Asking to those that understand the ins and outs of the precious metal markets.
Wanting to drop $5K into precious metals. cheapest silver ounce is $30.61 which tells me I'm loosing $4/ounce because of the spot price. Similiar idea with gold. Help walk me through the idea of purchasing these items even though they are seemingly dropping in value as soon as I buy them.
Also, how would you divide your precious metal portfolio 20/80 gold/silver. 50/50? and is that by dollar amount or by ounce, i was thinking of buying 2oz gold, and 20-25 ounce silver. gold was going to be 1oz bars, while silver 1oz coins.
please help me make sense of this, I know our paper dollar is loosing value and will continue to do so.
EDIT/UPDATE: I pulled the trigger, and I put PedoJoes stimulus money into silver. Bought 140 ounces
It all depends on what your objective is. If you see metals as an INVESTMENT, then you need to pay close attention to the daily spot prices. But if you're like me and see metals as a backup currency for when our fiat currency inevitably crashes, then you buy what you can at whatever price you can afford, and put it away in a safe place and "forget" about it....until the day comes when you need it to buy basic products and groceries. ...or trade for ammo, or whatever.
I believe we are in the same region of the country, do you use a local shop, if so which one? If you don’t mind
I've bought from West Side Coins & Collectibles... on Kingston Pike near the entrance to West Hills. Haven't been there in a little while, but may go in after I cash out my "stimulus money".... turning worthless fiat currency into something of real value. I've also put out the word with friends who might want to rid themselves of silver stashes, I'm buying.
thank you, I just dont like how they have a poor website and dont even have an email address. seem like a reputable company would atleast have an email to post, and a little more info on their website. I did see they were in business for 40+ years, so that is good
It's more of a walk-in business, at least that's been my experience with them. The owner just may not be comfortable with websites and tech.... and I could hardly blame him.