I don’t know much about what drives Silver prices but I did get in on a good amount when it was at $24. Now wondering if I should cash out before it crashes or is there a strong chance that it does continue to climb and to what? I hear so many opinions about what’s driving it up but I don’t know what to believe.
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I hope this doesn't get buried in posts-
Don't sell, take loans against the value. When you sell, you trigger a taxable event. Cap gains can be up to 40% of your profits. Taking a loan isn't income. Use the money from the loan to purchase an appreciable, income generating asset...say rental property, farmland, etc. Use that "income" to pay back the loan. Now you wind up with all your metal AND the value of the asset you bought. Rinse and repeat.
Think like the rich. When cash is deposited to a bank, it shows up as a liability, because it's DEBT. The bank will take that debt and issue loans or buy treasuries, which are ASSETS. It's no different to you and me. Be cash "poor" and asset rich.
We do own a few rentals and that’s exactly what we do, borrow against them if we need the money and let tenant income pay off the loan. I didn’t realize you could borrow against silver until today, I’ve been looking into it. Silver is something I know very little about just bought a bunch when Biden got in in case paper cash became worthless. So I’m learning more and more everyday about it