Well here goes nothing.....

I just took my life savings and bought silver bullion(not including my 401k). Couple reasons. Mostly because I have no faith in the global economy. I had a lot in stocks and bonds. I did we'll over the last couple years but I just feel like its getting worse and not better. So I obviously think silver is going to go up, it's a gamble and scares me only because I have no diversification. It's ALL in silver so is something bad happens with silver prices I'm gonna get crushed but I just can't see that happening. There are other reasons as well.
The other big reason I did it is personal. I need my assets to be in cash more or less but I still want to have it invested so silver seems like a natural choice. Not quite sure how the paper trail thing works but I assume if you have to you could sell small amounts of silver and there no way anyone could track it? Correct?

 

Log in or Sign up to hide this ad.

First off... You should have diversified your portfolio. Many people are going to get on you about that. Also, if silver does go down, which I don't see much either, you're in the streets.

 

How old are you, how much did you invest in silver, and do you have enough in your 401k (not in silver?) to at least get by?

 

Good move. Don't let the others trapped in the system dissuade you from making decisions for yourself. Remember two things, never take advice from someone who will make money from your decision, and misery loves company.

On your last point, cash and carry is still untraceable. This is why there is endless FUD in the USA against PM ownership. IMO, you won't find much sympathy at this forum for your move as the previous posts already indicate.

 

it's the smart move. get your money out of the banking system and under your own control. now let them ruin the currency all over the world. it won't matter to you. I did it a few years ago and have never felt better. maybe get some gold too.

 

Let's keep the numbers simple. Suppose you bought 1000 ounces at $32, and silver then rises to $40. Most of the "We Buy Gold & Silver" dealers would pay you about 80%, so you gain nothing. Most of the B&M's would pay about the same. Of course, this is just theoretical, but where does one sell their PM's for the best profit?

Chris

 

That's a good question. Also, would the type of bullion (ASE's, rounds, bars) dictate how or where it was sold?

 

I've been at it for years and you can just sell person to person for the best price, done it many times. my LCS buys for $1 under spot as a backstop or the online dealers all have buy prices that are pretty good for larger lots but that's my last choice.

 

silver has never been worthless.

 

Never? What about 1,000,000BC?

Chris

 

I dunno..... ask Doug.

 

If you are worried about tracking I still hope you plan on paying taxes when you sell, is that your plan?

 

Silly and speculative move. But, to each his/her own.

 

My very first thought is this..Keep Quiet About your silver. Loose lips and all that..

Lots of threads you should read on the subject, here on CoinTalk.

Welcome to CoinTalk

Lucy

 

The two or three times that I've sold ase's at coin shows I've gotten 'spot' or very near 'spot'. All times have been rather profitable as I had bought low.

 

Just keep all your receipts. Depending on what state you are in it might matter, it might not. In Washington state we don't have capital gains tax so I don't have to worry about it, but I keep them just to be on the safe side.

As long as you have done this with the intention of holding silver for your retirement down the line, and not for the short term, you should be just fine. You can't get any safer than hard assets, but that doesn't guarantee they will be the best performing asset class even though based on fundamentals I believe silver is the most undervalued commodity in the world.

 

You about had a like my friend until the last sentence. I don't disagree with you having your opinion, but am afraid if I clicked "like" others would believe I feel the same. IDK if silver is the most undervalued or not. I know I wish to keep some of my money in it, so I want exposure to it for sure.

I agree with everything else. Good advice. Btw, always keep your receipts regardless of what state you live in, since the IRS covers all of them, and does have a capital gain tax, (and its going UP!).

To the OP, you have made your decision, I would not tell you to reverse it. However, I would tell you to start builind exposure to other things now and leave your silver position alone. I was not too dissimilar from you back in 92. I bought loads of silver since I thought it was cheap, but then at a certain point started building up other assets.

 

Recorded history only goes back about 6500 years or thereabout, so the answer to this question, is unknown.

 

If I had to guess, if silver was around I am guessing it was valued. Humans have an ancient understanding as to the anti-bacterial properties of this metal, plus its pretty. Those two aspects I believe would have made it valued from the moment we learned to smelt it.

 

This thread reminds me of a recent cartoon I saw. It was a picture of a person who just lost their home after the earthquake in Haiti receiving a "gift" of a Bible from a relief aid worker. The person looks at the Bible and had a thought bubble over his head that said "Wow, thanks, this looks tasty".

The point being, if you're hoarding silver for the "end times" then you're just plain crazy. The currencies of importance will be food, water, shelter, warmth, etc. I would not trade you food for silver...because it serves no purpose in an "end times" scenario.

If you're diversifying your retirement into a shiny metal that you have to physically store, insure, etc. then why not just purchase a fund indexed to silver or other precious metals? The hassle of lugging around a few thousand ounces of silver doesn't really appeal to me.

:scratch: