Background story about buying Silver
Few days ago a wrote the story “Silver is going up 🙂“. But probably you are not so interested that somebody is getting richer, but more like how is somebody doing it… So I would like to share with you the background story what I had go trough to buy this silver…
First I got the idea…
Many times I heard Robert T. Kiyosaki talking about Silver… First time when I heard it, I was like ok… and did nothing. When I heard it again and again I got more interested about Silver… but I didn’t find ways to buy Silver here in Estonia… Finally when I visited New York in end of 2006 @ The Real Estate Wealth Expo (as volunteer for RichDad company) I met also Mike Maloney because he was with hes companion out at the fair. Normally they sell Silver & Gold through their web page, but as I live in Europe and they only deliver in US I convinced them to sell me some Silver right away. But I was there with my small bag (which I carried as hand baggage in air plain), so I couldn’t buy much anyway. Second problem which I had was that I didn’t had enough cash with me… so we made a deal that on the second day I will bring some cash and they bring me some Silver. Then I had to get the cash… For me it was obvious that I can go to ATM and take it with my bank card… but it was not so simple at all. In Estonia it’s possible to get from ATM pretty big amounts, but in US most of ATM only allowed to take 50 or 100 USD max. So I searched in Manhattan some bank offices where I could take bigger amounts at once… Finally using all my three bank cards (and three different ATM machines) I got the amount out what I needed… and I got my first Silver in the next Day 🙂
This part was more or less not so hard… but I wanted more… so I did some research here in Estonia and found two companies which could deliver Silver for me. BUT there were problems… they have to add VAT (18%) to the price. OK, I figured out that I could buy Silver to my company and get the VAT back from Tax Office. BUT then there was second, much bigger problem… they would sell me Silver but wouldn’t buy it back. The reason was that one of these companies sells Silver mostly as gifts and second as material for production companies and they have their own sources where they buy Silver and their clients would not accept Silver from anywhere else… (question of trust raised up).
And every time they suggested to my that I should rather buy Gold.
In some moment I heard about SLV (stock index). So made some research again… read about it’s background… who manages it… who controls it and etc. ..and finally also how could I buy it.
That sorted out I had to decide which entity I will use to make the deal. Taking account many thing I choose one. Now I had open an investing account for that company. I had to fill about three formulas… and I made a mistake there, so this had get corrected afterwards…
Finally I was ready to buy SLV.
But how to do that? I transfered money needed for this deal into brokerage account. As I had never bought any stocks from US market I didn’t know exactly how to fill the purchase order… so I called them. First I got the answer that I should still enter my order manually into their system at their web page… but after more questions this guy on the line says: ok, actually it’s possible to make purchase orders over the phone also… “Yes” I thought “let’s do it.” He wanted to know how much I want it… I said the amount in Estonian Kroons (as I had Estonian Kroons at my account) which I wanted to use for this deal… he was confused. After some thoughts he accepted that he should calculate for me this amount into dollars and then say how much SLV I get… but before doing the deal, the broker found out that it’s my only money at this account…
Stock broker tried to convince me that I should have well diversified portfolio.
So I had explain this guy that I’m sure what I want to do… and that no, I don’t want to come to their counseling before… and once again that YES I want this SLV (Silver stock index). After 15 minutes of this call I finally got what I wanted 🙂
Today I can say that you have to know yourself what you want, because the brokers try to mislead you all the time.
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