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January 2016: My First Silver Purchase

Discussion in 'Beginner's Forum' started by FthePolice, Jan 26, 2016.



  1. FthePolice

    FthePolice New Member

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    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.
     
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  2. nickndfl

    nickndfl Midas Member Midas Member Site Supporter ++

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    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. FthePolice

    FthePolice New Member

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    Sounds good. In regards to purchasing government coins, why is that a good strategy?
     
  4. Goldhedge

    Goldhedge Modal Operator/Moderator Site Mgr Site Supporter

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    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. FthePolice

    FthePolice New Member

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    Thank you for the feedback.
     
  6. Eyebone

    Eyebone Midas Member Midas Member

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    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.
     
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  7. Thecrensh

    Thecrensh Gold Member Gold Chaser

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    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.
     
  8. Fjpod

    Fjpod Silver Member Silver Miner

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    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. FthePolice

    FthePolice New Member

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    What about PM's as an insurance for personal financial hardship and unpredictable times?
     
  10. glockngold

    glockngold Gold Member Gold Chaser

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    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.
     
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  11. Silvergun

    Silvergun Silver Member Silver Miner

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    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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