Buying Gold or other precious metals

[Grumps21]

Metals aren't really something you buy to make money on... They are more than anything a means to conserve value. As such, their price says more about the condition of a currency than anything; a higher metal price suggests a lack of confidence in a currency and a decrease in it's value. Gold is not the standard it once was, but it is still a standard...

Like anything else you might own that could be traded for currency, the question should be, are you in need of more currency now? If not, why sell?

That said, IMO, the circumstances where gold may be better than currency are limited to a brief period after a currency collapse and then when a new stable currency is established. In between, there are many better commodities and durable goods for barter; however, the nature of most of those is that they are generally more bulky and may require controlled storage.

The gist... If you have gold and don't need money, hang on to the gold, unless you can think of something that will be more valuable to you in the circumstances you expect to develop.

Well put gll, and that’s exactly why I got into it. Not necessarily to make riches, but more to preserve what I have. A few bucks here and a few bucks there, it adds up over time. I fully expect in my lifetime that we will see digital currency, and when that happens, I want an alternate trading media

 

[Mowingmaniac 24/7]

Doesn't anyone here listen to the importuning of William Devane?

Fer gawd's sake, ya can't go wrong if ole willy says they's good...

 

[TheDan]

should I just sit on it until I actually desperately need to sell it?

Short answer is yes. Never buy an "investment" that you aren't prepared to sit on for 10-20 years. I don't really look at PMs as investment, tho. More like a physical savings account. Real investments cash flow, and PMs can't do that.

No coin shops around? Pawn shops are pretty much the worst place to sell anything. Shipping it to an online bullion store or selling it on ebay are sometimes how to get the best return.

You probably don't see many people trading stuff for it right now as both gold and silver are just going sorta sideways. If it moves big either up or down more people will be interested in trading.

 

[MountainGirl]

This may be of interest - States are re-monetizing gold and silver bullion.
Also, where can I find out if Texas is doing something like this?
I can research it; I just have no idea where to start.
Thanks -

https:// www.youtube.com/watch?v=M1aTJ0ZFxLE

(It wont let me imbed it here)

ETA: this vid is about Missouri - and its new Bill just passed requiring the State to keep a percentage of its funds in PMs, to accept PMs for payment of State fees, etc, ...and protects its citizens against the CBDC.

Yeah...PMs will spike from the increased demand ^^ but it also, to me, feels like a FY to the feds...and that always feels good.

 

[RedneckHillbilly]

I go back and forth on this and like dude on page 1. If cash is crashing, why is so many businesses selling it like a fire sale? Either gov boys plan on taking it or… people are going to be giving it away to purchase food to eat, with the up and coming food supply collapse. The three other precious items might be better. Brass/Lead/ and Gunpowder may be a better currency, as economies crash, this will become a limited supplies and only drive it up.

 

[Rhino]

This may be of interest - States are re-monetizing gold and silver bullion.
Also, where can I find out if Texas is doing something like this?
I can research it; I just have no idea where to start.
Thanks -

https:// www.youtube.com/watch?v=M1aTJ0ZFxLE

View attachment 374143

(It wont let me imbed it here)

The ALT community is watching this:

KANSAS JOINS THE BULLION AS LEGAL TENDER FLOOD: SCENARIOS

W.G. spotted this story, and we thank him for passing it along. As regular readers know, we've been following the story of American states…

gizadeathstar.com

 

[MountainGirl]

The ALT community is watching this:

KANSAS JOINS THE BULLION AS LEGAL TENDER FLOOD: SCENARIOS

W.G. spotted this story, and we thank him for passing it along. As regular readers know, we've been following the story of American states…

gizadeathstar.com

Thank you. That link did it.

Likely y'all know about this already...but if you dont - here ya go.

Homepage - Texas Bullion Depository

The Texas Bullion Depository, Texas' first ever state-administered precious metals bullion depository for storage of your precious metals.

www.texasbulliondepository.gov

Now I get to research what all else TX did about re-monetizing PMs
ETA: So far looks like nothing. Hmmm...

 

[Tnhawk]

JM Bullion. com has several silver TX coins and rounds available

 

[TheDan]

people are going to be giving it away to purchase food to eat, with the up and coming food supply collapse

Sounds good to me. Dozen duck eggs for 1oz gold.

 

[gll]

Sounds good to me. Dozen duck eggs for 1oz gold.

How many sweet potatoes?

 

[gll]

How many sweet potatoes?

I mean, how many sweet potatoes for a dozen duck eggs?

Cause barter only works for "fair" (fairly fair) trades...

 

[MountainGirl]

I mean, how many sweet potatoes for a dozen duck eggs?

Cause barter only works for "fair" (fairly fair) trades...

When someone is hungry enough, any deal is 'fair'.

Sux, but there it is.

 

[gll]

When someone is hungry enough, any deal is 'fair'.

Sux, but there it is.

That only works when there is only one source; I'd be looking for better deals... and eating chicken eggs.

Anybody prepping only in gold is putting all their eggs in one basket..., and the guy asking an oz for a dozen eggs is asking for lead...

Barter is complicated!

 

[MountainGirl]

That only works when there is only one source; I'd be looking for better deals... and eating chicken eggs.

Anybody prepping only in gold is putting all their eggs in one basket..., and the guy asking an oz for a dozen eggs is asking for lead...

Barter is complicated!

True that.
My post was from the perspective of the person desperately looking for something to eat... and their only preps had been PMs.

 

[MountainGirl]

More US States act to RECLAIM precious metals as legal tender.

 

[RedneckHillbilly]

Sounds good to me. Dozen duck eggs for 1oz gold.

Why not just buy a golden goose?

 

[TipBledsoe]

Help out a precious metals investor dummy to check my logic please:

- From what I’ve gathered, the market value of precious metal coinage is the numismatic value and is way more then the spot price value of the precious metal weight. Therefore one who invests in such coinage does so without consideration of SHTF because I expect when/if SHTF happens the market value of such coinage would immediately drop to near the spot price value.

- When investing in bullion/bars/etc, the market value is still higher than the spot price, sometimes considerably higher but still much nearer the spot price than numismatic coinage. Therefore investing in such bullion makes far more sense for someone considering SHTF.

- Without consideration of SHTF one can expect the market value of coinage to stay fairly stable, while the market value of bullion can vary far more. For example, if Africa digs up their supposed huge tonnage of gold, one can expect the market value of bullion to plummet, while the coinage market value would remain steady.

- How does one purchase bullion/bars/etc nearer the spot price?

School me please.

 

[ZX9RCAM]

Used to be the larger quantity one bought, the closer it was.
But that just kind of stands to reason.

Been a while since my last purchase.

 

[Grumps21]

The way I see it, that’s how the sellers make profit to keep the doors open to facilitate the buying and selling. You can’t go into HEB and expect to pay a wholesalers price. Kind of the same principle. I haven’t sold any yet, but it’s my understanding that if I do, then I would get spot price, then the shop I sold it to would price it for sale at spot + whatever his markup it. I’m sort of new to this too, so I’m picking things up a little at a time. The best way I know of to buy at close to spot would be a private seller

 

[Grumps21]

Used to be the larger quantity one bought, the closer it was.
But that just kind of stands to reason.

Been a while since my last purchase.

Good point Cam. I forgot about that on the post I just replied to. Case in point, 90% Mercury dimes are about $24 right now for $1 face value. A $5 roll of them is about $94. 1oz Silver rounds are ~$24.xx each last I checked on Friday, but a 10oz bar was ~$23x.xx each. Worked out to something like 40 or 50 cents per ounce cheaper by buying the bar