3 Stories That Prove Precious Metal is the Best Store of Wealth
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When it comes to uncertainties in life, your circumstances can transform in the blink of an eye. This is why, as humans, we strive to achieve optimum stability in other aspects of our lives. Be it financial, educational, domestic or professional, we want to be prepared for the curve balls fate throws at us.
Middle-class households struggle with a hand-to-mouth life so that they can save enough for emergencies and unexpected expenses.
Scholars struggle to excel in their fields and acquire a diverse set of skills so that they’re relevant and useful in the job market when it’s time to take charge.
Retirees look for reliable investment options so that they can put their youngest children through college or provide enough for their dependents after they’re gone.
Here are some riveting stories that explain the value of investing in precious metal through a realistic perspective.
Bob D.
During the mid-sixties, Bob D. was a young college student. At that time, a gallon of gasoline for his car cost 25 cents – a silver quarter.
More than half a century later, he was talking to a gas station owner who concurred with Bob D.’s argument about the value of precious metal. In a spirit of nostalgia, the gas station owner favored Bob D. and allowed him to take a gallon for one silver quarter.
Even though this anecdote is not laden with economic terms and dense financial jargon, it beautifully explains a reality of life. A year later from that day, in April 2018, the market value of silver was $16.32 per ounce.
The gas station owner could potentially trade the silver quarter he got a year ago for $2.95 according to the then rate and it would be more than the price of one gallon. This is a commentary on how fiat paper currency devalued over time but precious metals continued to prosper.
Roth L.
When Roth L. visited a friend in Medicine Hat, she showed him a few 1954 hundred dollar notes. They chatted about the picture of the Okanagan Lake that was printed on the currency. The reason behind sharing these old treasures was the unfounded belief that the paper currency had antique value.
Roth L. Explained to her how the line printed on the note: Pay the bearer on demand meant that it could be exchanged for silver or gold through the bank. Back then, in 1964, that $100 bill could have purchased 3 ounces of gold.
However, what his friend was reminiscing about was the value of those bills back in 1954 when they could purchase a lot more than just 3 ounces of metal. This shows how saving cash under the mattress never helps because currency depreciates.
Greg T.
It was in January 1980, that Greg T. discovered the gold coins that were in possession of his brother. Around that time, the price of gold was fluctuating rapidly and it could go from $20 to $50 in a day!
Following in his brother’s suit, Greg T. Decided to invest in gold coins as well and his brother assisted him. Undeterred by his new motivation to accumulate wealth, Greg t. spent all of his savings to buy 4 gold coins from his brother.
The very next day, the price of gold hit an all-time high! That tells how uncertain market forces can be. It’s wiser to diversify out of asset classes that are always on record-high valuations and invest in cheaper assets like precious metal.
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