Hello, and welcome to my blog!
The question is, why buy silver? I think there are several good reasons to buy silver.
The first reason, for me, is that silver is a good store of value. The price of silver is not nearly as volatile as the stock market, which is always risky for small investors. Silver is also not nearly as volatile as bitcoin and most other crypto currencies. If you're looking for a place to park some money for a while, silver is usually a good investment. The price goes up and down, but not nearly to the extent that cryptos do. The price of silver has been pretty stable for a while now, running between 16 dollars and 18 dollars spot price for the last few months.
Right now, silver is at about $16.97 spot price, so it's a good time to buy and hold it.
I don't look at silver as something to speculate in, it's not volatile enough, and it takes longer to convert to USD. If you want to speculate with some of your money, cryptos are a better way to do that. Just be sure that you can afford to lose the money that you invest in cryptos, because the price can drop as fast as it goes up. Now that J.P. Morgan is speculating in bitcoin, buying up as much as they can through a German crypto market, cryptos could get even more volatile as they try to manipulate the market to their advantage. They would like to destroy the market so that they can control it, but I don't think that will happen. The Chinese government tried that to no avail. Now they've just outlawed the exchanges, if they can't control it, they'll try to outlaw it.
Another good reason to buy silver, especially if you're one of the millions of poor people in the U.S., is that it's much less expensive than gold. With the price of gold sitting just about at the $1300 mark, a 1/10th ounce coin is right around 150 dollars. For that amount of money, you can buy about 7 ounces of silver. And if you don't have that much money to invest, you can buy a couple of ounces for less than 50 dollars.
If you can only buy an ounce or 2 at a time, you should try to find a local dealer that buys and sells silver rounds. The local dealer in my area charges a 2 dollar premium over spot price, which seems to be about the going rate. If I can spend 100 dollars at a time, I like to buy silver from an on line dealer called Apmex. Their prices are about the same as the other big dealers in physical silver, and if you spend at least 100 dollars, the shipping is free. I also like the fact that they will let you pay with paypal, for a bit more of a premium. I'm sure they charge the extra premium to cover the costs that paypal charges them for the transactions.
I can't afford to buy silver every month due to my low income, but I have bought a few ounces over the past months since the price came down below 18 dollars per ounce. I will continue to do so as long as the price stays low and as my income allows. I think that for me, silver is the best way to retain the value of my money in the face of an imploding economy.
Thanks for reading my blog post. Hopefully it was worth reading.
