| Author |
 Replies: 37 / Views: 4,414 |
|
New Member
United States
34 Posts |
Poll Question
Years ago I accuired about 10 pounds of 90% half dollars for face value.  My intention was to just hang on to them until silver was sky high. When the price hit $50, I didn't do anything with them because I didn't need the money at the time. However, now I find myself looking to get engaged in the next couple months. My price range for a ring is about the same as the current value of my stash. Right now I have about 11 months of emergency funds. If I paid cash right now that would bring it down to 9. What would you do: Sell immediately and call it a day - it's all profit anyway? Wait a month and see - if too low then hang on to it for a little while? Sell half now and go from there? If prices come up to even $27 per ounce that's $700 dollars...pretty significant. Thanks
|
|
|
|
Bedrock of the Community
13014 Posts |
Assuming you have interest in keeping some of the silver Id pay for it half with the silver sale and half with cash
|
|
Pillar of the Community
United States
621 Posts |
you can always re-bulk up the emergency fund, you'll never find that many silver halves at face again unless you get incredibley lucky. id hold unto the silver.
|
|
Pillar of the Community
United States
1200 Posts |
Half and half would be the middle-of-the-road, "middle path" compromise way to go. At least in the end you'll only regret your decision half as
bad as you will if you dump it all right now. Waiting to see what mañana brings and all the second-guessing that entails will drive you crazy.
Good luck!
|
|
Pillar of the Community
Canada
3692 Posts |
You have the cash, so use it. Don't compromise. You'll get a bad return on your silver.
(Disclaimer: don't listen to my financial advise. ;) )
|
|
Bedrock of the Community
13014 Posts |
Quote:
you can always re-bulk up the emergency fund Not if you have an emergency. |
|
Valued Member
United States
410 Posts |
If you want to buy the ring now I would sell the silver to pay for it. If you don't want to sell the silver I would wait to buy the ring until you can save enough to purchase the ring.
I would not raid the emergency fund to buy a ring because an engagement ring isn't an emergency. I personally hold 12 months of expenses in my emergency fund and it has come in handy twice, once when I was laid off for 8 months and once when I was involved in a bad motorcycle accident.
|
|
Pillar of the Community
United States
3789 Posts |
my friend-
sell the silver now, you have a profit even with the prices going lower, you need the money and that's what you bought the silver to begin with,,, that at some point you would sell the silver and turn it into cash.
Don't risk the profit you have waiting for the price to come back. This is an all too common mistake. Remember the saying, "Sell when you can, NOT when you have too". Right now you still have a nice profit and I both commend and applaud you for investing in silver and having a profit.
Now follow through and turn the profits into cash,, and you will have gone full circle and wont live with remorse that you could have sold when you had profits.
|
|
Pillar of the Community
United States
561 Posts |
Don't get married? Problem solved and many future ones avoided! I jest.
Honestly though, I wouldn't sell the silver. You have the cash use it. Silver has a better long term outlook than cash anyway. As for the emergency fund, you have more than enough that if you started digging into it you would have plenty of time to liquidate the silver before you needed it.
-Disclaimer- I have never sold any silver and I may not so my advice is slightly biased
|
|
Pillar of the Community
Canada
2019 Posts |
Confucius says never get married unless you have enough silver to pay for the divorce..  |
|
Pillar of the Community
United States
621 Posts |
bb21, true, I didn't look at it that way. I read it as he has 11 months worth of emergency savings as in he sets aside a certain amount each month for his emergency fund and he's currently got 11 months worth set aside, not he's got enough to live for 11 months. so I figured it wouldn't be that big of a setback as in 2 months he would have gotten back up to 11 months worth of savings.
|
|
Pillar of the Community
United States
759 Posts |
For emergency funds, liquidity always wins and unless you're prepared to use the silver at face value, cash is more liquid by definition. Use the silver. You'll likely get a chance at some point in the future to replace it for less than you sell it now.
Oh, congratulations and good luck to you.
|
|
Valued Member
United States
410 Posts |
I read "11 months of emergency funds" as saying he has enough money in his emergency fund to cover living expenses for 11 months. That is general the way the term is used. The general advice to every household is to have at a minimum of 6 months of living expenses set aside in an account for emergencies.
BTW curtism1234, putting away 11 months of living expenses is very commendable. Far too many people I know can't go a week without a paycheck before they start missing payments.
Edited by JSH
05/08/2013 7:32 pm
|
|
Pillar of the Community
United States
2543 Posts |
Never thought I would say this .... But I totally agree with everything @yup7676 said. Sell it take your profit make your (future) wife happy. Never let "your stash" impede your life. |
|
Pillar of the Community
United States
5825 Posts |
I also have to agree with Yup in this scenario,
Cash is king and you can buy your silver back at a later time. Saved your emergency fund.
|
|
Pillar of the Community
United States
1511 Posts |
I say keep the silver. You'll still have a 9 month emergency fund left over... As mentioned many people don't have 1 month let alone 11, or even 9. To me at least, if I still had 9 months emergency cash stashed away it would be worth the risk, and to take the chance that silver would go up again and hold out until you can get a far better return. Granted it could drop further, but I'd still use the cash, it's more easily replaced for face than if silver happens to rise again.
|
| |
Replies: 37 / Views: 4,414 |
Posted 05/08/2013 5:26 pm
