Hello, all... A couple of months ago, I made a post about what I should buy for $180 USD and whether or not I should buy pandas. So anyway, I held off until I had $500 and as silver has gone up by $2 since then(I think), I want to buy now before it goes any higher. 1) Is now a good time to be investing in precious metals? 2) My plan is to buy as much as I can for $500 and sell it in 5 years(If it is significantly more than what I paid. If not, wait until it is, another 2) Is this a good plan? 3) What should I buy with $450-500? (Gold, Silver, How much, what type, what mint, etc.) By the way, I am 13 (almost 14). I could go and buy as many video games as I want right now , but I already have some. I'll just settle for buying 1 or 2. I want to spend my money wisely. Thanks a lot! MusicalStacker P.S. I also just like shiny things :lol:
good on you to start and realize so early. it is always a good time to start.seems like you want the most bang fro your buck so buy silver which is closest to spot-rounds or bars.when selling expect a smaller return than if you bought a coin with premium attached. try to do f2f-no postage involved.but be careful there are heaps of good stackers here on this forum from the USA.Im sure they would help you out. hope this helps
Hello musical stacker, Almost 14, Wow wish I started earlier,, though I mean any kind of saving, not just precious metals. Learn as much as you need to know, and as someone else said, try to do as much locally or save and wait to get low or free shipping.
For $500 worth I would have suggested go have a gamble on a mining stock and see what happens in 5 years. But you likely legally can't do that at your age. Go to a bullion dealer in your city and get some silver. The choice is bullion bars (say x 10oz, but just over $500) or 1oz coins like Kookaburra's. The coins have more potential to gain in 5 years, as bars will always sell at spot.
Do not*** do F2F. Internet people are creepy and weird. If somone agrees to do a F2F with u, Dont go. A regular person would never agree to do a f2f with a 13yo, even for a good deal. And even if u did go, and your parents found out that u left the house to met a guy u met on the net, they would kill u.
A 13 year old who would rather save/invenst than buy video games? This guy is going to go places! Also, with $500 put aside, you've already got more money than some people I know who are twice your age. Good on you!
For your first purchases, stick with a reputable 'high street' dealer, ideally local. You will pay slightly more, but you're assured of receiving the real thing - no skill involved on your part. Don't rush. Take your time decided what to buy. Dealers' web stores are usually easy to navigate and you can play around, mix and match style, till you find a combination of items that you like. Treat this first buy as a bit of fun, too. Don't get too hung up on price premiums at this stage, within reason. I just started myself, at 60yo. I have just a small stack, an assortment of coins and bars. As time goes on and my stack grows, I plan to favour low-premium, minted bars. For me, these offer a compromise between value and aesthetic pleasure. I also like low-premium, legal tender coins, which I see as being easy to sell or trade in ten years time or if I need to liquidate my stack in a hurry. I stay away from the more expensive coins because (a) I know nothing about them and (b) it introduces another gamble on top of the gamble we're already taking on the raw material price. I like simple!
I'd suggest just getting some low premium coins of various types. When I was starting not so long ago it helped to get a feel for the different coins and even semi-numismatic series that are made in different countries. When you get older and sharper it will help you know what to look out for. It is also a more interesting hobby if you are collecting different coins. As long as you aren't paying huge premiums (like over 20%) then you are learning and have something nice to look at. Also, common mistake is to handle the coins without cotton gloves. Make sure the coins you get have a plastic capsule and if they don't, buy a capsule for them. Otherwise you will get fingerprints, tarnished coins and that affects the value later on. Best of luck! It really is encouraging to hear that there is at least one young person out there who has some common sense
Smart, good on you to be doing this at almost 14. I would without a doubt invest in the cheapest bars you could get your hands on. Try to meet up with fellow stackers in your area and see if you can trade face to face, that would be the cheapest.
Good onya mate, I'm barely a year older than you and have been stacking for around a year and a half now. Now in answer to your questions from the view of someone who has stacked at your age and made some mistakes: 1) If you think about it, $500 won't mean too much in the long term, so it wouldn't be a problem to put pretty much all of it into precious metals, it's very good because a) I believe it's poised to go up and b) it will greatly reduce the chance of you spending your money on useless junk 2) yes that is a good plan, just make sure you have an exit strategy 3) If you're a stacker, then buy some cast 10oz Bars, I quite like the Perth Mint ones. Maybe get gold in 1g lots of you can find them cheap( given the amount of money you have, maybe even a 5g). Minted bars can be quite a pain the ass to store, but that's just my opinion. A good rule of thumb is to make sure that one singular object does not take up more than around 30% of your stacks value. Good luck, silver has worked wonders for me this year, and at our age, a few thousand in profit is quite a bit!
Don't listen to Baron, he's just upset after holding PM's throughout the last 6 year bear market. US$18 could be a reasonable short term silver entry. In my opinion the official silver bull doesn't re-start until it's above US$21 though.
Yep, use the money and try to increase the worth of it. After all, there is that guy that started with a Red Paperclip and traded it for a house. https://en.wikipedia.org/wiki/One_red_paperclip Don't believe what most people tell you, metal will not go up much. There is a small chance you might double your money in 5 years time, but it could also halve too. Saving if great though, and metal is nice fun way to do it, but it might be more fun to start a business or something. It's not hard to buy and sell stuff on ebay and make a profit if you know what you are doing and know the market for a particular product.
I'm with BuggedOut; coins to start while you learn a bit. My move to 10 oz bars was a while coming and I'm glad I waited until I was able to make an informed decision. Good to see young stackers coming in.
And it could just as easily go nowhere, you know, like the 20 years it went nowhere from 1988 onwards. Silver has only quintupled twice in the last 100 years
Welcome MusicalStacker, If not now, when better to start accumulating silver? Some or likely many of us either started stacking or continued buying silver when the spot price was significantly higher than it is now. That means if you were to buy silver now, you'd be gaining a tremendous advantage over many of us since your $$ today can buy a lot more silver than our $$ just a few years ago. Personally I think we are at the footsteps of an emerging bull market....not that would mean much to those who are buying silver for the long term.....but for those who might consider selling even a tiny portion of their stack in the short to medium term, it would bode well to buy silver today.....I am. By the way, since you are in the US, you may want to keep your eyes open for a good price for this brand new beautiful shiny silver medal unless you were one of the lucky one's to buy it within like 4-6 minutes from the US Mint before it sold out at a record time: [youtube]http://www.youtube.com/watch?v=uC1NxMNvxIA[/youtube] p.s. I like polished silver....it's shiny! .
Hi mate, Some great advice in this thread, I wish I was as smart with money at 14 as you seem to be. If I can add my two cents, I would recommend spreading the $500 over a few different 1oz coins and a 10oz bar or two. There is value in buying both, low premium coins (Silver Eagles, Maples, Perth Mint Bars) and Semi-numi (Pandas, Kooks, etc). If you are looking to maximise profit over a few years then I would buy Pandas (my favourite), if you are of the opinion that Silver will go "2 DA MOOON!" then stocking up on as much silver for as little as possible is the way to go. In reality, spot probably won't move enough to make you rich so that's why I recommend balancing your new $500 stack with a little of both. This also allows you to get your hands on a range of silver and figure out which coins and which stacking theory you like the most Just don't go wasting huge amounts of money on things like the 3oz Norse Gods series, as cool as those coins are the premiums are too high and are essentially marketing gimmicks (that may or may not become collectable in 10 years or so)..
When I started out I bought easily recognized bullion coins(Maples in my case). I liked that they has $ value and desirability in my area. Once I had a decent stack of Maples I started adding semi's to the stack(pandas,kooks etc). I have recently started into bars and generics and buy 5 and 10oz bars regularly now. I think once you get some in your hand and apreciate PM's for the many reasons of owning them you will be hooked. Good job on getting the early start and I wish you the best.
