With Silver going ballistic the interest in precious metals is increasing. it is good to pay attention to the basics. Having the basics properly set up you diminish the chance upon losing money. Which is the key lesson for being a successful investor? Therefore you will find below 10 rules to invest in Silver.
When all fails there is Silver
Silver is the world’s last reserve. Together with Gold is it the root of money. It has the basics of a medium of exchange. When an economic crisis will make your paper investments worthless, Silver is going up.
Small and simply
When people decide to move into precious metals they are going in at once. This is something that is not that smart to do. You are at the risk of overpaying for your holding. So to do this, keep it simple. I suggest you sign up for a monthly purchase program. Keep it small, keep it easy. There is no need to have complexity in it.
Learn while you invest
During the monthly program, you should educate yourself. Listen to podcasts, check out the books about investing. It is important to do this for some good reason. Precious metals are not covered by analysts and traditional media. So while you are building up your precious metals holding, simply educate yourself
Discipline, discipline, and discipline
Remain disciplined. Your Silver holdings are not happening over time, they are happening slowly on. By remaining focussed and keep adding physical silver you move towards prosperity. Be the patient person.
Pick a good advisory team
Together Everyone Achieves More. But you need to pick your team very carefully. Your dealer needs to execute your orders properly. It is a very good add on when they keep you informed.
It is you and keeps it that way
When the crises happen the governments are going after precious metals. They need it to stabilize the economy. So, if legal, don’t report it to the government. Keep it in a safe place where you can access it. Don’t be so stupid to share messages about it on social media. Don’t get thieves to know where to get it.
Speculating is not investing
You could decide to speculate with a silver futures contract. But there is a big difference between investing and speculating. The gains with speculation could be higher. But only do it with a small portion of your assets. If you are going to do it at all. If it is smart to do, depends on your circumstances.
I can’t stress this out enough. It is important to keep yourself informed. Go for the information and insights. Follow the experts. Not to simply follow what they do. Keep thinking yourself. But to be capable of asking better questions.
Art or investment
Physical silver is also an art. so when you approach it like this, you might value your silver belongings at a more proper method.
Don’t buy too much
This sounds very strange. Especially as I sold most of my paper investments. I only hold some Russian weapon producers. The rest is in cash, I’m going to buy an apartment, and in Silver and Gold. But the basic rule is that you should not overdo it. Keep your holdings at 10% to 20% max. But 20% includes also other precious metals holdings.
The above is something you need to keep in mind. Ask yourself about the choices in your life.