Silver prices and gold, have been more active this week then they have the first 2 weeks in August. I know many investors have been on the fence about buying more metals, even though the price has jumped up past $24.00 CAD per ounce, there is still some fear about a reversal.
However the market sentiment today seems to indicate an uptrend, after the U.S federal Reserve released the minutes of their July meeting just after noon MST. The price quickly jumped to around $24.38, and then slowly trended down to $24.15 where it sit’s now. It appears for now that silver will continue to trade above $24.00 and those waiting for a reversal back down to the $21.00 level may have missed the boat, at least for the time being.
At my store, I always get asked the question : Should I buy now or wait until prices go down? My personal belief is that no one can truly time the market accurately every time, even the experts so why should you or I even try.
I think the very best strategy, especially for new investors is simply dollar cost averaging. Buy regularly and the amount you pay per ounce of silver or gold will average out over time. Sometimes you’ll buy high and other times you buy low but the most important thing to do if you believe in silver as an investment or a store of wealth is to just BUY IT! Your overall cost will work out over time.