Making money in silver, other PM

[Gimmeguns]

I have been buying silver for years. I saw on an older post that a member paid there house off buying and selling silver. Of course, I have the buying part down, but how do you buy and sell with small price fluctuations and profit?
Example, bought 1000 ounces at 14. Price goes to 14.53. Where do you sell?

 

[fast306stang]

sub'd for info

 

[USMC033run]

That and the whole bitcoin thing has me still not quite understanding. sub'd for info as well.

 

[chucklenut]

You can sell to apmex or provident directly; or sell on here

Typically silver is a better hedge of wealth. You can make money on it but not enough to live on and youd need 2 things

)1 pay attention and be active in market so you know when to sell
2) a place to store it and how to deliver on a sale

I personally use it as a form of estate building. Right now the spots are fixed so id trade gold for silver and then trade silver back to gold once the ratio adjusts (silver is like 15.50 and golf is damn nearv1300, they haven't been this far apart in years)

Fyi i think direct investment with metals is a great way to lose your ass

 

[jeep78]

PMs are a wealth storage product, not a wealth creation product.

An ounce of gold or silver today buys about what an ounce did 100 years ago. A dollar? Nope.

Inflation is 10 times higher todsy than bank savings interest pays.

Think og PMs as a savings account that is constantly adjusted for inflation.

As far as selling, metals dealers buy as well as sell. Look at Kitco to see current buy and sell prices, the spread is what it costs you to sell.

 

[USMC033run]

I'll stick to investment grade collectible exotic cars. I'm too far gone for precious metals. I respect the people that can do it for sure though!

 

[500mag]

PMs are a wealth storage product, not a wealth creation product.

An ounce of gold or silver today buys about what an ounce did 100 years ago. A dollar? Nope.

Inflation is 10 times higher todsy than bank savings interest pays.

Think og PMs as a savings account that is constantly adjusted for inflation.

As far as selling, metals dealers buy as well as sell. Look at Kitco to see current buy and sell prices, the spread is what it costs you to sell.

Yes. Another way to say it is: You don't buy PMs to get rich, you buy them to keep from getting poor.

 

[USMC033run]

I like that! Preventative maintenance essentially. Well worded!

 

[palmettomoon]

Never bought and sold PMs as PMs. I have dabbled in silver for two decades but only antique hollowware or flatware. I used to buy a lot when silver was cheap, $5 per ounce. When it hit $37 or $38 per I sold all the 'wedding silver' and anything made by steam presses or mechanical means and kept all the Gerogian and Arts&Crafts stuff. I've never been active too much since. Must have been about 2012.

 

[jeep78]

I bought some gold around Y2K, at the time it was selling for about production cost. Today it is selling for what it costs to dig it out of the ground and refine it..... production cost.

Production cost is directly linked to price of oil, oil prices falling means gold won't be rising soon.