Silver Gold Stackers Engagement Initiative #12 - 5 HSBI For Grabs

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Silver gold stackers engagement initiative #12.png

Week 12 has started!

After 11 successful weeks filled with resources as well as great tips and personal stories, it's time to close week 11 a little early because I will probably be way too tired by the time week 11 pays out and want to have this task out of the way to give my back some rest.

Usually, the comments come in in the first few days after publishing anyway so I didn't expect any new people engaging for last round, and if so, sorry but this week has closed a bit earlier for the reason mentioned above. You are still more than welcome to leave a comment though, because in the end, every comment is highly appreciated and I'm grateful for everyone's support!

If you're curious about the question from week 11, just click here.

Winner winner, who pays dinner?

With 10 people answering the question by either sharing that they have never ran into issues (way to go!) or which issues they ran into (and how they solved it), I'm happy for another week with some nice engagement.

My sincere apologies for only reading most comments after I responded to a few quite instantly but then forgot to come back to reply to a bunch of the others. I remember reading every comment while being on my phone (thus not logged in) but failed to come back until this very last day. I will do better this week!

I appreciate all your engagement and picked 5 people for the HSBI shares, drumroll please...

@youloseagain, @silversaver888, @geneeverett, @bitcoinman, @silverd510, congrats!

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And as @hetty-rowan asked this week's question, I sent her a share too:

A little note: Last week I made not 1, but 2 typos while sending out the command for the HSBI shares, this is what you get when you write these things after midnight and are too tired to do so.

This week it's still early evening so I think I'm going to get it done properly.. If you run into any issues though, always let me know so it can be taken care of. The shares always end up at the rightful owner, so please don't worry if it ever happens.

Question week 12

This week's new question is:

Week 12 Silver gold stackers engagement initiative question.png

Here's the question in text as well:

"What are some of the biggest misconceptions or pitfalls that beginner silver stackers often face, and how can you avoid them?"

Although I have a list of questions saved somewhere, I'm a bit tired today after strolling over the markets and while I was chatting with my friend @hetty-rowan over discord, she was wondering about this question and I decided to use the question for this week's round. I think it's a good question and I'm happy to put it out here so she can find some answers herself.

My answer

I will start by giving my newbie answer and probably state the obvious and that's that you can easily be led by FOMO if you are impressed by a piece and then think "hey this one is priced nicely", hitting the buy button rather than doing a bit better research and find out that that particular coin is often faked and maybe priced a bit too good to be true.

If you know what to look for, experienced stackers will see the signs in a glimpse, but us newbies have to research well and often we don't know very well where to find the right info.

I think personally, that's what I found most annoying, not knowing where to find trustworthy information, especially if I could not find the coin on Numista.. The information on Ebay for example often states: very rare, etc and then you dig a bit further to find out, this is nonsense as there's nothing special about this particular coin. There are versions that are very rare indeed but you have to know what to look for.

How to avoid some of these pitfalls are listening well to the experienced stackers here as they are always a friendly and helpful bunch. If you have a question, I bet anyone will answer to their best knowledge and happy to help.

Ask, ask ask

Many times I've been told let someone know if I have questions, but where I often felt very stupid in the beginning and was a bit afraid to ask something, I learned that they probably want to avoid a fellow stacker from being scammed and will answer when they can.

So, don't feel stupid and fire away when you have questions!

Now this is probably my very simple answer, let's keep an eye out for the comments in the next week @hetty-rowan because the community is filled with knowledge and experience!

That's all for today!

I hope your weekend was fabulous and that I will see some of the OG community members appear as well as the newbies for a chance of a HSBI share.

Have a good one!

The picture of the Hive silver round is my own, the silver background in the second image comes from Canva Pro.

Posted Using InLeo Alpha

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39 comments
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You received an upvote of 100% from Precious the Silver Mermaid!

Thank you for contributing more great content to the #SilverGoldStackers tag.
You have created a Precious Gem!

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Thanks for using my question! I'm very curious about the answers and grateful for every answer, as I really wonder this myself. I often doubt whether I should start silver stacking, but I want to be sure before I start what I might be getting into. And since I don't have much to spend, I certainly want to avoid mistakes and pitfalls. So every answer helps! ❤️

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I bet you will find some valuable answers in here! I had the same hesitation and as you know, real life stuff had priority. And therefore (even though sometimes tempting) I would now still not pay a huge premium on top as I just can't afford that yet.

But everything should be in balance, and while I'm getting rid of some old stuff on a site with second hand items, I sometimes treat myself to trade the earnings for some silver. Takes less space and probably will hold value better than these old things I sold for them.

Check in in a few days I'd say or before payout, some pop up a few days later..

Thanks for dropping a question today, I will keep the others in mind too for another week or mix them into my own questions maybe..

!LADY !LUV

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Thanks for the win. Didn't realise I was able to win anything last time haha

I would say that thinking you can trust a seller in a store is a big one.
Met my 2nd dodgy seller this week so really am wary now

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Thanks for joining, it's not really a win, more a token of appreciation for people taking the time to engage and share their knowledge with the rest of the community.

I've found it very helpful and sometimes I reward everyone, but I will pick 5 each minimum every week.

You already ran into a second dodgy one? Oh boy, that sucks!

I went to the flea market today and the more weeks I check the silver coins there, the more I wonder how many are selling fakes mixed with the real deal and promote certain ones depending on the buyer. I refrain from buying silver coins as in 0.999 silver, but meanwhile, I look and try to remember what I saw last time to slowly hopefully be able to pick out the trustworthy ones.

Until I have the idea I found a few, I will not even ask if they have a real store or not, lol. I like to challenge myself to first find out if I was on the right path checking them, haha.

!PIZZA

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It is increasingly hard and I've only been trying for a month!
But I am Learning.
The prices here are going hella mad so just biding my time

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I tried not to focus on these prices as I personally think this is not important yet at this point as I have such a small collection which I will not use for emergency funds or anything. BUT in a few years, if I have a nice collection, I can see how these pumps will make me cash out some silver to take profits and wait for dumps to buy back in more.

Just not the time yet for me personally...

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Because I am trying to offset costs through Hive. It is making it a very uncomfortable journey atm xD

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Congratulations to the winners! I have had that same issue with typing in the HSBI info as well, now I just copy/paste to avoid the problem.

There are many pitfalls for newbies. Here in the US there are constantly commercials selling coins that were "just found in a vault..." Of course they are priced up astronomically and older folks get suckered into buying them.

I remember shopping for a diamond once upon a time. The guy imported and cut his own diamonds. After I looked over his stock he told me the prices will not change and feel free to shop around. He said that because he had the best product around at the best price. The same applies to coins. If someone is selling a coin and is using pressure tactics it's a sure sign you should walk away.

There are other coin resources out there like grading service we sites. Some items my just be so uncommon you won't find any information about them. But rarity doesn't equal value, if no one knows what it is it's worth it's silver or gold content only.
!PIMP
!LUV

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There are many pitfalls for newbies. Here in the US there are constantly commercials selling coins that were "just found in a vault..." Of course they are priced up astronomically and older folks get suckered into buying them.

Really? That's interesting.. never seen that here but I don't have regular tv anymore anyway so I would probably miss it even if it were on TV :) Should be illegal though!

If someone is selling a coin and is using pressure tactics it's a sure sign you should walk away.

Yes, I don't think I'm sensitive to that anymore, I used to be though when I was younger. Got wiser over the years lol.

But rarity doesn't equal value, if no one knows what it is it's worth it's silver or gold content only.

Yeah that's a good one, I didn't think about that.. sometimes it's not that you can't find the info but that it's just really not there (yet). Which could mean you sell something for content price only while later it turns out to be a rare item if there is more info to be found.

Great tips, thanks!

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(Edited)

I'd say the biggest two misconceptions are:

  • Buying online is risky.

You'll often find better deals online than you would in a local coin shop.

  • It's better to pay more and go with a dealer that overcharges than shop around.

With reviews on the internet at our fingertips, I see many people default to buying from overpriced bullion websites like APMEX, because they come up as the top paid search ad, have lots of positive reviews and everyone else is buying from them. Connect with a good group of stackers and ask their opinions and get their recommendations before buying. It will save you money in the long run, which means more money you can use for more metals or whatever else you want to spend it on.

!BBH
!PIMP
!LUV

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Thanks! I think it all depends on where you live and how many trustworthy coin shops there are available (or not). For me, online is the way to go for now, but that's also because online I can take my time to look something up without feeling pressured to buy something, lol.

I think that connecting is a great tip, and from what I can see, many here are already doing that as we speak so that definitely feels "safe" to me compared to some bunch of other strangers because I don't think anyone here is willing to put their rep in their community at risk for a quick buck.

Again, great comment, thank you!

!PIZZA !LUV

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Not jumping in with both feet and buying everything you see. It’s easy to get overwhelmed with the choices . Stacking isn’t a race it’s a way of life. Slow steady and having a plan is the biggest part of stacking. Collecting is a little different. Pick one or two coins that you really like and want to collect. Then read as much information as you can on them. I’d even suggest buying a graded one to compare it to raw coins.

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Some very great advise again. As you know, right now I'm buying the things I love (for different reasons) and not yet into the real stacking to have as much silver as I can.

The not diving in without thinking is great advice because it surely is overwhelming to see all the things offered, especially if you're not into collecting just a few things but just checking what's out there and make a choice.

I try not to click around for too long each time because I find it a rabbit hole where I get sucked into.. There's so much history about silver, and I personally think the story behind a coin is just as interesting (if not more in some cases) as the actual silver deal you're about to make buying it.

Everyone has their own journey, I guess, personally, in a year or so I hope that I have some stacking and collecting well-balanced and a good idea of the monthly buys for example I'm going to do to keep adding to the stack.

Thanks for stopping by again!

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Wow, there are so many pitfalls, and it is funny how you are able to detect them as you gain experience in stacking!
One example is buying the hype. A newbie stacker may be swayed into buying the shiniest, prettiest, more ounces, or a coin that everyone is talking about it.
Don't be carried away by the hype!
... you get excited.
... you buy the coin that you don't really want and/or cannot afford.
... then you put it away.
...and the fun is gone😏😕
Find the combination of silver pieces that you like... the ones that interest you.
Most importantly, the pieces you can get that are within your budget.
If you only buy what you like...
then stacking will make more sense.

Thank you for the HSBI, @thisismylife !
Stack on!!!
!LUV

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Good advice, I'm personally (thankfully) not that sensitive for hype products in general but I go with what I personally feel attracted to most.. Then close my tabs and come back another time to see if I'm still that excited :) lol

Within the budget is definitely important, I would not want to get into debts to buy silver pieces ;)

Hope you had a good weekend! LUV

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Biggest mistakes I’ve seen are not ripped buting for as cheap as they can and using EBay and getting scammed. At least a decade ago this was a big issue!

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I don't think I'd feel comfortable ordering from there or these other Chinese sites due to the high number of scams and fakes. I think with silver it's too risky.

I don't like Ebay anyways lol. Thanks for answering !PIZZA

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Oh snap! I didn’t realize I got picked until after my comment. I tend to comment half way through then finish reading 😂 thanks friend!

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High premium coins from mints are a good investment, seen so many getting burned trying to sell them at the coin shop !BBH

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Ok, to be sure I'm asking did you make a typo as the sentence doesn't make sense to me. High premium coins from mints are a good investment, but you also write seen so many getting burned trying to sell them at the coin shop..

Maybe I'm just not reading it correctly, please elaborate :) !LUV

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Looks like my comment is already mentioned, I have my hands full with the Ladies of Hive Contest No. 180 at the moment.
❤️

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It's ok dear, I tried to join and started writing but lacked some flow in the post. I will finish it in the next days as it was already partially written anyway, while still being one of my favourite topics to write about ..

Hope you had some amazing entries and a good weekend !LUV

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