Got my Silver 2009 American Eagles today. I'm glad that 3 of my friends are investing with me. I went to Pasir Ris to get the silver coins after my tuition lesson, and was surprised at how heavy those silver weigh!
These silver coins are beautiful. My camera is really doing them injustice with the lousy resolutions. I went to Chinatown and got them verified to be authentic stuff. Sadly, and not surprisingly, no shops in Chinatown sell .999 silver. Or maybe there's one that I don't know of. Everyone thinks that silver is useless metal.
A week ago, I bought gold from this uncle in a shop. He doesn't sell silver but he has his own personal silver collection. I told him about my silver purchase and he went something like: "Wah! You bought those silver for S$29/oz? You're so street-smart, you can sniff out lower prices. I bought mine for S$31/oz."
Today my friend and I went to his shop again, and asked for his opinion of our newly bought silver Eagles. He thought that we wanted to sell our silver to him. And guess what he said: "Silver no value lah. Each coin (1 oz) is only a few bucks, maybe around S$6." What !! Apparently, this uncle had forgotten that I was his customer a week before. He was just saying it cost him S$31/oz the week before, now he said it's S$6?
I knew that it serves no purpose to ask these jewelers about their opinion on silver prices anyway. They may be good sellers, but they don't necessarily understand economics. To say that 1 oz of silver is worth $6 is the most absurd thing I've ever heard. Even my young sister can tell you that the market price now is USD 16-17/oz excluding premiums. Just check the internet duh!! Oops... maybe uncle doesn't know how to use the internet, or maybe he thinks I'm just a small kid he can con. Whatever -_-
Anyway, I believe that silver will again be actively traded in the near future. We may well see silver bullions make their way back into these goldsmiths and jewelers in Singapore. But for now, it has been forgotten by many.
Silver is money. We'll see its spectacular comeback soon, in the form of explosion in prices. It is already doing a big comeback in the past few years, but there's more to come.
Jin
These silver coins are beautiful. My camera is really doing them injustice with the lousy resolutions. I went to Chinatown and got them verified to be authentic stuff. Sadly, and not surprisingly, no shops in Chinatown sell .999 silver. Or maybe there's one that I don't know of. Everyone thinks that silver is useless metal.
A week ago, I bought gold from this uncle in a shop. He doesn't sell silver but he has his own personal silver collection. I told him about my silver purchase and he went something like: "Wah! You bought those silver for S$29/oz? You're so street-smart, you can sniff out lower prices. I bought mine for S$31/oz."
Today my friend and I went to his shop again, and asked for his opinion of our newly bought silver Eagles. He thought that we wanted to sell our silver to him. And guess what he said: "Silver no value lah. Each coin (1 oz) is only a few bucks, maybe around S$6." What !! Apparently, this uncle had forgotten that I was his customer a week before. He was just saying it cost him S$31/oz the week before, now he said it's S$6?
I knew that it serves no purpose to ask these jewelers about their opinion on silver prices anyway. They may be good sellers, but they don't necessarily understand economics. To say that 1 oz of silver is worth $6 is the most absurd thing I've ever heard. Even my young sister can tell you that the market price now is USD 16-17/oz excluding premiums. Just check the internet duh!! Oops... maybe uncle doesn't know how to use the internet, or maybe he thinks I'm just a small kid he can con. Whatever -_-
Anyway, I believe that silver will again be actively traded in the near future. We may well see silver bullions make their way back into these goldsmiths and jewelers in Singapore. But for now, it has been forgotten by many.
Silver is money. We'll see its spectacular comeback soon, in the form of explosion in prices. It is already doing a big comeback in the past few years, but there's more to come.
Jin
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