Author Topic: Wondering if I should sell my silver  (Read 1200 times)

Offline WiFiNetGuy

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Wondering if I should sell my silver
« on: April 12, 2018, 11:13:32 AM »
Hi, everyone. I have a small amount of silver, only about 39 Silver Eagle coins that I bought about 5-6 years ago. I haven’t done anything with silver since then. My question, very newbie-type question that it is, is whether I should just sell it for today’s prices. Or should I try to slowly buy more? If I remember correctly I think it was about $30 each back then.

My financial health is not very good, currently. I’m trying hard to pay off debts to get a better financial situation. Any suggestions or ideas are welcome.

Thanks in advance.

Offline Smurf Hunter

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Re: Wondering if I should sell my silver
« Reply #1 on: April 12, 2018, 12:00:16 PM »
Backing up, I don't think this is necessarily a silver problem.

You should come up with a personal plan for improving your financial situation.  Take a look at this subreddit for inspiration: https://www.reddit.com/r/personalfinance/

It's possible liquidating stuff, including precious metals is part of a broader solution, but without a plan you aren't likely to make a lasting improvement.

Offline mountainmoma

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Re: Wondering if I should sell my silver
« Reply #2 on: April 12, 2018, 01:13:17 PM »
That likely isnt enough money when liquidated to make much of a dent. Do not make a decision yet on that, just hold it, as it is part of long term preps. Maybe you would net $600, then just have to rebuy it again in a couple years to have as a prep, and it may be more expenisive then, you would likely only be able to sell now for $15is a piece, so if you sold now, you would lose money long term.

Look at Dave Ramsey for how to get rid of debt, like doing a debt snowball to pay off. I spent a bit of time a few years ago immersed in the free information from his web site, reading stories of people who have done it, etc... listening to his talks, all free.

Do look at what you have you dont need to sell, like maybe a motorcycle or boat or whatever is in your garage you dont use and that isnt part of your emergency preps.

There are threads here on the money board you can read about how others have gotten put of debt.

https://www.daveramsey.com/jumpstart?snid=footer.getstarted.jumpstart

First thing to do is to stop all uneeded spending, look at what you are spending on, make a budget, etc.....

SOmetimes it helps if you think of it as temporary, or as a competition, how low can you go ? Do not buy anything for the next month, or 3, that isnt a bill or food or fuel to get to work. No Clothes, no drinks out, no coffees, no new towels or anything, while you evaluate. A reset like this can be illuminating.

Offline mountainmoma

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Re: Wondering if I should sell my silver
« Reply #3 on: April 12, 2018, 01:36:54 PM »
If you scroll down this thread just a bit, you will see 2 threads you should go look at as these are often areas where savings can be had, the one is on alternates to the affordable care act, as regular health insurance is financially killing many families. And the other is Help ! We are spending...on food each month. Food is another area for some families. Never short your food shopping budget in an unhealthy way, but many families are spending more than they can afford by buying drinks ( soda, bottled water, coffees from the coffee shop, juice -- none of these are needed and cost alot), by buying snacks and meals when out, you can eat at home or pack food, at least until you are out of your budgetary mess. While you sort out your mess do not spend more than $5 per day per adult, for sure, you could easily do $3/day per adult. If you are realy in bad shape right now, and you have food preps set by, eat your food stores while you work it out, as they may want to be rotated in any case, so maybe open those cans of beans and rice, and make a plan to replace in a couple months.

- heath care coverage costs
- Food, cut out eating out, make limited coffee at home, never buy out, stop buying single serving drinks, cook
- what are your bills, what are you making payments on ? Is this realistic given your income ?

On that last category, sometimes people have to cut their losses. Many people need to sell the car or truck they are making payments on, even if it seems like a loss, and buy a cheap used car. Because they realy cannot afford the payment and insurance on it, even more so if it is 2 vehicles, one for each, that hve these payments. Some people even find that they have bought too much house for their income comfort, and need to downsize. You realy have to go thru your income budget.

Little things make a difference in my budget, and many other peoples. In other words, when you add it all up, you may be paying an awful lot on cell phone/cable/streaming subscriptions/internet provider and often there are savings to be had. Utilities too, many times there is alot of household waste that can be reined in, some just by changing habits, and setting the thermostat higher or lower, turning things off, etc.... so you need to look at that. I am at the very low end for people on this site as I pay under $100 month for phone/internet/electric/trash, all utilities in other words ( I am only one person, and I decided to forgo having a cell phone, and have an inexpensive landline, and no tv cable, and I heat with wood)

- look at your cell phone plan, and do you realy need data, or just prefer to have it ? It wasnt but a few years ago none of us had it, and we did just fine. compare options. You will save alot more money here over the next 6 months than selling silver



Offline WiFiNetGuy

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Re: Wondering if I should sell my silver
« Reply #4 on: April 12, 2018, 08:25:07 PM »
Thank you, all, for the suggestions, etc. I appreciate the help. And off I go checking out the resources on the replies.

Offline jerseyboy

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Re: Wondering if I should sell my silver
« Reply #5 on: April 24, 2018, 07:52:06 PM »
I agree with everyone else. However if you do sell, American Eagles carry a premium both on buying and selling. You will usually pay about $3.00 over spot when you buy, but you will get just under $1.00 OVER spot when you sell. Today JM Bullion is buying back Eagles for $0.90 over spot. You pay shipping though. Don't let those Eagles go for less than spot.

Jerseyboy

Offline Carl

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Re: Wondering if I should sell my silver
« Reply #6 on: April 25, 2018, 05:59:17 AM »
  Just a thought,but you can often sell such 'collector' coins direct in individuals at a premium with a phone # only adv in the local fish wrapperas many worry about records of sales and taxes at coin stores etc.