Addicted to Silver

So my wife says i am addicted to silver. I just recently started getting into it and only have 9oz. Which is nothing compared to what people have on here. I first bought in at $40.94/oz. right now we will start making money at $45/oz. i told her if it goes up ill be happy cause well make some money and then i also told her once it reachs about $50/oz that itll probably drop and a good amount. Now shes all worried that now that its below our original buy price, that this whole silver thing is a bad idea. i told her that this is a long term investment and its good for us. (just married last december and a kid on the way)

i told her that i would be happy whether it dropped or climbed and not to worry, but she stresses and says she doesnt like the game.

I love it. it was fun watching it climb to almost $50/oz and then i was cheering it on when it was dropping to below $40.(i want to buy more)

Anyone have issues like this with there significant other? and what did you do to calm his/her nerves?

 

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I have the same issues with my wife. She was really upset when I was buying in the mid teens...and then she got really gradually more supportive, oddly enough, in relation to silver's price increases.

I would just explain to her that A) Silver is historically a volatile investment. B) A smart investor ALWAYS buys on the dips (which would be now!). And C) The fundamentals that pushed Silver's rise haven't changed. This drop was primarily caused by two events; Osamas death (which, oddly, has given the dollar a small bump) and an increase in marginal rates by the COMEX and other markets to purposely cool off silver's rise.

In other words, do not worry. It will surely go back up! You can bank on it.

 

"Gold is a fine thing
For those who admire it,
Gold is like the sun,
But I am a child of the Moon,
and silver is the metal of the Moon."

The Ballad of Baby Doe

 

Got a Divorce.... Kept the silver !!!!!

 

If you want your marriage to last years rather than months, respect your partner's concerns about finances. If you're like the majority of newlyweds, nine ounces of silver does represent significant money -- a big chunk of a month's rent, or groceries, or a whole car payment. I don't know what you earn as a couple, or how much you've already saved, but this doesn't seem like a good time to be speculating with money that matters. Build the nest-egg first, then think about diversifying.

Even if $400 isn't significant money for you or her, think long and hard about why you're enjoying the ride and she isn't.

 

Great advice! :thumb:

 

I'd be more careful about your finances and be more careful with how you're investing. You were "cheering" when silver dropped 20% :scratch: ? I understand you want to buy more, but you have to consider the fact that silver may not reach $50, or $40, or even $35 for a while now that it crashed. It could take days to get back on track, but it could also take weeks, or even years... it's just a "best guess". Personally I'm not cheering - I'll cheer when I see the price of silver remain stable for more than a few days.

 

Not to downplay your endeavor sk8er722, but I picked up 16 oz yesterday, and that's a small amount of silver to me. Everyone's financials are different and I wouldn't pretend to tell you and your wife how to handle them, but if you are addicted to silver at 9 oz then I have an intraveneous feed to it. I'm not married, but if my significant other told me how to spend my money I would politely remind her that it's mine to do with what I please

 

To me, silver coins are for collecting fun and also as an emergency fund. I have a friend who's older and years ago he had to use some of his beloved silver dollars to pay his mortgage. These days, his finances are in great shape, but he still remembers that day 30+ years ago when his silver coins kept food on the table for his family.

I tell my wife we don't ever want to use them, but it's good to have them if we need them. Certainly these days as the Fed likes to "print money."

 

I am married and have a young son. I explained to my wife the importance of precious metals and scared her with talks of hyperinflation, peak oil, and the fall of the USD as the world reserve. It ended up being one of those, "But think of the children!" talks and now she supports my buying. She always asks me what the market is doing and everyday I come home her firsts words are, "Buy more?"

 

I don't tell my wife what I am buying and selling daily (our finances are moderately ok), but we came to an agreement years ago about our "fun" money. She gets about $50 from every pay to do what she wants, like getting her nails done (things that make her feel good) and I get about the same to put into coins. Sometimes its less and sometimes its more, but I try to stick to that amount. When the market wasn't good for buying, I would just move the money into my separate account so I would have it when I wanted to buy. To do this I often give up other costly hobbies, but it is worth it to me. We have been doing this for only about 6 years or so, and she was pretty happy when I recently cashed out the bulk of my junk and bullion silver (I kept some silver and all my collectables) to put towards our upcoming child and other expenses. I was disappointed to let it go, but I know it was for a good cause and that I had done well with my investments. An important point to this method is that you slowly build a good collection with minimal impact on your finances, and you can adjust or stop if the situation calls for it.

My story aside, my advice would be to come up with something that both of you are ok with. If she agrees to give you an "allowance" for coins/bullion (and make no mistake, it would be bad for your marriage if you hide it from her), don't share the daily ups and downs with her if they make her uneasy. Just buy it and put it away. It will likely come in handy one day.

 

Good advice here. I would say to not tell her you are investing in bullion, but that you are a coin collector. Hobbies are usually viewed fairly innocuously. My wife would not like it if she thought I was investing in something like silver, but spending some money every month as my hobby she is fine with.

You can always be a "collector" of ASE if you want. I would say at these silver levels, a lot of premiums for coins are gone, so I would encourage you to really be a collector, enjoy coins, just only buy coins at melt value so you satisfy your want of investing in silver at the same time. WL halves and mercury dimes are pretty coins that can be bought for their silver content in circulated grades, as well as others. Even if your investment in silver doesn't pan out, you will get the added benefit of the enjoyment of collecting the coins.

 

Your wife sounds smart. Most investments, while in play, like PM's are now, can be reduced to pyramid schemes. The time to get in was years ago, the time to get out was last week. I may be wrong on the timing, but why take a risk with something that has already moved in a significant way. Don't be a sheep - sheep get slaughtered.

 

I live at home with my parents, So I am probably one of the youngsters, of this forum will be moving out when I'm done school. And no I wont have any debt when I leave but I will have a ton of silver. One person other than my parents know I invest in silver its like my dirty secret haha. I'm Thinking long term. Not to make a quick buck because The dollar people made when they sold at 47 etc can not buy you what it did when you first bought silver, you may have higher number on more paper but its still paper.

 

+1

 

It sounds like you are off to a great start. However, you may want to consider putting some effort into learning more about the stock market and trading some silver for stocks or a mutual fund if the market drops. Silver is fine when it's in a bull market, but there can be long periods of disappointing returns. Over long periods of time, investment in businesses [which is what the stocks are] will usually outperform silver.

 

+1

 

I agree with what your saying. I'm not planning on having all my eggs in one basket. I'm still learning about the stock market and technical analysis, in the process of finding a good online trading service. I just cant leave my money in a TFSA anymore making next to nothing in interest lol

 

True but, one thing that sunk in, in business school was the stock market has always out performed everything else over the long run (15 years or more). If you're not within 15 years of retirement, most of your portfolio should be invested for the long run. And, a blind folded monkey throwing darts at the stock listings can pick a portfolio that will perform as well as the highest paid experts over the long run. I personally chose to invest in an S&P fund that did as well as most of the rest, with lower risk than most.

 

any stock recommendations? lol