Hi-ho, silver! At least that’s what the old westerns used to say. And in the words of Big & Rich, save a horse, ride a cowboy. 🤠🐴
All rootin’ tootin’ puns aside, the price of silver is turning heads lately. 🩶 Is it an investment worth your while? Saddle up, partner. 🤑
Here’s Five Fast Facts on investing in silver:
- 🪙 Gold Standard - In December, the price of both gold and silver hit new highs. That’s pretty standard behavior in wild economic and geopolitical times like these. On December 22nd, gold hit a record high of $4,480.60/oz. That’s a 71% jump from last year.
- 🏄 Silver Surfer - But silver’s what we’ve got our eyes on now. It’s outpacing year-to-date gold prices. The price of silver passed the $70 level, up 143% since the beginning of the year and an all-time high! Over the last five years, silver performance lagged behind gold, but spiked like crazy in the last month.
- 📈 Float On - Why is silver outpacing gold? Experts say rising inflation expectations have investors buying more silver in addition to gold. Silver is also a cheaper precious metal to invest in, making it more accessible.
- 🏭 Shiny Objects - A big difference between silver and gold: people invest in it AND use it for industrial purposes. It’s found in everything from EVs and electronics to medical equipment and chemical manufacturing. Gold is also more liquid than silver, which means investors can turn it to cash more easily.
- 🤘 So Metal - If you want to add silver to your investment stack, you could go old school. Some people buy silver in physical form, like coins, bars, and jewelry. You could also invest in precious metals mutual funds, mining stocks, and ETFs.
🔥Bottom line: Eager to cash in your retirement account to rack up silver bars? Not so fast, king. As with any other investment, make sure it fits in with your investment goals. And if you’re confused, get help from a professional advisor! Inflation may be down, but paychecks are still struggling. Read up on the latest here.
Do you invest in precious metals?
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