Needing Info on buying silver

[MahoganyEclipse]

I posted another thread in Feedbacks and Suggestions but I should've put it in here me thinks. Anyway, I want to buy some silver, maybe gold later on, but I don't want to buy some coins that turn out to be worthless because this is for post-WTSHTF purchasing power. I hear that 1964 coins or before are good to get, so does that mean 2013 coins aren't worth buying? I welcome any info and advice, thanks!

 

[Gazrok]

Hard to imagine any situation where precious metals are going to have more value than ammo, alcohol, cigarettes, food, and other supplies. You're going to spend WAY more now, than the eventual purchase power (if any) that you'll have after some kind of SHTF event (in my opinion). I imagine ammo and cigarettes would be the best "currency" in such a situation (small and easily divisible).

 

[QuietH3art]

I would add medications and medical supplies to that list. You can buy all kinds of interesting things on veterinary and pet supply websites.

 

[MahoganyEclipse]

Sweet! Thanks for your input guys!

 

[rudyc]

You can buy silver now and it will gain some value but very slowly. It may seem like it grows in value a lot, but due to inflation, it is not as much you think.

Source: a buddy of mine used to work part time in a jewelry shop.

 

[MahoganyEclipse]

Its something I still might do later as it sounds like itll only be of use when theres a collapse that doesnt quite take everything at first. It'll be good for say, buying gas if the dollar lost its value but there were still some things up and running but other than that, goods are what I'll stock up on. thanks for the info Rudyc.

 

[Gazrok]

Here's the thing though....let's say you spend $500 on some silver. Is it going to buy $500 worth (now value) of gas in a SHTF situation? If you don't think so (and I'd seriously think it wouldn't), you'd be better off buying the actual gas now (or whatever other supplies you foresee needing). Because it won't have the same "purchase power" as what you paid for it. As for storing gas, there are products like STA-BIL that you can use to make old gas reusable. Or, simply use the stored gas, and keep replacing what you use, maintaining the stockpile.

 

[MahoganyEclipse]

Oh ya I heard about that 'stable' stuff. Say, what would you say about saving up copper pennies? LWesterfield also mentioned saving up nickles too when we were in the Shoutbox earlier today, would that have any bearing on something, do you think? it would be alot cheaper than buying silver and gold as far as 'precious metals' go.

 

[jimLE]

i watched a documentry last night..and because of it..i would'nt even consider buying gold for any reason.including buying stock in it..take one person that has stock in it and it added up to 100 pounds for example.if they decided to cash in thier stock.they'd be extremly lucky to see 1 ounce of it.reason for that is this..pick one place that has gold..for example.lets say their spose to have 1 million pounds of it.chances are they've either sold loaned or traded it already.if not all 3.and if you have gold stock through them.you wont see one ounce of it if you decide to cash it in for the gold...and i can't help but wonder if it's the same thing with silver as well..another thing..when folks are gonna want whats needed after tshtf ..be it food,water,clothes,weapons,ammo,1st aid,right along with other things they can use in everyday life.take you and your family for example..what do each and everyone else in your family use in everyday life?what do your friends use in everyday life?these things are need after tshtf.and then some..including things are taken for gtranted in everyday life..

 

[Gazrok]

Say, what would you say about saving up copper pennies?

You'd have to look at the years. Most are zinc. If made before 1982, then it is 95% copper. I wouldn't bother though. Post SHTF, anyone searching for copper will be ripping it out of buildings by the yard....

 

[MahoganyEclipse]

You'd have to look at the years. Most are zinc. If made before 1982, then it is 95% copper. I wouldn't bother though. Post SHTF, anyone searching for copper will be ripping it out of buildings by the yard....

That's true.

 

[MahoganyEclipse]

i watched a documentry last night..and because of it..i would'nt even consider buying gold for any reason.including buying stock in it..take one person that has stock in it and it added up to 100 pounds for example.if they decided to cash in thier stock.they'd be extremly lucky to see 1 ounce of it.reason for that is this..pick one place that has gold..for example.lets say their spose to have 1 million pounds of it.chances are they've either sold loaned or traded it already.if not all 3.and if you have gold stock through them.you wont see one ounce of it if you decide to cash it in for the gold.

I was listening to a Podcast that said the exact same thing! The man deals in precious metals so he knew how the system worked and outlined it just so.

 

[Ally Oakley]

I posted another thread in Feedbacks and Suggestions but I should've put it in here me thinks. Anyway, I want to buy some silver, maybe gold later on, but I don't want to buy some coins that turn out to be worthless because this is for post-WTSHTF purchasing power. I hear that 1964 coins or before are good to get, so does that mean 2013 coins aren't worth buying? I welcome any info and advice, thanks!

I am a professional picker (yes, just like the TV show). When I am out picking, I look for sterling stuff. I buy old silverware, jewelry, belt buckles. The stuff that is in really good shape can be sold as is but I take the beat up stuff to a couple of different Gold and Silver places that I deal with and they will give me silver dimes in exchange for it. It works out to be a better deal to trade for dimes than to sell the silver and then turn around and buy the dimes. What people will pay varies widely, so do your research. They will try to trick you by giving different prices for ounce, troy ounce, gram, etc. Make sure you are comparing same measurements when deciding who to sell to. Even if you are only getting 5 or 10 dimes a month, it is something. I would recommend silver over gold, especially at first. Are you going to trade a gallon of fuel for a dime or a gold coin? The person selling you something is going to take what you have and not give you change. I promise. I know a lot of people that are putting too much confidence in precious metals though. When SHTF, you could bring me the Hope Diamond and I still wouldn't give you my food, water or ammo. Your goal should be to become as self sufficient as you can so that you can produce your own food and clean water and live off of the grid. If you can accomplish that, your need for precious metals will be mute. Go through your penny jars too. You can find old silver in there sometimes that you didn't even know you had. I would suggest buying the old stuff and just putting it away a little at a time. Just remember you can't eat or drink silver coins. Silver is no substitute for food, water and ammo.

 

[Gazrok]

When SHTF, you could bring me the Hope Diamond and I still wouldn't give you my food, water or ammo

Exactly! Oddly enough, I do have some old silver coins, and a ton of copper pennies. I can't take credit for collecting them, but I have then nonetheless.

 

[DrHenley]

Right now, the melt value of 90% silver quarters is $4.03. Many coin shops sell "junk silver" at a little over melt. If the coins are very work they sell them at melt. The last time I bought silver quarters, they were $4.50 each, and I bought a roll of 40, which comes to $180. That's about as cheap as you can get silver coins. There is a higher premium on anything larger like half dollars. I am not going to get rich off of those quarters. But they are a convenient size for trade, and readily recognizable as "real" money in the SHTF.

You can generally count on being able to sell silver at melt back to the coin shops. More on EBay, but you lose the element of anonymity. At $4.50 each, silver will have to get to $24.89 per ounce for me to be able to break even selling them back. At the moment, it is $22.285 .

One property of money is that it is not a consumable. Ammo, cigarettes, gasoline, etc. are consumables and the supply will diminish over time. That does make them more valuable as time goes on, but eventually they will be consumed, and gone. Gold and Silver coins are not consumed, they change hands from one person to another, largely unchanged, so they never all disappear and retain their value. I have a silver Denarius from the Roman Empire. The silver coins of the Roman Empire were so durable, millions of them are still in remarkably good shape. They are still so common, they aren't all that expensive (mine cost $30)

 

[Shenandoah]

Its something I still might do later as it sounds like itll only be of use when theres a collapse that doesnt quite take everything at first. It'll be good for say, buying gas if the dollar lost its value but there were still some things up and running but other than that, goods are what I'll stock up on. thanks for the info Rudyc.

I have purchased silver for a couple years now...primarily "Junk" Silver. That means anything pre-1964 which has a >90% silver content. I agree with several of the posts here which state they would rather stockpile ammo, etc. and likewise, I have what I refer to as a barter stash of items in my preps. That being said, there will always be those items that cannot be traded for...example: say I need to purchase some fuel and the fellow who has the fuel doesn't need my coffee or ammo! My personal thought is there will always be those items that can only be purchased with valuable metals/gold or silver.

Spend a little time and look at the silver you are purchasing. I buy most of mine on Ebay and I don't buy it unless shipping is free. I generally spend $50-$100 a month. Quarters are always a poor choice as for whatever reason they are simply selling overvalue. I mostly purchase dimes and half-dollars. I'm never concerned with condition as I am purchasing the silver content; I'm not a coin collector.

I believe there is a time coming, quite soon, when the US dollar will be devalued to the point that a new currency will have to be introduced. Throughout history, regardless of how miserable the economy, during war and post-war, there has been and I believe will continue to be, a market for precious metals. Besides, the value of gold and silver certainly is more stable than any 401K out there!!

Blessings,
Shenandoah

 

[Mountain trapper]

I buy silver and gold in all forms; coins, bars, stock, etc. Although much of my gold and silver are in large bars, I also buy a lot of pre '64 silver and 1/10th, through 1/2 oz gold coins. These will be easier to trade for things if needed. Its hard to trade a 100 ounce bar of silver or 10 ounce bar of gold when a small silver coin will do. Over time I've been selling my metal stocks and taking delivery of the metal. Another commodity that is well worth collecting is lead. Buy bars of lead, scuba divers lead, fishing weights, old wheel weights, etc. This can all be used to make bullets when they are no longer available.

 

[MahoganyEclipse]

Thanks guys for the info! Much appreciated!

 

[Brent S]

I buy silver and gold in all forms; coins, bars, stock, etc. Although much of my gold and silver are in large bars, I also buy a lot of pre '64 silver and 1/10th, through 1/2 oz gold coins. These will be easier to trade for things if needed. Its hard to trade a 100 ounce bar of silver or 10 ounce bar of gold when a small silver coin will do. Over time I've been selling my metal stocks and taking delivery of the metal. Another commodity that is well worth collecting is lead. Buy bars of lead, scuba divers lead, fishing weights, old wheel weights, etc. This can all be used to make bullets when they are no longer available.

Just saw how old this post was! I started collecting coins again after a few years of staying away from it. Two great resources are ebay and amazon. You can look for specific coins and see what fair market value should be on them. I do have a couple recommendations on collecting. Quantity doesn’t impress me as much as quality. Only buy slabbed, or graded, coins. I also recommend only buying ones graded by PCGS. They are the most respected grading company out there and any collector or dealor will accept their evaluation with no exceptions. I won’t go so far as to say never buy another grading companies slabbed coin, espechially if it is a good deal. As far as quantity, I like to stay with fifteen or so coins max, but like I said, the best quality grades I can afford. As I find something better I will sell one of the lower ones off. I like type coins, espechially dollars and fifty cent pieces, but coin collecting is all about whatever interests you. I would like to collect gold pieces but that’s just not in my financial reality!

 

[Kevin L]

While I agree with everything here, I hope no one will get irritated if I play the devil's advocate.

Even though all these arguments about precious metals seem hard to refute, there were many, many circumstances in WWII when people benefited from gold, silver, and diamonds.

Prisoners used gold to bribe their way out of concentration camps, for example. People also used gold and diamonds to bribe their way onto trains and boats when fleeing to greener pastures.

Escaping Nazi S.S. scumbags used gold to buy new identities and establish themselves in places like Argentina and Venezula.

During the VietNam war, American-backed guerrillas used gold to buy weapons so that they wouldn't leave a paper trail.

With all this precedent, should gold and silver really be discounted in a prepper's stash?

 

[Gazrok]

Your goal should be to become as self sufficient as you can so that you can produce your own food and clean water and live off of the grid. If you can accomplish that, your need for precious metals will be mute

Post SHTF, our goal would be to produce MORE food and water (and other grown items) than we could use. So we have extra to barter with. Of course, we've also given thought to services we can provide, such as repairs (mechanical and auto), medical services, even guarded lodging, etc. Of course, a lot would really just depend on what the SHTF scenario was....

With all this precedent, should gold and silver really be discounted in a prepper's stash?

I'm not poo poo'ing it altogether. I just wouldn't rely on it much. A post SHTF world is a very different setting than when these were historically useful, though. Conditions at those times were such that it could easily be converted to a spendable medium. That simply won't be the case immediately after a SHTF scenario...

 

[Silent Earth]

Pre 64 Silver dollars then collectable hallmarked silver bullion coins are the objective as barter currency, I have about 20 silver dollars, But I still think that in many cases 22LR ammo and 223bremington / 5.56 ammo is probably just as likely to be the currency of choice after TSHTF.

 

[SheilaT.]

I'm like AD I have Silver and Gold and when the time is right I will sell them at one or two at a time to top up my future income. Gold coins of the realm in the UK are tax free to buy and sell and as long as you hold them yourself, not held in a bullion vault comapny I think they are as good a long term investment as anything. When I shuffle off this mortal coil my son won't have to pay CGT or inheritance tax on them, win win as far as I'm concerned.

 

[DrHenley]

A little history of money should answer that question. Mike Maloney does a better job of explaining it than I can:

 

[Brent S]

I think any form of investment should be well diversified, from food storage to money and ammo. No one has a crystal ball and knows exactly how things will play out in the world, so having multiple things to pull resources from is just smart.

 

[Gazrok]

I betcha I could barter a LOT with a few cartons of cigarettes. What do you think?

 

[Mountain trapper]

I betcha I could barter a LOT with a few cartons of cigarettes. What do you think?

Not with me you won't. Cigars, absolutely.

 

[Kevin L]

Keep your cigs refrigerated. They do go bad.

I think it's a better idea to grow tobbacco and learn how to process it. It's fairly easy to make chewing tobbacco, and I believe that smokers may switch to it if cigs are absent.

Nicotine extracted from tobbacco is an excellent pesticide. It can be used in the house to kill roaches, silverfish, and ants...although I wouldn't use it on food crops and I probably wouldn't use it on clothing.

I've heard that a tobbacco tea is good for lice, fleas, and ticks...but I have reservations about using it on human skin or anything that contacts human skin.

 

[Kevin L]

Forgot to mention that there are many different varieties of tobbacco. Some are ornamental, and you can probably find a variety that will grow in your climate and/or a greenhouse.

Me personally?

Screw tobbacco. I've toyed with the idea of growing reefer as a cash crop.

 

[Brent S]

Forgot to mention that there are many different varieties of tobbacco. Some are ornamental, and you can probably find a variety that will grow in your climate and/or a greenhouse.

Me personally?

Screw tobbacco. I've toyed with the idea of growing reefer as a cash crop.

I don’t even smoke the stuff but if shtf I would find some seeds and grow it for pain and nausea relief and barter in a heartbeat.