So brought my first lot of silver bullion and within a day made money on it! but not sure if i should each month set aside some work wages and buy bullion even tho it will keep creeping up in price! i intended in saving the money in the bank now im not so sure:/ kinda like i said in another topic that i have a 2 year plan where i want to buy a property so do i chuck each months savings into Bullion rather than fiat into the bank??
Yes that's the plan. In 2 years you should easily double the money you put into Silver...but it's more likely you'll do much better than doubling it! But please do your own research first don't take anyones word here. Of course you may need to consider a 2008 style crash which may temporarily crash Silver....(well there's a chance which you must consider) but the long term trend seems to be up up and UPPPPPPPP! It depends what you're comfortable with. There's nothing wrong with putting your money into silver and in the bank. PS: Real Estate prices are going nowhere but sideways or down for the next few years at least...you have a lot more time than 2 years to buy a house.
Not sure if a 2008 crash will be repeated this time around, last time people flocked to bonds and greenbacks as a safe haven. already poeple are exiting bonds and greenbacks so quite possibly this time around gold and silver may actually rise. Nice work Wizz1, its up to your own personality but most of my savings is in PM's which i can hold. great way to save really plus the recent 30% rise in price beats the banks. why a great way to save? whilst silver is real money and stores value it is also quite liquid and easily trasnferrable to fiat. so when you need it you can transfer it BUT fiat in a bank as savings can be spent the minute you see something whilst silver you actually have to see something, ring a broker and get a price, grab your silver and head down to change for fiat. by then you usually don't actually want or need what you were looking to buy.
true cash is important and as i said it depends on your personality or situation. mine is set up where my monthly income is hard to spend each month and if i did it would be wasteful. so might as well put the surplus to use. stocks are fun but i find i waste too much free time which can be better spent surfing or enjoying life. PM's seem to be a no brainer, buy, stack forget for a while. although renovator, your title is where a lot of my spare cash goes too, reno's are a great way to spend cash and time
A small amount. Saving in fiat is like trying to save water in a leaking radiator renovator. But having a small amount of cash in the event of a sudden bank closure or interruption of service is certainly prudent. I wouldn't leave 10k sitting in a bank in cash though, it's just being eaten alive. I wouldn't be panting and running to your local RE agent to buy anytime soon either. The Australian housing market is definitely staying irrational longer than people can stay solvent and rest assured, you hit up any spruik in the modern media with comments allowed, there are still some devotees who will bestow the endless virtue of property investment, regardless of price. I've been a renter since 1999 because it simply makes more sense to do so and the 2011 property market hasn't changed that situation one iota. Crunch the numbers yourself by all means and form your own conclusions, but I will say that blindly following the herd is usually the path to financial destruction at some point.
The good thing about silver is that it's always worth the same amount no matter what town you're in. Property on the other hand is far more varied. Must be careful with generalisations, as there is still an abundance of undervalued properties around for the taking.... And besides, they're not making any more land these days! Balance and variety are my preferred investment method. I have my own (mortgaged) house, and I have some silver, and I am always looking at opportunities that provide good value or return. At least getting into this or that market you are being active in securing assets and taking responsibility for your own future.... Rather than sitting on the fence with fiat in hand, letting it get chewed up by tax, inflation, and consumer purchases, and then growling to the government about why you had to work all your life only to be living in poverty in retirement. P.S. My fiance wants a new car.... She humours me with my 'foil hat' wearing ways.
You say you just made money on your first purchase - brilliant; but is that based on what you reckon your silver is now worth ? - or did you sell it and pocket the gain ? If the former then you have made a "virtual profit". The problem we all face is when is it a good time to sell ? If you wait the price may go up but it can also fall. If it falls to less than you paid you will not want to make a loss so will hold onto it believing it will recover. But - it falls more .. and more .. This happens with company stocks & shares on the market. I've experienced a paper gain of many many thousands of dollars collapse to zero because I didn't sell, always believing the drop was temporary until it went through the floor. Silver is no different.
Just buy bullion, if you are in need of cash, than list it here, you will get SPOT + 2%-6% within 24hrs. dnt play with cash anymore.
