Betting it All on $50 Silver?
January 04, 2011
To say that some Numismatic News readers are forecasting $50 silver enthusiastically is something of an understatement. While I won’t call them giddy, they are tending that way.
Reading through the responses to Friday’s e-newsletter poll question as to whether it is time to take profits in silver now that it has exceeded $30 a troy ounce shows that many of those who bother to write say no while the poll online currently shows 60 percent of the participants saying yes, cash in some profits.
In fact, of those who are writing, it is approximately 75 percent in favor of handing on for the ride and 25 percent who urge taking some money off the table.
Which way should we turn?
There is no doubt that the answers of those who believe the sky is the limit make exciting reading. That is the point of asking for responses.
Those who counsel taking some profits may be writing from experience, or just being prudent.
On the personal level, prudence is a good thing. That is how we survive in the world where the future is unknown.
However, prudence doesn’t make for exciting stories with large headlines and it is not the stuff of memorable movie scenes where gamblers who are enjoying a run of luck keep going.
Is the sky the limit on silver or is it time to be prudent? What does your gut tell you?
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