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 Replies: 17 / Views: 2,880 |
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Valued Member
United States
385 Posts |
hey guys,
I just counted up the silver I kept on adding and reselling (for money to buy college books) and currently have 15oz of silver. Now, as a college student I'm very broke and only find a couple of twenties a week for tutoring some freshmen students. I'm always disappointed that I don't have enough money to stack up some silver lol.
Do you guys think I'm intermediate with 15oz or is this a beginners amount of silver, how much do you reccomend that I hold?
Thanks for your advice and have a great weekend, guys.
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Valued Member
United States
280 Posts |
I'm a beginner, and I only have about 3 ounces from CRH( and that was all in 1 roll). I think that is way beyond a beginner's level. If you need cash, sell maybe 5 oz. and hold on to the rest- that's still about $150 in your pocket, not counting any numismatic premiums. I'll be heading off to college next year- maybe I better find a job and save up for future CRH adventures.
Happy Hunting!
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Bedrock of the Community
13014 Posts |
Dont hold more than you can afford too. Moneys tight for you so just get it as you can if thats what you want to do, for general investing usually 20-30% of your money is recommended. Its been fairly steady but it could still crash at some point, and as with anything for investing you never want to put all your eggs in one basket
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Valued Member
United States
148 Posts |
The amount of silver one owns is not indicitive of their knowledge.
Most importantly, are you having fun? I live on the Mississippi so fishing is huge here. I know some people who don't have a boat yet go out shore-fishing every chance they get. I also know people who use their $50,000 fully-loaded truck to tow their $60,000 bass boat to the landing yet with the way they complain about every little thing don't seem to enjoy it.
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Pillar of the Community
United States
3184 Posts |
I think 15 oz is more than 99% of the world population. Their are those that own nothing.
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Valued Member
United States
223 Posts |
Rather than waiting to accumulate enough to buy by the oz, think smaller. If you have a couple extra bucks stop by your LCS and pickup a junk merc. Can usually get at spot with no premium and eventually the silver will stack up. Might not be as pretty as shiny bullion but you're more likely to have an extra $2.50 12 times than waiting to have $30 all at once.
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Pillar of the Community
Canada
1723 Posts |
 This way you have the money available to spend on items that you need but still stack a bit. We all want silver to shoot up and the value of our stacks to increase but as basebal pointed out, nothing is for sure and there is always a possibility that it could crash and you are out a good chunk of money. If you're not putting in more than you can afford, you wont need to worry about selling at a loss if you need to raise funds because you put some cash away for rainy days, thus allowing you to hold onto your silver for the sunny days. CHEERS! Edited by samsnate
01/12/2013 11:14 pm
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Valued Member
United States
200 Posts |
Buy slowly if you are short on money but keep on buying. Even small quantities bought now will add up to a substantial stash over time. If you get something below melt, just grab it. That's the way I do it generally.
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Pillar of the Community
United States
3843 Posts |
Quote:
The amount of silver one owns is not indicitive of their knowledge. Good point Berk, the knowledge that is gained here is incredibly valuable. To the OP. It is great that you are starting stacking early on in your life. After you get out of college and out from under the debt associated with student loans you will have plenty of time to stack. I know this might not be a very fun suggestion but if you have debt with high interest rates you would be better off focusing on getting that paid off first. Not to say that you shouldn't stack but paying off debt first might be far better in the long run than pouring tons of money into precious metals. Edited by Joe2007
01/13/2013 01:38 am
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Pillar of the Community
Canada
3692 Posts |
I agree with Joe2007. Pay off your debts first. That's the only thing holding me back from stacking bigtime. You don't want to be forced to sell your stack at a price you're not comfortable with just to pay off a debt.
"We all want silver to shoot up and the value of our stacks to increase but as basebal pointed out, nothing is for sure and there is always a possibility that it could crash and you are out a good chunk of money."
(Re: ^^) You wouldn't be out any money if the price went down. You'd still have the same amount of ounces. It depends why you're buying bullion in the first place. If it's for investment then beware and know it's volatile. I'm sure Ed will jump in and advise you buy a little at a time to create an average buy price instead of gambling with huge buys when you think the price is low.
OP (silverdollar2011): In your situation I would buy an ounce a month if money's that tight. Some people opt for the .900 fine path (US coin silver). .999 Bullion is probably more liquid depending on where you're selling.
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Valued Member
United States
148 Posts |
There's an often printed disclaimer: past performance does not guarantee future results.
Gold and silver have had a great return over the last 10 years, and I dont know what will happen in the next 10 but I promise it will either be different from the last decade. It will either be less or more.
Long-term Gold and Silver have returned inflation. Nothing more, nothing less. That's a horrible return on your money, it's just awful compared to real estate or stocks. Even government bonds have earned more long-term than gold and silver.
What Gold and Silver have given is a return of your money, and there are very few asset classes that can claim that.
If people are going to get into PM: please, please have your obligations straight before doing so and that means having debts paid down to a managable level and savings in the bank for a rainy day.
If someone doesn't have their financial house in order before buying PM's then they're just a gambler and a speculator, and at that point, why not "speculate" on something more fun like a 1970 'Cuda or a treasure hunting trip to the Bahamas.
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Pillar of the Community
United States
4008 Posts |
Quote:
There's an often printed disclaimer: past performance does not guarantee future results. Indeed so, Berk, and there is also: "Nothing is guaranteed, save death and taxes". THOSE can always be counted on to be around and a pain in the neck. |
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Pillar of the Community
Canada
1177 Posts |
honestly, do what I do, I always try to buy with 20$ bills, and any coins go into a piggy bank, I go to my LCS and transfer all money into junk CDN silver, I usually get around 20-30$ a week in change which gets me around 1.50$ fv or .90 ounces a week.
even if you have 5$ a week for silver, and got Canadian 25c each week, you'd have 15.6 ounces by the time you finish your first 2 years of college.
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Pillar of the Community
United States
3789 Posts |
Silverdollar-
First, congrats on getting 15 oz of silver. most folks don't even have an 1 oz of silver put away so you are doing well.
I agree with the other members who suggest putting money away, paying debt and remembering that commodities such as silver and gold do have volatility and its possible to lose your shirt unless you know how to (or even can) hedge those physical silver coins.
As an example, I am a trader. I will sell gold short and silver even tho I do enjoy buying gold and silver proof and bullion coins. Thats my hedge to a degree.
Another hedge I suggest is to buy quality over quantity. Over time, gold and silver proof coins, and the lower the mintage, the more cushion you will have as you are not solely relying on the price of the metal.
Now ima not sure how much you are able to save or save but a constant reminder with stock portfolios is to use 10% (as an example) of those holdings and put some gold in it. Now you might not have stocks BUT you might consider this or if you already have-
build up your silver pile by going forward and doing 10% for each increase in your savings account. This way you can gradually add and you reduce your risk if silver should take a dump. as an example lets say you save 100 bucks to your savings. then go out and add 10% in the form of silver if thats your game plan.
i hope that helps
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Pillar of the Community
Canada
1502 Posts |
if this is a collecting hobby, hold as much as you enjoy and can afford.
if you intend this to be an investment, 15oz (or 150 and even 1500) won't put you further ahead than a few extra hours of work per week
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Valued Member
United States
239 Posts |
Im kind of in the same boat you are in. I'm only 23, no "real" money just some bills and bull. I sold my collection awhile back when spot was $32. I was pretty much forced to at that point, I had to unexpectedly come up with money.
The thing with young, non-trust fund babies, is that we don't have lifetime savings accts that we can dip into when we need to, most people around our age are broke and just making it by.
I try to use money that I would spend uselessly on silver. Say my buddies are going out to the bars, ill sit out and take that $60 and bank it. Then when I can, I buy what I can and before I know it, my collection has gotten to $500, $1k+.
The hard part is keeping onto that when times get rough.
Im not the kind of person that will calculate annual income and strictly use 10% of that for physical bullion & maybe that's my downfall, but for right now, I am happy with shooting for a goal of 2 oz's a week. If I can hit that goal then great, if not, theirs always next week (if the price is right)
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Replies: 17 / Views: 2,880 |
Posted 01/12/2013 8:33 pm
