Posted by Hal/ Eastern WA on February 25, 2014 at 10:51:16 from (97.114.109.222):
In Reply to: Buying Silver? posted by DaninKansas on February 25, 2014 at 08:09:20:
Back in the late 70"s-early 80"s a bunch of my friends were buying silver. Really putting a bunch of money into it.
Then a couple of years later, the boom went bust and the price of silver went way down. Those guys lost LOTS of money! There was a scandal about a rich family that manipulated the market during that time but I don"t remember the particulars.
I had been invited to join the group where we were supposed to be getting a super deal buying in fairly large amounts, but at that point with 5 kids, I just didn"t have any extra money. So I didn"t invest any, and therefore didn"t lose any. I have always been glad I didn"t get caught up in that fiasco.
I haven"t really followed the prices of precious metals, but have been under the impression they were quite high. Will they go higher or not? It is hard to say. One thing I would consider is that silver is used MUCH less these days in photography, and maybe the industrial use of silver is or will be less important.
I wish I had saved silver coins back when the transition was being made to Johnson"s slug coins. I would guess that I could have made some pretty good gains that way. Even considering all the inflation since the 60"s.
And I wish I had bought some gold when I could have got it for about $350 and ounce. I always said that if it went down to $300/ounce, I would put as much of my savings into gold as I could. It never got down to where I could buy it for $300, so I never bought any. Oh well!
It is discouraging that having some money in savings results in almost no gain these days. Interest on savings accounts is almost nonexistent, and is probably much less than inflation. Precious metals will probably always be worth something, although there is no guarantee that they will continue to be worth as much as you might have to pay for them when you buy them.
I wish I knew what the future would bring. But I will not be buying silver in the near future. You should do what you decide is best for you and your family. Good luck!
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