Hi everyone,
I was just thinking of investing in silver, as in buy now sell later, without the hassel of holding physically the material itself in coins, bars, etc...
I am not an experienced investor and I'm just wondering if anybody can direct me to some type of legit service provider that offers such an investment opportunity.
In other words, I want to convert some of my monetary assets (USD) into precious metal assets in the form of silver. I don't want it shipped to me or to lock it down in some type of apocalypse bunker, I just want the investment in ones-and-zeros.
Please don't assume that I know anything about investing in stocks or commodities (because, really, I don't), and maybe some other average somebody can use the information provided by responders to this post in the same way I hope to do.
If it matters, I live in the United States.
Thanks in advance for your advice and patience.
@Bohemian: You're spot on. The hardest part about investing right now is that the entire global economy has become almost 100% political. Think of trying to invest in Russia on the eve of the Bolshevik revolution... what right moves were there, in the end, except to flee the whole damn country??
Clayton -
That's true, Clayton. Even in Australia, which - despite the efforts of the current government - is one of the most free economies in the world, there is the looming threat of a new mining tax and carbon (sic) tax. These would cripple the most prosperous and fastest growing industries in Australia. It was essentially due to the fact that the resources industries were able to thrive relatively unimpeded by the government (compared to the rest of the world), that Australia got through the market crash relatively unscathed (of course the current Keynesians in power claim that they were responsible for this).
Too bad for the current government that their measures will likely fail to get through, and at the next election they will be destroyed, paving the way for the way for the restoration of the relative laissez-faire conditions of the late 90's/early 2000's. Or perhaps I'm too much an optimist.
I recommend buying both physical and have it stored outside of the country. For physical, you can probably get it at your local gold/silver store somewhere. That way, you can inspect the coins yourself, and most likely, there won't be much of a spread from the current value. Also, I highly, highly recommend goldmoney.com - it was founded by a very respectable figure (who is also a follower of the austrian school), and it is insured by 4 major insurance companies (some of most reputable in the world), and audit by third parties on a quarterly basis.
I'd own both physical and store some outside of the country.
Bohemian:If you're looking for inflation protection with the potential for earnings, you're too late to use Silver for that.
Muffin: The only reason I'd buy silver and gold right now is if hyperinflation were imminent. As for the bull market, it started over 10 years ago, so I would look for whatever is depressed right now (i.e. rhodium). Although, I'm wating for a correction in silver.
Do you think correction in silver could be triggered by an uptick in interest rates?
I doubt silver corrects untill the interest rate comes up.
<quote>Do you think correction in silver could be triggered by an uptick in interest rates?
I doubt silver corrects untill the interest rate comes up.</quote>
I highly, highly doubt that the interest rate will be going up anytime soon. In fact, it might not even go up since Helicopter Ben is guiding the ship.
Yeah i just watched silver go up $1 in the 50 minutes bernake was speaking.
Daniel Muffinburg:The only reason I'd buy silver and gold right now is if hyperinflation were imminent. As for the bull market, it started over 10 years ago, so I would look for whatever is depressed right now (i.e. rhodium). Although, I'm wating for a correction in silver.
My initial interest in silver years ago was primarily as an inflation hedge. As I studied more deeply, I saw that is was better for speculation at that time. Silver is always an inflation hedge of sorts, but I don't think it's the best option--particularly right now or in the last 12 months.
I don't believe one should look deeply for profit potential in their investments to protect & secure themselves. Any place where profits are of any acknowlegable amount is likely to be proportionately risky. Risk is antithesis to security. Silver has been incredibly profitable, and likely will continue to be. However, now, and for the next several months I feel that it is an unstable wager and should be avoided by new investors unless they are willing to risk losing a great deal.
I hope you didn't buy silver between April 24-27.
To paraphrase Marc Faber: We're all doomed, but that doesn't mean that we can't make money in the process. Rabbi Lapin: "Let's make bricks!" Stephan Kinsella: "Say you and I both want to make a German chocolate cake."