Aug 13, 2011 2:13 am
The markets are very volatile these days. The Dow Jones was up and down around 4% a few days this week, which means that now is not the time to invest in risky assets. The price of gold went over $1700 for the first time ever. The best thing to do is start hoarding cash and paying off debt, which is what big companies and many individuals are doing in a process called deleveraging.
A good way to gather extra cash is by selling silver. You may have silver and not even realize it in the form of silver jewelry and silver flatware, and it may be sitting there collecting dust. The price of silver per ounce is hovering around $40, which means that if you want to sell silver jewelry or a couple of spoons in your drawer you could have next week's groceries paid for.
Unfortunately, all signs point to another recession, which means hard times ahead. Monetary policy won't be able to help either, this time. But since most people have already learned a few lessons from the downfall of a few years ago, and have begun reorganizing their financial statements, perhaps the fall won't be as hard or as deep. Whatever happens, selling silver is just another way you can protect yourself.