Posted on 02/14/2014 6:43:09 PM PST by Kolath
Looking into buying silver and needed advice (do's and don'ts). Was thinking of both 1oz and fractional coins (1/2, 1/4 and 1/10 an oz).
Where can I buy (recommendations) and how can I properly store them?
Was looking to spend under 1k.
Prepper interest??
1k? Don’t worry — just buy something. I like having a small bucket of junk silver. Consider it a long term investment and don’t sweat the premiums. Keep it in your desk draw where you can quickly access it and let it run through your fingers.
One important warning; kids think it is just regular money and will steal it and buy candy. Not that I would know this.
Northwest Territorial Mint has a great selection of fractional silver coins and bars. They take forever to deliver though.
reputable pawn shop. i bt 1k year ago
I have purchased through Kitco (kitco.com) several times. Good reputation and reliable.
I can offer no sage advice on silver vs land or such. I believe that a few hundred ounces of silver is a wise move if you have the discretionary income to spare.
But...if you can afford to buy some silver, then I honestly believe you should go to Sams or the grocery store and buy $500 worth of canned veggies, meats, potatoes and beans. Then buy several 36 packs of TP, a couple dozen rolls of aluminum foil, a couple dozen toothbrushes and dental floss and a dozen or two tubes of toothpaste. A couple dozen bars of bath soap. Everything I’ve listed you will use regardless of what happens in the future. So you can’t lose and have a lot to gain from having these things around. It’s not that much money.
ALL families should have 2 good firearms and 500 rounds of ammo for each.
Long answer for a short question.
They are the single most trusted silver medium in the world.
Ingots from a reputable mint/assayer are also well trusted, but it does depend on the mint/assayer.
Stay far, far away from anything purported to be Asian as they are proven to be fakes in most cases. The real stuff is out there, but why take the chance?
You will pay a slight premium for Silver Eagle coins, but you'll also be buying almost universal trust and "re-saleability".
Ironically, some of the best deals I've gotten have been off Ebay.
Expect to pay 2-4 dollars above spot, but find the Free Shipping ones and you'll do okay. Look for specials and deals for first time buyers.
Also, if you can find Junk Silver at reasonable prices, snatch up as much of it as you can.
Go here: www.coinflation.com, and you will find more information than you ever really wanted to see.
I have made a lot of money in silver and my father made his life's fortune in it, but there was a hell of a lot of luck involved in that.
My father was able to take advantage of the Hunt brothers fiasco, years ago, and made a hell of a killing.
I don't think that's possible at this time, barring an apocalyptic scenario of some sort, in which case, gold will be the go-to metal.
All of the above is my personal opinions and beliefs.
Your mileage may vary.
In re-reading your question. Your plan works if you’re trying to keep it under $1,000. Silver Rounds and if you can buy either 1/10ths and such will suffice. If you can find a local dealer that will sell you “junk” without buying the Bags will work as well. Silver gets very volatile due to “external” forces (read manipulation) so, don’t pay attention to the day to day gyrations and after hour shenanigans.
1964 if my memory serves me. 1965 was the year the sandwich metal coins were introduced.
Ask Bunker Hunt how it worked out for him.
Ask Bunker Hunt about how the Gov’t traded against America and the concept of Fiat Money. You’ve lost 95% of a dollar since 1971.
Don’t buy now. Silver is still in a long term down trend. It did break out of down channels in daily and monthly charts. But the overall downtrend is still apparent in the monthly charts. There is no reason to believe that this is anything more than a rally in a long term bearish market. I think that a lot of things like the stock market, real estate and some other things are overvalued and we are headed for a further down economy so I would not buy. If you believe that the economy will pick up or you will see inflation than you might think of buying. But it is still in a downtrend overall. I am a former commodity broker.
I haven’t seen a silver coin in circulation in decades.
Go into the morgue and rob the cadavers.
I got a quarter about a year ago.
Even more surprising, about 2 years ago I get some change back and thought “That nickle looks weird...”
It sure was!
A 1937 Indian head/Buffalo nickle.
Website for comparison of prices.
https://comparesilverprices.com/
Tend to agree with other posters....suggest you wait before buying in a big way. It looks to be in a bear rally.
I got a '64 dime in change at Walmart, the other day.
I also got a 40% Kennedy from a convenience store clerk, who was complaining that he didn't have cash register drawer space for half-dollars.
So they are still out there, but damned rare.
Precious metals are used to preserve your buying power in case the US dollar loses value due to currency crisis. No more then 10 percent of your total assets should be in prec metals just in case the SHTF does not happen. Example if the Fed Reserve successfully tapers QE, interest rates in savings accounts will go up, thus cash will earn while prec metals value will fall.
If you buy silver for SHTF scenario, then get 1 oz bars or coins like American Silver Eagles, Canadian Maples, or Austrian Philharmonic coins. They a bit more expensive but well known. One oz bars allows one to liquidate small amounts to paper currency and you immediately spend it for food, fuel and essentials if hyperinflation hits. Historically gov step in after six months to reset currency and restore some stability. Surviving the six months should be the goal set. Figure how much you spend for food, gas, utilities, medicine, essentials per week. Divide that by the spot price of silver and that is the amount of silver oz you will need to survive per week. 26 weeks is half a year or six months. $ 1000 will buy you about 47 troy oz based on silver price 14 Feb 2014.
You can offset the cost of SHTF silver needs by buying essentials today. Example stockpile 6 months worth of toilet paper. Six months worth of tampons (for adult women). Maintain a six month stockpile of canned foods that you will use once the stockpile is achieved on a daily basis but replace the cans used. When SHTF you already have six month supply of items and use the silver to buy perishable items. Banks close if SHTF and people will panic and fight over food in stores. Even waiting in line for gov rations can be very challenging. You still have some time to prepare.
Buy pre 1964 dimes, quarters and halves. Junk silver on $1k is your best bet.
I’d like to have some silver to have for contingency purposes. Maybe buy my way out of a fix.
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