Pipe Dreams...

[$ilver$urfer]

So hopefully there are others of you on this here forum like me who not only search for silver but also purchase it regularly and put it away for safe keeping for that not so magical day when the heavens (economy) crash down and silver hits $75 - $100 an ounce or more so we can sell it all and make a nice little nest egg for ourselves, right Well, besides that quick run up a few months back, when will this magical spike in silver prices happen? The economy is in shambles, unemployment is horrendous, and inflation and prices are getting more and more unstable by the day! What gives

I am starting to believe that it is all staged for political purposes and the prospect of "common folk" like us getting super rich over night is starting to seem more like a pipe dream than anything else. Has the common man ever become rich over night because they owned/held an asset? The only situation I can relate this to is the 1933 gold confiscation where people were paid $20 an ounce for their gold and then it was revalued at $35 an ounce by the gubberment. If they could have sold their $20 gold for $35 that would be a huge windfall but the common man ended up losing in this situation and the good ol' boys club in Washington won (like they always do).

Enough griping, I am thinking of selling my hoard and making a BIG purchase and letting the chips fall where they may (i.e. - who cares if I don't have silver coins to sell or barter with should I miss a huge run up in the price of silver due to a dollar crisis/ economic collapse). Just my two cents, let me know what you all think!

HH,

$ilver$urfer

 

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[bnicholas26]

Haha! I'll pay you twice what you paid for your silver coins!

 

[palidin20603]

You are thinking of buying consumer goods, a house or a car or something similar? Hold on to the silver. Or at least sell it all and buy gold. Way easier to store and carry. The big run is happening, 11 years ago silver was $5 dollars and ounce and today it is near $40. That is massive growth and to go to $100 is going to take some more years. If does go to $100 in 6 months, it is going to be hard to sell and more importantly, hard to time your exit.

 

[$ilver$urfer]

You are thinking of buying consumer goods, a house or a car or something similar? Hold on to the silver. Or at least sell it all and buy gold. Way easier to store and carry. The big run is happening, 11 years ago silver was $5 dollars and ounce and today it is near $40. That is massive growth and to go to $100 is going to take some more years. If does go to $100 in 6 months, it is going to be hard to sell and more importantly, hard to time your exit.

You are probably right but at what cost to double your money in 10-20 years when you end up paying hundreds of thousands of dollars in interest on credit cards and on multiple rental mortgages, sure you can write that off but you are still throwing money away in my opinion. Why not pay off the credit card debt and mortgage debt and be stress-free then use that new money that isn't going towards credit cards and/or mortgage payments to reinvest in other mortgages paying them down quicker like a snowball.

Guess I am not sure what the best path would be - hoard and hope or sell and be debt and stress-free

 

[RP4L]

Hard assets like gold and silver preserve wealth and act as protection against inflation. Getting rich is a mischaracterization of why you should own gold and silver.

Eventually there will be an ideal time to trade some of your PMs for other hard assets such as real estate or land. Real estate prices will continue to fall but PMs will continue to rise. This real estate would become cash flow real estate (rental, owner carry). If you have a mortgage or don't own your own house, that would also be a good time to set something for yourself. It's not quite the time to make the trade off.

As for a big boost, that will be coming soon. Expect a downgrade in credit for the US soon.

 

[Diver_Down]

Why is it an either or proposition? Why can't you be debt-free and hoard?

 

[DarkRider23]

The economy won't crash, no matter what happens. The dollar may lose a bit of value, but it won't crash. The U.S. economy crashing would crash every other economy on this planet. It would be a catastrophe and no matter how much silver you have, you won't be "rich." The only thing that would matter in a crashed U.S. economy is weapons, bullets, water & food. Nothing else.

The only reason you should hold onto the silver is as an investment in silver and not purely as a hedge against a crashing economy. Everything going on in Washington is just politics right now. Just my 2 cents.

 

[palidin20603]

Sorry I didn't realize this would make you debt free. Sell it all and get debt free!

 

[FormerTeller]

You are thinking of buying consumer goods, a house or a car or something similar? Hold on to the silver. Or at least sell it all and buy gold. Way easier to store and carry. The big run is happening, 11 years ago silver was $5 dollars and ounce and today it is near $40. That is massive growth and to go to $100 is going to take some more years. If does go to $100 in 6 months, it is going to be hard to sell and more importantly, hard to time your exit.

You are probably right but at what cost to double your money in 10-20 years when you end up paying hundreds of thousands of dollars in interest on credit cards and on multiple rental mortgages, sure you can write that off but you are still throwing money away in my opinion. Why not pay off the credit card debt and mortgage debt and be stress-free then use that new money that isn't going towards credit cards and/or mortgage payments to reinvest in other mortgages paying them down quicker like a snowball.

Guess I am not sure what the best path would be - hoard and hope or sell and be debt and stress-free

You answered your own question there. Get out of debt first - definitely get out of credit card debt! Mortgage debt isn't that bad IMO, especially if you have a good rate. Consider whether the amount you'll make keeping silver will equal or exceed the amount you end up paying in interest. For credit card debt, it's usually a no-brainer. I'd say most of us are in silver for the long term. If it goes up quick in the short term, maybe take some profit, but I'd have no problem if silver tanked for the next 10 years - less people to CRH!

Once you're out of high-interest debt, then it's kind of a toss up as to whether to pay down on the mortgage, or buy silver, or both. The good thing is that it's easier to buy silver in small amounts, and even better to get it for free!

 

[clovis97]

When you can live debt free, you'll sleep better...trust me on that one.

No more stress, no more wasted money on interest, no more worry about getting payments made on time, etc.

I think you have to decide: Which do you want more? Silver or debt?

 

[rileyboy]

PM's are always a good thing to have.
rileyboy

 

[$ilver$urfer]

Why is it an either or proposition? Why can't you be debt-free and hoard?

Because right now I have a lot of credit card and mortgage debt. Most of my debt, actually all of it is from real estate. It is hard to get out of debt when the monthly mortgages, taxes, debt service and living expenses come into play...

 

[$ilver$urfer]

When you can live debt free, you'll sleep better...trust me on that one.

No more stress, no more wasted money on interest, no more worry about getting payments made on time, etc.

I think you have to decide: Which do you want more? Silver or debt?

Good question, I'd say I'd rather sleep well, be stress-free and no longer a debt slave! I'll probably sell it all on the next mini run-up, pay off all of my CC debt and then start hoarding again!

 

[SeaninNH]

Let me know when you plan to sell some... I'll buy some for my pile

 

[maine_Jim]

Pay off the credit cards first.

Maine_Jim

 

[Piledriver]

Being free from debt is more important than stashing.

But a few have said (and I agree) that PM's are not for getting rich...they are for PROTECTION.

Never would I sell PM's to buy luxury items, vacations, or even real estate besides a home of my own.

(excuse the shouting)

SILVER AND GOLD THAT I OWN WILL ONLY BE SOLD TO ALLEVIATE PAIN AND SUFFERING OF MY FRIENDS AND FAMILY. period.

Till I need it for that purpose, it's stayin' in the stash.

 

[legend76]

The economy won't crash, no matter what happens. The dollar may lose a bit of value, but it won't crash. The U.S. economy crashing would crash every other economy on this planet. It would be a catastrophe and no matter how much silver you have, you won't be "rich." The only thing that would matter in a crashed U.S. economy is weapons, bullets, water & food. Nothing else.

The only reason you should hold onto the silver is as an investment in silver and not purely as a hedge against a crashing economy. Everything going on in Washington is just politics right now. Just my 2 cents.

I own my home (and two others), I am debt free and hoard gold, silver, copper and lead, but not necessarily in that order.

Legend

 

[Gilmore Happy]

A 25 year old "millionaire" from real estate boom, now Im just as cynical as can be. As far as getting rich over night, yeah it happens every 10 years. There is "somthing" new every decade that our US economy creates, that the masses all have a chance to capitalize on ie dotcoms and real estate booms, PM's right now.


Mike Maloney says that when 500 oz of silver can buy an average US home, to swap the silver for real estate, the shift has taken place. The man with the experience ends up with the money, and the guy with the money ends up with the experience.

 

[DarkRider23]

The economy won't crash, no matter what happens. The dollar may lose a bit of value, but it won't crash. The U.S. economy crashing would crash every other economy on this planet. It would be a catastrophe and no matter how much silver you have, you won't be "rich." The only thing that would matter in a crashed U.S. economy is weapons, bullets, water & food. Nothing else.

The only reason you should hold onto the silver is as an investment in silver and not purely as a hedge against a crashing economy. Everything going on in Washington is just politics right now. Just my 2 cents.

I own my home (and two others), I am debt free and hoard gold, silver, copper and lead, but not necessarily in that order.

Legend

Then that's your choice to do so. Ideally though, you could get a better return on the money you have in those precious metals with other investments. I too, hoard silver right now, so I don't really judge what people do with their money.

 

[ImpurestStewart]

I agree. When you decide to sell please tell me as well. I would love to add to my collection.