end up effectively blacklisted later in life.

dragonfly5 · 05-07-2012, 07:35 AM

(05-06-2012 11:53 PM)vonredbird Wrote:
(05-06-2012 10:51 PM)dragonfly5 Wrote: In Canada also - not so lucky job wise - self employed now and basically it's underemployed. My wife got laid off 2 years ago and hasn't been able to get back into her field so it's been a bit tough. Mortgage on our house is now a line of credit which I really want to eliminate and pay down when I can. We're looking at selling and renting for a year or two and then buying back in when real estate is more reasonable - because right now it's crazy expensive and I can't wrap my head around how people can pay so much for houses. I really think that if interest rates take a hike then the house prices will take a 10-25% correction.

Seems like there has been a lot more talk on the board recently about silver going down and as I started stacking only recently having another great buying opportunity would be great.

from my experience, if you're living in a high land value area such as vancouver and you sell... it is very unlikely you will ever rebuy in the same area. unless you move to another city where house prices are cheaper, the likelyhood you can save up a downpayment and rebuy before the market increases is slim. ya, the housing market may correct 10% but unless you are an avid saver or you have equity in your existing home (which you will put aside and not spend), saving for a downpayment will be tough. my suggestion would be to enroll in some part time studies that would benefit your self-emplyment. that's what i've done and increased my income by 300%
very tough decisions, and i'm not in your shoes...just my pennies worth

Thanks for your pennies worth and I do not disagree with what you say. We are still undecided as to what to do. I'm glad your extra studies resulted in a much better opportunity. We're not in the Vancouver area but they have already taken a 30% correction. My mother lives in the Okanogan (Central, south B.C.) and she is in the process of selling - they've also taken a 25% hit in the last year. We're outside of Toronto and it's really getting crazy for prices and no correction as of yet. I really feel that something is going to give and even a 1-2% increase in interest rates will trigger a huge slowdown in the market. We are looking to downsize anyway so buying again in a couple of years is not out of the question.