Okay, so a while ago, you took the leap, and started investing in precious metals. You have acquired some silver bullion. Everything was going well.
But now you need money and you need it fast. You are considering selling your silver bullion. However, you aren’t sure if it’s really the right thing to do. Soshould you sell it or should you keep it?
Well, there is no one-size-fits-all answer, because it all depends on your individual situation…
You must know THIS about precious metals…
Precious metals have been a store of value for millennia now. Gold and silver has been handed down from generation to generation to keep the wealth in the family. Selling it often seemed unthinkable… And rightly so!
Although some people think that we have reached peak silver, the value of precious metals are still rising overall.
Precious metals are a long term investment, and they don’t work well with a short-term approach. So when you buy silver, you shouldn’t buy it with a mindset of flipping it for a higher price, you should buy it with a mindset of keeping it indefinitely and passing it down to your children.
Otherwise, you are just wasting your time, and you’d be better off staying away
from the precious metals altogether.
That means that you should be very, very reluctant to sell your precious metals, and only do so when the situation really calls for it.
When you SHOULDN’T sell your silver bullion
You should never sell your silver bullion to get quick cash for consumerist purchases. And what are consumerist purchases?
It’s everything that is driven by the desire for pleasure in one way or another. Maybe you saw that latest gadget in the Apple store and now you want it. Or maybe Facebook pictures of your friend’s most recent trip made you dream about taking a trip like that yourself. Or maybe friends invited you to an expensive restaurant and you really want to go. There’s nothing wrong with these things in and of themselves. However, if you can’t afford them, purchasing them anyway can wreak havoc on your financial life.
You should never, ever sell silver just to be able to buy a gadget, take a trip, or go to the restaurants more often. It’s normal to feel the temptation, you just have to learn how to resist it. After all, it’s your financial future we are talking about, so don’t gamble with it!
The only reason to sell your silver bullion
That being said, there are situations where selling your silver bullion might be the right thing to do, and those situations boil down to financial emergencies.
Financial emergency is an interruption in your income that threatens your ability to support yourself. It could be related to a job loss, sickness, or essential things like your car breaking down. Of course, ideally, you would have an insurance for all these things, and then savings. But insurance doesn’t always cover everything and savings run out eventually.
So, ask yourself, is the reason you need cash are your wants, or your needs? Is it a true financial emergency? If it is, and you can’t keep your head above the water anymore, then sell your silver bullion. You’ll acquire it again in better times!
So, you have decided to sell your silver bullion. But where can you do that? Come to our Melbourne shop! We’ll give you a fair price!