Can I Get Rich with Silver?

Can I get rich with silver? This is the question of the moment. I would like to get rich with silver, that's why I buy it. This is the hope of any precious metals investor, we buy low and sell high. But let's be realistic, go to almost any financial website and you can pull up the silver price chart for the past two decades.

get rich with silverYou can see that there is a slow and steady rise in silver pricing with a few setbacks along the way. Overall, returns are good but not great. As with any other type of investment, it depends entirely on when you 'buy in' and when you 'get out'.

My opinion, based on a twenty year chart alone, is that silver is not a get rich quick scheme, but a long term investing tool. Obviously silver is not always increasing in price.

So the answer to the million dollar question about getting rich quick is no. Silver has not made incredible gains, it has steadily increased at a respectable pace. This was until recently, where the market price for silver has suffered a bit of a setback.

Silver should be viewed a stable investment but certainly not a get rich quick scheme that is has been made out to be at times. At this point in time silver prices should not decrease for any extended period of time unless gold suffers even more of a price dip.

get rich quick with silver
Get Rich Quick with Silver?
A hiccup, or short term drop in price, should be nothing for a silver investor to be concerned with. A hiccup can be caused by many reasons outside the metals market and the best advice you could get during a temporary drop would be to hold your silver and actually use the downturn as a buying opportunity.

Can the Silver Market Collapse?

The last time the market actually collapsed was in the early 1980's. This was a result of market manipulation by the "Hunt brothers". This scandal caused a trumoil which should never be seen again. One cannot collect silver without knowing who the Hunt brothers are. Their story is an interesting tale of greed and deception. (Just who are the Hunt Brothers anyway?)

Ironically the price was driven up far too fast by these men. When their house of cards collapsed, so did the price per ounce. This price drop can never be repeated for this reason, since their attempt to corner the market can never be mirrored following regulations that were implemented as a result of their get rich quick scheme.

hypothetical silver chart
A Strictly Hypothetical Silver Chart

In 2013 and 2014, we had to watch silver prices drop excessively. This painful drop has been repeated discussed in the financial world as an example as to why investors should stay away from precious metals. But in reality, if you didn't sell any silver during this price drop, you haven't lost a dime.

The lower prices of the last two years present a buying opportunity for those who still have faith in the silver market. Can I get rich with silver if I buy in bulk this year? The question of the day may never be answered, but long term investors may be able to realize greater gains by purchasing in this down market.

See Also: Buying Silver Online | Silver Investing FAQ | Silver Investing 101 | Silver Showcase | Retiring with Silver | Silver in a 401K Retirement Plan | Coins, Rounds, or Bars | Get Rich with Silver | One Oz Silver Rounds | Where to Buy Silver Safely | Physical Silver VS Paper Investments

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