Needing Info on buying silver

[Brent S]

The key to good prepping is diversity. We all have a budget and have to live within our means. I thing putting away something is really important, and downright ignorant if we don’t. As far as what you put away, and how, the old saying comes to mind ‘never put all your eggs in one basket’. I do think silver and gold are a good thing to have on hand, but I also think cash is good as well. These things did help a lot of folks during WW2 and other hard times. I still think a really good water filter and some weapons and ammo are good too. I try to cover as many bases as I can with what I can afford. Oh, don’t forget to live for today too. There’s no guarantee we will live long enough to even make it to hard times, so have some fun while you can as well.

 

[DrHenley]

Well, I should start off by saying I probably have too much silver...

When I came into a windfall a few years back, I used some of the money to invest in silver and I bought every conceivable type of silver from cull U.S. silver coins to international proof silver coins and everything in between.

I believe the best value is junk silver. For those unfamiliar with the term, it doesn't mean badly worn coins - those are called cull silver. It means old silver coinage that has no collector value, but that is in relatively decent shape. It is instantly recognizable as "money" by everyone. For example in the U.S. a "junk" silver quarter will be recognized instantly as a silver quarter. You can get junk silver at very close to the spot price of silver.

It's a bit simpler in the U.S. than in the U.K. We had silver dimes, quarters, half dollars and dollars. I tried to figure out the U.K. pre-decimilization silver coinage one time and it made my head spin. I ended up having to make a spreadsheet to figure it all out. In my collection I have an assortment of coins of the Pound Sterling: threepences, maundy fourpences, sixpences , shillings, flourins, double flourins, half crowns, and crowns.

 

[Brent S]

I’ve collected coins most of my life. I ended up selling them all at one point and after a few years started collecting again. I understand the reasoning of ‘junk’ silver as a possible barter item but I like type collecting. That’s where you try to get one of each type of coin. Like with silver dollars there are Susan B’s, Ike’s, peace, Morgan, trade, seated, bust and flowing hair dollars. So even a type set is a lot of coins. I try to get the best quality of each type I can, and mostly buy slabbed, or graded coins by PCGS. I doubt I will ever complete my quest of acquiring even just one of each coin, but it’s a fun hobby and is an investment platform too. Even though every kind of investment has risks, I figure coins are something more tangible than a stock certificate. As I stated above though, diversify. Meaning don’t just save or prep in any one thing. You lower your risks of loosing your savings if you have it in many different forms.

 

[Kevin L]

I see.

I plan on getting junk silver and some Canadian Maple Leaf coins, which I like.

I just wonder if I have my priorities straight.

 

[DrHenley]

who is going to barter their food for your silver? never been able to come up with a satisfactory answer on that one.

I don't argue that at some point people may consider precious metals worthless. It won't be at first, and it won't be long term. But in between, I have some barter items set aside for that, and will gladly exchange them for gold and silver.

Barter is primitive. It works fine for primitive situations, but is an incredibly inefficient medium of exchange. For thousands of years of human history, there have always been more efficient mediums of exchange that emerged. And the two that emerged most often were, you guessed it, gold and silver.

 

[Mountain trapper]

I'm a big advocate for putting away all the gold and silver that one can afford to purchase. And in any form; bars, coins, rounds, pre '64 etc. But only after all other preps have been met. Debt elimination, property purchase, tools/equipment, skills etc are among the more important preps that a person can make. Gold/silver have always had great value, and always will. Even if there ever is a serious SHTF scenario, it would just be a matter of time before civilization started rebuilding and gold and silver will again be needed as currency.
As with any investment; start early and stay consistent, in good markets or bad.

 

[lonewolf]

"its just a matter of time before civilisation started rebuilding" yes I keep hearing this, but that dosent make it so.
I believe your matter of time could be a long time down the road, years, decades even longer, maybe never.
we have had our industrial revolution and most of that which was dug up out of the ground has been used and used up, there wont be any more for thousands if not millions of years, not in our lifetimes anyway.
we may have some form of civilisation in the distant future but it wont be like anything we have ever known.

 

[SheilaT.]

I'm a big advocate for putting away all the gold and silver that one can afford to purchase. And in any form; bars, coins, rounds, pre '64 etc. But only after all other preps have been met. Debt elimination, property purchase, tools/equipment, skills etc are among the more important preps that a person can make. Gold/silver have always had great value, and always will. Even if there ever is a serious SHTF scenario, it would just be a matter of time before civilization started rebuilding and gold and silver will again be needed as currency.
As with any investment; start early and stay consistent, in good markets or bad.

This is how I feel. Things have been a bit tough for us for a while, but now my son has bought a property we can really make some changes and not paying rent is the biggest bonus and the best prep as far as I can see. I have been buying gold and silver for some years now and they will prop up my income when I retire and best of all the government won't see a penny of it. Likewise when I shuffle off this mortal coil, my son will quietly inherit and not have any grubby little hands from the gooberment wanting their cut. This is the main reason I buy gold and silver.

 

[Brent S]

No one has a crystal ball that accurately predicts the future. All I know for sure is that we all should save for the future. That’s part of basic prepping. I also noticed that you said you like the maple leaf coins. I think a part of your savings should be in those then.

 

[Kevin L]

I have some junk silver and Canadian maple leaf coins.

My problem is finding a situation where I can store my stuff. My girlfriend is suggesting that I'm becoming a hoarder (she can't stand clutter), and I can see why. She's very orderly and organized (she's an RN), and argues--not implausibly--that empty space is, itself, a resource that should be conserved.

I was considering renting a storage unit, but I don't have the confidence of having access when I need it.

I need a space where I can put guns, ammo, canned food, medical supplies, liqour, and gold coins.

There is talk about certian executive orders that will entitle the government to freely confiscate stored food, medical supplies, etc. during a crisis.

I want ideas on where to store large amounts of stuff where it won't deteriorate in the Florida heat (and humidity), will be overlooked by government thugs, reasonably secure from prying eyes, and off-premises.

Any pointers would be greatly appreciated.

 

[Brent S]

I have some junk silver and Canadian maple leaf coins.

My problem is finding a situation where I can store my stuff. My girlfriend is suggesting that I'm becoming a hoarder (she can't stand clutter), and I can see why. She's very orderly and organized (she's an RN), and argues--not implausibly--that empty space is, itself, a resource that should be conserved.

I was considering renting a storage unit, but I don't have the confidence of having access when I need it.

I need a space where I can put guns, ammo, canned food, medical supplies, liqour, and gold coins.

There is talk about certian executive orders that will entitle the government to freely confiscate stored food, medical supplies, etc. during a crisis.

I want ideas on where to store large amounts of stuff where it won't deteriorate in the Florida heat (and humidity), will be overlooked by government thugs, reasonably secure from prying eyes, and off-premises.

Any pointers would be greatly appreciated.

As far as guns and large items my advice is hide them in ‘plain sight’. There are loads of ideas on line for this, but things like inside a couch, false bottom of a drawer, etc. With coins I strongly recommend a safe deposit box. I had 15 1oz gold coins disappear several years back. That hurt. Could have been a new Toyota 4wd truck by now.....with a SD box at a bank when things start looking bad go before things get really bad and bring your stuff home. It’s a great place to keep important papers too.

 

[DrHenley]

Silver is hard to store. When I got to the point where mine wouldn't even fit in the safe any more, I was forced to start buying gold instead. I probably need to make a false bottom in my gun safe.

 

[Brent S]

Silver is hard to store. When I got to the point where mine wouldn't even fit in the safe any more, I was forced to start buying gold instead. I probably need to make a false bottom in my gun safe.

Yeah, gold at around 1300 bucks an ounce isn’t going to get too bulky to store for most people! I wish buying smaller sizes of gold was more economical. Buying 1oz coins is the best way to buy it, by far. There is a huge markup on any smaller denominations. The problem is if we are bartering, how do you make change for a 1oz coin?

 

[DrHenley]

The problem is if we are bartering, how do you make change for a 1oz coin?

That's what silver is for, Brent.

I was able to buy 1/10 oz Gold Eagles at close to spot. I've never been able to find 1 oz Gold Eagles anywhere close to spot. Sovereigns (close to 1/4 oz) are often easy to find at close to spot since they minted a ton of them. They make 1/4 Sovereigns which can be found cheap too. Itsy Bitsy little gold coins!

 

[Kevin L]

As far as guns and large items my advice is hide them in ‘plain sight’. There are loads of ideas on line for this, but things like inside a couch, false bottom of a drawer, etc. With coins I strongly recommend a safe deposit box. I had 15 1oz gold coins disappear several years back. That hurt. Could have been a new Toyota 4wd truck by now.....with a SD box at a bank when things start looking bad go before things get really bad and bring your stuff home. It’s a great place to keep important papers too.

I got this part, but I want a stash "off premises". A storage unit doesn't seem realistic.

Government thugs seem likely to invade storage facilities.

 

[Brent S]

I got this part, but I want a stash "off premises". A storage unit doesn't seem realistic.

Government thugs seem likely to invade storage facilities.

Not just govt, but any number of thieving scavengers.

 

[DrHenley]

Storage units will be ransacked, you can bet on it.

 

[Kevin L]

So, can anyone throw out some ideas?

 

[Brent S]

That's what silver is for, Brent.

I was able to buy 1/10 oz Gold Eagles at close to spot. I've never been able to find 1 oz Gold Eagles anywhere close to spot. Sovereigns (close to 1/4 oz) are often easy to find at close to spot since they minted a ton of them. They make 1/4 Sovereigns which can be found cheap too. Itsy Bitsy little gold coins!

Right now gold spot is at 1202 per oz. On EBay the cheapest 1/10 oz I could find was 135.00, so about 135 above spot, (for 1oz). I found 1oz coins for 1265.00, so 63 over spot. Not a huge difference but 72.00 cheaper per oz, or 7.20 a coin at 1/10th oz. Knowing that there is a transaction fee when you sell gold (aka dealor profit/fees) I try to cut as much off as I can. Still, having smaller denominations to deal with is probably worth something. After all, using cutters to try and split up a 1oz coin just isn’t a great option.

 

[Brent S]

So, can anyone throw out some ideas?

I still like a safe deposit box in a local bank. If it ever looks like the economy is getting really bad I will bring it’s contents back home them.

 

[Kevin L]

I still like a safe deposit box in a local bank. If it ever looks like the economy is getting really bad I will bring it’s contents back home them.

I know, but I need something off premesis for food, liqour, meds, etc. As the government can come in and take after the crisis. If I retreive everything as things start going sideways, then it's all there in my house when they exercise the anti hoarding laws.