If you were going to buy $40k in silver, where would you find the best deal and what type would you
tander123
Posts: 550 ✭✭✭
buy? My dad is 76 and is jus wanting a hedge if the crap hits the fan and is sitting in a bunch of cash. Thoughts?
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Apmex, JMbullion, Provident metals are all realiable.
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I would buy the kind made of gold. If the crap hits the fan, no chance he plans on lugging around thousands of ounces, is there?
Or mix it up with gold and silver. Silver is heavy and takes lots of space to store it. I would get some Canadian ML monster boxes (.9999 fine Ag) or ASEs (.999 fine Ag). They will be easier to sell and a better price, and are more recognized than other silver.
Assuming it’s not the crap hit the fan and you have to leave your house type of scenario
Where is a good place to get a good deal on those?
That would be a very last resort if I was him, I am not sure were you live our bullion store is very fair and honest .50 cents with a maximum premium of $1 I would never purchase it all at once small purchase and do not hurry silver will stay at these levels and even lower next year. If you can not find a good bullion store with in a fair drive then last resort use the ones stated above and there are many others which I never have bought from and never will. I also fined silver a lot of the times at spot or near spot at a coin shows. at the last long Beach show a dealers was selling at .10c back of spot he was still making money he bought it $1.00 back of spot an had 10,000 oz. he was unloading at the show which he did and I guarantee he made more them the ones selling it for $2 over spot so be patient there is no hurry, Stay away from over price government Eagles if you are buying them in case crap hit the fan it will not matter how shiny your government Eagles are and at that point there will not be value in the over priced premium you paid to get them. Now if you are talking about the crap that will be coming down the road in 2023 that is already brewing overseas then Eagles are just fine so depends on the crap you are talking about even though it is all government brew causing crap.
Stay in cash.
90% junk typically has the lowest premiums. Kitco, Provident and Apmex are all currently selling $100 face bags at about 10.5x. Quite a few deals on 100oz bars as well but buyers are somewhat limited when you are ready to sell. Silver Eagles are extremely liquid (assuming you are in the US) but premiums seem awfully high at the moment. $8350 a monster box seems to be the going rate but your looking at a $2.60 premium per $14 ounce of silver. Too high for me.
Personally I'd split it up gold and silver. Gold Eagles, Maples, Krugerrands are always liquid. Premiums are currently lower than they have been in a decade.
The whole worlds off its rocker, buy Gold™.
Unless a SHTF scenario is upon the human race( i/e Asteroid collision, Nuclear War, Yellowstone Super Volcano erupting etc ) ....Cash will always be King.
Inflation tends to reduce it to a "prince."
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Yup cash will always be king. lol
The whole worlds off its rocker, buy Gold™.
Please share that wisdom with the folks down in Venezuela.
Apmex, JM Bullion, Scotsman Coins, Kitco, Modern Coin Mart, and Silvertowne. Derryb likes DBS Coin as well.
Make sure to stick with the most recognized types of bullion - Eagles, Maples and/or pre-1965 US 90% silver coinage.
I personally don't keep silver "rounds" even though they can be had for a lower premium. The lower premium works both ways, and it may be harder to liquidate at a fair price someday down the road. That's just my personal viewpoint.
I would also keep a mix of gold & silver, rather than all silver. I would recommend keeping a healthy cash reserve as well.
I agree with others not to make one big purchase, but to split the purchases into maybe 3 separate purchases, and not all on the same day or week.
For ease of accounting & ease of tracking, buy in larger chunks so that you limit the number of bookkeeping entries.
I knew it would happen.
Buy sealed monster boxes of ASE's.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Better mix up the metals... gold and silver.... and make it bullion, not proof... make it coins not rounds....Make sure, before the metals buy, that you have the other necessities covered. Cheers, RickO
the fan will not be hit anytime soon
But your PMS will still be valued/measured in terms of those "inflated" princes.
yes, PMs tend to protect your "princes" from inflation. Their primary purpose is protection from dollar devaluation (inflation).
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
One can actually get the 25 tubes of 20 ASEs (monster box) cheaper by purchasing individual tubes on ebay when earning ebay bonus bucks (normally 8% or 10 % during the promo period). While the bullion category is not eligible for ebay bucks, sellers often list them in a different US coin category to expedite their sale. Doesn't cost the seller anything to do this, yet the buyer reaps the savings. Since there is a maximum $100 bonus buck limit per purchase the key to maximizing the bonus bucks savings is to not make individual purchases larger than $1000 (with 10% bonus) or $1250 (with 8% bonus). Often I will make more than one purchase of two or three tubes at a time from the same seller to maximize the bonus bucks.
The only advantage to the whole monster box in this case is that you have coins that you know came sealed directly from the US Mint. This is important to those who like to submit for grading. Otherwise a one ounce ASE is a one ounce ASE.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
For $40K you should be able to buy at least 5 MBs and could probably go direct to an AP and get dealer pricing. I'd opt for 30 AGEs myself.
If I were investing in AGE's it would the $10 ones. Easier to resell when gold hits $5K.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
If an ounce of silver and a $20 bill are both worth $20 today and in 6 months inflation has reduced the $20 bill to $19 then the ounce of silver will also be worth only $19.
Or the specials when certain bullion dealers sell MBs on eBay. Also the idea would be to buy in untraceable transactions if possible. Put WTB for cash ads on CraigsList and have a means to verify what you're buying.
and armed guards
https://forums.collectors.com/discussion/994625/united-states-mint-list-of-12-authorized-purchasers-for-bullion-coin-issues
The price of silver normally goes up with inflation, this is why it is protection. Think in terms of "how many dollars will my ounce of silver buy?" As those dollars decline in value you should be able to buy more of them.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
$40,000 !!!, at these prices, 25% 1/2 oz. AGE and 75% cash !!!
It's the Yankee dollar that's king in Venezuela. If you own gold, from what I understand, the merchants do not want to bother with it, but will take good ole US greenbacks or Euro's. You can always sell your gold for whatever fiat currency that's in favor, but trying to buy groceries or gas with gold...it ain't gonna fly.
Bits of metal are just as worthless as bits of paper in a true SHTF situation. Why would I want your metal when I really need food, medicine, fuel, etc. The only thing I can do with metal is find the next person to con into thinking its worth something.
Ummm, see Venezuela.
My definition of a true SHTF situation affects the global economy, not just a localized event. Should have been clearer in my post, as events in Venezuela do not affect me in the slightest. Venezuela could cease to exist and it would barely be a blip (maybe a slightly higher oil price at worst).
If he doesn't trust banks, put it into a credit union account
Thanks everyone for sharing your opinions. I'll let him read this thread and make a decision.
Please don't stack silver! Buy a CD and spend your time with family and friends rather than trying to manage all those coins.
If it was me, I'd do a monster box of silver eagles and the rest gold eagles. (probably a mix of different sizes) but shop around for some with a low premium if possible.
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So does the price of Van Camp's pork and beans. Problem is that that $20 ounce of silver can easily go to $15 for reasons that have nothing to do with inflation. Except for the occasional sale, it's unlikely that that can of beans will be worth less than what you paid for it.
Now you are just making me hungry
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Inflation has shown us that we can protect ourselves from dollar devaluation by converting those dollars into one of many assets that grows with inflation. While some may choose beans, I prefer PMs and real estate. Of note is the fact than in extreme cases of inflation buying anything that you consume will be cheaper today than it will be tomorrow. So yes, there is a time when it wise to stack those beans.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Not that there's anything wrong with that.