Tweet
How does that work to hedge inflation? You can't spend a gold coin in a store or a bar of gold to buy a car. So, you have a lot of gold laying around, for what purpose?
-
-
So many opinions on this subject. Personally I feel it is for those who can afford the cost to buy the glitter stuff. I, on the other hand, prefer a full pantry and 6 full freezers.
Sam -
You need small denomination coins in Gold (5 pesos)
in order to be useful just in case TSHTF.
I like Silver for the reason.
I doubt someone selling you a loaf of bread could make change
for a Gold bar.Comment
-
One of the reasons is, as they say, gold has never been worth nothing. It's a hedge against a financial collapse or Armageddon. I personally think speculating in metals is a fools errand but as a hedge against hyper inflation, for example it does make some sense. I agree that small denominations are the best bet for gold. Silver, well, its in small denominations anyhow. If the end of civilization preppers are right the first medium of exchange will be barter followed by metals. If I live to see that I don't think I'll be around long after.
In 1933 so many people were converting paper to gold (we were on the gold standard then) that the Roosevelt administration criminalized the possession of over $100.00 in bullion and that lasted until the early 1970s.
Speaking of 5 pesos, one old boy I knew who was really into metals said buying foreign denomination legal tender coins made sense because never having been US government property and not being legal tender (current US bullion coins have a face value) he was less worried about the 'gubmint sweeping in and confiscating pesos, or krugerands, or sovereigns. A bit paranoid that but ya never know...Last edited by Art; 10-07-2023, 03:18.Comment
-
I have a bunch of Silver because I got it cheap.
I managed to save quite a bit during 64.
Some I bought at 3x face value.
Gold is valuable because there isn't much of it.
Both metals are used in Industry (Gold doesn't tarnish)Comment
-
Gold has always had value, and you don't have to worry about gold crashing or going bankrupt. Have some beautiful railroad stock certificates from an uncle that was well heeled that have no value other than a highly artistic certificate.
So called "junk silver", 1964 and older U.S. circulated silver coins, are going crazy. Price is around 18 to 1 right now.Comment
-
You are correct about the recent increase in the cost of metals. Gold is up about 50% from 5 - 6 years ago. I bought some silver in the 1980s when it was $5.00 - $7.00 an ounce, both bullion "junk" coins and collectables and sold them a few years later to help pay for our sons college. I made a bit on them but not enough to mention. So, as a, hedge against hyper inflation - OK, hobby - OK, investment to make a killing on later, IMHO, probably not, and if you do speculate be prepared to "strike while the iron is hot."
I had a friend who, when silver was really cheap, in the late 1960s to early 1970s bought "junk silver" coins by the bank bag. I figure he had a foot locker full of the stuff. He also collected numismatic coins and later in his life got heavily into US Mint gold bullion and collectable coins. He's also the fellow I mentioned on a previous post had the very large collection of American Indian spear points and arrow heads. He loved talking about his hobbies and was very entertaining when he did.
Also, there does seem to be a silver shortage, the mint, I have heard, did not strike some numismatic coins last year due to a shortage of silver. That obviously doesn't help the retail price of silver either. It seems there is some truth in what the TV hucksters tell you on that point at least.Last edited by Art; 10-08-2023, 07:19.Comment
-
If you buy new silver coins you are buying the coin.
If you buy circulated silver coins you are buying the silver. The price you pay should be as close to melt value as possible. Avoid collector coins unless that is what you're into.
Here is a current price on silver. About 2-3 years ago it was running about $18 per oz. Now its over $21.
Always a good investment but never a get rich quick happening.
https://www.coinflation.com/silver_coin_values.htmlComment
-
There's a shortage of Silver because I've got it all in my Safe.Comment
-
I have about 100 silver dollars I paid around $10.00 for and I have twenty 1/4 oz Canadian maple leaf .999 gold I paid $5,050. Gold is down to $1850. When Gold got up to over $2,200,I would have sold out but that was during the COVID shut down and I could only get into the bank with an appointment (7 working days) and by then it was down to $2K.
The Israeli war crisis ought to up the price to 2K+.Comment
-
The current price of "junk" U.S. silver coins is far above their melt value.
https://www.apmex.com/category/25830...rolls-bags-allComment
-
That is true. Smart folks have to shop for the best prices. Junk silver dollars sell for $35.00 a pop generally, but can be had several dollars cheaper if one spends some time looking around. The reason "junk" coins sell for more is their value and weight is not in doubt, and they have some limited numismatic value. Silver bricks, silver bullets, nondiscrept silver rounds can be had for a few dollars over spot but you can run into issues over actual content of the precious metals. There is no debate over legal tender currency. All this according to my previously mentioned buddy who knew a heck of a lot about this stuff. He also said when metals are high to buy numismatic coins and bulk silver when its cheap. Just his take on it. He bought his bags of bulk "junk" coins when the spot price was $5.00 - $6.00 oz. Very interesting guy in a lot of ways, I miss him.Last edited by Art; 10-09-2023, 10:13.Comment
-
Years back I was in Safeway, Lady checker asked if I wanted
four Silver Eisenhower dollars someone had used to buy
whatever. I gave her 4 dollars for them. They look nice and
shiny but are just 40%.Comment
-
A scarec 141 year old silver dollar minted at the Carson City, Nevada mint. Someone must have put it up when it was newly minted.
The silver dollars were made with about as much care as making washers. They were stamped out, ran down a belt where they were dumped into a canvas bag, tied up and thrown on a cart. Most had small scratches on them before they hit circulation.
Comment
Comment