I sold the remaining portion of my investment in silver today. In part I have allowed myself to be affected by the general sell off in commodities over the last few days. I also recognise that the supply of silver is expected to exceed the demand for silver for uses other than investment purposes. In other words, if the investors head for the exits then it has the potential to fall back even further than it has already.
My investment in silver dates back to January 2005 when I purchased most of my total investment at around US$6.00 per ounce. More was added from time to time on the way up. With an average exit price at just above US$17.00 per ounce it has been a very profitable speculation. That said, it will be some time before I get over the regret of not selling at prices above US$20.
From an emotional perspective, the ups and downs in the silver price which I have experienced over the last three years have been a huge roller coaster. There have been nights when I have been kept awake either with worry or excitement as the price has gyrated up and down. I certainly now understand why silver is known as "the restless metal".
Of course, I now have another problem: what to do with the cash I am now sitting on?