I would like some perspective some anyone who may have experience buying precious metals, particularly silver.
I’m very interested in investing in precious metals just to diversify a little bit. Today, I bought my first ounce of silver from APMEX but I’m afraid it’s not as good as an investment as I think it is. The price of silver (as of the time of my purchase) was $32/oz. After taxes and shipping costs, this single ounce cost me $50.32. I’m starting to think this isn’t worth the investment because of how long I am going to have to wait before that single ounce is worth more than the total I paid for it. Not only do I have to wait for the price of silver to reach $50 just to break even, I have to wait even longer if I want to receive any kind of profit off of it.
My question is, am I thinking about this the wrong way? I know tons of people that say precious metals are very good investments, but silver specifically I’m not seeing it.