I was given a tip to buy silver and gold...so I called my stock broker and invested 40k....He bought me silver contracts and in the last day silver tanked..down 35 cents per oz..with each contract 5000 oz...I lost .33 per oz on 100,000 ozs...I am lsoing quite a bit and the broker called asking for more $$....what should I do....
silver and gold(and all commodities) are both about half way through a raging bull market that started in 2002. Wouldn't surprise me to see it go another 15 years either.
the major gains in any bull market are always towards the end. I personaly believe gold goes to 2000 an oz and silver $50 - I have a very large sum riding on it....over 50% of my portfolio.
that said, I wouldn't recommend options in the precious metal markets. Alot of manipulation by central bankers, and their cronie brokerages and bullion banks. You never know when they are going to make a move to supress the prices (happening now)
difficult to give advice without knowing when the contracts expire. gold and silver typical do not fare well in the summer, but you never know. I would take the loss and either buy physical metal and/or mining stocks. It will make you rich in 5 years.
the major gains in any bull market are always towards the end. I personaly believe gold goes to 2000 an oz and silver $50 - I have a very large sum riding on it....over 50% of my portfolio.
that said, I wouldn't recommend options in the precious metal markets. Alot of manipulation by central bankers, and their cronie brokerages and bullion banks. You never know when they are going to make a move to supress the prices (happening now)
difficult to give advice without knowing when the contracts expire. gold and silver typical do not fare well in the summer, but you never know. I would take the loss and either buy physical metal and/or mining stocks. It will make you rich in 5 years.
just noticed your contracts are for july silver at $13.34.
I would hang in there. market is close to oversold territory but wouldn't surprise me to see it drop another 5%. - also would not surprise me one bit to see silver at $15 by july. honestly I think you may lose some money on this. buy physical silver or even the etf SLV if it does drop some more and you will get your money back.
I would hang in there. market is close to oversold territory but wouldn't surprise me to see it drop another 5%. - also would not surprise me one bit to see silver at $15 by july. honestly I think you may lose some money on this. buy physical silver or even the etf SLV if it does drop some more and you will get your money back.
