I remember the first time I bought metals, a kilogram of silver and ten grams of gold; I felt like a pirate, only the treasure chest was missing. Of course I didn't have enough to fill a treasure chest but it was a good start and since then things have improved somewhat.
Faith rolled her eyes at my purchase when I showed her and seemed completely disinterested except to ask how much I spent. She saw it as a waste of money believing it would be better in the bank. Since then her interest-level has increased but it took a long time for her to see it as a viable way to hold cash.
She's on board now though and for a few years we have had a savings and purchase strategy specifically for metals which she fully supports; I tend to avoid novelty items in preference for weight, buying the best I can, and getting as much weight as possible for my fiat; That seems prudent to me.
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I have a few of these 10 ounce kookaburras...They feel nice in the hand. Chunky.
Faith never mentions metals, or cryptocurrency, on her own accord; She's happy to talk about it if I bring it up though...But last night she took an active interest.
She'd seen the silver price and suggested it might be a good idea to sell some, hold fiat then repurchase silver when the price dropped. A smart strategy of course and I was pleased she was thinking about it, interested enough to chat about it. I'm not that keen to sell anything just now though as tempting as it seems.
If I sold four of my kilogram bars today I'd turn a $2560 return on investment, an additional 65 ounces, almost two kilograms! If the buy-price then dropped to $34AUD/ounce that would be 75 ounces, well over two kilograms. So I'd get my original four kilograms back plus a couple free ones and that sounds liker a good thing to me...If it worked out that way...But if silver went up after I sold and never dropped back? Not so good.
We spoke about it and decided to hold.
I'm reluctant to relinquish any just now, even a portion as above, as I feel that in years to come it will go upwards and deliver a better return on my investment - In fact I contacted my silver guy to find out what he has available for me to buy.
I was pleased that Faith was taking an active interest though, as she is with cryptocurrency now also...It's amazing how a rise in price and the prospect of profit piques interest right? I don't know if I'm making the right decision; Does anyone truly know? I'm happy Faith is actively interested though and together we'll keep working towards our goals...With no more exasperated eye-rolls in sight.
So what about you? Are you holding, buying or selling silver right now?
Design and create your ideal life, don't live it by default - Tomorrow isn't promised.
Be well
Discord: galenkp#9209
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That’s great to hear! Silver is my first foray into investing besides the stuff my company offers. That’s basic stuff but getting involved with something like silver is an excellent way to get interested in investing. I’m not relinquishing my quantity but I’m very proud to hold what I do. I’m not looking at the price lately but I did grab some for Black Friday. That’s usually when the price is good enough for me to get back in for the quantity I want, less than the bulk orders. I could sell for what it is now and make a hefty return on investment but is it worth it? I don’t think so. I’m more on your mindset where I’ll continue to hold it. I’m holding it for a rainy day mostly, I don’t want to sell it but if the situation requires, I would part with it if need be.
I’m hoping to get my wife into something like this but she’s spent on what she’s got going on to be able to explore different stuff like this lol. One day!
It took a while for Faith to come around. Not having much money growing up has made her cautious, me too really, so I understand her fiat-focus. She's on board now though and understands the benefits.
I decided last night to get a kilo and was going to pay $1309, then wake up this morning and it's dropped to $1263...Happy days huh? Picking it up tomorrow. Another chunk to add to the pirate chest.
With Siena, don't rush it...She'll come around as time goes by and you're both young enough to go long and make some good gains. Little by little. The key for me with Faith was not to push, talk about it here and there but not fixate on it. Smart girls make smart decisions, they just need to make them in their own time.
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Yeah Siena is good with her money. She helped talk me into some better money strategies but she’s very conservative when it comes to spending money, for good reason. She moved out on her own when she was 21 and hasn’t looked back since. Lots of financial struggles for her but now that we’ve built a good life and have some funds to invest, she’s getting more apt to looking at things. She even brought up crypto back in December. That was the first she had and was interesting to hear. She doesn’t like it but understands that it might be worth buying some and has learned of some of the different strategies Ive employed. Nothing crazy of course but just a “don’t buy this crap, I prefer to buy this” type of stuff. I think when we do our taxes this year she will have a good look at what the benefits are to putting in a little bit. We need to offset the profits on the business anyways so we will be seeing what the options are. Maybe we could grab a few ounces of silver as a tax write off, you never know!
It's good that you're both on the same page and cautious isn't a bad thing at all either...Investing isn't for everyone I guess and as long as the research is done and the risks are calculated then those that take the step should feel confident. It's all risky though so being strategic about it is best practice.
ENGAGEtokens.I have been underwater on my silver for more than a decade so I am tempted to sell. Can't quite pull the trigger yet for some reason. FOMO I guess :-)
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Yeah, I hear you...Missing out on what could be is a big reason for holding for many people I think. I guess it might be best to hold if one doesn't know what to do definitively. I was just chatting with my metals guy who will sell me kilos at $1309 and buy mine from me at $1143...$1143 isn't quite enough to make me jump at it and so hold, and buy, it is. I just sold a firearm so have a couple thousand to spend...Makes sense that I turn that fiat into something that will probably appreciate rather than let it sit in my safe. When silver hits $100USD though...Different story. I'll be selling. 😀
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Ha! I bought most of mine at $18 US, so I am finally above water. I think it will go higher over next two to three years. Thus my hesitancy to sell. However, I am considering selling to shore up my current financial condition. That may actually be the better part of valor at this stage in my life....or maybe buy some more crypto to satisfy the FOMO :-)
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I ended up getting that 1 kilogram today, cost me $1263 due to a slight price dip. I only just put it away...But had to pull out a heap of my stuff just to look at it...I do that now and then...I like to see what I've got as I have some nice novelty/collector coins...I avoid them now but I like to view them. Weird? Maybe, but I don't care.
It is interesting that in this post you are talking about metals and the next person I follow above your post is talking about coins.
Coins as in minted silver coins? I have them too as per the picture...If you mean rare coins, like Roman ones, then not.
That coin in the photo is legal tender here in Australia. It's minted by the Perth Mint as $10 Australian dollars and is legal tender to use...Of course, it's worth much more in silver-weight and only an idiot would use it as legal tender. Those are the coins I like, not so much the rare ones although they can be cool.
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well it seems to not be very rare
Hmm, they might need to be buried for a couple thousand years and found in an archaeological dig before they're considered rare.
i don't own any crypto but it is nice to see you and your partner working on your finance together. That synergy is priceless.
I haven't been thinking much about crypto or anything related lately. My primary goal is to immigrate sometime next year, I think after then I will start making some solid investment plans--travelling for a better prospect is a good investment to improve the quality of my life). Can't wait to start holding precious metals.
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My wife and I make most most decisions together and whilst she leaves me to my own devices with metals and crypto she knows what's going on and that I wouldn't operate outside of our financial capability.
It's sometimes difficult for people to comprehend the difference between countries and sometimes I wonder about doing posts like this as in other countries people struggle to get consistent internet connections and electricity...Here I am buying silver. It's all relative though I guess and I've been fortunate enough to have been born here, to have worked very hard in life and have the ability to go without to help fund my investments. I hope you will have the chance to hold some metal and crypto someday if that's what you would like...And I hope you can immigrate and get things on track.
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Hola. Espero te encuentres bien. Interesante tu Post. En mi pais el oro y la plata es muy cotizado. Y por poseer minas de estos metales siempre a sido tradición tener prendas en esos metales.
Recuerdo que mi mamá siempre invertía en comprar prendas de oro y plata, aqui el metal hace 30 años atras era muy económico o se tenia el poder adquisitivo para comprarlo. Pero ella siempre decia, que era una inversión, que eso seria mi herencia y la de mis hermanos. Así, paso el tiempo y adquirió prendas, ademas el regalar oro y plata era de gran facilidad.
Hoy, en nuestra situación económica los metales,son de gran ayuda, son cotizados a buen precio, y de verdad nos ha. Sacado de muchos apuros, hemos tenido que venderlo y resolver nuestra situación. Mi mamá previo que esos metales nos ayudarían en algun momento difícil !asi ha sido!. siempre invertir en metales es una buena idea....
It's good that your mother's investment ended up helping the family out. Often people don't invest as it means going without something now with the return coming later. Being a little diversified is my strategy, some of everything although I'm not huge into the share market. I guess I have the hope it will all return a good result in the future and hope that when I sell the prices are good.
Thanks for commenting, I appreciate it.
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Gracias a ti..
ENGAGEtokens.Take a look at the run-up in silver in the 70's, I think it was the 70's, a lot of people got burned when it came tumbling back down. I have not been following the markets much, but with the various artificial run-ups going on right now, you have to wonder is it just a pump and dump for metals, like for the gamestop or for Hive?
It's an alternative method of holding cash for me primarily and I'm not a buy-sell sort of dude...More, buy no sell really. 😁
Faith was all about increasing our holdings and I wasn't about to shoot her down, it's cool she's getting involved as usually it's my thing and she just leaves me to it.
To be honest I think the recent increase will come back somewhat, maybe not all the way back, but a little... Considering it's unlikely I'll sell any I'm ok with that. I'll just buy a little more. Last year sucked as supply wasn't there and I'd lost 20% of my income because of the pandemic so I'm getting back on track this year. With kilograms.
Eventually I'll sell it all though, to help furnish my life in retirement, or maybe to fund some of that year off we're planning? It'll get used eventually and $100USD/ounce will be welcome at that point. 😉
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A cost averaging thing is not a bad way to go and as part of a retirement account it make a lot of sense.
I'm closer to retirement, and end of life, than I used to be...It happens. And so I have to think logically and pragmatically. I feel we have a reasonable strategy although if you have a spare million to offer me I'd not say no to it. 🙄
To the days of feeling like a Pirate!!
Love the quote btw. just read the whole thing
R.@galenkp i believe you are doing the right thing by holding and buying as much as you can. If i had any money left (thats a long story to do with the bank heist that Lebanon suffered recently) i would buy silver, gold ,Swiss Francs (old currency) and crypto. I don't know if the price will go up or not but it surely will hold more value in the time to come. I am loving @leofinance - been checking it out recently. very informative.
My main metals strategy is as an alternative method to hold cash, the secondary is the increases it will make that cash will not and the tertiary strategy is to have enough that I can legitimately call myself a pirate, although I'll have to have a ship, crew, shoulder-parrot and do some swashbuckling to officially gain the title. #workinprogress
I'm not in LeoFinance much, just a few here and there as I'm not very one-dimensional preferring to represent myself as I really am; Fairly diverse. I post across many different communities, three of which are my own. Leo is ok though, there's some good stuff.
Now, that bank heist...You'll have to enlighten us someday, when/if appropriate.
The quote is something I live my life by and I use it on my posts as a means to, and in the hope I, inspire someone else, anyone, to get out and do the same. It takes ownership, responsibility, effort and action but the result of deploying that combination? Well, one must do it to find out. 🙂
Silver will be going north of $200(US).
(In my 'not very smart opinion', of course).
I'm not a hodler by nature - with silver I would make it the exception
Great news...I'll take that sort of increase any day. I've got a couple more kilograms on the way this week and whilst Faith almost eye-rolled she gets it and feels it's a good option. I mean what's the annual ROI on average historically? 8% or so? That's not available at the banks on cash. So, come on $200USD/ounce!
Thanks for your comment.
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I'm holding for now👍
Yep, smart I reckon.
That's pretty cool that she's interested now :)
I'm kind of useless as I would just buy pretty things because they're pretty XD
I'm sure I've mentioned many times that I'm absolutely terrible with money because I just don't care about it aside from occasionally being irritated that some things require way too much of it
I kind of wish J would be more interested in crypto just so he'd buy me more hive (I'm kinda selfish like that XD), usually he just mostly-jokingly asks me if he can retire yet.
Some more hive would be good...A few mumblings about it going upwards possibly. Maybe. Who knows?
Wouldn't work because I'm not that kind of insidious XD
I'd always heard silver is a good investment with steady price unlike gold. I've never invested in metals or silver as I don't know how to go about it. I believe it's smart move to keep investing from what I have read about it. Best wishes 🙂
Investment is always a good thing, whether it's investing in one's own knowledge and understanding, crypto, property, metals...It's all good, as long as some research is undertaken along the way to help mitigate some of the risks.
Gold has been on a fairly nice upward curve as you can see since 1973...I wish I had some back then, but I was only three years old. The chart below is pretty clear on the strength of gold.
Silver has been less dynamic but has had it's good times. My strategy is some of both and at my age I don't have the luxury of going too long...So I'll sell it all off and use the funds at some stage...The trick is to do it when the price is good, if possible.
Holding here in +60% actually 🙂🤲💎🚀
Holding...Me too. In fact I woke this morning and saw that the price here came back to $34/ounce...So, I'm hoping it drops back a little further as I'll be buying. :)
Thanks for commenting. ✅
Holding cause not enough extra to buy right now. I've got first dibs if you decide to offload any of those Kooks though! I tried to buy one of the commemorative 5oz for my son's Bday last year, but they all gone (at least direct from Perth). I'm pretty picky about my sources... I did get him a nice WWII commemorative that was awesome, and a bit hit. I'll be waiting for you.
Yep, I'm on hold too although I grabbed a 1kg Perth Mint bar today, picking it up tomorrow. $1309 yesterday, $1263 today...The price slide saved me a little.
Those 10oz 30th anniversary kookaburras are sweet; Feel nice in the hand! I managed to get a few and you called it so have first right of refusal if I'm selling one ok? I've got a few ANZAC and military coins from Perth Mint, also a great white shark one in the shape of Australia...I don't normally go for the novelty ones though, they cost more than their worth...Although they are cool. I have a few steem ones too actually.
I can understand the strategy, I think that a lot of people think about money decisions now more than ever. It's good. Profit always piques interest. The surge in crypto interest during the pandemic is explained by the financial uncertainty that many people experienced in 2020 and now.
It just makes sense to me I guess, to be a little diversified and to be thinking ahead. Who knows what's around the corner...Nothing really good I'd imagine, so I plan for a few eventualities.
coins in the australian series are really nice. that is until you show the back side. something wrong with having the queen on commonwealth nation coins. especially now.
I'm more focused on the silver weight but I get your point completely.