Hello All, Today I start my official 6 month detox from precious metals. No buying for Six months! Its going to be tough as ive been a regular buyer for the last 3 years. I need to start stacking fiat for the next 6 months as I have an o/s holiday in June, an operation to remove wisdom teeth and also want to build a 3 month buffer of cash in case of loss of employment, Im not keen sell any of the stack in an emrgency situation or go into debt via credit card. Im thinking as an alternative to stacking PM i might start buying some copper bullion, yes I agree its pricey working out around 20aud per kg but it will keep me sane at least and im buying something of value. Next purchase will be in July 2011. Wish me luck!
Why not maintain a second stack, where you sell when you need to liquidate for cash. Also buy items where you are not attached, so you are not emotional when you sell. Slam
This will be the focus for the next half of next year the aim is to build a lot of 200oz for situations where I need to liquidate for cash. Currently my focus is not liquidating, I have actual things I need to do and the only way to do it is via fiat. If i continue spending my disposable income each month on PM come June I will have added to my stack stack but I wont have the fiat to do what I need to do without selling PM. I am not keen to dip into my "savings" as I am aiming to buy land outright within by 2013. With AG i dont buy any lunars or numi kind of bullion, just bars and generic rounds, I liquidated all my numi bullion for gold recently.
Fair enough, hope it all works out. I'm pretty much in the same boat now, I am cutting back on purchases (besides Super purchases). I'm not really saving for anything, but I think I need a bit of fiat as a store. Pretty sad that the world runs on fiat and its needed. I may even need to liquidate part of my stack if I need a reno done. Slam
I am the same, need to build up my 'surprise your now unemployed' nest egg. I still get the urge to buy PM's, but have forced myself to stop, because as it stands I will probably need to sell what I already have anyway to keep myself afloat in 2011... time will tell
Alternatively you could stack cupro-nickel. Whenever you have a bit of spare fiat just go to the bank and pick up whatever you can in 20 Cent, 10 Cent, and 5 Cent coins. The metal content in these is already worth 70% of face value. Plus you can never lose on your investment!
Problem is that even if the price went to the moon you cant melt these. So unless they are withdrawn from circulation and become traded like 50c 1966 pieces its hard to see upside there. Much better to put the money into silver itself imo.
That's no different to 50% Aussie silver. I once spoke to a gentleman from England who had come over to Australia just to go through the change and pick out the sterling, they weren't even concerned with keeping the 50% silver coins at the time. Those coins are now worth 27X time face value in silver content alone. In 30 years these cupro-nickel coins will probably be worth the same premium over face, the dollar will just be worth that much less and people will use them like people do today to store wealth. Plus if the deflationists are right you come out ahead and you can sort out coins with a numismatic premium. Collecting change is a no-lose proposition.
ill probably keep away from stacking cupro nickel. either way after locking in savings and paying bills / general living expenses i still might have anywhere between 100-300 left over each month so i might look at buying some junk or fractional au or trawl the coin stores for specials, going to avoid buying online due to postage.
you will regret it and like most addicts , quickly relapse, but this drug is actually beneficial to your well being.
haha! I have OCD when I set goals If I say im going to not do something I wont, as I will feel ashamed / embarrased if I fail or stray off course. BLAKE17 I prefer the yellow stuff over the white stuff any day of the week Its only 6 months fellas then I will be back on the streets chasing a hit of the good stuff.
