He learned that agricultural commodities are traded at the Chicago Bord of Trade.
He learned that stocks are traded at the New York Stock Exchange.
He learned that precious metals are traded at the New York Mercantile Exchange.
He learned that that price is whatever the buyer and seller agree it is.
He watched me buy some shares in Marvel Entertainment. I tried to explain what was goin on but he didn't really understand. It was a little abstract since it happened on a computer screen. So I showed him how to look up the New York price of silver. (Today we actually made a spreadsheet with a line chart tracking the price over several days.) And we took a trip to the coin dealer.
We walked in the door and I asked,"Do you sell bullion?".
"Yes, what can we help you with?"
And then Anslem said "I'd like to buy a 1 ounce silver ingot, please."
I was so proud of him.
Anslem thought it was neat that they had the new york price on a chalk board.
When the deal was done the dealer said, "Well, you're a silver speculator now." Anselm said, "What does that mean"? The man said "It means you will either be very happy or very sad." The dealer than gave Basil a Peso, and we went to the duck pond.
4 comments:
What a brilliant idea to teach him about !
Silver will go up and up in value, particularly if the economy hits a real downer.......
Thanks! It was a lot of fun.
they look just like your first
kids.
Anonymous, you write like we know each other well. Are you one of my cousins?
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