The price of gold is hovering around $3600 per ounce. The price of silver broke through to over $43 per ounce. For gold, this is a high we haven't seen in past years. For silver, it's been quite some time since we've seen it this high. We're in a unique situation where it's uncertain what will happen with prices.
I stopped buying gold a while back once it hit around $3000 per ounce. With silver seemingly creeping up on $45 per ounce, I'm in a holding pattern of sorts. I don't want to spend that much on silver. I can't prove it, but my gut tells me we're due for a price correction in the near future, at least with the price of silver.
Gold is still king, and only fools would turn it down for payment. Silver is unique because it's used in a lot of technology, medical supplies, and weapons. It's in demand not so much as a monetary metal but as a commodity. I see demand for it going up, but something still makes me think we're going to see a drop in price now that the price has spiked.
I think a lot of people are going to be converting their silver to cash, which will flood the market and drop the price. For those who got in cheap, it'll be great. For those like me who still want to buy and are willing to wait, I think the opportunity will be tremendous. I'm hoping prices come down since I'm building wealth to pass down to my kids.
So, which camp are you in? Buying, holding, or selling?
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