The following are three pieces of homework I think you should do to have a greater understanding of the silver market. Your estimated costs for these bits of knowledge will vary. File these costs under continued education.It's important that you actually purchase the items, because you will learn if you actually have skin in the game.First purchase a cupie doll or stuffed animal at the county fair, state fair or any carnival. second purchase a tomato plant, your choice any variety you desire. Just make sure it's a healthy plant. Thirdly purchase a one troy ounce bar of .999 fine silver. It's not too important the order you do these lessons in. It's only important that you do all three.
What you mean the guy at the state fair won't sell you a cupie doll or stuffed critter? Try the county fair or a carnival in your home town,.or you could play his silly game. Select one you have a history with. If you are good at throwing darts-cool. Shooting hoops, fine. shooting a squirt gun or tossing nickles. Maybe you'll decide all of these games are easy and you'll go for the skill game that has the finest cupie doll or stuffed critter. It's ok go for it.You have time, it's not a race. If you lack the ability to make a decision, allow your girl friend or mate to make the decision based on the fantastic stuffed animal he-she saw being carried around by some previous winner. After all that guy won one you should be able to, right?
Well congratulations or my condolences, some people actually run out of available cash just when they were so close to having the largest stuffed critter their girlfriend ever had a desire for, today. I know, but it happens. Most of you did get the stuffed critter or at least a stuffed critter. Let's do a little bit of cost analysis.
I'll bet you feel you overpaid for the stuffed critter. I'll bet you didn't follow instructions. I said purchase one,
you decided to play a silly game for one. Here's the right way to purchase one from the guy at the fair. Offer the gentleman ten bucks for a stuffed critter you are sure would cost you a dollar at Wallmart. It would have been fast and sweet. You would have missed the entertainment portion of this part of the lesson. Let's look at what happened. Was the game rigged? No The game wasn't rigged or at least it doesn't have to be. You were rigged. All of your past experience and knowledge worked against you. The darts you used weren't like your darts at home. The distance you were throwing from wasn't the distance you usually throw from. Your muscle memory and aim were off. The seller sets the price of the goods. The faster you learned the new game the cheaper you won the cupie doll. There is another way to do this lesson. Observe your brother-inlaw do your homework for you. That's secondhand education, you won't remember it. It's fun though.
Well I have no idea how the first lesson turned out for you. Let's begin the second lesson. This one takes time but doesn't require much effort on your part. And you do get to enjoy your tomatoes. The goal of your purchasing a tomato plant is to make the tomato plant pay for itself and put some cash in your pocket.
Besides it shouldn't be too hard to do, right? A tomato sells for about a dollar right now at the grocery store. A small plant capable of producing many tomatoes sells for about 2 to let's say five bucks as the season progresses. The sooner you start the greater your chances will be of succeeding in this lesson. Cheating is encouraged! Just remember to record all of your expenses. I said all! First of all that plant is not going to survive outside right not, sorry. The pot is too small, too. So repot it into a bigger pot and bring it inside to live with you for a while. Remember to water it. Sure you can feel free to fertilize the plant, I recommend Miracle Grow. You did remember to use a sterilized potting soil, right? You may talk to it if you desire. Ok time progresses, congratulations you have a bountiful crop of tomatoes, Bravo! Even though you did have to buy some insecticide to prevent the bugs from eating your crop. That was optional after all. You've done so well at recording your expenses pat yourself on the back. Let's sell some tomatoes! It shouldn't be too hard. If you dilly dallied around as usual you didn't get started ahead of everyone else in your neighborhood. So what happens is this. The day before you decide to sell some tomatoes your neighbor lady drops off some extra ones she has from her garden. Damn it just about everyone has tomatoes to give you. So you start eating yours. They are sweet, they are awesome! They combine two rare qualities, they are both priceless and worthless at the same time. Perhaps you could market your product in a different neighborhood. Perhaps you could open an Esty store? Even though you would be eating your profits, perhaps you should just enjoy your tomatoes. The supply of an item determines it's selling price.
Your third lesson involves buying a one ounce bar of .999 fine silver. since the markets are up right now This shouldn't be that difficult. Should cost you about $30 to $35 dependent partly on today's spot price for silver. You may have to pay a bit over spot price, when you add shipping and handling. Get a pretty one.
Got it? Record your cost, write it down..The complete cost.
Here's the fun part. Look at it. enjoy it's beauty. Appreciate it's rareness and the efforts that went into the creation of it. Watch it turn black if you like. Polish it if you like. Here's where today's lesson begins: Sell it!
Or rather attempt to sell it. Let's take it to the guy in town we bought it from. Silver has gone up up up..What he's not buying? What do you mean he's not buying? Let's take it to the bank, they'll buy it? Nope. Let's take it to Wall Mart they certainly know the value of fine silver? How about the guy at the pawn shop or the jeweler in the mall? They will buy it, correct? Yes they will. They will not pay you what you paid for it. but they will buy it. They will explain to you that they are always buyers for silver. at a percentage off spot price. This is their business. They do this to make money. They intend to resell your silver at a profit or they aren't interested in purchasing it. Take it or leave it. Well what if you sold it to a refiner? Short answer you don't have enough silver to make it worth their time. You do have another option, You could drill a hole in it and hang it around your neck. Will you need a chain? How about one of these nice bezels to put around it and a chain? Your choice?
Is it possible to buy silver and make money doing it?. Sure. Find the buyer before you make your purchase. Buy the silver for less than you have it sold for. Good luck with that one. Hint: learn to make the bezel or the chain. Invest in the knowledge, acquire the skills and purchase the tools.
Have pie and consider these things, enjoy. I purchased a grossly over priced item but had fun. I grew my own tomato. I enjoyed doing it. I now own a one ounce bar of fine silver, it's pretty. I like it, it's valuable ya know?