A few years ago I decided to buy some silver. I didn't want to hand over my cash to some suit and in return get a piece of paper that says I allegedly own some silver. Nope, I wanted to hold it in my hot little hand. I looked around, and the easiest thing to do was go to a coin shop and buy Silver Rounds. They are just an ounce of 99.9% pure silver minted to look like a coin. I would buy one or two a week for a while until I had a little silver.
I gave a few to the kids, and my niece and nephew. I think I gave a few to my mom and dad too. It was just kind of cool to hold an ounce of silver. I have been watching silver go up pretty steadily lately, and have thought of selling it off. Then a while back George Sorros sold of a huge amount of gold and silver. The market dropped over night. I kind of forgot about it for a while.
Last week Amy told me that silver was back up to $50 an ounce. I decided it was time to look into selling my silver. Silver doesn't sell for the price it lists at for some reason. It sells for the "spot" price. I called around and found a coin shop that was paying spot (some less reputable dealers were trying to pay less than spot). We gathered all the silver in our house, which when you live with a fourteen year old boy can be an ordeal to find anything in his room, and went to the coin shop.
I got $38 per ounce of silver. We had nineteen silver rounds. I was pretty happy that I had turned $8-$9 into $38. I know someone who knows something about money could probably have made a small fortune out of that. I was just glad not to have lost my shirt. I would have had to go wandering around the climbing gym asking people if they had seen it.
1 comment:
Not a bad return on your investment. I wish my 401k had the same rate of return.
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