Does anyone think the price of silver will drop any time within the next few weeks, and I Should buy then? Or, go ahead and buy now before it rises?
You mean whether the price will fall or rise? Yes, definitely. Recommendations about buying or waiting may be discussed among the bulls and bears out there
Silver is a long term buy, expect to see many dips after you have it. Dollar Cost Averaging may be your best way to buy.
I always ask why you want to buy, what is the specific reason, and what is your exit plan. If you cannot answer these clearly price will always be a worry.
Serious, long-term stacker diehards go with "cost averaging" -- which in a nutshell means spending close to the same amount on PM's every month. You can't wait for it to go up or down because it's always going up or down (or sideways) -- every minute of every day. Waiting for that "best price" and then second-guessing yourself later will drive you crazy. Just get off the pot and pull the trigger. In 6 or 9 months, you'll be looking back at the awkwardness and uncertainty you're feeling right now, shaking your head and laughing in disbelief --- just like all of us have done.
I make about 400 dollars a month with my part time job, all I do is buy gas so I have an easy 300 dollars to spend on silver. Should I set it all in silver? Or just go with 200 and keep 100 dollars for myself?
If I have a Crystal ball I will tell you. Many of us caught in silver bull run and we still buying. No lose no gain just keep stacking. Many of us for the long haul. Hopefully we got it right. It all depend on your own involvement. We dont give advices here and also cant give advices. We can point which direction to obtain it. We're just pm community sharing thought and opinions. Atm Just collecting knowledges and to understand pm structure better. Ask yourself why are you here. Have read your post. Interesting and you are new to this game not yet committed. Silver is very volatile market imho so that should answer your questions. Check the charts and graphs for the last 5yrs then 10 yrs. Read more articles imho before you involve yourself further.
Oh yeah. PM can gets very bulky. Once you collects them you need to knows where to store them. Fyi. Just a tips. Dont get any numis stuffs they are hopeless. It takes further rooms with the boxes.
If you buy silver rather than keep your cash in your wallet, you are less likely to spend it or fritter it away. My recommendation is buy or start a saving plan investing in stocks ( equities ). Paper money burning a hole in your pocket will inevitably buy drinks or new trainers that are unnecessary.
Numismatic Proof coins either gold or silver comes with huge boxes. Waste of room and cash. Stay away from them Think bars e.g 5 - 10 oz are good Do your reseacher on fundamental basis first. Let say if you can do projection 50 years ahead time. What will happens. No one knows. If pm still worth anything perhap not. Suggest do more research. You can go from one to the other topics. Do worry about buying today not yet. Fundamental basis is important. Silver spot about 28- 29 an oz today and are affected by gold price as well. Hand in hand they goes more aless. If silver goes up 35 tomorrow that is only +7 point if it comes down 25 that minus 3 point. 7 X 10 oz = 70 , -3 x 10 oz = 30 differences. For example. Whether you buy or not it wont go 100. Unless miracle happens. Do more research. Within one to two weeks not much even 5 to 10 yrs. Do research on charts it will give you better idea. Historical events topic the Hunt brothers. Something for you to do. While waiting.
At a small income, should I just save for numbers of amounts of 5-10 Oz's? Like, will those be easier to sell then 1 ozs
Assuming mom and dad are covering most of your expenses and you have $300 disposable income. $125 for Silver $100 for Living expenses (take the gf out to a movie) $75 For Savings or Sudden drop in spot price/Dip Buying
I have a saving of like 600 + right now, should I throw that at 20 Oz of ASE's 20 tube, or just do the 125 dollar thing?
If its cheaper per ounce go with the tube. Some dealers have same price no matter how much you buy. Since you're starting out if you can get a variety of coins at a similar price per ounce then it makes your collection bit more fun rather than just looking at the same coin (*20). Go for cheapest so maybe 4 each of ASE, Maples, Philharmonics, Koalas and few different rounds or cool designs e.g Takus.
Keeping your stack liquid is important too. You never know whats going to happen to your stack, but there will be times you might need to sell portion of it. So keeping it reasonably liquid is good. Make a plan, on what is your ratio like 30:70 of 1 oz'er bar/ coin over 5 or 10 ozer bar.
Being that youre in the US Id suggest stick to three things to form the majority of your stack 1. 90% junk silver very liquid and the closest to spot available this refers to US coinagee dated 1964 or earlier dimes, quarters, halves (go with kennedies the franklins are more worn ugly and not as easy to sell) and dollars. 2. ASEs American Silver Eagles the most recognized govt bulluon and it should be easy fpr you to source at a good price. 3. 5 & 10 oz .999 bars from a reputavle mint engelhards Johnson Mathey, Sunshine mint, and scottsdale are all good options. If I were you Id budget 200 -220 a month and save 80-100 for fun stuff. Also dont ignore gold itd be a good idea to maybe buy 6-7 oz of silver one month, then a 1/10 american gold eagle or 2 x mexican 2 pesos. My biggest regret in stacking was going too silver heavy at the onset when silver was in the 28-35 range during the last bull run when gold was still at 1400. Diversification is a good thing and like photonaware said stocks can be a good option as well just make sure to do your own research and when purchasing buy from a reputable seller.
I was nearly 30 years older than you when I discovered metals, so I applaud you for starting young. I'd leave that $600 in the savings for any emergencies that may pop up. It will be pretty difficult to trade a couple ASE's for a new Diehard at Sears if the need arises. Probably too young to get a credit card, but if you can get one here's what I would do. Obtain a card with a smallish limit, say $400. You can use it to buy a 5oz Silvertowne bar, then pay off the card bill every month. That way you start building a good credit record and get some silver too. Just have to be disciplined with a card. The Silvertowne bars are generic, but they take credit cards and offer free shipping. Cost is slightly higher, but you'll be paying $6-10 shipping on small orders anyway. Also be aware that most online dealers charge an extra 3% for using a credit card, which can really add up over the long run. Could also buy just a couple ounces of silver one month, then have a little extra to buy some low premium gold the next. European 20 franc coins can be had for about $325 each right now. Just an opinion, so do some research, listen to ALL opinions and make your own decisions. Good luck!
DIVERSIFICATION!!! You will not truly understand the value of diversification until you are burnt. I cannot stress the importance enough.
