Sit and Grow Rich

SH photo

Gold hit a high of $1920/ounce on September 2, 2011. Since then gold has been going up and down from $1600-$1800.

Silver hit a high of $49.63 on April 15, 2011. Since then silver has mostly been in the $30-$36 range.

Only a few make it rich. Getting rich is not glamourous. It is not about making bgi market timing moves. Often times getting rich is about sittiing and holding on when you know it is right. For those who have been holding gold and silver, there could be a temptation to quit. But if you do, you risk the big payday when it jumps up in value in short period of time.

These times remind me of the following great quotes:

“The cowards never started. The weak died on the way. Only the strong arrived. They were the pioneers.
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  --About Schmidt

“And right here let me say one thing:  After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this:  It never was my thinking that made the big money for me.  It always was my sitting.  Got that?  My sitting tight!  It is no trick at all to be right on the market.  You always find lots of early bulls in bull markets and early bears in bear markets. 

I’ve known many men who were right at exactly the right time, and began buying and selling stocks when prices were at the very level which should show the greatest profit.  And their experience invariably matched mine – that is, they made no real money out of it.  Men who can both be right and sit tight are uncommon.  I found it one of the hardest things to learn.  But it is only after a stock operator has firmly grasped this that he can make big money.”

-- Jesse Livermore