How high will silver go?
I’m investing in silver pool @ kitco, and I need some more information on when to sell. in the past week Silver has jumped about 15%, never seen that happen before, how long do you guys think before it levels out or crashes?
I’ve been investing in pool silver for about a year, silver in general for about 2 years. I switched over to a virtual pool account last year becasue I found the dealer fees for physical silver was way too high for my budget (at the time was $400) Currently I hold 37.5 oz of silver at a Kitco Pool Account, bought at 29.41 / oz ($1102.88), recently kitco has instated a $15 fee on all transactions under $2500, so my min sell is at $30/oz. I’m not as rich as most investors, this 37.5oz of silver, valued now at $1265 is more than 75% of my total wealth. I need to sell this for a much as possible and get my account balance up above $2500 asap so to minimize paying $15 every time i buy and sell pool PM.
What’s your opinions, views or estimates on how high silver will go or when will it flatten out/crash?
Silver is going to continue on the uptrend for the foreseeable future. Demand for it is increasing constantly. Industrial demand is growing across many industries (electronics and semi-conductors are just one big industry demanding silver), and it will continue to up the silver demand. And since silver has become such a popular investment and has been a form of money all around the world for centuries, I believe (with full confidence) that investor demands for silver will accellerate its growth very quickly. It hit a 30 year record high price of $32.66/oz on Friday, and today it is up to $33.87+/oz! Don’t count on this ending any time soon. Inflation is bad, our government and Obama are lousy, fiat currency SUCKS and everyone loves silver. Don’t listen to the naysayers and paranoid anti-capitalists. This is not a bubble or artificial gain.
Look at it this way… A silver dollar used to be, well… A dollar! Then the government abandoned the gold standard and all hard currency, and put us on this abhorrent fiat system. Now a “silver dollar” is actually over $33 worth of precious bullion — not an actual “dollar”. They print money at a blinding pace, and it might get as bad as Weimar Germany, lol. It might get so bad one day that it will be cheaper to make toilet paper out of dollar bills than tissue paper. 😉 Any time the government tries to expand credit, raise minimum wage or force businesses to pay workers more, gives out stupid “stimulus packages”, gives bailouts to failing businesses, etc… All of that causes inflation and your silver essentially gives you automatic adjustment for inflation. In addition to the protection silver gives you from inflation, it also has a profitable gain in value (more than inflation) due to its scarcity and increasing demand.
It’s estimated that each day, mining companies are able to keep about 20-million ounces of silver above ground. Market demand for silver per day is around 8.5-million ounces. So if silver production slows down or stops, the entire supply of available silver on earth could be wiped out in a little over a week. It would make everyone’s silver reserves worth an incredible fortune. Things like that happen time to time throughout history — it’s just the nature of the mining and metals industry. Look at the charts between the 70s and 80s, and you’ll see a huge price spike like this which made untold fortunes for people holding silver. Production finally caught up and all the selling flooded the market and tamed the price. But the increase silver has seen over the last few decades (and for centuries) has been natural, sustainable growth. It’s going to continue.
I suggest you invest in PHYSICAL silver though. You need to have the real metal on hand or stored in a safe or safety deposit box in a bank vault to keep it safe. That way, you don’t depend on any businesses and can’t lose your investment — plus there’s no fine print or legal loopholes if you hold your own silver in hand. Yes, it’s true that silver dealers charge a lot and good deals are hard to come by, and it’s virtually impossible to buy silver right at the market rate of bullion. But that big fee they’re charging you is ridiculous! You should buy your own silver for a good price.
I sell silver on eBay and I have the best total deal, when you consider shipping and other charges. I combine and ship for only $2.34. Shipping only costs more if you order so much that it must be shipped in a larger, flat-rate package. I also have the lowest spread (difference between market price and dealer’s price) available. I think my deal is the all around best! I’m a new merchant, and have already served several satisfied customers. I pride myself on keeping the best deals and service. You can go to eBay and search “American Eagle 1oz Silver Dollars” and find the best deal there, considering shipping charges, and I’m sure you will see my listing. 🙂
If you want to talk about any of this, email me at: firstname.lastname@example.org and I will give you my real, business email address and link to my eBay store. EBay now has a new Buyer Protection service, so it protects you from fraud. So you don’t have to worry about getting cheated by anyone (especially not me!).
How to make my financial goals asap?
I’m still young, (19) but I was wondering what is the quickest way for me to reach my financial relatively short term goals? In the next 3-5 years, I want to be established with anywhere from 50-100k to my name.
My current job, I’m already making 25k a year. With my possible promotion, that could go up to me making 35k+ a year. Should I invest, build up credit, still save heavily?
Currently, I have 3k saved. $500 in Silver invested, and $1000 in savings bonds. How am I doing so far, do my goals seem attainable?
Also, I have no debt anywhere.
First you need a mission statement
then you identify your market
then you identify your target audience
then you create business plan and find your cost and profit analysis and find the net present value of your idea to see if it’s profitable
How can I get into investing in gold and silver?
If I were to buy the actual gold or silver coins/bullions, how do I know the purity of the metals? Also, buying notes from gold/silver dealers, how do I know what quality of gold they have?
I’ve called these guys and they offered multiple ways to take advantage of the upward movement in the metals market. You also get a free Investors Kit.
You can call toll-free at 877-516-9926
Cheers and good luck!
If I invest in gold or silver and keep it in a safety deposit box?
How do I pay taxes on it, once I sell it? Let’s say I buy a lot of real gold and silver that are in bars. How would I go about selling it in the future and paying taxes on it? I don’t want to get into trouble if I all the sudden have all this gold. Also, where would I sell it? The reason I ask, is I was thinking about buying actual gold as an investment. Do I have to keep a receipt for what I bought it for? Does anyone know about rules for buying or selling gold in Illinois or where I can find them? Thanks
In the U.S., you only have to pay taxes on REALIZED investment gains, not unrealized gains. So if you bought and held 1 gold bar for 10 years, at the end of 10 years you may have unrealized gains because the gold will have presumably increased in value. However, you will not have realized gains until you sell the gold bar to someone else. That’s when the taxes will be due. You want to keep your receipt because that will be used to measure your gains.
You buy and sell gold at a gold dealer, usually someone who has a big business trading in gold, silver and/or diamonds.
Gold is a very good investment right now. Good luck!
Where to start in investing in gold/silver?
Ive lost faith in the american dollar, inflation keeps rising and its based off of paper, so its worthless. Ive recently turned 20 and have several job interviews lined up (real jobs, not working at target or walmart). where do i start to invest in gold and silver? where, what, when, and how? I want to solidify my future and create my own safety net based of something with substance, rather than relying on the government.
JoeyV, instead of flaunting youre supposed knowledge and belittling me, try providing information to back up your claim. Otherwise you look like a buffoon..oops, too late.
You can buy silver or gold from a local coin dealer. Or there are any # of online dealers, try Kitco. I get my (gold) Krugerrands from a local coin dealer. And my Morgan silver dollars from ebay.
Gold & silver coins, may be a good safety net, but as an investment, they are dubious at best. Personally I think my mutual funds, and stocks are a much better investment. And I say this as someone who has 5k in gold, and probably another 5k in Morgan silver dollars.
The u.s. Has been off the gold standard for 40 years now, and I don’t see us ever returning to it. This is an archaic, outdated concept, and I don’t see us ever going back to it. No one else in the world bases their currency on precious metals either. There’s probably a reason for this?? I suggest you do a little research here.
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