Developing A Precious Metals Mindset
OK, I bought 5 ounces of silver last week at $16.50 per ounce. It went down to about $16.30, and is $16.46 as of today. As of today, I've lost 20 cents. 20 Cents!!!!
Do I walk around my home wringing my hands and screaming obscenities? No. I have lost nothing. My goal is to accumulate silver as a hedge should the economy go south and our precious dollar becomes, for all practical purposes, worth nothing.
I am quite happy to trade paper for metal, a promise for something that is a definite. We trade our paper money at the supermarket, the gas station, everywhere, based on nothing more than faith. It's paper! In exchange for it, you get something much more tangible, such as food, fuel, lumber, and silver. As the value of that paper reduces due to corporate greed, international debt considerations, our politics, my silver becomes more valuable.
I care very little about the absolute cost of the silver that I acquire. I just care that I can afford it thanks to the direction our economy is going.