1. Take a look at the market and spot price.
Before you do anything else, you have to make sure that you know what’s going on in the market. This doesn’t only apply to silver. It also applies to other things like online marketing, off-line marketing, setting up our regular business, reselling anything, etc. If you know what’s going on in the market, you will always stay on top of everything and you will never overpay for your product. For instance:
Let’s say I’m looking into buying some silver. If I don’t know the market, because it is a precious metal, in my head I’m going to assume that it’s going to be really expensive for me to buy. Of course the facts are that I can buy silver for just a few dollars an ounce, but in my head I think I need to spend a small fortune for this precious metal.
So I prepare myself to spend a lot. I collect the money, I find a seller that gives me, as he says, a good deal, and I end up buying 10 ounces of silver at $50 an ounce. Now, because I don’t know the market value, because I don’t know the price of silver, I might actually say this was a good deal, but had I done a little research, I would probably realize facts. Silver is not expensive right now, and I should not pay $50 an ounce.
Suddenly a deal that I thought was pretty good becomes a rip off.
I hope you get my point. Always know what the spot price is. Find out who the reputable sellers are, find out who is good to work with, and take the time to learn who you should avoid.
Of course all of the research that you need to do to get started you can do for free online. Just go to Google and look up anyone you come across, look up things you want to know about silver investments and check out the people, websites and YouTube channels I point you to. You will be presented with a lot of great results that will educate you in no time. It won’t take long and it can really save you a lot of money and you can keep your finger on the pulse of what’s happening with silver with the knowledge that you have experts to tap into online.
Later on, when you become a seasoned investor and you’re actually making profit from your silver investments, you can start paying people to do research for you, to stay on top of the market for you etc. For now, stay as far away from spending your own hard earned money as possible.
Another good research method is just going out and talking to a people. Maybe someone who has had some experience with silver investments. Sit down with them and just pick their brains for a few minutes. Take them out to dinner or something and they can tell you things you need to know to get you started. If they are a good friend, they will be more than happy to talk to you. They may not share their trade secrets with you, but they will protect you and warn you about scams and other dangers that await you.
If you don’t know anyone who is trading silver at this time and you have done sufficient online research find your nearest dealer and pay them a visit. Last of all there’s always the newspapers. In the newspapers, you will most likely find what the trends are, including what the prices are for silver. If there is a crisis coming up in the financial world, which might influence your buying and selling decisions, you will learn about it expression from newspapers and you can always verify the details online later, so don’t hesitate to spend a few dollars on education here.
The one thing I want to mention before I finish up this chapter is that you should learn everything yourself before you pay any money. Before you decide to hire anyone to help you with anything relating to research, or actual buying and selling of silver, you should be successful with it at first. This way you will know the trade well, and you will be able not only to train your employees, but you will also be able to spot any inconsistencies and any problems as they happen and often times much before they happen.
Always do the right research before doing anything else. Sit down at the Internet, spent a couple hours online researching, buy newspapers and read them thoroughly, or at least scan to them to find information that is related to your silver investments, and most importantly find someone you can talk to that has the experience, and if possible try to find a mentor who will lead you along the way.
2. Learn what you have to.
Another thing you need to remember before you invest any money is to try to learn as much as you can, not only about the silver market, but about the art of investments itself and the macro and micro economic factors that affect such investments.
There are some very knowledgeable people running YouTube channels that are experts in this field and are accessible to you and happy to share their knowledge. Make sure you use that to your advantage and watch their videos, respond to their videos and ask them questions. Give them all the support you can so that they have reason to be there for you.
Now, the next step is verifying their knowledge.
Do they have any newspaper articles, published data and verification that they are experts on silver investing? Have they written any books about precious metals and how to make money with them? Do people generally come to them for advice?
Do that with people you identified as experts in investing in silver. When you’re done with that, try to contact them. It is best to contact them by phone.
When you contact them, try to talk to them about what you want from them, being direct and honest with them. If they are nice, they will most likely want to help you somehow. If they don’t have the time to help you out personally and talk to you, maybe you could pay for a consultation with them. If you have a few hundred dollars to spare, an issue when you get into this business, you can propose that you call at a scheduled time a talk for a few hours.