Silver- A Proper Foundation For Buying

Alright, Hi it’s Tom from Durham Precious Metals I think it’s about high time I put up something new on youtube. Hopefully something that can help try to focus on new customers coming in
the store think that’s where people have the most
difficulty and this is a conversation that I often heard with new people
they’re just thinking about getting started when they come in so I thought
would be nicer to have this conversation in the comfort of your own home where
there isn’t any sales pressure at the window and maybe it’ll help you when you
do come in to visit us . And this conversation goes like this. obviously
people that have come into the store have some previous knowledge I mean
people don’t just wander into our store wondering what we do and invest in
precious metals usually there’s some background they’ve been investigating
on line, surfing Google and YouTube getting all these different opinions and I think
what happens is , they know that the something they want to do but they’re
not sure because there’s so many different confusing messages that are
coming from the online community and that’s good and bad and the good of it
is yeah there’s a diversity of opinions because the diversity of people and
everybody has their own sort of take on what’s right for them so their opinion
is gonna be geared to them everybody’s financial situation is
different everybody’s at a different stage in
their in their life, everybody got different investments already so yes your reasons
are going to be different. Now that being said one of the common themes that I see
in the online community in the silver community is this idea that silver is
going to go into and I’m gonna strictly just talked with silver not the gold
isn’t different but so far seems to be the focus and that’s where most of the
businesses right now so we’ll just say silver, but i’m talking about both precious
metals so common theme is that so we’re gonna
go into you know triple digits hundred-plus dollars an ounce and that
the reason to invest in it is that alone gonna buy it you know someone under its
round 23 $24 and as now we’re going to capitalize on that one goes to triple
digits and we’re gonna be rich. I guess there’s nothing wrong with that but a
bit of an axe to grind with that premise simply because I think it’s a bad
foundation and that’s the kind of the title of this particular talk is
foundations proper foundations for investing in silver and again just my
opinion you know take it with a grain of salt, but at least have a listen and hear
me so what I what I believe is that whenever we start with an improper
premise ie you know that’s silver is going to go to $200 an ounce and that’s the
reason to do it, I think we set herself up for disappointment because what if it
doesn’t go to a hundred, what if it doesn’t go to a hundred and the time
frame that you think it’s going to ,what if you’re twenty and you’ve got lots of years ahead, what if you’re seventy and maybe don’t you know it’s gonna give
it a sort of a skewed perception of what should what the outcome should be and I
think expectation bias is a dangerous thing we start with a certain expectation in
mind that expectation is not met and that’s our promise for doing that thing
in the first place are all of our decisions going forward
are going to be based on a flawed premise that are probably not going to
be sound decisions, so if we start with a sound decision and again this is just my
opinion so when I see a sound decision hey just my opinion but think about it
and here goes I think the proper premise for starting investing in silver and
gold is as a savings vehicle. Now I know that’s not a lot of pizzazz and
isn’t very exciting but we’re talking about finance here and finance is
foundational premise in life for survival everything we do revolves around money
and there’s just not enough proper education about money, we’re not taught
in our educational system , in our schools ,it’s it’s so we’re subject to the whims of
people out there that all have a different agenda now I’m a business
owner I sell gold and silver so obviously I have a bias as well but hear
me out this is what I think is, is the right foundation ……savings vehicle and a
long-term perspective, so as a savings vehicle think of it this way. If you have
cash naturally human beings what we human nature being what it is, we tend to
spend our cash, that’s what it’s there for cash spend cash spend.Now you could you can
keep your savings in cash, you could keep it in a bank I mean I don’t know what
incentive there is a key to the savings account anymore there’s no incentive
like there was when I was young, you could make 4 percent a year on a savings account barely make point four percent it’s it’s
just no incentive there and I think that is sort of bled over into an anti
savings mentality and the public so if you if you look at Silver is as a way to
just park cash somewhere then it creates this arms-length buffer between you and
just spending the money quickly, you convert couple hundred bucks into a 10 ounce bar
you now have a 10 ounce bar, but can’t take that ten ounce bar down to Walmart and
spend it right, so you have to now make another decision to bring it back into
our store somebody else the store so privately get the cash back and then go
and spend it, so, it just creates a buffer slows down the process of spending and
like I said that doesn’t sound very exciting but when you look at the facts
and figures nowadays on debt ratios in Canada and the average household is $ 1.6 dollars in debt for every dollar income, it’s not very good so if you can
get on the other side of that where you you actually don’t have debt and have
some savings. Wow, that puts you way ahead of you know the average person in the world and
unfortunately that is , that is I mean if the average person drives the market and
the market is you know setting prices for that average person if you can be
somewhat ahead of that average person yet more buying power you have a better
position in that market unfortunate for those who don’t but
we’re here to talk about you and getting you in a better position financially so
starting from that that looking at it as a savings vehicle is very important now let’s say that it does go to triple
digits well then that changes things now you have some different decisions to
make but if you start with the savings premise your expectations are going to
be far more grounded than if you start with an expectation of an outcome that
may never happen. Now if it does happen again if it goes two hundred or two
hundred or whatever now you now the game changes you have some different
decisions to make you might want to pull out some of what you’ve invested in and
now you’re playing with your gains in the market you pull out your initial
investment and it’s a common premise that a lot of finance people teach and
nothing wrong with that, that may be one approach but at least if that
doesn’t happen now you have a more grounded perspective on what to do going
forward so that’s the main thing I want to drive is that and taking a long-term
approach those are tried and true principles that have always existed in investing and I
don’t think that changes because we live in a different world the world of the
internet the world of information I don’t I don’t think there’s anything that’s traditional in terms of money ever goes away. I think a right
premise back in the day is a great premise now and a right premise is savings
and a long-term approach so I hope that helps to keep this short I think the
next thing I want to talk about is I mean I did a previous video on what to buy
and it came across a little weak I mean I’m still
practicing it getting good at the microphone here and imparting what I really want to get across when I’m talking to little bit hard off
the cuff and I’m not very good at scripting so these are going to be unscripted videos and
hopefully they’ll get the point I want to make a cross of the next video gonna
talk about what bullion to buy and get into a little bit more details about
that so anyway thanks have a nice day see you on the next video…

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