I’m a newbie, where do I start?
This post was written for the silver forum writing competition and is meant for newbie stackers/collectors.
If your reading this the post it’s pretty likely you have discovered an interest in collecting/stacking Precious Metals. You have probably bought an over priced silver bullion bar from bullion by post or have been left a lone gold sovereign by a loving family member. What ever the reason you have found this forum, welcome. Welcome to the rabbit hole.
Collecting gold and silver is an addictive, all consuming hobby that will fill your thoughts with pictures of the past and dreams of the future. The feeling of that newly acquired treasure in the palm of your hand will leave you yearning to discover a bigger and rarer piece over and over again. From hammered silver slaters to shiny new gold maples the abundance of choice is overwhelming.
Your first step to becoming a successful collector/stacker is to delve deep into the reason you are here. What do you want from these shiny rocks? Do you want to make as much money as you can? Do you have an interest in a specific series? Do you want an investment for the future? Are you stacking for inheritance for your children? Whatever your reason for collecting, this will be your anchor. This will be what all your choices are focused on.
Now that you have your anchor, you need to build the boat. Knowing why your collecting should steer your choice of what to collect. If you are collecting for purely monetary reasons. Stacking bullion is usually the cheapest option. Patience is the key in stacking. There are hundreds of YouTube videos showing huge shiny stacks of beautiful coins and bars. These stacks take time to build. Unless you are seriously wealthy, stacks that big are built with passion and dedication.
Most of the time stacking is governed by budget. Decide how much and how often you are going to invest in precious metals and stick to it. How ever much you have to invest, it will be enough. Your stack will grow quicker than you think. Take pictures so you can look back on how far you’ve come in 6 months time.
The exit strategy
There might come a time when you need to sell some precious metals to fund a house deposit or a new car or whatever curve ball life throws you. It’s important that you know where and how your going to sell your metals if your in a jam or if you have changed your interests. Bullion is easy to sell as most places offer a few percent below spot price. Numismatic coins are a whole different ball game. Numismatics are more difficult to sell as they require knowledge of the market, but can be more profitable if you know what your looking for and how much collectors are willing to pay for a specific coin.
Doing your research before buying into precious metals is vital. The silver forum is full of helpful posts and articulates that will help build your knowledge surrounding your chosen poison. It is full of random internet people who will offer you advice, myself included. It is your choice if you listen. This is your hobby, choose what you like. It will help you stick with it.
I have included some links of trusted dealers and helpful information on this bottom of this post to assist in your journey. I hope you enjoy your time looking for your treasures as much as I do.