Anyone else seeing silver's potential right now? My stacking journey & 2024 strategy

Paul Hill

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Anyone else seeing silver's potential right now? My stacking journey & 2024 strategy

paul_hill🏆Advanced (250-500k)

about 1 month ago

Key Takeaways

•Mainly sticking to government-minted coins initially for ease of liquidity if things went south fast, but I've been eyeing some larger bars lately.
•The premium on American Silver Eagles is getting a bit spicy these days, even though I love their recognition.
•My current strategy for 2024 is to dollar-cost average into silver, especially on dips.

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Okay, so I’ve been quietly building up my precious metals for a few years now, and while gold gets all the headlines (and yes, my IRA is heavily weighted there), silver has really started to grab my attention, especially considering its industrial demand. My advisor here in SLC has been brilliant in guiding me through the nuances of both, but silver feels like it has more explosive potential in the short-to-medium term.

I started with silver a few years back when I first rolled over an old 401k into a Precious Metals IRA – put about 15% of that initial $280k into silver at the time. Mainly sticking to government-minted coins initially for ease of liquidity if things went south fast, but I've been eyeing some larger bars lately. The premium on American Silver Eagles is getting a bit spicy these days, even though I love their recognition.

My current strategy for 2024 is to dollar-cost average into silver, especially on dips. I'm looking at allocating another chunk, maybe $20k-$30k this year, specifically into silver. I'm focusing on rounds and bars from reputable refiners to get closer to spot. I also keep a small stash of physical silver at home (mostly 1oz coins) for true emergency situations, separate from my IRA holdings. It just gives me peace of mind, you know?

What are others doing with their silver stacks? Are you finding specific products or refiners offering better value right now? Also, for those with larger silver holdings, do you use any specific storage solutions aside from your IRA custodian? Always curious to hear different perspectives.

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6 comments

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Comments (6)

joshua_phillips🏆Advanced (250-500k)Real Investor✓ Verified•about 1 month ago

Totally! I've been feeling the same way about silver lately. My wife and I inherited a bit of cash last year and after doing some research, we decided to put a good portion of it into silver. Seeing the industrial demand pick up has made us feel pretty good about that decision. Plus, it's just nice to diversify a bit from pure gold, even if that's still the bulk of our retirement savings.

richard_garcia👑Elite (1m-5m)Real Investor•about 1 month ago

Interesting! You mentioned your advisor in SLC has been "brilliant" – are they specifically knowledgeable about silver and its industrial applications, or more of a general precious metals specialist? Always curious to hear about good advisor recommendations, especially when they're tuned into the less obvious metals.

ashley_baker💼Starter (0-50k)✓ Verified•about 1 month ago

Totally get the silver appeal, especially with the industrial demand narrative. It's a strong point. But honestly, for an IRA, I'm still feeling gold is king. The volatility of silver, even with its upside, just makes me a bit nervous for a retirement account. While your advisor sounds great, I'd personally be wary of diverting *too* much from the gold allocation in an IRA context. Just my two cents!

richard_garcia👑Elite (1m-5m)Real Investor•about 1 month ago

Awesome to hear you're looking at silver more closely! It definitely has some interesting dynamics with that industrial demand. One thing to keep in mind, especially with IRA holdings, is that not all silver products are IRA-eligible. Typically, you're looking for .999 fine silver from approved mints. Double-check with your custodian or a reputable dealer to ensure what you're buying can actually go into your Gold IRA. Good luck with your 2024 strategy!