Seb, you have to start "thinking humble" and "playing defense".

As I said in today's commentary, it is the GREEDY investor who is afraid to buy at times like the present - because in their mind buying at anything other than the (absolute) lowest price is unacceptable.

The HUMBLE investor on the other hand doesn't PRETEND to know what is going to happen tomorrow, and doesn't PRETEND to know what the absolute lowest price will be. He only knows that the current price is a "good price".

Given that I write here day-in, day-out, year after year that it is a fait accompli that silver is going to triple-digits (the only issue is when), what part of $31/oz is "scary"?

You might be happier/better off to sign-over power of attorney over your funds - and then just get some friend or loved-one to buy FOR YOU (using dollar-cost averaging). You get spared the day-to-day angst of watching the market, and five years from now EVERYBODY is happy...



P.S. It is NOT easy to buy when prices are falling. Indeed it is COUNTER-instinctive, since by nature we are bandwagon jumper-on'ers (LOL!!). It is something that you have to be able to convince yourself to do with REASON alone: mind over emotion. Some people can NEVER get themselves to do so - but then THOSE people need to become good at spotting (genuine) bottoms, because if you're going to buy when prices are RISING you better be SURE they aren't about to reverse LOWER again, because that is when buyers REALLY take a beating.

So if you don't think you can become enough of a "pro" to spot (real) bottoms in manipulated markets, then my suggestion is that you better learn to buy when prices are falling.

For what it's worth, if I had any more 'dry powder', I'd certainly be buying more at these levels, even though I just made 2 of my largest purchases ever last week at higher prices. Since my main source of 'investment capital' comes from my second part-time job, if prices are still at or near these levels when I receive my next monthly paycheck, I will definitely be buying more.

Precious metal beat-downs like this are usually engineered on the eve of some truly god-awful economics news, like an intimation from the Fed of some new kind of unofficial QE, announcing the freezing of interest rates at 0% until the end of time (or until the USA devolves into martial law or hyperinflation, whichever comes first), etc. The bigger the beat-down, the worse you know things are really getting economically in the world, and therefore the more urgently you need to own more gold and silver. It really is as simple as that.

This is a great buying opportunity, and a great entry point for new silver investors. I personally know several new silver investors that bought for the first time in the past week at 33.xx or 32.xx and are very happy with their purchase, and are considering adding more as the price continues to fall.

Seb1 wrote:
Seems to me today might be a good day to buy a dip. Problem is I don't have the nerve. I hate days like this because I don't understand what is going on. I can only keep my fingers crossed that gold will turn around. Why has todays retreat been back to mid January prices? Just when I was beginning to feel a bit calmer ( Karma? ) about it all.

Thanks guys for your replies.

Hello everyone,

I'm new here so I'm not really shure where to post my question, so please redirect me if nessesary.

I have some Claymore Gold Bullion ETFs (CGL) and Claymore Silver Bullions (SVR.UN). I learned that Blackrock has bought Claymore and that JPMorgan is somehow involved in ishares with Blackrock in te US conserning silver bullions. I know that JPMorgan does not have nessesarily all the bullions it should have in it's vaults and that they are shorters in silver.

So the question is... Have I got some reason to be scared here or are we safer here in Canada using CGL and SVR.UN as investing tools ? The same question applies for Gold and HSBC.

Regards.

tykoon wrote:
Hello everyone,

I'm new here so I'm not really shure where to post my question, so please redirect me if nessesary.

I have some Claymore Gold Bullion ETFs (CGL) and Claymore Silver Bullions (SVR.UN). I learned that Blackrock has bought Claymore and that JPMorgan is somehow involved in ishares with Blackrock in te US conserning silver bullions. I know that JPMorgan does not have nessesarily all the bullions it should have in it's vaults and that they are shorters in silver.

So the question is... Have I got some reason to be scared here or are we safer here in Canada using CGL and SVR.UN as investing tools ? The same question applies for Gold and HSBC.

Regards.

Tykoon, you've come to the right place.

There are TWO issues which I think people should consider with respect to ANY/EVERY form of precious metals they own - but do not HOLD personally.

1) Counterparty risk. ANY form of bullion holding which we do not hold personally means we are placing OUR wealth on the basis of someone else's PROMISE. In the case of JP Morgan (and the other bullion banks), we have entities with HUGE short positions but who ALSO act as "custodians" for gigantic LONG holdings.

It would be TOTALLY against the interests of these bullion banks (with their HUGE short positions) to FACILITATE the entry of LONG investors into the market. What kind of banker SUBSIDIZES the people betting against him (lol)?

So the ONLY way these custodian agreements make sense for these bullion banks is IF they are running these bullion funds like Ponzi-schemes.

2) Confiscation. JP Morgan has silver OBLIGATIONS of somewhere around half a BILLION ounces - yet has never shown it POSSESSES more than half that amount of silver. WHEN the silver market blows up, do people just expect JP Morgan to meekly sit back and allow itself to be BANKRUPTED by $100's of BILLIONS of losses in the silver market?

OR, would we expect the banksters to engage in bullion confiscation (again) as they did in the 1930's?

I tell people here all the time that ANOTHER reason for the media encouraging everyone to hold their bullion in some form of FUND or ACCOUNT is that all it will take to confiscate those 100's of millions of ounces of bullion is "point and click". MUCH easier than busting down doors to confiscate what people are holding PERSONALLY.

Personally, I would not hold any 'paper' bullion funds except for the following:

- Sprott Physical Gold (PHYS)
- Sprott Physical Silver (PSLV)
- Central Fund of Canada (CEF)

Each of the many, many others have major loopholes in their prospectus' that lead me to believe that they do not actually have the bullion that they say they do, and are various schemes to divert demand for precious metals back into the virtual banking system.

Even the paper bullion funds listed above that most likely do have all of the metal that they claim could be confiscated at the mere stroke of a pen in a financial emergency, which is why I only keep about 10% of my precious metals-related investments in paper form. PHYSICAL for the rest, held in private depositories outside of the banking system.



tykoon wrote:
Hello everyone,

I'm new here so I'm not really shure where to post my question, so please redirect me if nessesary.

I have some Claymore Gold Bullion ETFs (CGL) and Claymore Silver Bullions (SVR.UN). I learned that Blackrock has bought Claymore and that JPMorgan is somehow involved in ishares with Blackrock in te US conserning silver bullions. I know that JPMorgan does not have nessesarily all the bullions it should have in it's vaults and that they are shorters in silver.

So the question is... Have I got some reason to be scared here or are we safer here in Canada using CGL and SVR.UN as investing tools ? The same question applies for Gold and HSBC.

Regards.