Newbie Here, Silver As Savings?

I would only buy silver right now if you are collecting. Investment wise you on the dodgy side of a cycle it might go up or down but like now it looks quasi-stable but threatens down.

Seems like a good time for me however to buy while costs are low. I'm just using now to stock up on collections I couldn't afford before like half dollars. It's like buying jewelry for me. Could I sell it and make money later probally but I only got it cause it looks pretty and entertains me. I have to drop out when it rises.

A good way to park money to create earnings it is not. The only way to be pretty sure of a profit is to buy below retail from the public and then sell at retail quickly.

Seeing that you are a teen it doesn't matter that much but I say bank to save it for college. If you have to spend it on something tangible silver is a lot better then girls :).

If you going to hold it for fifty years I say put it in stocks now, split it up between companies that you know will still going for the long term. A mutual fund doesn't have as much growth potiental it's better when you are closer to retirement like ten years.

Silver is a commodity and right now it's rocky. If you jump in with a large amount of cash I would wait a little to see how it settles. Then get it in ways with the lowest premium available. Bars are nice for some people but I like junk us silver coins. It gives you a little bit of a hedge on your bet. Silver is like gambling a little more then most other investments.

Go look and see what compound interest will do to that $1000 in 50 years - interest rates are more certain to rise than any "precious" tangible - and then do the right thing with that $1k and forget you ever had it. Anything else is gambling with your future at the age when you're best able to secure it by investing for the long term now. Wish I'd had this wisdom when I was your age - at my age (55) I'd already be set.

Gamble on shiny things when you're learned enough to gamble prudently.

Getting parents involved is not something I want to do... I was considering a drip account, but what are the chances of a crash in the next 50 years and waving all of my money goodbye.. I like the idea of investing in coke but since I'min Canada I've read that there are heavy fees in doing so, complicated forms and annoying tax documents to clear up..

If you are looking at investing and growth, and all you have is $1000, I'd look into the mutual funds. Probably an annual fee fund, not a commission based one, and there are many different funds so you will need to do some research to find the right one for you. As they say it takes money to make money and $1k isn't much to work with by itself. But in a mutual fund it is pooled with everyone elses money and that allows for more options, more diversification and greater growth.

I'm thinking back to when I was 17 and 1K would've been a heckuva lot of money to put anywhere without a lot of research and assurance. I think when it comes to investing there are a lot of different opinions and ideas and since you're so young there will be a lot of people that will want to give you their opinion thinking that they're really being helpful and in hopes that you will be very successful.

What superdave said was pretty sage advice as it is very conservative and safe.

Building wealth will NOT happen instantaneously, it's a pretty long drawn out process. While there are movies and media sources that site examples of people that risk it all and reap the rewards in a short period of time.... (that is more like gambling) and true wealth building is more allegorical to the story of the tortise and the hare (slow and steady my friend).

You're very young and there's still a lot of expenses that you may have to incur including:
1) House / home
2) Wedding
3) vehicle / transportation for gainful employment
4) travel

My advice.. I would look for sources of investment that guarantee a rate of return above and beyond that of a typical savings account. In your situation I would be a big fan of GIC's, term deposits, or savings bonds. Rolling them over after they mature and taking advantage of compounding the interest.

For stocks I think you may want to wait until you have 5 - 10K to work with a stable income and few LARGE purchases upcomming or that aren't planned/unexpected.

With respect to silver or gold... and trust me nobody probably likes 'em more than me.. but the best advice I have ever been told when it comes to investing, coaching or anything else for that matter... "You need to soar with the eagles not chase the turkeys"...

For the past 3 years silver and gold have been falling from all time "highs"... Right now both are chopping in a range but each do not seem like anyone knows if they're going up down or sideways.

I would avoid both silver and gold as investment vehicles (they're usually a conservative investment against inflation which has been negligible for almost the past 5 years and really should only make up a maximum of 5-10% of your total investment portfolio) until you have built up a substantial amount of wealth and are actually planning your "exit strategy" from the work place.

Good luck... I would encourage you to read up a lot on investing and talk to as many people as possible including bankers and financial planners and perhaps reading a book or two on financial planning.

Just remember that with free advice you often get what you pay for!

Best wishes

Which is a pretty good reason to put money with this long a term of interest into the least-volatile alternatives.