So last week i decided to buy some silver i got 7 thousand dollars worth, but hoping im not to late in my investment! people tell me iv made the right decision but il guess will see!:/ where should i store my silver as i dont like the idea of leaving it at home? how long do you think il have to sit on this silver investment, and should i keep buying it whenever i get spare dollars!? Im now the proud owner of Silver Bullion
actually auspms front porch is quite a safe place to store things, he's out there most nights with his shotgun to keep the kids off his lawn
Welcome Wizz1. If you're looking to store your physical silver securely, the three main options are: 1. Bank safe deposit box 2. Private company safe deposit box 3. Allocated account at bullion dealer If you're looking at bank SDBs, go for a physical safe deposit box - not a "safe deposit service" that sees your box being placed co-mingled in a safe or vault. An alternative to this is a private facility, e.g. in Melbourne there is a firm called Guardian Vaults, and there's similar non-bank safe deposit facilities in other states. Some dealers offer allocated accounts where you can have your physical metal stored on your behalf - this generally applies though to metal purchased from that dealer, but some may allow you to bring externally sourced metal to them for storage once you're an established customer.
Well you certainly have bought it at the worst time possible but I wouldn't say you are too late. You are till ahead of the pack However I'd buy as much as you can ASAP....because Silver will most likely be $40-50 by years end (although don't quote me on that) Some like to dollar cost average...but if the trend is up, I like to buy as much as I can sooner rather than later and lock on my price at a lower level. If the price drops then you can buy more here and there. You can store your silver wherever you like and there's nothing wrong with home storage, just don't tell anyone. You can also look into storing at a bank deposit box if you wish... This year looks to be a huge year for Silver, so well done in finally getting in on the act. You should have an end goal and buy the amount of Silver you think you'll need. Selling is the hardest part because we simply don't know when it alll all come crashing down or what the peak price will be. Selling your stack in parts like 25% here and there is a safer option.
Dam it should of brought early last year! so if i sell at say $50 bucks at the end of the year iv not earned that much really on 7 thousand dollars Thanks for advice ernster!
While I dont think selling at the end of the year is the greatest decision (too early IMO) you need to do what you're happy with and realise none of us here no for sure what the Silver price will do. Many investors get greedy and watch all their profits go down the toilet because they sell too late, but selling too early aint much fun either. Just do your research and sell when you're happy with the profit you are going to make.
lol Yes i am a total Newb i was thinking of sitting on the silver for couple of years then getting out!
I think Australian banks are a viable storage option compared to other countries. In the US I wouldn't use a bank safe deposit service. "Abandoned" safe deposit boxes at my storage facility are not disposed of - they have abandoned boxes that have not been accessed or paid for since the late 80s in long term storage. They will remove the box drawer from the locked hole in the wall after a time, but it just gets added to the pile of unclaimed boxes if they can't ascertain the location of the owner or a legally entitled beneficiary. Fully aware of the likes of Operation Rize that was conducted in the UK, and the selling of box contents by US banks - but "it's different here" The likelyhood of my house being burgled is probably 10,000 times greater than a loss being incurred from using the safe deposit facility I do.
I'm not sure its really a question or possibility of it suddenly crashing. The values of all asset classes move in cycles from undervalued to overvalued to undervalued etc.. it does not really happen overnight. For example, currently the average Australian home in fiat is about - say $450K (ludicrous i know!) And gold is currently about $1400, so that means the average Ozzie home is priced at around 320 ounces of gold! That cost for the average house will in all likelihood come down to less than 50 ounces of gold. It doesnt really matter what the fiat price does, but the value of an average house will be much much cheaper when prices in gold, and that aint gonna change overnight! In fact it's probably going to take many many years for housing to become overpriced again in terms of gold.... which is where we're currently at.
We're all experts with 20/20 hindsight 50 odd % return in 10 months is nothing to sneeze at! I for one will be very satisfied if that eventuates. But i still won't be swapping my bullion for 'muggle money'
Wizz1 - 40-50% return in any investment is excellent! I was told 10% per year decides the difference between a 'good' and 'poor' return - you are looking at 4 times a 'good' investment... Welcome aboard! it's going to get bumpy
I used to think the same way before i actually bought some.I was like "damn, I could've tripled my money if I'd bought it at such-n-such a price"Now I think in terms of what Ernster saysdunno how to multiqote thingy) I'm not sure its really a question or possibility of it suddenly crashing. The values of all asset classes move in cycles from undervalued to overvalued to undervalued etc.. it does not really happen overnight. For example, currently the average Australian home in fiat is about - say $450K (ludicrous i know!) And gold is currently about $1400, so that means the average Ozzie home is priced at around 320 ounces of gold! That cost for the average house will in all likelihood come down to less than 50 ounces of gold. It doesnt really matter what the fiat price does, but the value of an average house will be much much cheaper when prices in gold, and that aint gonna change overnight! In fact it's probably going to take many many years for housing to become overpriced again in terms of gold.... which is where we're currently at. hopefully that means silver too but each unto their own.Wealth preservation some say.
