I wish I knew whether it was a bubble bursting...
or so-called "profit-taking," a correction, or some other anomaly, or whether these noble metals were destined to rebound.
As of 3/20/2008 5:51:13 PM EST
Gold $913.00 (down from over $1,000 per ounce)
Silver $16.8600 (down from over $20.55 per ounce)
Platinum $1,855.00 (down from over $2500 per ounce).
The shocking thing is that the high prices were just about a week ago, though in retrospect, the drops occurred probably about as fast as the increases in these prices.
So, could this be a correction? Could this be profit taking? So many possibilities.
I am still happy that I own gold, silver, and platinum. I am glad that I didn't buy gold at $1,000 per ounce, nor platinum at $2,500 per ounce, nor silver at hefty premiums.
Though, in retrospect, I do wish I had been a little faster to sell some of the platinum and gold I had, though it took me a while to get it graded.
Who knows, maybe the metals will re-bound, and my graded coins will be back en-vogue, and I'll be glad I had them graded. Only time will tell.
I have no crystal ball, only the knowledge that the majority of what I bought, I bought years ago, at fair prices, and what I purchased this year was at ridiculous discounts that didn't even seem to cover grading fees, much less postage and handling, or the melt value of the coins, so again I can take comfort.
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