Another person in the article: When silver prices hit a three-decade high last week, David Zornetsky decided to do some buying. Searching for a job, the 31-year old in Beacon, N.Y., hoped to use gains from silver to finance a move to New York City and to pay down student loans. "I had been hearing that silver could go up to $150 an ounce this year," says Mr. Zornetsky. Instead, silver has suffered its worst one-week drubbing since 1980, when an infamous alleged attempt by Texas's Hunt brothers to corner the silver market came undone. This week's brutal tumble sent silver-futures prices down to $35.28 an ounce from nearly $50 in just five trading days, and has left Wall Street pros and individual investors dazed, some dealing with sudden losses. "I don't understand," says Mr. Zornetsky, whose silver investment fell about 25%. "Silver is supposed to do very well this year."
I believe 20-30% of one's total net worth should be held in precious metals, but not from a trading perspective; from a long-term investing perspective. 60% is too much, in my view, especially with silver. Always be suspicious of people who are TOO SURE of something...
I don't even know what to say about this moron. I guess you need guys like this to make money in trading.
I sold my South Beach condo in early 2007! Knew it was a bad sign when my [attractive] female realtor informed me, at the expiration of our four-month listing, that my condo was the first condo she never sold.... So I sold it myself!
"I don't understand," says Mr. Zornetsky, whose silver investment fell about 25%. "Silver is supposed to do very well this year." Classic!