Same point and maybe more so for Silver. I see it very possible for silver to have a considerable setback from current levels but I am more afraid of being out of position than any setback. The setbacks to date have been very shallow and those waiting to buy in on a setback have missed out because the setbacks have been so minor.

Look at what has happened to people who have figured silver was too high at $15, $20, $25, etc. Gains are not made in a linear fashion. They advance, then set back, advance, setback. The problems is the size of the advances are never known ahead of time and the timing and size of the setbacks are also unknown. Timing when to jump in and out of the market is impossible for most people to do. There may be traders that can do this, but not me. So in a secular bull market, the greater danger for most is being out of position and missing the large moves up, rather than seeing temporary setbacks in portfolio value.

Another reality is most people simply can't stand seeing their investments loose value, no matter how much they have gained or stand to gain. I just looked at my main investment portfolio where I track annualized gains/losses and was surprised to see there have only been 4 years since 1996 (when I started keeping track of my returns) that I have shown annual losses, with the largest one being 59%. I would have guessed there to be more years showing losses than that. I always stay fully invested, never holding cash, simply because I know I'm no good at timing the market. It also appears I've never had two years in a row of losses, which also surprises me. Thinking about this stuff is causing me to learn some things. LOL

One of my very best performing years as far as overall portfolio gains are concerned, I also had something on the order of 5 or 6 (can't remember for sure and don't want to go through the records to verify) companies go belly up. Lost the entire amount, Zip. Nada. Worth nothing. Portfolio more than doubled in value that year (116.3% annualized). Most people would have their stomach in knots to see that kind of volatility. For some weird reason I kind of thrive on it. I forget about most people being risk averse when I talk about investing. Most people want CD type returns where the return is minimal but "safe". If that is what a person needs for an acceptable comfort level, investing in stocks for profit or holding precious metals for wealth preservation is going to be very unnerving ride and therefore not recommended.

John