My Top 5 Tips When Starting Out With Silver
- David LeBlanc
- Jun 10
- 5 min read
Updated: Jun 15
👔 First of all, Happy Father's Day if you're a dad, grandpa, uncle or a father-figure. The special energy, wisdom, security, strength and care which you bring creates a loving bond eternal.
Getting into anything new can be fun and exciting but sometimes a little scary as it is after all - new to you. You've yet to develop the experience, expertise, confidence of a seasoned veteran who knows "when the hold 'em and when to fold 'em."
When I first started out in swapping my fiat toilet paper dollars for real money - silver - I didn't know much. Sure, I made some mistakes along the way but also developed much knowledge and experience and hopefully some tips for your benefit.
1) Buying "collectibles"
In the sea of available coins, rounds and bars from which to choose for someone new they often can't distinguish, and even more, don't know the difference between bullion, generic and collectibles.
Collectibles, sometimes referred as "numismatics" are special, high-premium, low-mintage items which often come at a higher price as they are coveted for their collectibility by collectors. These types of silver can often be part of a series, special commemorative editions, etc. I learned to avoid these when started out as I wasn't seasoned enough to know what each was truly worth and ended up paying more for per ounce of silver then I needed.
🪙 My "Howie Meeker" pro tip! I'd stick to bullion coins (e.g. Canadian "Maples", U.S. "Eagles) and recognized bars (e.g. PAMP Suisse, Valcambi, Sunshine) when starting out.
2) Buying too much all at once
Again similar to #1, when getting into something new one tends to go overboard. In the case of silver, this can mean buying too many ounces all at once. The price of silver particularly, compared with gold, can and does fluctuate significantly. To even out your costs, try and spread out your purchases over time - called "dollar cost averaging". This way, you're more likely to take advantage of any price dips and add more weight for less.
🪙 My "Howie Meeker" pro tip! I'd spread out my silver purchases over time to "dollar cost average".
3) Not having a goal and a plan
One of the biggest things I always recommend to clients and new "stackers" is to have a "why". Why are you interested in precious metals? What do you want them to do for you - savings, wealth building, inflation protection, a little more out of the system? What's your exit or swap strategy? Are you adding silver as a hedge against inflation to preserve your purchasing power? Are you looking at it as an investment to grow over time? Are you looking to leave a legacy for your family? Are you wanting to add a little more financial peace of mind during these times of uncertainty? Do you wish to use it for trade/barter? That's a lot of questions and maybe some of your answers are there somewhere.
As you get into "stacking" silver, you'll likely realize that it can be quite fun and often addictive as there are so many different silver coins, bars, rounds which to choose. At one point you may discover that you own 10, 20, 50, or maybe even 100 or more ounces and that having a precious metals plan would be a good idea.
What could a plan look like?
What's your "why"?
How many ounces do you want? (e.g. 100? 250? 1000?)
How much allocated between gold, silver, maybe platinum?
What to buy? (e.g. 25% 1 oz "Maples", 25% 1 oz U.S. "Eagles", 25% 5 oz bars, 25% 10 oz bars?)
How often? (e.g. each pay? once a month? once a week plus on price dips?)
🪙 My "Howie Meeker" pro tip! I'd know my "why" and develop an acquisition and swap/sell plan.
4) Not buying the dips
Humans are funny and FOMO (Fear Of Missing Out) is a powerful motivator, yet very illogical. When the price of something starts to take off, like silver at highs not seen in thirteen years, and word gets out, people tend to buy it. Afterwards, when the price of that same item is lower, we often look the other way and say, "meh".
When you truly believe in the value of something, such as owning real physical silver, your attitude starts to change. You want to acquire as many ounces as your plan allows at the lowest price. So, when the price takes off for a few days/weeks, I sit tight knowing that my ounces are worth more. When the price dips, this is the time when it's on sale and I can add some extra silver weight for less and reduce my average cost. Over the long-term, this can add up to many more ounces for less.
🪙 My "Howie Meeker" pro tip! I tend not to be a FOMOer. Buy the dips.
5) Not buying on a consistent basis
This relates back to #3. Some folks initially get into adding some physical silver often for the right reasons and then lose steam. Maybe they didn't have a "why". Likely they didn't have a plan. It could be that they weren't disciplined enough to set aside enough cash to swap for silver on a regular basis.
When you have a plan and the discipline to keep it going, you can avoid the scattered buying approach, add weight more consistently, and take advantage of price dips to lower your dollar cost average. Knowing that you can hold your real money - silver - in your hands can be satisfying and gratifying knowing that you are socking away something tangible which retains its value; adding financial security, privacy and independence; and, and working towards your goal which is a real accomplishment!
🪙 My "Howie Meeker" pro tip! My passion is helping people understand the myths and truths about silver (and gold) so they can build more financial security, privacy, wealth preservation and peace of mind, and it shouldn't be a fad or short-term trend but rather a disciplined lifelong attitude, practice and commitment to yourself and loved-ones.
"If you can't hold it, you don't own it."
✨ What do you think? Have you experienced any of these while on your stacking journey? Do you have any others to share? Comment below.
Build your wealth in ounces.
To your financial health 🥂,
David
Precious Metals Coach "Real Money For We The People"
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