As a precious metal, silver offers many advantages. The pale metal can't compete with gold in terms of looks. However, the situation is different with the value. Silver is often underestimated here, because in its further development the raw material even surpasses its yellow brother. The price fluctuates wildly and as an investment only silver is a risky and speculative thing. However, it is advisable to reserve a small amount of the precious metal in case of economic disaster or civil unrest.
what amount do you need
Once you have your crisis supplies together and everything else is in order, you can start thinking about buying silver. The amount depends on you and your budget. Don't let fear guide you just because someone may say you need a certain number of ounces. Buy responsibly and slowly. The price of silver rose temporarily, especially during the Corona crisis, and sometimes fluctuates extremely. That is why it is important that you buy at the right time.
Here's a way to get into silver without breaking your wallet right away:
- Start by figuring out how much you can deviate from your budget to buy silver once a month (or any other timeframe you like).
- Start by buying a small amount, like an ounce or two a month. Stock up slowly.
- If you buy two ounces a month, you'll have 24 ounces of silver at the end of the year. In the second year it will already be 48 ounces. And so on.
In our personal opinion, this is the best way to buy the precious metal. The average citizen cannot raise thousands of dollars at once. This is also not a good idea unless you can really afford it. In any case, remember that in addition to silver, you also need other resources for a crisis.
Physical Silver or ETC?
ETC is traded on the stock exchange and approximates the price of the relevant precious metal. However, these are not mutual funds for investors, but perpetual debt securities. But what makes more sense? Having the price of the silver you bought on a piece of paper or keeping the ounces right in your home safe? In exceptional situations, it makes sense not to take any risks and to have all valuables to hand at all times. This includes coins and bars. Owning silver in the form of shares or certificates has completely defeated its purpose.
Because it is supposed to be a protection of your money. The point of owning precious metals like silver and gold is to own something valuable and tangible. A piece of paper that says you own so and so many ounces won't do you much good.
Keep your valuables close by. Whether in a firmly anchored safe in your home or in a bank safe deposit box is up to you. You just want to make sure you have quick access to it. This gives you the opportunity to exchange the raw material for goods or services.
Where should you store it?
Buying gold and silver is just the first step. However, figuring out how to store it properly is just as important. In a worst-case scenario, you can expect anyone known to have anything of value to be a target. And of course that should be avoided.
There are also numerous precedents in history, such as the severe economic crisis in the US in 1929, also known as the “Great Depression”, where the government confiscated the gold of its citizens. Minimize the risk of strangers gaining access to your precious metals. But make sure you can.
Despite the misleading name, a "safe deposit box" is only as secure as the financial institution that manages it. And as we know from previous collapses, such as the "Great Depression" or the 2008 financial crisis, banks are not as safe as they make us believe.
The storage of precious metals or other valuables using this type of service is therefore only insufficiently recommended. You may be able to go to the bank today to count your silver coins. Maybe next month too. But in a real societal meltdown, there's a real danger that you'll be able to say goodbye to the supposedly "safely stored" items.
How and where to buy silver
For families with limited funds, silver rondelles and bars are the best choice. They offer the best return on the money. With bars and rounds, you only pay for the silver content and dealer commission. After you have decided on the weight you want to buy, you should reconsider your budget. Because in many cases it is cheaper if you get larger quantities at once. This reduces the cost per ounce.
The best way to buy precious metals is through a specialized metal dealer. The most important thing is to find a reputable dealer who has been in business for a long time.
Buying online works like this: You place the order and pay for it. You will receive the goods in the mail within a few working days. Some sellers offer free shipping, which lowers the overall cost. Make sure that you choose insured shipping and that the value of the goods is secured. This is how you get your money if the silver is stolen or lost in transit. Buying online is easy, safe and reliable as long as you work with reputable metal dealers.
Buying silver is a smart move to prepare for different scenarios. In addition, owning silver coins, rondelles, jewelery or bars offers many advantages. You can store the silver in a safe at home, carry it, or use it as currency.