Way off topic-questions about buying silver??

Way off topic-questions about buying silver??

This is a discussion on Way off topic-questions about buying silver?? within the Off Topic & Humor Discussion forums, part of the The Back Porch category; I have been growing more and more gravely concerned about our economy, and where it could be heading in the near-term. We are fairly well ...

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Thread: Way off topic-questions about buying silver??

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    Distinguished Member Array Chaplain Scott's Avatar
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    Question Way off topic-questions about buying silver??

    I have been growing more and more gravely concerned about our economy, and where it could be heading in the near-term.

    We are fairly well set-up right now, we have land, a well, beef and dairy cows, horses and chickens & turkeys. I need to add a generator w/propane tank, a wood-burning cookstove and a root cellar.

    I am also considering buying silver, specifically American Eagle Silvar dollars, thinking that they will be perhaps more useful than gold as it is not as valuable and thus more easily traded for goods and services. I've never done this type of thing before, so any of you forum members out there have any words of wisdom for me??

    Thanks!!
    Scott, US Army 1974-2004

    Freedom is never more than one generation away from extinction. It must be fought for, protected, and handed on or one day we will spend our sunset years telling our children what it was once like in the United States where men were free.
    - Ronald Reagan


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    American Eagle silver coins are referred to as bullion coins and as such their value will fluctuate depending on the current market. Being a coin collector my investments are in old coins instead, not only is there value in the silver content but there is the numismatic value as well and is generally higher than just the silver value and coins will appreciate over time as well.
    When you have to shoot, shoot. Don't talk.
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    OK so how do you buy bullion coins?
    It is surely true that you can lead a horse to water but you can't make them drink. Nor can you make them grateful for your efforts.

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    VIP Member Array dukalmighty's Avatar
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    Silver is dead I think the Lone Ranger had him stuffed
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    Quote Originally Posted by atctimmy View Post
    OK so how do you buy bullion coins?
    Bullion coins can be found at gun shows, coin shows, pawn shops or coin shops, they will either be the American Eagle coins or sold as 40mm 1oz rounds or 1oz bars marked as .999 silver. Also check any of the coin publications such as Coin World, Numismatic News and you will find a multitude of dealers listed.
    When you have to shoot, shoot. Don't talk.
    "Don't forget, incoming fire has the right of way."

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    Senior Member Array Mattmann's Avatar
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    I buy pre-'64 coins. They are like 90% silver and you get way more for your money. I believe in diversifying your investments and on a side note guns are about one of the best investments. They are a blast to play with and most the time only go up in value. Plus in a shtf situation you could use them and definitely trade with them.

  7. #7
    Ex Member Array KSmith's Avatar
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    I buy direct from NW Territorial Mint (private company) These days a silver round is worth too much to barter with at values below 30 bucks. Would be a very good idea to just get some pre-64 junk silver (NW sells them by the bag). I've seen some people build up an impressive amount of silver and can't understand - until I realize that they intend to be "rich" when things collapse. If the point of having silver/gold is to keep your situation fluid and capable of dealing with barter commerce, then you should be reasonable about it.

    One reason to buy coins, one need only look at the current laws about reporting of bullion sales - "collectible" coins don't trigger government reporting of a sale - so pands and kruugerands are favored by most. At some point MOST governments have criminalized the possession of gold (and seized it). If it's valuable, the government will seize it - so don't count on the law to protect your gold coins for very long, but since your purchase of them isn't reported, you can hide your possession pretty well.

    All silver made into coins is 90 percent silver, otherwise it would just be too soft to be used in circulation - the silver "rounds" and the like (not official currency because the word 'coin' is owned by the government) aren't very barterable simply because they are also very soft and wont stand up to being carried around. Morgan dollars, peace dollars, etc... are 90 percent and hold up very well to handling. If I were to advise anything, I'd say by the 90 percent coins and ignore bullion for the most part, again, considering that the ultimate purpose will be to trade them for things you want.

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    Distinguished Member Array Chaplain Scott's Avatar
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    Thanks for the feedback. One fact that I heard one day on Fox news, that I did not realize, is that at the beginning of WWII, the US governemnt siezed all the private stocks of gold from our own citizens
    Scott, US Army 1974-2004

    Freedom is never more than one generation away from extinction. It must be fought for, protected, and handed on or one day we will spend our sunset years telling our children what it was once like in the United States where men were free.
    - Ronald Reagan

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    Quote Originally Posted by Chaplain Scott View Post
    Thanks for the feedback. One fact that I heard one day on Fox news, that I did not realize, is that at the beginning of WWII, the US governemnt siezed all the private stocks of gold from our own citizens
    Actually FDR seized all private gold through an executive order in 1933, prior to WWII.

    The Roosevelt Gold Confiscation Order Of April 3 1933.

    Gold Confiscation Act of 1933 : Executive Order 6102: Private Gold | National Gold Group
    When you have to shoot, shoot. Don't talk.
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    Distinguished Member Array Chaplain Scott's Avatar
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    thanks for the correction--I remembered from the news that it was FDR--I think I was pretty shocked by the story--but in hindsight, I should not have been--governments, even ours, are capable and often willing to do what we think of as unthinkable.
    Scott, US Army 1974-2004

    Freedom is never more than one generation away from extinction. It must be fought for, protected, and handed on or one day we will spend our sunset years telling our children what it was once like in the United States where men were free.
    - Ronald Reagan

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    VIP Member Array shockwave's Avatar
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    The idea of buying precious metals so as to have a kind of "currency" you could use in the event of a breakdown of society is attractive to a certain sort of person. Especially the self-sufficient survivalist types.

    Makes a kind of sense: You have your own livestock and vegetables, generate some solar and wind power, so why not have your own money supply too, just in case.

    Well, one thing to keep in mind is that if money as we know it becomes worthless, then there is no particular reason to believe that gold or silver would have any intrinsic value. Why would it? Can you eat it? Can you power something it? Can you kill somebody with it? If the answer to those questions is "no," then why would anybody want it? It's heavy, you have to lug it around, and people can steal it from you (or kill you for it).

    In a serious "end times" scenario, the whole Mad Max bit, there are things that will have great value - gasoline, lighters, fresh water, dried food, medicine - especially painkillers and antibiotics. There will undoubtedly be great bartering potential for marijuana, bullets, batteries, and reference books that explain electronics, woodworking, metalworking, weaving, agriculture, motor repair, etc.

    Not sure exactly where some clown with his silly cotton bag full of Roosevelt silver dimes fits into this picture, except that maybe you could melt them down for fishing weights. Lead would be far more valuable.

    But if you do want to play around with silver and gold, two ETFs - SLV and GLD - are liquid and track the value of those commodities closely. If you are long in either, you've made some good money to date.
    Hopyard, bigdog44 and Tzadik like this.
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    Member Array Roon's Avatar
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    I would advise against any ETF buying. The paper precious metals are far to manipulated to be trusted. Buy precious metals and demand delivery of the physical metal. I would recommend Peter Schiff.

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    Senior Member Array Mattmann's Avatar
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    I buy private BTW. Its about the best way to buy. Most places aren't going to break a bag down to buy smaller portions. Last time I looked at a bag it was like $30,000. Unless you have that kind of cash your short on luck. If you buy from people you meet you can use cash and it's off the radar and they will normally break a bag down for you.

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    VIP Member Array hogdaddy's Avatar
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    Powder, Primes & Bullets, Providing you have the cases would be a great thing tro have JMO ; )
    H/D
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    IT'S OUR RIGHTS>THEY WANT TO WRONG
    H/D

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    Gold and silver coins are more manageable than bullion, although they take up more space. If I was buying today, I'd skip the coins with numismatic value and go for the pre-'65 US silver coins, so-called "junk silver," which are 90% silver. These are typically sold in bags of $1000 face value, priced according their actual weight and the spot price of silver. If you're concerned about survival and not strictly investment, these are about the best way to go because their denominations are clearly identifiable, as compared to silver bars which are more compact.

    You should watch the spot market and avoid buying at peak prices. This past spring, silver maxed out at about $42 per ounce, but it's currently around $31. One good indicator is the price of silver to gold; if silver is less than 1/50th the price of gold, it's a decent buy. BTW, be aware that gold and silver are bought and sold by the troy ounce (12 troy ounces per pound), not avoirdupois (16 oz/lb).
    Smitty
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