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Physical Silver Ready For Another Rally?

The recent sharp decline and steady hold near $30/oz. in silver prices has me intrigued.  Is this another chance to enter the metals market?  This is the second significant drop in silver prices this year.  The first, at the end of April, presented a magnificent opportunity to buy the metal, which would end up climbing to just under $45/oz.  With price swings of 50%, a current low entry price could return nice profits given a repeat performance.

If you plan to buy physical silver, there are plenty of options.  A few of my favorites are from online dealers who can lock in a price close to the current spot price.  But...You should be prepared to wait up to 8 weeks for delivery due to the extreme back order.  I would recommend buying whatever you can from a local dealer, but, as I have recently found, they too have little to nothing to offer due to selling out.  

So, I have to ask the question again.  Is this a good time to enter the silver market? With all major dealers and manufactures on back order, the wait times can be extremely long.  Silver is becoming ever so popular given its low price in comparison to gold, and the profit that has been proven to be had.  Not only does the public love silver for its low price in comparison to gold, it's cosmetically attractive and offers an alternative to trading securities. 

The allure of silver has increased for multiple reasons.  When silver was $5/oz., it was possible to fill multiple shoe boxes with an individual collection, taking up quite a bit of space.  Now, it is possible to pack $30,000 in the precious metal under your mattress and still have room for the box spring.  This ability to physically control and see your investment has brought silver into the homes of millions of people, and created a profitable haven from securities trading that can leave the individual investor feeling empty handed.


Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.