Don't Give in to FOMO When Buying Silver
Silver spot price has been hovering around $75/ounce for a little bit of time now. Some people are still predicting we'll see it climb past $100/ounce. It very well could happen, but don't let that possibility cloud your judgment when making a purchasing decision.
(Source)
I saw this post on the Silverbugs subreddit. Someone dropped over $7500 on silver at Costo. They bought a total of 100 ounces of silver. It's great they can afford that, but hopefully they also took into consideration that the spot price of silver could just as easily drop. A $5 drop in spot price means this person is now at a $500 loss if they were to sell. Hopefully that doesn't happen. If it does, hopefully they're not in a hurry to sell.
Someone who's been stacking a while is used to price fluctuation and likely doesn't care. Someone who's buying silver because of the hype and price action is bound to get burned. It's never fun when that happens. Stacking is a marathon; not a sprint. Stack what you can, when you can, but don't make risky moves that you can't afford to take a loss on.
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Seventy five hundred in a deep buy.
Wow... That's just... Wow😂😭
Right? Anyone who started just 2-3 years earlier is already far ahead of this person.
!BBH
!PIZZA
!ALIVE
Those are some cool looking pieces though...
True, but they won't hold their value over time. They're just bullion.
!BBH
!PIZZA
!ALIVE
I'm sure that person is a silver stacker like us! Otherwise they could be very unhappy with their purchase is prices drop! Silver and gold are real money and always have been, and will be. You can't go wrong by owning too much of either!
!BBH
!PIZZA
Hopefull they're a stacker and not following the hype.
!BBH
!PIZZA
!ALIVE
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100 ounces, good for him/her. As a veteran stacker of I'd be happy to have it since I have faith in the fundamentals and have already reconciled the risk as acceptable. If I were a Stacking rookie, I'd be having second thoughts of 'What if?'
I did do ONE,and only one big buy of 100++ Troy oz back in February 2024 that brought down my average cost per oz.
!PIMP
Yeah, sadly rookie stackers have no choice. Hopefully this person is in it for wealth preservation and not the hyped gains.
!BBH
!PIZZA
!ALIVE