- The benefits of Silver must be taught in personal finance classes Too often when talking about silver or gold, finance professionals go right to performance and what it has done. They don’t discuss the real benefits of what silver (and other precious metals) can do. Its real money, a hard asset and its insurance since it always will have value. We need to be teaching people its money outside the system and that it protects your purchasing power. These are a few of the benefits of precious metals, but I definitely haven’t covered everything (5 reasons everyone should own gold and silver- read here) . The important thing though is that silver and gold shouldn’t be thought of as archaic and old-time investment.
- The second thing silver must do to become mainstream is silver must be pushed (in a responsilbe way) to young people as they can help market the metals. They’re more likely to use different types of social media and get the word out to their family, friends and others. We already see this with younger people and assets like cryptocurrency and SportsCards. Also, they are more likely to start small businesses as being younger with less family obligations allows more risk. And this type of word of mouth is very powerful as it would push silver demand to grow organically. It wouldn’t be just a blip on the radar with demand spiking, but the idea of buying small amounts over time, or dollar cost averaging. While it’s true a lot of younger people are hurting with inflation still in the economy, we know that many young people are indeed saving in their retirement accounts (401k, IRAs) because they were educated on the benefits of it(Read about how to fix social security here).
- Silver Must begin to market Itself better. I strongly believe that more people, Americans in particular, would buy and demand silver if the benefits were discussed more. It needs to be marketed as time tested, historically great and as real money. Myths around it need to be dispelled such as that silver isn’t a liquid asset. There needs to be a clever, aggressive marketing campaign with many parties collaborating. Now as to the responsibility of who should be doing the majority of the work, that’s debatable, but I think institutions like the Silver Institute and large Bullion dealers are some of the entities that could help fund these campaigns. And often, some of these entities like the silver institute is terrific on research and trends, but maybe not so great in getting the message out. And some may say that’s not their mission, and that’s fair, but I do think some organizations need to step up and start pushing the message. Now, there’s other options in terms of what could drive more people in, and if you have any other ideas on this please write them the comments as I m always curious to learn.
Now, one area I do think is tricky and I think hurts the industry is that you need to increase demand but not get into numismatic territory. So, the bullion companies can’t really push with limited series coins or bars because stackers are only going to pay so much over spot. For me, personally. I’ve stuck with the lowest premiums when buying silver coins most of the time and I have bought some cryptid silver coins too just because I like the design so much.
