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Good Budget-Friendly Silver Investment?

July 8, 2010 by  
Filed under Silver Investment FAQ

I know ideally investing in a silver ETF would be the way to go, but the problem with that is I am the sole provider for 2 people with another baby on the way & 2 darn cats… I only have between $45-150 each month to risk spending. Since the couple of EFT options I checked into involved start up costs as high as $1,500 I decided to use the expendable income by purchasing as much physical silver as possible (and someday will do the same with gold). Is this a sound “budget-friendly” investment idea? I have only started doing this last month & already have 16 single ounce bullion bars & plan on adding anywhere from 2-5 more each month for the next few years. Tell me what you think, or if you know of a way to take EXACTLY what I’d be spending each month & turn that into a silver ETF investment I’d love to hear how to do that without needing the huge start up costs.

Comments

One Response to “Good Budget-Friendly Silver Investment?”
  1. Ozzie says:

    You can open an account with TD Ameritrade ($1000 minimum) or Scottrade ($500 minimum) or other online brokers. You’ll pay $8-10 each time you make a purchase, so you might want to make a couple of contributions before purchasing.

    ETF SLV, I believe, tracks the price of Silver. You may find that the cost of the bullion you’re buying (and what you could get for it if you had to sell it) might be more than the dividend for the ETF.

    Best wishes – I do agree that Silver will be a good investment long-term. I have believed this since silver was $4 per ounce :-)

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