G’Day fellow silver stackers!
I am proud to admit that I have now been converted into a silver enthusiast. It all started when I watched Mike Maloney’s Hidden Secrets of Money series, which in a nutshell, explained the history of money and how central banks control its supply through quantitative easing (printing money). This prompted me to do further research into the matter. However, let us not digress and get to the title of this article.
Although I am situated in a city, there are no local bullion dealers around. This may come as a surprise, but those of you who live in Australia know that Darwin, generally does not have much to offer. For this reason, purchasing metals in person was out of the question and I decided to do some research online. Coming across a myriad of bullion dealers including those well recognised such as Perth Mint, ABC Bullion and Ainslie Bullion to small and medium sized dealer companies, I decided to go with Perth Mint given their official and international recognition. I’ll admit, I felt slightly uneasy to have metals delivered via mail especially from a smaller dealer.
I ended up purchasing a 100oz cast when the silver price dipped at the beginning of May. Even though I believed the price was low, I ended up paying approximately two dollars over spot (accounting for the spread, freight and insurance). This was an unnecessary mistake and the cost of purchasing from an official mint. My fiat dollars was milked off of me!
Of course I had no one to blame but myself for that decision. Despite my choice however, I was not totally bummed out as I knew long term wise, I had purchased silver at a huge discount to its intrinsic value. From that experience, I was motivated to further scour the web for other dealers in Australia and see what they had to offer, until I came across Perth Bullion Company.
Perth Bullion Company offered silver bars for around one dollar over spot price in total (no hidden costs). When silver moved significantly lower during what people called a ‘flash crash’ on the 7th of this month, I took the opportunity to purchase another 100oz cast and two 1kg bars. Here is my stack so far:
I believe now is the time to accumulate and I intend on purchasing smaller bars, as well as coins to add to my collection. Feel free to share your experience with silver stacking by commenting below and in the meantime, keep stacking!