My thoughts?
Hey friends. It's been a while. I've purposely been laying off of the blog; hoping to see what kind of feedback I was getting from some of my readers. Also, to see where the market was heading.
I've had quite a few people email and speak with my in person on whether I thought they should be buying silver and gold. They are concerned because the prices are going down.
I had the same answer for them, that I am giving to you all now.
WHY ARE YOU BUYING SILVER AND GOLD?
If the answer is what I've be espousing for years, that it's to preserve your wealth, supplement your income, and to protect during economic Armageddon; then you SHOULD STILL BE BUYING. Unless of course you have reached the goal you've made for yourself.
Trust me; when the markets, economy, dollar, etc. crashes or puts you in a position where silver and gold are going to protect you.......... we aren't talking about this 25 cents a day stuff. We aren't talking about a one dollar change in a month. We're talking hundreds of percent changes in short periods of time. Remember; we bought silver and gold as INSURANCE!!!
Lets say you have 1,000 ounces of silver, averaged at $20 per ounce. That's $20,000 worth of silver. But over the last couple of weeks, it dropped a dollar. So now it's only worth $19,000. What's the big deal? The most important thing to remember is; if the price of silver was to drop significantly and hold there, then there's a good chance that the buying power will remain with it. In other words, what you could buy with $20,000 when you bought 1,000 ounces of silver; will be able to purchase the same amount of items if the price drops to $10 an ounce. You'll still have 1,000 of silver. And that $10,000 will be able to buy what the $20,000 bought.
And if silver goes up a lot; to say $100 an ounce, you'll be able to take that $100,000 and use it to pay off debt. Because debt stays the same whether the economy or markets go up, down, etc. Same with the dollar. If you owe $50,000 then you owe $50,000. The bank doesn't raise how much you owe because the dollar is worth less. If you don't have debt, you can always sell the silver and hold onto the cash and save it for purchasing more silver/gold when it goes back down.
Best of luck. Hang in there.
I've had quite a few people email and speak with my in person on whether I thought they should be buying silver and gold. They are concerned because the prices are going down.
I had the same answer for them, that I am giving to you all now.
WHY ARE YOU BUYING SILVER AND GOLD?
If the answer is what I've be espousing for years, that it's to preserve your wealth, supplement your income, and to protect during economic Armageddon; then you SHOULD STILL BE BUYING. Unless of course you have reached the goal you've made for yourself.
Trust me; when the markets, economy, dollar, etc. crashes or puts you in a position where silver and gold are going to protect you.......... we aren't talking about this 25 cents a day stuff. We aren't talking about a one dollar change in a month. We're talking hundreds of percent changes in short periods of time. Remember; we bought silver and gold as INSURANCE!!!
Lets say you have 1,000 ounces of silver, averaged at $20 per ounce. That's $20,000 worth of silver. But over the last couple of weeks, it dropped a dollar. So now it's only worth $19,000. What's the big deal? The most important thing to remember is; if the price of silver was to drop significantly and hold there, then there's a good chance that the buying power will remain with it. In other words, what you could buy with $20,000 when you bought 1,000 ounces of silver; will be able to purchase the same amount of items if the price drops to $10 an ounce. You'll still have 1,000 of silver. And that $10,000 will be able to buy what the $20,000 bought.
And if silver goes up a lot; to say $100 an ounce, you'll be able to take that $100,000 and use it to pay off debt. Because debt stays the same whether the economy or markets go up, down, etc. Same with the dollar. If you owe $50,000 then you owe $50,000. The bank doesn't raise how much you owe because the dollar is worth less. If you don't have debt, you can always sell the silver and hold onto the cash and save it for purchasing more silver/gold when it goes back down.
Best of luck. Hang in there.
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