Investing money in precious metals can be the wise man’s way out of an economy where currency is devaluating. You have to know exactly what you’re looking for, though, so you don’t fall prey to scams. Making an investment for the future is integral to keeping your head above water in the future.We know just how tumultuous the economy can be, don’t we?
The price of silver is likely to go insane in future years. Why? Because silver is integral to most high-tech technologies and this remains in irrecoverable forms. If we keep using it up, silver is about to become one of the rarest elements left on the planet, far surpassing gold in all its glittery glory.
At the moment, silver still remains affordable for most people, so investing in silver while the prices are still low is feasible for you too.
Check for quality before you make your investment. If you’re planning on purchasing silver bullion bars, you better check that you’re getting optimum metal for your buck. There should be a serial number and quality stamp clearly marked on the bars.
Look out for the .9999 pure insignia, as this is the highest quality silver you can buy. Pure forms of silver aren’t best for jewellery, as they are far too soft, but they’re ideal for investment.Avoid low quality silver and walk away from sellers that can’t prove the purity of their precious metals.
Measurements of Money
For those that don’t know, silver is measured out in troy ounces. One troy ounce is roughly equivalent to 31.1 grams. If your seller tries to fob you off with anything less than 31.1 grams, passing it off as a troy ounce, cancel the deal – he or she is trying to fleece you.
Although the price of silver remains at a constant level, depending on market prices, mark-ups vary. Shop around before you make your final purchase, as you could save yourself quite a lot of money. Always do business with reputable companies that have received great reviews.
It’s best to pay a little more for security than buy silver off a shady business. Online silver jewellery suffers from the same problems, so it’s always best to go to a shop and see your investment first, if it’s possible.
Silver Exchange-Traded Funds (Silver ETFs)
A no-strings way to purchase silver, ETFs buy ‘units’ that follow the value of the ever-changing silver market. You can’t have solid silver delivered to you at any point, but you can cash-in for the value these units have. Obviously, if the value of silver begins to sky-rocket, you could make a lot more money than your original investment, without the concern of storing and protecting real silver bars.
You can hire someone by visiting https://myfinancesg.com/ to purchase your silver for you and store it in a safe bank at a minimal premium. Fully insured, this silver will be regularly checked to make sure that no bars of precious metal have sprouted legs and gone walkies.
How to save money for goals and life events
As we mentioned earlier, it can be helpful to have a specific goal in mind when you’re setting up a plan to save money fast. Sometimes this goal can be as big as getting married or buying a house; other times, it can be smaller in scope.
Wherever your savings journey may lead you, we’ve got a guide to help you along the way.
Checking in on your budget at least once a month gives you the chance to deal with fluctuations in a timely manner. A check-in also gives you an opportunity to talk about money with your partner, if you’re working from a family budget.