Any precious metal people here?

[Unsuspicious]

I've never bought physical gold or silver, and looking to diversify where I park some money I have no immediate need for.
It sounds like if you buy physical precious metals, you obviously have to store it somewhere, meaning you pay for a safe deposit box or you need to insure it if storing at home.
How much do those extra costs eat into your growth?

[Mick]

I've never bought physical gold or silver, and looking to diversify where I park some money I have no immediate need for.
It sounds like if you buy physical precious metals, you obviously have to store it somewhere, meaning you pay for a safe deposit box or you need to insure it if storing at home.
How much do those extra costs eat into your growth?

Generally, Gold is not considered to have a return, it is considered a "storage of purchasing power", and also a hedge against things like total societal upheaval.

If we are talking about relatively small amounts that a typical investor would be interested in, most folks get a good home safe, and fly with that. If I was going to have millions of dollars worth of it, I would store it at a bank in a safe deposit box. A decent size one will run you something like $300 - $500 per year, not much of a cost on a percentage basis.

[Tikiman]

From Health Ranger on Twitter:


People who own gold and silver are super happy today, as dollar-denominated values are skyrocketing. Of course, you and I know that gold and silver aren’t actually “going up,” but rather the #dollar is collapsing. And those who hold dollars are seeing the purchasing value of their dollars evaporate by the day. While the government lies about #inflation and claims something ridiculous like 1%, real people know that groceries have doubled, insurance premiums have doubled or tripled, and nearly everything that people need to buy in order to live their lives has become wildly unaffordable. I just interviewed Gerald Celente (will publish it Monday), and he said that as the economic system collapses, “They will take us to war.” WAR, in turn, will cause #gold and #silver to spike even more. Trading out dollars for metals is probably one of the smartest things anyone can do right now, as dollars are headed into the dumpster while metals will skyrocket as global chaos and collapse unfolds. Plan accordingly.

https://t.me/RealHealthRanger/4893

[markids77]

My problem with precious metals or stones is that they must be "converted" in some way in order to spend them. It makes no sense to hand a vendor a 1 ounce gold coin for, say, a $100 box of ammunition; how are you going to receive change? In whatever "the coin of the realm" is at the time? Makes more sense to me to invest in something more readily liquidated.

[Unsuspicious]

For granularity there's always silver I guess if you wanted transactional utility?

I really like the look of the 2024 American Eagle Gold Coins, leaning toward picking up 3 of the 1oz but then there's that question of granularity- is it worth the higher markup to buy more of the smaller ones, or probably not if I plan to not sell these for at least 10 years or something like that

[Joey777]

106399
These are scored into 1gr pieces.

[LATB]

“Pieces of Eight”

[Chemtrails99]

I spent three years as a team member building Precious Metal P-51 for the Reno Air Races. I worked on most every system on the aircraft aft and did a huge amount on the current paint scheme. So I'm a Precious Metal People.....

[ZipZap]

There was that one time...

[Mike Mercury]

https://steemitimages.com/DQmbMds3uV2GWVgUFTUac5tbmhabiKaQ4zMmRBZVQcC6SEB/image.png

[SteveOceanside]

My problem with precious metals or stones is that they must be "converted" in some way in order to spend them. It makes no sense to hand a vendor a 1 ounce gold coin for, say, a $100 box of ammunition; how are you going to receive change? In whatever "the coin of the realm" is at the time? Makes more sense to me to invest in something more readily liquidated.

Silver is much lower value than gold, but if/when the SHTF then even silver will be big bucks for an ounce coin. So now you can buy 1/4 oz and even 1/10 oz silver coins.

1 oz Silver Eagle : $37 so 1/10 oz : $3.7 easy to spend TODAY

but will be worth a lot more if ever you need to use it to trade.

[higgyburners]

My problem with precious metals or stones is that they must be "converted" in some way in order to spend them. It makes no sense to hand a vendor a 1 ounce gold coin for, say, a $100 box of ammunition; how are you going to receive change? In whatever "the coin of the realm" is at the time? Makes more sense to me to invest in something more readily liquidated.

Medieval money came in different denominations and value...I believe that some would cut pieces off the gold coins...if the item purchased was less than the coin value

[simpleman68]

From Health Ranger on Twitter:


People who own gold and silver are super happy today, as dollar-denominated values are skyrocketing. Of course, you and I know that gold and silver aren’t actually “going up,” but rather the #dollar is collapsing. And those who hold dollars are seeing the purchasing value of their dollars evaporate by the day. While the government lies about #inflation and claims something ridiculous like 1%, real people know that groceries have doubled, insurance premiums have doubled or tripled, and nearly everything that people need to buy in order to live their lives has become wildly unaffordable. I just interviewed Gerald Celente (will publish it Monday), and he said that as the economic system collapses, “They will take us to war.” WAR, in turn, will cause #gold and #silver to spike even more. Trading out dollars for metals is probably one of the smartest things anyone can do right now, as dollars are headed into the dumpster while metals will skyrocket as global chaos and collapse unfolds. Plan accordingly.

https://t.me/RealHealthRanger/4893

Yes :yesnod:
There's a reason big banks have been buying it up while keeping prices low; for now.

Gonna be an interesting couple of years ahead though I don't expect overnight havoc at this point.
Scott

[AUTOHOLIC]

Medieval money came in different denominations and value...I believe that some would cut pieces off the gold coins...if the item purchased was less than the coin value


EXACTLY.
I recently put some cash in both gold and silver and likely will do more as a hedge against paper money finally being worth what it really is, NOTHING.
At least both gold and silver have industrial value in terms of their electrical conductivity in addition to their world preceived monetary value.

[markids77]

Medieval money came in different denominations and value...I believe that some would cut pieces off the gold coins...if the item purchased was less than the coin value

True, but people then also traveled carrying both clippers and scales to attempt not getting ripped off.
I guess if SHTF metals folk will need similar equipment... but if the cloud goes down how are people going to agree on spot price?

EDIT: I also believe the reeding on coin edges was added as a deterrent to "coin shavers" who would file coins smaller in diameter for fun and profit.

[Unsuspicious]

Starting small, picked up a tube of 20 1oz silver buffalo rounds, spot price with no premium and free shipping/insurance ($631 total). Might be better that I fiddle with these instead of a costlier gold coin.

[Bill]

“Pieces of Eight”

https://www.youtube.com/watch?v=dFJwGfDeuOA

[Unsuspicious]

I finally joined Costco this Sunday for the sole purpose of pricing out their tires, so I'm waiting for their cycle to hit a Michelin sale. Anyway, just found out they sell gold and silver, wonder if those purchases qualify for their 2% return for the exec membership as well as another 2% if you're using the costco credit card. Hmmmmm

[Tikiman]

Medieval money came in different denominations and value...I believe that some would cut pieces off the gold coins...if the item purchased was less than the coin value

"Pieces of Eight" were made of silver.


Pieces of eight are historical Spanish dollar coins minted in the Americas from the late 15th century through the 19th century. Made of silver, they were in nearly worldwide circulation by the late 19th century and were legal currency in the United States until 1857. The Spanish dollar coin was worth eight reales and could be physically cut into eight pieces, or "bits," to make change — hence the colloquial name "pieces of eight." The dollar coin could also be cut into quarters, and "two bits" became American slang for a quarter dollar, or 25 cents. The American dollar used today was based on the Spanish dollar.

These coins have long been associated with pirates, because they were a common target for the outlaws, as large amounts were regularly shipped from the American colonies to Spain. In addition, Spanish traders carried them to Manila in the Philippines once or twice a year to trade for Chinese goods. Many pirates became rich intercepting ships carrying pieces of eight. The buried pirate treasure of legend is often said to include the coin.

Pieces of eight were popular in America's British colonies because British currency was limited. After the United States gained independence, the coins remained a widely used currency. Though the United States began minting its own coins in 1792, the better-quality Spanish dollar remained the most popular currency in the country until Congress ended its use in 1857.
Though they have been out of use for over one hundred years, pieces of eight have a lasting legacy. Terminology related to them was used to refer to certain portions of a dollar in the United States into the 20th century; in addition to the quarter being called "two bits," the dime was a "short bit," 15 cents a "long bit," and 50 and 75 cents were "four bits" and "six bits" respectively. The New York Stock Exchange listed stock prices in one-eighths of a dollar until 1997.

In addition to being the basis for currency systems in such widespread countries as the United States and China, the Spanish dollar was responsible for slang terms that persist to the present day. "Two-bit" is still is use as a description of something cheap or worthless, and many countries, including England and Spain, refer to various small denomination coins as "bits."

https://www.historicalindex.org/what-are-pieces-of-eight.htm

[Tikiman]

[/B]

EXACTLY.
I recently put some cash in both gold and silver and likely will do more as a hedge against paper money finally being worth what it really is, NOTHING.
At least both gold and silver have industrial value in terms of their electrical conductivity in addition to their world preceived monetary value.

Back in 2009, I sold a house that I owned as a rental up in Laurel, MD. I walked away with a little over $100k from the sale and took half of it and bought a mix of gold and silver. Pretty much forgot about it until April of 2011, when the GSR (gold/silver ratio) hit 47:1. I took about 30 pounds of silver to my local coin store and traded it for more gold. Cleaned them out of everything except their high premium stuff. They tried to talk me into those, but I was only interested in melt value. Got my gold cheap that day. Had I waited one more day, I would have gotten it a little cheaper, but you know what they say about trying to catch a falling knife.

It's all sitting in a dusty box in the basement somewhere. Might come in handy some day. :island14:

[Bruze]

My buddy's kid is big into precious metals. I was hanging around with him around 2010 and bought a 1/10 oz. gold coin at a coin shop and some bulk silver. Just for the hell of it.

At some point I added GLD (https://finance.yahoo.com/quote/GLD/) and SLV (https://finance.yahoo.com/quote/SLV/) to my portfolio, but only around 2.5% each. They are ETFs that hold those metals.

I held them for a couple years or so but then dumped them. They went up some, but had I kept that money in the S&P I would have made more. Kind of a waste of time for numerous reasons. They work on the "Greater Fool Theory," meaning you can only hope that someone will pay you more for what you have than what you paid for it. There are no divvies or interest to be earned with metals.

Plus, and this is big, there is the "opportunity cost," meaning what did you miss out on had you held something else? As I did by not having it in stocks, although the percentage of metals I held was so low that it didn't move the needle enough to matter.

Oh well, it was a good learning experience. :)

FWIW: If the fecal matter hits the whirling blades, me thinks it would be handier to have potable water, firearms, ammo, gasoline, food, livestock, etc. to barter with. But I've only got maybe 10 years left so I'm not too worried about it. YMMV.

Here is what those metals have done in the past 10 years vs. the S&P. Click image for better view. :eek:

Blue - S&P
Orange - Gold
Green - Silver

106441

[Don Rickles]

I buy um by the kilo.

[Unsuspicious]

I have the magic touch, right after buying some silver, spot price drops a buck :kick:

[simpleman68]

I buy um by the kilo.

Amateurs.... :D

https://i.imgur.com/3zOrywyh.jpg

[zsr22]

In a SHTF society, I want to be resource wealthy (land, water, solar, crops, ability to hunt and fish, etc.) rather than precious metals wealthy. I can't eat metals and I don't want to be dependent on others to acknowledge their value.

[simpleman68]

In a SHTF society, I want to be resource wealthy (land, water, solar, crops, ability to hunt and fish, etc.) rather than precious metals wealthy. I can't eat metals and I don't want to be dependent on others to acknowledge their value.

Agreed but then if things get that bad, you'll just be the caretaker of resources until someone with "more power" bigger guns, more people etc. comes to take them from you.

If things get that bad, and they certainly could IMO, we don't go from inflation to "the Book of Eli" in a few months.
Metals are just one hedge against a shrinking dollar that will be damn helpful along the way.

I've spent years trying to acquire the basics; having land resources, properties, metals, other physical assets, and a fair amount of weaponry and training to protect us.
That is about all anyone could reasonably do while still making a happy life for the next generation and raising them to do better. Oh, and I did sleep at a Holiday Inn as of late. :D
Scott

[Joey777]

I’ve invested a little in precious metals over the years. Just a small % of the overall net worth. Some concerning things for our economy are on the horizon like the loss of petro-dollar status.

[Unsuspicious]

Bought 10g gold bar today so of course the price is going to drop

Anyway, seems like there are many websites that offer first time customers gold or silver at spot with no premiums and free shipping, once per lifetime/household kind of deals so not a bad way to just get started.

[Kevin68]

Generally, Gold is not considered to have a return, it is considered a "storage of purchasing power", and also a hedge against things like total societal upheaval.

:iagree:

My problem with precious metals or stones is that they must be "converted" in some way in order to spend them. It makes no sense to hand a vendor a 1 ounce gold coin for, say, a $100 box of ammunition; how are you going to receive change? In whatever "the coin of the realm" is at the time? Makes more sense to me to invest in something more readily liquidated.

The reality is you are going to trade a coin(s) for the current value of a commonly accepted currency (probably a deflated fiat dollar) to take care of your immediate need and spend it in whatever denomination you need. You hold the rest to protect it from inflation.

At some point I added GLD (https://finance.yahoo.com/quote/GLD/) and SLV (https://finance.yahoo.com/quote/SLV/) to my portfolio, but only around 2.5% each. They are ETFs that hold those metals.

Holding them in an ETF makes zero sense except to overcome the storage problem. I would seriously worry that they don't actually have the physical gold.

Agreed but then if things get that bad, you'll just be the caretaker of resources until someone with "more power" bigger guns, more people etc. comes to take them from you.

If things get that bad, and they certainly could IMO, we don't go from inflation to "the Book of Eli" in a few months.
Metals are just one hedge against a shrinking dollar that will be damn helpful along the way.

I've spent years trying to acquire the basics; having land resources, properties, metals, other physical assets, and a fair amount of weaponry and training to protect us.
That is about all anyone could reasonably do while still making a happy life for the next generation and raising them to do better. Oh, and I did sleep at a Holiday Inn as of late. :D
Scott

Well said!

[BRUIZER]

Agreed but then if things get that bad, you'll just be the caretaker of resources until someone with "more power" bigger guns, more people etc. comes to take them from you.

If things get that bad, and they certainly could IMO, we don't go from inflation to "the Book of Eli" in a few months.
Metals are just one hedge against a shrinking dollar that will be damn helpful along the way.

I've spent years trying to acquire the basics; having land resources, properties, metals, other physical assets, and a fair amount of weaponry and training to protect us.
That is about all anyone could reasonably do while still making a happy life for the next generation and raising them to do better. Oh, and I did sleep at a Holiday Inn as of late. :D
Scott

No offense (at the bolded) as I cannot speak for others, but that's not realistic for many that are prepared and have the numbers to repel outsiders. Just making the many miles up here off the main highway unscathed would be a disaster for invaders. City folks, we'll that's a whole different scenario.
YMMV

[zsr22]

No offense (at the bolded) as I cannot speak for others, but that's not realistic for many that are prepared and have the numbers to repel outsiders. Just making the many miles up here off the main highway unscathed would be a disaster for invaders. City folks, we'll that's a whole different scenario.
YMMV

IMO, by the time the shit lands at the doorstep of those deep in the rural country, a lot of the problems will have already worked themselves out. Those unprepared in the city won't make it past the suburbs.

[Kevin68]

No offense (at the bolded) as I cannot speak for others, but that's not realistic for many that are prepared and have the numbers to repel outsiders. Just making the many miles up here off the main highway unscathed would be a disaster for invaders. City folks, we'll that's a whole different scenario.
YMMV

I tend to agree with that, but I think simpleman68 was probably referring to the government. You could hold them off for a while but in the end, Ruby Ridge and Waco would be the outcome.

[AUTOHOLIC]

I agree that having gold or silver is only good for a short time when paper money collapses.
Now I am not a Nazi, skinhead or the like BUT if I were a younger man I would be buying remote/off grid property with a hillside for a gravity feed underground water tank, buried 40’ containers for living space and a little livestock, eg. a couple cows, goats, pigs, poultry etc. and have it well hidden from view with sunken gardens etc. A fold down windmill to pop up when necessary ( mostly at night) to pump water from my well. Solar, batteries, large underground propane tank and a generator for limited use. It would be well armed and hidden from all including from air. It is just a matter of time the way things are going that there will be food shortages and people taking others supplies by force. People need to think about being self-sufficient when that time comes and the better hidden from marauders the better as your life may very well depend on it. No telling how long that situation might last but the prepared ones will be those that survive for sure.

[simpleman68]

No offense (at the bolded) as I cannot speak for others, but that's not realistic for many that are prepared and have the numbers to repel outsiders. Just making the many miles up here off the main highway unscathed would be a disaster for invaders. City folks, we'll that's a whole different scenario.
YMMV

Couldn't agree more. Those that are farther from the big cities and with more defenses will be the last holdouts.

I don't really think it'll get to that in our lifetime, if ever, but it's good to be setup as such. :cert:
Scott

[JRD77VET]

Amateurs.... :D

https://i.imgur.com/3zOrywyh.jpg

:iagree:

If anyone wants a good, honest guy to purchase from, a long time friend of Simpleman's is a highly trusted guy in the industry. I have used him myself and we would both highly recommend him.