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January 2016: My First Silver Purchase

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#1
I purchased silver 1oz rounds and a few of 10oz bars this month. This was my first time ever purchasing silver or any other PM. I learned a few things. The biggest lesson being to not buy for awhile until I understand the market better. Part of me thinks that silver is at a good low to buy and another part of me thinks I need a better understanding of the market so I don't get burned. All of my purchases were at two different LCS. One I really like, as he is fair with how much he sells over spot. The other one I am disappointed with as I bought $3 over spot and his rounds that I bought had finger prints all over them that I didn't notice until I got home that evening. I intend to continue doing a lot of research on Silver and come up with a clear definition of why I am buying it. Any comments or advice would be great. Thank you.
 

nickndfl

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#2
Next, buy government coins whether they are USA, Canadian, Austrian, etc. Remember that prices will fluctuate. PMs are hedges for currency weakness. Don't expect to generate a consistent return. It's like insurance. Buy as much as you can afford. Don't forget about gold either.
 
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#3
Next, buy government coins whether they are USA, Canadian, Austrian, etc. Remember that prices will fluctuate. PMs are hedges for currency weakness. Don't expect to generate a consistent return. It's like insurance. Buy as much as you can afford. Don't forget about gold either.
Sounds good. In regards to purchasing government coins, why is that a good strategy?
 

Goldhedge

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#4
Think of PM's as insurance against unpredictable times.

That's what it is. Not an investment. It's a lifeboat, just in case. Plan B.

If you purchase a little each month (dollar cost averaging) you'll do ok.


That's how I think of the little bit I've acquired.
 
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#5
Think of PM's as insurance against unpredictable times.

That's what it is. Not an investment. It's a lifeboat, just in case. Plan B.

If you purchase a little each month (dollar cost averaging) you'll do ok.


That's how I think of the little bit I've acquired.
Thank you for the feedback.
 

Eyebone

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#6
I bought for the first time not soo long ago.

I wanted Eagles Eagles.

The dealer said "why?', buy Morgans, buy Libertys, lower premium same return and a slice of history.

I agree now.
 

Thecrensh

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#7
You should do like many on here and wait until the price hits a new high before purchasing...

(KIDDING!)

Welcome aboard...don't lose faith.
 

Fjpod

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#8
I prefer 90% and pre 33 gold. They don't make it any more. It doesn't have to be certified. It doesn't have to be BU. Shop around, find nice pieces. Find aLCS that is fair.

You pay a little more, but there is a very active market for it if and whenever you or your heirs want to sell.

That's just me. ..
 
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#9
Think of PM's as insurance against unpredictable times.

That's what it is. Not an investment. It's a lifeboat, just in case. Plan B.

If you purchase a little each month (dollar cost averaging) you'll do ok.


That's how I think of the little bit I've acquired.
What about PM's as an insurance for personal financial hardship and unpredictable times?
 

glockngold

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#10
What about PM's as an insurance for personal financial hardship and unpredictable times?
Yes, but, diversify.
Unpredictable times are... unpredictable.
Do you have enough cash put aside that if you lose your job or get sick & can't work, you are good to go for 6 months?
Got enough food for the same? (if the shelves are empty at Walmart, no amount of cash or metals will bail you out).
Don't worry about spots on silver. Silver will tarnish. No big deal on bullion.
 

Silvergun

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#11
As someone else pointed out, dollar cost averaging if the best you can do. It is impossible to time the market perfectly. Right now silver is a great deal IMO.

I would recommend paying off your consumer debt (credit cards, car payments, etc.) before working on your PM stacks
 
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#12
I've come a long way since I started this thread last year. Because of the advice in this thread I got fully out of debt. Now I have cash saved and am dumping a lot into my 401K. Trying to figure what else to do with my money. I have a stack of PM's that I am not sure what I will ever do with. I still DCA Silver monthly and buy an ounce of gold once and a while. I think mostly because I like to collect and hoard things. I missed the BitCoin Bus as I was always too afraid to trust it. Still am. So I am looking at stocks, bonds, and real estate to invest in. Kind of overwhelming to decide what to do.
 

solarion

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#13
Suggest you put a bit into cryptos and sit with it for awhile. Just a few hundred and see how it goes, particularly in here with bitcoin pulling back the last few days. Bitcoin is easily converted to metals in seconds if you get spooked anyway.

Just a thought, but glad you took the PM plunge.
 
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#14
Suggest you put a bit into cryptos and sit with it for awhile. Just a few hundred and see how it goes, particularly in here with bitcoin pulling back the last few days. Bitcoin is easily converted to metals in seconds if you get spooked anyway.

Just a thought, but glad you took the PM plunge.
Sounds good. I'm meeting with a buddy next week that can help get me started on crypto. He's just going to go over the basics of how to buy and sell with me.
 

stAGgering

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#15
Sincerely investigate exiting 401k.
Since you can not, without repay w/interest and or penalty, or not at all until your dead... almost.
401k is a ponzi like Social Security, works for the first in and first out. I doubt you'd be either.
Obama passed a law allowing the govt to turn all your stawwks into U$ Bonds.
With 1.2 trillion in 401ks, the govt will be coming for it, and leaving an IOU as they have and do to SS.

Look at govt. coins from 5 years ago, and which ones increased in value.
A 10 oz Perth mint 2016 lunar Monkey goes for $249 -$300 bucks.
Today the 2018 10 oz Year of the Dog goes for $200.
Why? Low mintage. Due to lack of popularity essentially.
Look for mintages that are low, in series or countries with well known and sought coins, not rounds.
Wait for mintage 2017 records to come out for Perth, Rwanda, Mexico, etc and buy low mintages.
Rwanda 2017 Year of the Rooster is first of a series, costs more, but limited mintage and holds value.
Purchasing a coin that holds value during price drops is key, for gaining weight.
Sell for what you paid or more, and buy more.
Do not even think about Eagles, or Maples, or Philharmonic, or Kangaroos, or Brit anything, unless you WANT them.
The extra cost for Perth, or Mexico etc. often is returned if emergency sale for cash is needed.
.9999 Somalia Elephants cost about the same as Maples gain faster, 2018 looks attractive, better than previous 2 years.
Bars and rounds gonna go where the ETF says it will go.

You can clean rounds, hot water and dish soap, with very soft facial sponge.
Or "E-Z-Est" Silver Cleaner, dip then rinse in soap and water.


Best to you with crypto, massive multi directional rumor driven opportunity. Las Vegas with better odds, for now.
Upwards is the direction, due to massive x10 of money with nowhere to go due to all other paper/digital markets are loaded.
You stepped into the Silver market at a great time, dig it!
 

Goldhedge

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#16
What about PM's as an insurance for personal financial hardship and unpredictable times?
Just saw this post. I don't 'see' all the posts that happen sometimes...

I agree with your assessment.


As for bitcoin, there are exchanges that pare down (fractional?) a bitcoin making it easier to hop on the BTC train...e
Etherium and Coinbase are two of 'hundreds?'

You can track Etherium here
 

Thecrensh

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#17
I wonder if Bitcoin and other crypto currencies aren't the 2017 equivalent of the 1990s "dot com bubble"? People jumping into something without really understanding it and artificially driving prices up.