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Gold and Silver: How to Buy It

Written By: Dan Stanley  |  Posted: Monday, September 27th, 2010

Because the purchase of gold and silver is a large topic at present in our country, it seemed good to write some words that might help those buying it (or wanting to) on how to go about it. My familiarity with the subject of silver and gold begin as a child. My father was a wheeler and dealer to say the least. One of the things he was always doing was buying and selling coins. So we became coin collectors. I recall in 1964 Dad telling me to keep all the dimes, quarters and halves we found that were dated prior before or on 1964. We were paper boys and handled a lot of change. That was the year silver ceased to be put in our coinage. As the years past, the subject of buying and selling gold and silver came up. In 1980 an astute business man advised me to buy gold. It was at the time $400 dollars an ounce. Being a seminarian, I was not able to make the purchase. Within short time it was $800 an ounce. In the passing years as I married and had children, they were introduced to the value of silver and gold. Therefore, my following advise is based on personal experience, although you would have a hard time finding any one in the business disagreeing with me.

One of the difficulties many encounter when buying gold or silver is when to buy it. The emotions certainly get involved. As you may already know, the price of gold and silver change daily! Such is not the case with most things we buy. Gold and silver prices go up and they go down. If only they always went up! But they don't. The result is, then, how or when should I buy some gold and silver. There are a variety of ways people approach this, but for most the purpose is purchasing gold and silver is a hedge. That is a person wants to preserve what he has. That is different than an investment. An investment is to make money. We are talking about buying gold and silver is to keep what money we have made. I should add that during the past 10 years owning gold and silver has far outperformed the Dow average. Gold has averaged 318.9% for the past 10 years. Silver has averaged 284.3% for the past 10 years. The Dow has averaged 3.3% for the past ten years! Of course, if you took the past 100 years, the Dow average does significantly better the gold and silver. But again, my interest is helping the person who wants to purchase gold and silver to keep or preserve their value, not necessarily to invest in it.

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