I am not that into holding gold or silver permanently, per my previous post. However, sometimes when I get a stock tip or recommendation, I will buy a little of something even if I don’t expect it to do well. It can be a good motivator to follow along. Someone I know keeps sending me crazy predictions for gold and silver. In one of the predictions they sent the person claimed to be 99.9% sure that silver would go to $600 an ounce in 2024 (link to video timestamp). Now I am about 99.9% convinced that this guy is dead wrong. He was pretty wrong about his precious metal predictions that silver would go to $100 in 2017. But I thought it would be fun to follow along!
So today I decided to buy a little bit of gold and silver exposure via options. I didn’t want to tie up a lot of capital with this. So, I decided to use options. This allowed me to lay out about 1/10th the capital. The downside though is that if gold and silver don’t move up by about 10% then I am going to lose nearly all the money I put down. I need each of them to appreciate about 10% over the next year to break even. So, if this guy is right, which he isn’t, my little bet of about $1,600 on silver would become worth about $50,000! Too bad Bo Polny isn’t going to be right and the markets are not predictable based on time cycles or the Bible or prophecy. Instead of wasting a lot of money on the predictions he and Andy Schectman are making I will keep most of my money invested using my algorithms that have been doing great.
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