Posted on 01/30/2011 8:21:27 AM PST by SeekAndFind
If I was planning on buying gold (which I am not) where should I keep it? Planted in my garden?
If you’re afraid of fraud in the markets, don’t put it in a ETF (paper gold).
If you are afraid of well-informed home invaders, don’t put it in your gun safe.
If you are afraid of dying and not having your heirs receive it, don’t stash it in secret hiding places.
If you are afraid of societal collapse, don’t keep it with a trusted private custodian.
The answer is that you need to address your own fears, and strongly consider diversifying. Perhaps some in the gunsafe (enough to satisfy the invaders when they put a gun against your wife’s head), some stashes in secret spots in your house (there are books about this, and be sure a trusted person like the lawyer who has your will has a sealed envelope with the locations noted), some in your bank box, some with a trusted custodian.
Silver needs to be kept elsewhere. Silver + sulfur = tarnish and corrosion damage.
You can also remove the tarnish in an instant (without removing any silver atoms) by dipping the silver in a pot of hot water with a sheet of aluminum foil on the bottom, and salt and baking soda dissolved (you’ll smell the sulfur steaming away).
That is some excellent advice.......... some of which I have already thought of myself!
Yes, but would you completely clean the guns after every trip to the range or out hunting? If there's any powder residue, that's going to have sulfur and tarnish any silver in the gun safe.
Beelzebubba wrote:
Id keep the ammo outside the safe.
Silver alloys vary.
Beelzebubba wrote:
And frankly, bullion silver (or coins) isnt the same alloy as sterling, which is hard and durable, but tarnishes at a harsh word.
Bullion pieces are "fine silver" aka 0.999 fine silver, >99.9% pure silver. Fine silver does tarnish fairly easily in the presence of sulfur. It does not oxidize, but it turns black from any exposure to sulfur.
Sterling silver is .925 fine silver. Usually, the balance is copper. Several issues with sterling silver. First, it's usually plated in bright fine silver (.999 fine plating) so it will be shiny and bright. That does something positive and something negative for tarnishing. It covers the copper, so you don't get any green copper oxides in the tarnish. On the other hand, it presents a bright fine silver finish which will tarnish with sulfur.
There are a few other "Sterling Silver" alloys, some using germanium and/or zinc in place of the copper. Silcon and boron are also sometimes mixed in the alloy. All "Sterling Silver" alloys are 92.5% silver by weight, the differences are in the mix of the other 7.5%
Unplated sterling silver is subject to corrosion of the silver, as well as the other alloying metals.
Sterling coin silver, (used in early British coins, and in a few American coin eras, and some other foreign coins). Same thing as sterling, but generally not plated or finished. This coin silver is nearly always 92.5% silver, 7.5% copper.
Coin silver. Generally this is an alloy of silver and copper. The copper is for strength and wear resistance. Fineness varies by country (and sometimes over time). United States coins 1964 and older are generally .900 fine silver (90%). Canada used .800 fine silver for their silver coins before about 1968. Other places used different amounts. Some British coins are .500 fine silver.
Bullion for bullion is not affected by the tarnish. Bullion for "collectors" can have slightly added value if it remains bright and untarnished or untoned.
Beelzebubba wrote:
Not that tarnish really affects the value of your silver coins or bullion.
"Junk coins" (circulated common dates, very worn examples) aren't affected much by toning or tarnish. Numismatic coins (rare, uncirculated proofs or very lightly worn examples of older rare coins) can be greatly devalued by tarnish or toning. In some cases, a light patina, especially if it has coloration and luster, can enhance the value of a numismatic coin.
And I'll keep your chemical solution in mind for cleaning some of the sterling flatware that I have. Very interesting.
“If I was planning on buying gold (which I am not) where should I keep it?”
I never worried about that until you brought it up. I own tons of that stuff, and I hid it really well. I knew that one day I might start forgettin’ stuff, so I drew up a map so I could find it again.
Well that day’s come and I can’t remember where I hid the gold. I’ve got my half of the map, but I hid the other half.
Do ya think Obama might let me borrow the President’s desk for a little while? It’s not like I want to steal it or anything. I don’t even need to remove it from the Oval Office. I just want to sit at it alone for about 15 minutes.
Maybe I could sneak in while he’s on vacation, or maybe sneak into one of those big parties he’s always throwin’.
Anyone up for a little raid on the White House for half?
;^D
You know, instead of stockpiling gold as a hedge against inflation, stockpiling quality guns and rifles might be an even better idea. They hold their value and protect themselves at the same time. Plus, they are readily marketable. Sure, guns and rifles take up more space than gold coins but at least they can be used to get food.
You know, instead of stockpiling gold as a hedge against inflation, stockpiling quality guns and rifles might be an even better idea. They hold their value and protect themselves at the same time. Plus, they are readily marketable.
If you leave out the word "instead," I'm 100% with you.
Lancey Howard wrote:
You know, instead of stockpiling gold as a hedge against inflation, stockpiling quality guns and rifles might be an even better idea. They hold their value and protect themselves at the same time. Plus, they are readily marketable. Sure, guns and rifles take up more space than gold coins but at least they can be used to get food.
I consider a "well rounded" precious metals insurance portfolio to include gold, silver, lead, brass and machined steel(possibly with some wood attached, possibly plated). This is one area where diversity is good.
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