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Fifth Street Finance Corp. Message Board

  • thewisejman thewisejman Jul 19, 2013 11:12 AM Flag

    Precious metals

    appear to be on a rebound, do not know how long this will last since everybody predicts gold will drop further, but seeing my smart friend started buying hundreds of 1 oz. silver on eBay like crazy, he must believe silver price is attractive. I still do not want to buy and hold GLD, too risky. Did buy some more GGN on 7/16 and it rose slightly today to 10.30. I actually hope it to drop below $10 so I can start buying more. Not working so far.

    Double up my PALL shares yesterday after starting my initial position on it on 7/15. It appears to inch up lately but its volume is really low, pretty iffy. Did start a position on PPLT, a platinum ETF, today. I just feel that precious metal especially both palladium and platinum would do rather well in months to come. Now I need to take a look at uranium because Japan may need to get some pretty soon. But it is hard to trade uranium. Only CEF available is URA, thinly traded and the company, CCJ.

    Thoughts on precious metals? Thanks.

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    • The million dollar question is where do silver, gold, etc. go from here? The past week has been relatively calm and no big moves. But when that big move does occur will it be up or down? Lots of opinions out there and no consensus. I would like to see a nice jump up but do think the next move will be down further. I will use that to add to my position in AUY. If gold does indeed drop below $1200 I am targeting an AUY price of around $8. Don't know if it will get there, but am watching closely.

    • tulsadevlin Jul 19, 2013 11:51 AM Flag

      J, your friend might have $$ to spare for silver 1 oz. rounds, but his timing could be off.
      I would buy small amounts and dollar cost average.
      For uranium, I own DNN. GL

      • 1 Reply to tulsadevlin
      • Thanks for the head up on DNN. I do not know the timing is right for uranium yet though. Thoughts?

        Yea, he is just buying 50-100 at a time, more like a hobby than anything else. He just bought a set of 25 sterling silver rounds from eBay, then he for some reasons took all of them off from their plastic holders and tried to clean off their toning by immersing them in water with baking soda in an aluminum pan. This is a big NO NO. Now the funny thing that all of these rounds turned yellow and now be believe them may be silver plated copper rounds not sterling. That just shows you how risky right now to buy any precious metals from eBay.

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