Good morning all, I am curious to know from the traders utilising the forum or other members that may have feedback as to how or what process transpired to encourage them to begin trading physical silver. I am close to fifty and have only been collecting silver for a few years. At this point I wouldn't consider trading out my physical silver for the meager premium I would gain from it. I look at the volumes traded here, obviously it represents hobby level income for some, gold conversion for others or full time business for a few. So how does one make the transformation from collector to trader ?
Aurora et luna (Steve) or Captain Kookaburra could answer that question best. I actually cried when I had to sell a large portion of my stack last year and I'm not ashamed to admit it. I have a strong emotional attachment to my money. lol
Never become emotionally attached to an investment if you can help it! My last silver stash sale on here actually cleaned house of a number of items like Holey Dollars and Crowns that I had been actively pursuing - figured it was time to sell them to remind myself I'm not a coin collector, and that at the end of the day they were just silver.
I dont think that you will get many explanations as to how to do the transformation from hobby collector/stacker/trader to someone who is doing it actively and is able to derive a reasonable income from it. If I were moving so much silver on a weekly basis that im profiting at least $500 pw, than i doubt i would explain how it is done. If i could do it than so could you, if you are doing it than i have to lower my prices ( assuming demand is constant ) and than i will only take aroudn $300 pw. and i like $500 more than i like $300.
Hard thing to do. Especially when it makes you feel like Scrooge McDuck swimming in his vault :lol: Also considering reducing some coins for consolidation purposes but finding it difficult to pull the plug.
I can relate to that Auspm, some of my best purchases contain an element of good fortune, timing, happiness or bring back memories of personal events surrounding me at the time. A few items contain deep memories for me. I definitely agree with GP it's better to be cold & heartless, however we often use emotion in pursuit of personal goals. It's quite difficult for me to detach myself from that side of it. Far more satisfying if you can throw yourself into it. Passion is everything !
Considering how I look at money, it's impossible for me to rationally assume such a thing in all honesty. My money is a product of my labour. I do not borrow in order to buy my gold and silver, it's 100% the product of personal effort and earnings. Under my ideology, that's about as personal as it gets. It delves into a wider ideology debate however on just what money means to you and how it relates to you as a person. For most, it's just a means to an end. For me, it's much, much more than that. I am absolutely attached to my money. I invest my knowledge, my labour, my love and my integrity into every ounce I earn! Again, I was inspired to this thinking from a speech given in Atlas Shrugged : Of course this can be viewed simply as nothing more than a theoretical, ideological axiom but for me, this is the underlying context of my personal belief system and as such, presents why money is absolutely much more to me than just some idle investment to speculate on.
"Whenever destroyers appear among men, they start by destroying money, for money is men's protection and the base of a moral existence. Destroyers seize gold and leave to its owners a counterfeit pile of paper. This kills all objective standards and delivers men into the arbitrary power of an arbitrary setter of values. Gold was an objective value, an equivalent of wealth produced. Paper is a mortgage on wealth that does not exist, backed by a gun aimed at those who are expected to produce it. Paper is a check drawn by legal looters upon an account which is not theirs: upon the virtue of the victims. Watch for the day when it bounces, marked, 'Account overdrawn.' Well that's a powerful statement if I ever read. Thanx for posting.
I sell silver from time to time. Most of the time its because its excess to my needs. Ill buy a large lot to decrease overall premium and shipping. And sometimes to just get minimum order requirements etc. Ill sell the excess off to other interested people. Otherwise I don't like selling I have let myself go a little silly on only the series II lunars and limited the madness to them. All my other silver is potentially saleable.
And I wouldn't go trader because the earnings would never match what I can get in my own area of expertise.
Not sure exactly what your asking... the better question . So how does one make the transformation from collector to stacker ? Do stackers trade? I am sure some members trade their silver for other silver, gold or even fiat currency. But a stacker is better defined as a buyer and keeper. If I trade its for more silver... just a different form. Last week I traded some war nickels for some SE. I think a collector is doing this as a "hobby" where a stacker is doing this as a business/investment. Long term capitol wealth creation.
Cheers Sparky, to clarify my initial question. I was actually making a distinction between stackers/collectors and the people that actively trade here like Steve & Captain Kook etc. I look at the premiums available between buy & sell. It's obvious that unless you were a long term buyer/seller, highly opportunistic or converting one form of income stream into another you'd be hard pressed to do well at it. Sideline question: Are people on the street talking about that Alaska Gold series on Discovery over your way ? American Chopper was such a huge hit over there. I imagine the awareness factor must be pretty high.
You can start to see why it was a book that changed my entire way of thinking and my view of the world. It was powerful in so many ways and Ayn Rand was a woman well before her time in her ideology. The entire book has examples where you can draw a direct parallel to today and say "AH HA! I SEE IT NOW!" - except this book was written over 50 years ago! My apologies. I tend to think in a rather complex fashion from time to time. The quote is directly from the book and would lack impact if read or quoted piecemeal.
i agree with auspm....not get too attached to it.....otherwise i'd end up spending too much time trying to write and "think" about the purpose of what i am doing.....most often the best way of dealing with issues like these (for me) are to use your gut feel....the first thing that comes into your head....if it feels right - do it!...........otherwise its just too much naval gazing that doesnt help you much in the long run....IMHO EDIT........and when it comes to evolving into a trader from a collector.....like any business.....as long as you enjoy what youre doing - great!...but when the loves has gone - get out of it!!
If you hold less than $200,000 in inventory you are always chasing stock to sell when there is a run.
