I clearly remember 3 years ago my Uncle Randy telling me that he was seriously stockpiling Silver.
The commodity was selling at about $5.00 per troy ounce and he was sure it would go to $20 or higher.
If I remember correctly, he felt that there was a worldwide shortage in silver, and that the stock market was overvalued…so if the market tanks…people will fly to silver and gold. Wouldn’t you know that he was kind of right. He had traveled all over the Midwest buying bulk silver @ $3500 a bag. He got out several months ago at around $15,000 per bag of bulk silver (When the spot price was about $19.00 per ounce.
The bottom line is that HE WAS RIGHT, and he make a killing. I was an idiot back then and didn’t pay attention to the writing on the wall, and I did nothing. There is nothing worse in life than procrastination. I figured that I would look into silver sometime in future…and here I am 3 YEARS LATER…visiting the case for an investment in Silver.
I am going to be a buyer of silver very soon. I wish I was buying at $5 an ounce, but that ugly thing called procrastination already bit me in the behind. The reason that I’m still a buyer at $10 an ounce is that I believe our country is going to see some significant downward pressure on our currency as we continue to print more and more dollars to bail out more and more stupid companies.
What that means in the long run is that our every time the US prints more currency, those bills in your pocket are worth less and less (in theory)! That being said, I see commodities like Silver and Gold seeing significant increases in value over the next few years as smart money flies to quality.
Please weigh in with your opinion on silver, as I am in no way an expert!