Investing In Silver
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!
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December 19th, 2008 at 4:09 am
I would have leaned more towards gold, but then that is a bit more of an outlay. What with the fluctuations you may still be able to get it at a decent price.
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March 29th, 2009 at 7:38 am
Smart stuff, TAM….. someone I was talking to recently was interested in buying “loose change” silver…. could be a bit awkward, but silver is silver. I actually don’t currently own physical metals, despite advocating for it.
MoneyEnergys last blog post..Zhou Xiaochuan’s Proposal for New Global Reserve Currency is Accepted by the UN
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Almost Millionaire Reply:
March 29th, 2009 at 2:39 pm
I sure am glad to have a comment on this post. It was one of my favorites, and no one else seemed to care. Oh well, you can lead a horse to water, but you can’t make it drink as the old saying goes!
Almost Millionaires last blog post..Filing Your 2008 Taxes
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April 10th, 2009 at 3:44 am
Precious metals are back in demand due to the financial crisis. It may not be as valuable as gold but it’s a safe place to keep your money to prevent it from devaluating.
franchise businessmans last blog post..Franchising NONKI Japanese Restaurant
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Almost Millionaire Reply:
April 10th, 2009 at 7:32 pm
Much agreed! Thank you for stopping by the site and for your comment!
Almost Millionaires last blog post..Pure Michigan
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April 14th, 2009 at 12:26 am
I have a blog on a similar topic. Maybe we can exchange links?
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November 19th, 2009 at 11:37 am
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