My strategy for purchasing silver up to this point has been to try to save up enough money so that in times of a drop in price, I could make a small purchase of about three or four ounces. Although I have been able to accumulate roughly twenty ounces through this method, it has resulted in sporadic purchases and long waiting periods between buys. Not only is this standing in the way of my goal to try to put 10% of my wealth in precious metals, it is also leaving me paralyzed on the sidelines as I wait for the next dip in price, of which I could never know of or anticipate before hand.
Because this strategy has not been working for me, my brother and I decided that it was time to employ a different goal. After much consideration, we decided that it would be best if we made scheduled, consistent buys every month. That is, we are committing to purchasing at least one ounce of silver every month. The purchases can be larger, of course, but we are dedicated to at least making a single purchase of some size. We are hoping that this consistency will elevate our determination as we are continually "in the game" so to speak, but more importantly, we hope that this will take away some of the emotion and unknown elements that come with trying to anticipate the market and purchasing on dips.
That isn't to say that there aren't some difficulties with our new strategy. As two students with little money, a consist monthly purchase is going to mean that we ensure that we have the necessary funds available. Our goal is to try to put 10% of our wealth into silver, and has never been to get into debt through building a large silver stack. Our new goal will also require us to do more due diligence on where to purchase from. Because our buys will usually be small, perhaps only an ounce or two, it doesn't make sense for us to purchase from online dealers where shipping costs will amount to a substantial portion of the overall purchase price. Therefore, we will have to rely upon the local coin store, exchanges through mutual acquaintances online (such as through Stackerville) or from websites with little to no shipping fees.
We are excited with our new silver goal and have embraced the idea of making small, consistent purchases in order to build up a substantial silver stack. At the end of the day, we hope that this will encourage and assist us with our overall goal to put 10% of our wealth into precious metals, even though we have scarce funds at the moment.
What are your silver stacking goals or methods right now and what do you think about our current goal?