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Questions to Ask Yourself Before Investing in Silver

Questions to Ask Yourself Before Investing in Silver

May 11, 2024300 view(s)

We have 3/4 metals lower for the week, with gold down 1% to $2,312, silver down 3% to $26.70, platinum up 4% at $958, and palladium 5% lower at $991.

 

From a year ago today, gold is 17% higher, silver is up 7%, platinum is 9% lower, and palladium is down 33%.

A good question to ask yourself before investing in silver, is how soon will I need the funds being used to purchase silver.  If you know of an upcoming need for those funds in the coming weeks or months, you might be better off keeping the cash.

 

Sometimes silver can move rapidly one way or another - more so than gold.  If you bought silver a year ago, it is worth 7% more today.  But if you bought silver last week, it is now worth 3% less.  $1,000 worth of silver a year ago is worth $1,070 today, but $1,000 worth of silver a week ago is worth only $970 today.

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$1,000 worth of silver purchased at the beginning of this year, is worth $1,110 today.  $1,000 of silver bought 3 years ago is worth $1,000 today.  But $1,000 of silver purchased 5 years ago is worth $1,780.19 today, an average gain of 11.59% per year.

 

Are you patient enough to invest in silver?  If so, you can do well.

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