Today, Saturday I just bought a couple grand worth of Silver

[angie_nrs]

I think this was discussed earlier in this thread. I think we pretty much all agreed that getting preps are the best bet if you don't already have them. But, I buy PM's for wealth preservation, b/c that's really what it's for. I had to decide if I felt more comfortable with numbers in my bank account, cash, or PM's. At this point right now, since I don't see any other good alternative, PM's feels like the safest bet. There's nothing really that I want that I don't already have and there's only so many preps you can store. I'm simplistic and I'm content with what I have. I could've sold TP if I had wanted to but didn't. I could sell ammo right now at a nice profit if I wanted to, but I don't. I'd rather have my stuff than selling it for cash.

My PM's aren't there to barter in really bad times. They're there to preseve what wealth I already have, although I do think PM's are going up. I don't put all my eggs in one basket. I have IRA's, cash, bank accounts, PM's, stuff, etc. I try to spread everything out evenly to keep my arse covered no matter what happens....or doesn't. Seeing what's happening in Turkey and even here, causes me to want to trade cash for something else as a future investment that's more stable. From a financial standpoint, it's always best to buy low and sell high. Thankfully I got most of my stuff at a discount before all this vius hysteria hit. Now that things like ammo and land are inflated, I'm looking for something that's low to grab now. Pretty much the only thing in that rhelm now (that I can see) is PM's.

If currency goes back to being backed by gold, I'm gonna be really happy with myself over this last purchase. I think that's where we're headed. Even if I'm wrong, those PM's will still hold value......and that's what I bought them for.

 

[Neb]

I think this was discussed earlier in this thread. I think we pretty much all agreed that getting preps are the best bet if you don't already have them. But, I buy PM's for wealth preservation, b/c that's really what it's for. I had to decide if I felt more comfortable with numbers in my bank account, cash, or PM's. At this point right now, since I don't see any other good alternative, PM's feels like the safest bet. There's nothing really that I want that I don't already have and there's only so many preps you can store. I'm simplistic and I'm content with what I have. I could've sold TP if I had wanted to but didn't. I could sell ammo right now at a nice profit if I wanted to, but I don't. I'd rather have my stuff than selling it for cash.

My PM's aren't there to barter in really bad times. They're there to preseve what wealth I already have, although I do think PM's are going up. I don't put all my eggs in one basket. I have IRA's, cash, bank accounts, PM's, stuff, etc. I try to spread everything out evenly to keep my arse covered no matter what happens....or doesn't. Seeing what's happening in Turkey and even here, causes me to want to trade cash for something else as a future investment that's more stable. From a financial standpoint, it's always best to buy low and sell high. Thankfully I got most of my stuff at a discount before all this vius hysteria hit. Now that things like ammo and land are inflated, I'm looking for something that's low to grab now. Pretty much the only thing in that rhelm now (that I can see) is PM's.

If currency goes back to being backed by gold, I'm gonna be really happy with myself over this last purchase. I think that's where we're headed. Even if I'm wrong, those PM's will still hold value......and that's what I bought them for.

Agreed.

I have no plans to use gold to buy food bullets with physical gold. But if the dollar collapses and I can't access by savings with banks being closed and my car bites the dust... I could trade an ounce for a clunker.

Another scenario post TEOTWAKI would come into play when communities are starting to recover and trading is an option. Gold and silver are relatively easy to transport.

I hope none of those types of scenarios are in our future so therefore hope that the physical PMs are never needed and can be passed on to kids and grandkids incase they encounter those problems.

We also have gold backed securities that are protection against hyperinflation. Those holdings lessen the bite of inflation.

We also have gold in Glint which is a type of gold backed debit card. As long as gold price goes up with inflation we will feel pressured to spend money while it is still worth something.

What is odd bow is the effects of cryptocurrency. It is a tempting alternative to gold and silver. Crypto is shaping up to be an alternative to central bank controlled currencies and governments just printing more. Our financial advisor is a fiduciary and can't legally advise in a manner that is not in our interests. He is currently researching if and how he can help us diversify into crypto.

Ben

 

[ThePrincess]

@Neb you forgot about the junk silver which we do intend to use for barter.

 

[Tank-Girl]

I have some pm's and I'm heavy on shelf stable food, books, tools to grow, trap and fish for more.
I recently fell into crypto in order to buy RSO.
Given the wild fluctuations in exchange rates for AUD fiat and BTC and fees for charged for transactions on legitimate crypto exchanges - which completely different to the stock exchange, I pretty much had to take a wild guess as to how much to buy.
I brought double the amount of BTC that I thought it'd cost me and I'm left with, after the transaction for the RSO, is just under half in my 'wallet'.
Super easy to buy even if the fees are a head kicker.
I'm not overly concerned with them and I'm not constantly helicoptering over the price fluctuations.
I'm lucky if I remember to check them once a week and then it's for giggles.
I'm half contemplating adding to my position but I'm not feeling any pressure or panic about it.
I look at it like buying a lottery ticket or a ticket to watch a show or buying a nice meal...it's money that I've set aside and once spent it's gone and that's the end of it.
If something else comes from it and it ends up profitable they Yay! If not I'm not losing sleep about it.

 

[angie_nrs]

He is currently researching if and how he can help us diversify into crypto.

Interesting. I have not made the jump into crypto yet b/c I just don't understand it. The more I dig, the more questions I come up with....and the less answers I get. The person that apparently conceived bitcoin is not really a real person....and if he/she is, nobody really knows who he/she is. Yes, there is a name, but it's not really tied to anyone. I just can't back something when I don't know exactly who is behind it. Is this person good or not? I can't seem to find a good answer for that. So, I'm out.

In the meantime, I'll invest excess funds into the old tried and true that have stood the historical test of time. I can't help it. I'm old school. But....if I can be convinced that some type of crypto (Bitcoin or other) is legit and backed by someone/something that I can believe in, then I'll give it a go. I like the privacy that cash allows, but I can and will consider alternatives. I don't understand it, but my mind is not closed to it. At this point, it's just still too early for me.

 

[Proud Prepper]

I'm still buying junk silver whenever I get the chance at a good price.

 

[Bacpacker]

Junk Silver is all I've bought last 10+ years

 

[Supervisor42]

. But....if I can be convinced that some type of crypto (Bitcoin or other) is legit and backed by someone/something that I can believe in, then I'll give it a go. I like the privacy that cash allows, but I can and will consider alternatives. I don't understand it, but my mind is not closed to it. At this point, it's just still too early for me.

You hit the nail on the head. What is behind it? If you buy stock in a company, you know there are factory buildings, full of equipment, and thousands of employees producing a product and revenue.
This cannot vanish completely in just weeks.
Crypto is a classic ponzi scheme. The only money in it, is other investors money. There is nothing 'behind' it.
What keeps bitcoin from being worth $5 next month?
Absolutely nothing.
Fortunately Ben's financial advisor is a fiduciary, and is still trying to come up with an excuse why he cannot do what other regular users of this forum did in only 20 minutes.
I don't want to derail this thread into crypto (we have a thread for that), so I'll end on a happy note.
Ever had one of these?

My wife thanks you.
She's a Hershey's stockholder since 1993. I got the 1099-DIV for the dividends last week.
How fast do you think that 1894 company will vanish?
(She likes to say: 'Bite Me!')

 

[Tacitus]

I've got my wealth stored in:

• physical cash
• virtual savings (stocks, bonds, funds)
• physical precious metals
• virtual crypto
• my suburban house

I've been wondering about storing wealth in other things, like...

• an expensive watch (maybe would keep its value for a while???)
• a firearm like a Browning or Beretta over/under shotgun (those things start around $1700, and go up from there...maybe they would be resellable at value after a collapse?...not sure about that)
• rural real estate (not very liquid, and carries a heavy tax burden)
• a classic car?

 

[bkt]

I buy from APMEX most of the time. I trust their quality, so I don't do a lot of shopping around. I probably should, but I get bogged down in details sometimes and with PM's, the cost is mostly market based, so I don't worry myself too much over it if I pay a few cents more than I need to. I've dealt with them before and have never had a problem, so that's where I usually go. I can usually find a coupon code online for $15 (or more) off my order and I buy enough when I place an order that I don't have to pay for shipping.

APMEX has been great. So have JMBullion.com and providentmetals.com. Local coin shops tend to charge WAYtoo much over spot, so buying online is cheaper for me. (A local antique store has a section for coins and PMs. They're selling 10 ounce silver bars for (sit down for this) $750 each. I'll pass, thanks.)

I fell into the precious metal trap around Y2k, THEN during the Vid outbreak, I discovered one eye opening thing, if its not there, you can't buy it at any price, and what fool is going to trade already scarce goods for metal. Investing and trading for the now is great, but turn the profits into preps, but don't expect the coins to feed you in bad times, you could melt them into bullets I suppose, maybe fishing weights BUT... the caveat here is when the rebuilding starts and silver is 100$ an ounce, BUT you have to get to that point alive.

100% right. Preps come first. PMs, for me, are for having a store of wealth AFTER the dust settles post SHTF.

And I'm with Angie in that the fragility of the dollar is scary. So I don't think of PMs in dollar amounts. Whatever currency replaces the dollar might matter, and I'm pretty sure I will be able to convert PMs to it.

 

[bkt]

I've got my wealth stored in:

• physical cash
• virtual savings (stocks, bonds, funds)
• physical precious metals
• virtual crypto
• my suburban house

Same here.

I've been wondering about storing wealth in other things, like...

• an expensive watch (maybe would keep its value for a while???)
• a firearm like a Browning or Beretta over/under shotgun (those things start around $1700, and go up from there...maybe they would be resellable at value after a collapse?...not sure about that)
• rural real estate (not very liquid, and carries a heavy tax burden)
• a classic car?

If you do drop some $ into a watch, buy from a reputable dealer. Genuine Rolexes, for example, come with paperwork showing provenance and this paperwork is a must-have when you go to sell your Rolex. Audemars Piguet, Patek Philippe and Vacheron Constantin comprise the "holy trinity" of watch brands. They'll set you back quite a bit, but they retain their value well and often sell used for more than you paid. There are a bunch of watch brands that are stupid-expensive with a terrible resale value; Hublot springs to mind as an example. Look online and compare current prices and used prices for a particular brand.

The same goes for firearms and cars. A car is likely to have the most appeal. And $1700 is not expensive in the context of firearms or watches. Think $10,000 and up or don't bother.

Land would get my vote. For the cost of a nice Vacheron Constantin, you can probably get several acres in an unincorporated locale maybe even with a house.

 

[Smalltimefarmer]

I recently purchased my first silver . I bought rounds and bars in 1 oz. Thought that size would be easier to barter.

 

[Smalltimefarmer]

In the past decade, paper money has lost 40% of it's value. I have other barter items. They say, coffee, alcohol, salt, sugar, etc will be in demand in case of large storms or power outages that last a while.

 

[Mountain trapper]

I've been using Kitco for buying gold, silver and palladium for over 25 years. I keep a Pool account with them too. Years ago I had a placer gold mine that produced very well too, still have some gold from that mine. I live in an area with lots of old gold mines, plus my property has some old workings on it too.
I got my first start on silver from my grandfather. About 60 years ago he dug up a large strong box full of silver and gold coins. He divided it up with the family. It was probably from a bank robbery from the mid 1800's.
Investments can come in many forms; art, gemstones, antiques, tools, equipment, real estate, etc. Over the years I've collected pretty much all the above. We even have a large mammoth ivory tusk mounted on the wall.

 

[Cascadian]

We buy in person and pay cash.

 

[Smalltimefarmer]

With my one purchase, I did it in person and paid cash. I also wanted to test the purity with the tester. The man doesn'the know my name in case someone decides to confiscate.

 

[zoomzoom]

• a firearm like a Browning or Beretta over/under shotgun (those things start around $1700, and go up from there...maybe they would be resellable at value after a collapse?...not sure about that.

IMHO, after a collapse, that $1700 would do a lot better invested in $3-500 guns. When there was a run on guns a few years ago, people were looking for entry level guns (things like Mossberg shotguns) but were paying steep premiums on them.
At the time, I took a few higher end guns into the gun shop to sell on consignment. They said that's not what people are looking for and therefore there was no real financial gain on them.

 

[angie_nrs]

my suburban house

I've been wondering about storing wealth in other things, like...
a classic car?

When I first read that, my brain interpreted that as "my stubborn horse".

Classic cars are tricky. We have some and they require lots of maintenance even when they're just sitting there. Keeping critters out of them is a chore and if you don't use them, they sit in your way. There always seems to be something that needs to be replaced or fixed. Hubs is getting rid of one this spring b/c he's tired of moving it from place to place in the barn. He just doesn't drive it enough to justify the pain is causes. Every time he decides to drive it, he has to charge the battery and wash it down. It's just become more of a PIA then it's worth to him. So, I'd suggest getting something you really want and love so that you use it. Otherwise, it can be a burden.

I recently purchased my first silver . I bought rounds and bars in 1 oz. Thought that size would be easier to barter.

Almost all of my silver is 1 oz coins or junk silver for that very reason. I like the smaller denominations. Although, my gold coins are also 1 oz and those would certainly be more difficult to use in a barter situation. Sadly, I don't have a whole lot of those.....they are pricy!

 

[Tirediron]

I am just going to add my take on this, Physical silver is probably a better investment than anything else, but food water and skills are going to be much more value able,

 

[Rick]

@Neb you forgot about the junk silver which we do intend to use for barter.

This type of silver has value but only to those who are fully educated on it.
how many people is that?
In a slide to the abyss acceptance even for silver rounds which are stamped with purity and silver content will not be 100%.
My concern with the so called junk silver is, that acceptance will be low, when I need it.

 

[Rick]

IMHO, after a collapse, that $1700 would do a lot better invested in $3-500 guns. When there was a run on guns a few years ago, people were looking for entry level guns (things like Mossberg shotguns) but were paying steep premiums on them.
At the time, I took a few higher end guns into the gun shop to sell on consignment. They said that's not what people are looking for and therefore there was no real financial gain on them.

Agreed.

During collapse fears people want firearms with perceived modern capabilities
On top of the list AR15s followed by modern 9mm Pistols.
And dont forget to stash plenty of ammo to feed both.

A good rule of thumb I think is to balance the cost of gun and ammo, in other words putting as much money into the ammo for a gun as you do into the gun itself.
the firearm is nothing w/o Ammo.

 

[Rick]

PS: At some point proper quality tactical optics will be of value too.
How long until a Gov't such as this one makes the purchases reportable?

I recently picked up a used Eotech 552-2 for 55% of new price, at a pawnshop of all places.
It hard to get good deals at pawnshops since their stuff is often either overprice or junk when it comes to firearms but here i thought maybe they didn't know what they had.

Other optics that are quite servicable and will retirn value are
Aimpoint PRO , probably one of the most robust electrotoptics at any price:
https://www.gideontactical.com/stor...rral&utm_campaign=8/25/2021-GTODT-AimpointPRO
Sig Sauer Romeo 5XDR (the one with the best reticl among the different Romeo 5 models, similar to Eotech)


HoloSun HS503 series available with different reticles:
https://www.opticsplanet.com/holosun-paralow-hs503g-red-dot-sight-acss-reticle.htmlHolosun

 

[Supervisor42]

Almost all of my silver is 1 oz coins or junk silver for that very reason. I like the smaller denominations. Although, my gold coins are also 1 oz and those would certainly be more difficult to use in a barter situation. Sadly, I don't have a whole lot of those.....they are pricy!

That's a good way to look at things.
We should turn the tables and ask, what would we accept as payment for a pile of can goods?
The guy has silver coins and a 1-oz. gold coin. Of course the goods are worth much less than the gold coin but we can't bite off a piece of it or make enough change to give him back.
A 1-oz. silver coin or 2 and some silver quarters to make change would likely be the most useful currency in that situation.

 

[Neb]

That's a good way to look at things.
We should turn the tables and ask, what would we accept as payment for a pile of can goods?
The guy has silver coins and a 1-oz. gold coin. Of course the goods are worth much less than the gold coin but we can't bite off a piece of it or make enough change to give him back.
A 1-oz. silver coin or 2 and some silver quarters to make change would likely be the most useful currency in that situation.

It varies of course but about 100 to 1 silver to gold would allow us to make change.

Ben

 

[Biggkidd]

PM's in small denominations is going to be the way to go IMO. I'd start with junk silver dimes and quarters. Moving up from there to ounces.

If we had to barter with stuff today I think we would all figure it out using dollars as a benchmark.
Dime = $1.00
Quarter = $2.50
Ounce = $20-25
and so on.

 

[hiwall]

If Dollars became worthless, almost everyone would soon learn to be experts on PMs (because they would have no choice).

 

[angie_nrs]

If Dollars became worthless, almost everyone would soon learn to be experts on PMs (because they would have no choice).

Agreed. It would be much easier to do if our currency was based in gold and/or silver instead of dollars that fluctuate a lot. If PM's were the base (ie: gold standard), then once you figure out what they are worth and can easily make change (like we do in todays dollars), then I think PM's would hold steady and we would see an end to inflation.....as long as it wasn't 'governed' by the central banks that have been stealing from us for decades. Wouldn't that be great? So, the value of your goods or work today would still be worth the same in 100 years as it is now allowing someone to truly save for the future.

That system would be much more fair to Americans. If you got a raise in that environment, it would truly be a raise, unlike what we are seeing now. If you get a raise now and the costs of everything else goes up, did you really get a raise? Nope. You still have the same buying power, and possibly even less, than you did before. It's smoke and mirrors and was intentionally set up that way so that regular folks wouldn't question it as they get ripped off.

I'm hoping when this whole financial house of cards falls, that we will go back to the gold standard. It will likely be dicey as those details get worked out, but I think we all know that what is happening now (with trillions of dollars of debt) isn't sustainable. There is going to have to be a new system set up. I have no idea what that might look like, but I'm thinking metals will be at the base of it.

 

[hiwall]

I don't see anyone going to a gold-standard. Other currencies have crashed and never has there then been a gold-backed currency as a replacement.
It would take something world-wide that is much much worse than the Great Depression to ever see the rise of a gold-backed currency.
The allure of free money just by using a printer is way too strong to resist.

 

[Supervisor42]

Agreed. It would be much easier to do if our currency was based in gold and/or silver instead of dollars that fluctuate a lot. If PM's were the base (ie: gold standard), then once you figure out what they are worth and can easily make change (like we do in todays dollars), then I think PM's would hold steady and we would see an end to inflation.....as long as it wasn't 'governed' by the central banks that have been stealing from us for decades. Wouldn't that be great? So, the value of your goods or work today would still be worth the same in 100 years as it is now allowing someone to truly save for the future.

That system would be much more fair to Americans. If you got a raise in that environment, it would truly be a raise, unlike what we are seeing now. If you get a raise now and the costs of everything else goes up, did you really get a raise? Nope. You still have the same buying power, and possibly even less, than you did before. It's smoke and mirrors and was intentionally set up that way so that regular folks wouldn't question it as they get ripped off.

I'm hoping when this whole financial house of cards falls, that we will go back to the gold standard. It will likely be dicey as those details get worked out, but I think we all know that what is happening now (with trillions of dollars of debt) isn't sustainable. There is going to have to be a new system set up. I have no idea what that might look like, but I'm thinking metals will be at the base of it.

Anybody remember these or Fort Knox?
Our currency was tied to gold and silver before it lost it's way.
Read the top and bottom of the bill.

 

[Bacpacker]

Anybody remember these or Fort Knox?
Our currency was tied to gold and silver before it lost it's way.
Read the top and bottom of the bill.

Yep I have a few of them that my grand ma gave me long ago