Hello! I'm new to the forums and so this is my first post So my mum has been stacking gold for over 20 years, and she did pretty well in this time period as she had sold it all when it was at $1700-$1800/oz and bought a house! I now see precious metals as a great hedge against inflation/deflation, and I do believe there is going to be another GFC happening soon so I've recently started stacking in PMs (mostly silver) My question is how do I convince my mum to stack silver and not just gold!? She keeps saying gold is better and never to buy silver, but looking at the charts and going back to when silver was $40-50/oz she could have made more if she bought some silver in that time period when she was stacking! because I believe Silver will do as well as gold because of its industrial use, as oppose to gold where it is mainly hoarded. She is now getting back to stacking and I've only just started haha so how would you convince her to buy silver?
Never try and convince family members of where they should put their money... You are setting yourself up for being a scapegoat should it all go to shyte.
It sounds like your Mum did extremely well out of her gold stacking if she was able to buy a house with the proceeds. Sounds like your Mum is one pretty smart lady. Maybe you should follow her advice as well. Anyway, good idea to diversify IMO
Yes she did extremely well and she is the reason why I'm getting into it now! I'm a 21 year old uni student with part time work and I would like to own my own home some day so I have plenty of time to save up and I think this would be a good start Though looking back, If she would have diversified she probably would of done better haha!
let her watch Mike Maloney Hidden secrets of money videos haha I know Mike is full of BS, but I started stacking when I saw his videos Now I stack for different reason, not a quick profit.
Unless you're an investment advisor, the only thing you should be trying to convince people to invest in is their health. wrcmad is spot on.