Might I suggest 'not' buying Silver? At least not yet? You're 17 dude, you don't get those years back. This isn't going to be a get rich quick scheme by any stretch of the imagination with the way precious metals currently are. Spend your hard earned on the finer things in life, have some fun, go on holiday, save for your first car, save for your bond so you can move out. Silver can't help you there. I commend you on starting early, but you're in a part time job and you may need to support yourself sooner than you think - fiat, at present, is the way to do this. Save in fiat if anything.
All right lets try this again. Some things you may need to think of and have a strategy or plan - What % of your wage goes to the investment - How often will you buy, daily, weekly, monthly, annually etc... - What qty's do you intend to stack - What happens in an emergency and cash is needed. Will what you have sell quick enough ? - Where will I store it, Bank, Home, Boat ? - How often do I review spot ? Hourly, Weekly etc... You have a lot of years to watch the spot price ? - What % of my Investment is made up of Silver or Gold 100% or 5% - What other investments do I have - What happens when spot doubles ? Do I sell or buy etc... These are really just a few that come to mind but all form a strategy in your investment. If you have no answer for a lot of these I suggest you come up with one that works and you can stick too. Finally how often do you review the strategy as well !
Now is a good time to buy generic silver. Nothing flash, Kooks, Koalas, ASE, 1966 50c pieces, 10oz bars.
Sure you need to have some fun while you're young, but if you don't want to be average, then you must do special things and sooner the better I say. Good luck. And whatever you do, give it lot of thought.
The only time you know that was a bottom is after you look at the chat in previous period and see well in this chat that spot was the bottom.
Alot "make" (that's how they name it) money by purposely giving wrong answers. Not sure if asking advice when to put your money in, is a good idea. And even in general, everyone that gives you advice about what to do with your own money, do you think you'll end up better than doing the homework yourself?
Maybe much of this can be condensed into the question whether you prefer "I should have bought more!" or "I should have bought less!". I bought my first silver for slightly over 10/ounce, and it raised to 30, and I thought "I should have bought more!". And I bought more. And when it dropped from 30 to 20 in a few minutes (and only a few days after I placed a "large" order) I thought "I should have bought less!" Some of the first recommendations given in this thread may thus help to minimize this inevitable annoyance that seems to be connected to buying silver ( ) : Don't buy too much at once, and keep some cash for the case that the comex thinks the prices should be a little bit lower. This is independent of the question of what you should buy, but generic coins or smaller bars from recognized brands should have the best price/weight ratio.
Buy more when the price dips low, buy less when the price moves up. But continue to buy. In a world of increasingly furious money 'printing' and economic brinkmanship, your silver will preserve your purchasing power over time.
DCA is better than no care about price at all, still, it's not hard to do better than DCA, and that's why it has the tendency to be a trend to the losing side. Determining supported prices and concentrating purchases when they arrive, takes some work (monitoring who is buying/selling, fiatmoney trends, ...), but it's like everything, without work you won't stand out to end on the winning side.
