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Commentary

Buy high

23 Feb 2011 by Jim Fickett.

I'm working on a serious article about silver, but couldn't resist sharing the following, which illustrates just how bad the majority is at “buy low, sell high”, now.

The US Mint provides the number of ounces of silver sold each year. For 2011 I've multiplied the January + February-so-far total by six for a rough annualization. The silver price is from Kitco, with each year being the average price for the year except 2011, which is the cumulative average price year-to-date.

Note that as the silver price began its rise, there was no response in sales for several years. Then, once silver was already very high, people began to pile in. Now, with the price extremely high, sales are at record levels.

Maybe some of those recent purchases are by people who know what they are doing and will time the top. But I'd bet most will hold the silver all the way back down to normal prices.