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Sell silver?
SimpleCollector
Posts: 536 ✭✭✭✭✭
So, I have stacked silver over the past few years...not enough to be incredibly wealthy, but a made reasonable profit...so if you sell now and take the profit....where are you putting the new found funds?
Gold seems to high, USD is getting weaker, stock market except for maybe some pharma and internet(Amazon/apple) seems risky...
So, are you taking the profits and if so where are you putting them, or are you letting it ride.
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Depends upon your circumstances.
PMs are one of the guardrails against inflation in the future, so if you're going to be around awhile, I'd let it ride now, and buy more on the dips.
If you're like me (74), I'm taking advantage of this surge to cash out, since there's no guarantee it will recur in my lifetime. Yes, I may be leaving more gains on the table, and yes, the cash that I'll be getting from the sales may inflate down the road, but I can start doing things like helping out the kids, giving to charities, and maybe snagging another super specimen or two for my legacy Box of 20.
I did great by comparison by the run-up, and as much as I've battle it throughout my lifetime, buy-low-sell-high is not a bad thing to do. "Nobody went broke selling at a profit."
Good luck!
Here's a warning parable for coin collectors...
I would cash out right now for the right piece of real estate the problem is the two properties I want to buy are not on the market. Other than that, I would sell if I had a specific need or emergency where I was spending the money now.
Dpoole,
I agree with you, dont be afraid to take a profit, (I tell my customers that all the time)
some never learn
either real estate or if you need another car, now is a great time, they are selling real cheap now. i would not hold dollars now
This is what I lean towards. Nothing wrong with profit taking, but when you do, do not hold on to cash, buy something else that is essential with it. Depending on your situation, some good things to buy would include a home, payoff remaining mortgage, make major repairs to existing home, get a tool that helps you earn money (like a tractor for a farmer), pay off a debt to help you sleep better at night, fix up that old classic car so its not laying in the driveway or inside the garage dead, etc. If you need a new vehicle to get around and take care of your personal business, coinpalice is right, cars are not selling high right now, so good deals are out there.
BST: Tennessebanker, Downtown1974, LarkinCollector, nendee
Buying and selling for a quick profit, then play the ETFs.
But hold physical for the long run and insurance against a dollar collapse.
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
Tough call. I still like gold.
One thing to consider when looking at real estate - taxes. State and Local governments are hurting for cash and they are going to raise taxes. Real Estate tax will be a favorite, as you cannot move or hide it. Yes, you can sell it, but you are counting on low interest rates and level or increasing interest in your property so you can get out at your cost or above.
Just my two cents...
and you get to pay even more taxes when you close on real estate.
Give Me Liberty or Give Me Debt
I sell to buy and buy to sell.
Waiting for it to go high enough to at least get back what I spent on all of the modern silver commemoratives I bought.
The battle scars of all the good times
lesson learned?
Give Me Liberty or Give Me Debt
I honestly think Sonic Youth captures the current market here. All the guidance you need lies within:
https://www.youtube.com/watch?v=viF12Mu3-5w
Loves me some shiny!
Let's ask the Germans who got inflated to starvation in the Weimar or the ones who got 40 new Marks in 1948 when they "changed" the money.
Still holding....no immediate needs....and I think the financial situation still has a way to go.... Still a lot to happen this year, and maybe next year too.... Cheers, RickO
As this... whatever .....develops, I think portability will be the primary thing to consider.
Portability is equally important when it comes to cash. That is what separates real cash from digital cash.
Give Me Liberty or Give Me Debt
Twenties and fives are a good "cash stash"
Hundreds are too valuable.
Coin shortage? Up next, currency shortage.
Give Me Liberty or Give Me Debt
But can you live on it and defend it if you have to. Thinking 50-100 acres off the beaten path. And hunt on it, shoot guns for fun, have some chickens, ride a four wheeler etc etc.
All valid points - however I was commenting more on real estate as an investment and the ability to preserve capital
Not everywhere...
And with real estate.... you get to pay the government money every year for the right to live on it or 'own' it. But then, we pay the government money for just about every other reason....
If you really think you 'own' your real estate... try not paying your taxes on it and see what happens....
Perhaps getting a little of topic of the original post... so to give a better answer to original question.....
In these uncertain times with more turmoil every day... I tend to favor holding on to the precious metals, except for some select selling to weed out some items less appropriate. Some profits can go into other buying opportunities... for needed items. And certainly if you have any debt then get rid of that.
To clarify what I stated regarding using precious metals profits for real estate, I do not mean as a strict investment as that takes careful consideration of so many variables. What I really meant was real estate for personal use. Some may not own their own home, so purchasing a home or land to eventually build a home is a good way to spend money since everyone needs a roof over their heads, especially those with a family. I imagine some people, who are single, could live in their place of business for a stretch until a better financial situation is attained, but when you have a family, you can't do that.
Also, rent or mortgage is usually the most expensive bill that a person of middle class has to pay every month, so reducing or eliminating that will help so much in the long term. Having piece of mind will help you sleep better at night and better sustain your mental and physical health.
Something I have wondered about regarding eliminating mortgage: would the benefits of that exceed the benefits of having more tax deductions through mortgage interest? A mortgage makes it easier to itemize tax deductible items, but not having a mortgage might force a person into declaring standard deduction. I am not sure about that one, but I say the piece of mind that comes with eliminating mortgage is also valuable.
BST: Tennessebanker, Downtown1974, LarkinCollector, nendee
A home purchase for residence is an investment in one's self. The only investment/expense that should carry debt. Rarely wrong to invest in yourself.
Far better to put $X in the bank each month for your next expense than to dole out $X times a percentage rate each month for your last expense. Besides, a consumer spends more wisely when he is spending his cash vs. next year's paychecks.
Give Me Liberty or Give Me Debt
Since real estate sucks and is only a burden, none of you are invited to my bug out camp as you would not appreciate it.
Dang real estate..
Knowledge is the enemy of fear
A house is an EXPENSE. No two ways about it.
A ....paid off.....house is SORTA an investment.
Figure how much it would cost to rent where you are.
Then figure how much interest you'd have to earn to pay that much rent.
Presto !
Pretty good shadow income.
Dang non personal residence real estate.
It's like a boat. If you can afford that second vacation home do it for enjoyment, not as an investment.
Give Me Liberty or Give Me Debt
Why cant an investment be enjoyable?
Dont you love fondling your rounds?
Knowledge is the enemy of fear
The inflation "tax" takes care of shadow income.
Give Me Liberty or Give Me Debt
Ha, I do.
Click on this link to see my ebay listings.
Not as much as I enjoy feeding trolls. lol
As you will learn, a boat is not an investment and you will regret the day you thought it to be one.
Give Me Liberty or Give Me Debt
Currently only three good reasons to sell. One, you need the money for a purchase. Two, you see a better investment opportunity. Three, you expect silver to drop and plan to buy it back cheaper.
Otherwise you are turning your silver that is currently gaining value into something that loses value.
Give Me Liberty or Give Me Debt
the only enjoyment you get from a boat is when you sell it
Thanks for the thoughts...
House is paid...
No debt, except for my new Jeep gladiator .... which I love......got a good deal...and interest rate is low so no real benefit in paying it off..
Real estate, not enough profit in the silver I have to go that route, but, as I consider it more...taxes, insurance, loan interest, utilities, etc. concern me if it is a second house...seems cheaper to go Vbro or Airbnb route and rent for a few key weeks, let someone else have the hassles...
So Perhaps take some profit By selling some of the less interesting generic items, and search for some toy/tool bargains that may come up as the economy slows
cash is king, but only if you don't let it grow old.
Give Me Liberty or Give Me Debt
Cashing out of undervalued silver to buy what?
I knew it would happen.
I must be doing it wrong.
I'm 4-4 that haven't cost me a dime to own.
Only someone who considers gold to be an insurance policy would consider a boat to be an investment.
Enjoyment of the fruits of ones labor is return of investment that you will never realize or understand.
Fondle away derrydoom!!!
Knowledge is the enemy of fear
never quite full, eh?
Give Me Liberty or Give Me Debt