In September of 2012 I made one of the largest silver investing mistakes that I have under my belt. After the “cool-down” period, (the period following the sky-rocketing prices of silver at almost 70$ an ounce) silver was slowly coming down. At the time silver was at around 35$ per ounce.
Now, I should've seen it coming, but this being my first time in silver, I bought 1 gram rounds: 30 of them. I had spent 50 dollars, on 1 gram rounds equivalent to just under an ounce, when the spot price was 35$ and falling.
Regret was immediate. I immediately pulled out of all of my dreams of silver and gold investments, until 3 years later, when (through research) I had learned so much more. Now, I do not regret my decision, and even as silver fell to 15$ last winter, I did not regret buying at 24$. The following article is why, and how you can change your outlook on silver.
How I Took the Decision the Right Way:
Pessimism is high in the Silver community. Many have begun to regret their decision and, when their predictions of silver prices rising fail, begin to sell off, or stop buying Precious Metals. I personally do not believe that silver will rise above 100-150$ an ounce, but many do. Silver demand is high, and the price per ounce has been manipulated to be lower. I buy silver whether it is high or low because: as long as I am getting more silver, these incremental changes of a few or more dollars will mean little when it becomes a commodity. Right now, I do not let 1-2$ premiums stop me from buying generic bullion, I try only to buy how ever much will fit into my budget. I save those 1 gram rounds not as a “Don’t make another dumb decision.” memo, or a cautionary reminder, I save it as the silver that I bought, and as a reminder that when I seemingly get “burned” I need to keep buying.
During that 3 year period in which I believed silver was not a good investment, I spent the money normally for silver in frivolous things, none of which are here today. My “spending money” for fun is used in what makes me happy, and I have a passion for: Silver. So, my philosophy surrounding the topic is that “Even in my money used for fun, and happiness, I am still saving.”. Saving is the base way to create a better future for yourself. I am having fun, and enjoying myself through the silver community, and the people who make it up. I easily could have doubled my current stack in those three years, but I don't regret it, although I should have bought, I can only continue to buy goI got forward.
Do not be afraid to make mistakes. Stick to what your gut tells you about silver prices, and make the right decision for yourself at the time.
More information like this can be found on my Steemit account (@silversaver000) or on my YouTube channel @SilverSaver 000