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Silver is Money

Updated on May 1, 2011

11/17/10

Back in 2006 my spirited young self wanted a shot at being a cutting edge entrepreneur. So I spent all my savings, every last dime, on 100 ounces of silver bouillon. However, I wanted to be not just any entrepreneur, I wanted to be a "smart" entrepreneur, I wanted the big money, but the big brains to go along with it. I wanted to invent the next latest thing. So I designed a unique jewellery manufacturing concept, with absolutely no former background in jewellery, so to speak. Now, at this moment you’re probably thinking the world would heavily criticize what you see as youthful naivety, but amazingly that didn’t happen. My math, the business model, and the concept were solid. People who were twenty years my senior, in the fields of both business and engineering, were left scratching their heads wondering how it wouldn’t work.

With all doubt removed, seemed like life was set for me, not so. As you see here, I ran into some "minor" difficulties. The math, concept, and business certainly came to fruition, in other words, the crazy idea actually worked, something was produced, just not what I had in mind.

A few lessons learned here: Just because the numbers, the research, development, and the business model looks good, doesn’t make it a success. People can overlook whether the products they're putting out will be commercially viable.

The second lesson learned is the following: I was a newbie, I’m still a newbie, you shouldn’t have to reinvent the wheel when you're first starting out.

The third lesson is ego doesn’t serve you or anyone for that matter. I wanted to be smart, but I needlessly complicated issues, which is quite dumb.

The good news is there is a true "silver lining" to this story, hence this hub. The silver I bought back in 2006 was valued at 13.60 per ounce. Now it is trading for around $25. That value nearly doubles what I originally paid, and I’ve seen it nearly hit $30 a few times as I meticulously check this chart. There are rumours abound that silver could strike up to $60 six months from today. There is a silver shortage. Although don’t take my word on it, regardless I’m happy where I stand.

Silver may end up being the greatest investment of the century.
Silver may end up being the greatest investment of the century. | Source

So there is a good lesson to learn in all of this: If you’re going to start a business, and you want to insure yourself against failure, there is no substitute for prime real estate. In fact, seeing that even the most successful business people have failed an average of three times during their lives, having a failed business that actually doubles your profit speaks volumes to your resourcefulness.

-Donovan D. Westhaver

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    • top-investor profile image

      top-investor 

      6 years ago from Madrid

      Yea I think silver could easily go to $100 in the next 5 years. It is undervalued at these levels, there is no doubt about that

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