I recently sold off a good chunk of my precious metals at the market peak, and with the recent market turmoil that doesn’t seem like it was such a bad decision.
However, I am in a bit of a dilemma: I have a downpayment to pay, and I have a choice to draw on mutual funds or the remainder of my precious metals investments. I wanted to keep some precious metal holdings, but in retrospect, selling off all of the precious metals might have been a better idea. Everything has been hammered recently, so no matter what I liquidate, I will be forced to do it at a loss compared to where we were a couple of weeks ago.
A few weeks ago when the Dow was at 11,000, I was considering selling off my funds and converting them to cash then and there, but I didn’t take action. As you know, complacency and inaction can feed off of each other, and then you are left with situations like this! As my good friend Mich said, it’s better to sell at a profit than to continue chasing the bubble and end up with a loss!
How about you? How is the recent market turmoil affecting you, and how are you capitalizing on it? I imagine that it’s a good opportunity to buy if you have cash on the side.