*Official* Silver/Gold thread

[Mr Stubs]

So let’s start this one back up again. I watched, read, and learned from the last one at the other place ( because I don’t know fuck all about it really)

I’ve noticed that prices are going up. Is it time to pick up more or sell the little bit that I got (because of the old thread)

What is better, paper or coin in hand, and why?

 

[Will12785]

The millenial is here to piss on the boomer coin thread

precious metal is a hedge against inflation not an investment. You should have 10 to 20 percent of your net worth in metals. More than that is a waste of money.

Also, if your not capitalizing on an opportunity in the market you should be time buying based on consistancy. If you try to ride the green wave like everyone else you'll end up buying high and selling low.

Whats your long term plan and how much of a prepper are you.

 

[MuntCuffin]

So let’s start this one back up again. I watched, read, and learned from the last one at the other place ( because I don’t know fuck all about it really)

I’ve noticed that prices are going up. Is it time to pick up more or sell the little bit that I got (because of the old thread)

What is better, paper or coin in hand, and why?

Do you have faith in the economy and our monetary system?
Do you believe that the federal reserve is taking necessary precautions to prevent dollar devaluation?
Yeah, the stock market is rocking, but small businesses are hurting, badly. Several around here have shuttered for good.
The coronovorus stimulus was simply a house of cards.

I'd say best option is bullion. It doesnt have the coin collectors premium, is typically higher purity gold than coins, and you can get them in varying weights.

Gold stocks are really only effective, imo, of hedging against minor market downturns. If a depression level event occurred, i could see the gold stocks telling people to fuck off, or the sec try some shady shit.

Tl;Dr: precious metals on hand are a great to diversify your portfolio.

 

[Will12785]

Do you have faith in the economy and our monetary system?
Do you believe that the federal reserve is taking necessary precautions to prevent dollar devaluation?
Yeah, the stock market is rocking, but small businesses are hurting, badly. Several around here have shuttered for good.
The coronovorus stimulus was simply a house of cards.

I'd say best option is bullion. It doesnt have the coin collectors premium, is typically higher purity gold than coins, and you can get them in varying weights.

Gold stocks are really only effective, imo, of hedging against minor market downturns. If a depression level event occurred, i could see the gold stocks telling people to fuck off, or the sec try some shady shit.

Tl;Dr: precious metals on hand are a great to diversify your portfolio.

So you've got precious metals. Now lets say the market tanks to depression level. What are you going to do with your bullion?

what is your plan to turn your physical collection of metal into something useful?

 

[PAE]

 

[[486]]

weren't you just talking about buying property?
put a building on it instead of buying useless stores of wealth

 

[MuntCuffin]

So you've got precious metals. Now lets say the market tanks to depression level. What are you going to do with your bullion?

what is your plan to turn your physical collection of metal into something useful?

Transfer it to bitcoin, which is accepted most places I shop. Why do you ask? You seem savvy enough to know how to transfer gold to usable currency.

Or transfer to foreign currency still worth a shit 🤷‍♂️.

Seems like a pretty trivial hurdle.

 

[grumpy356]

I always love gold advice.

Lets see , it's a metal that has been made illegal to own in the past (so there is precedence to make it illegal again) and has only become legal to own since 1975 and invest in that as your savior for the defunded dollar.

Let's ignore that you have to convert it to cash to truly buy anything on a small scale. If you have an ounce of gold and I have a loaf of bread, we really can't do reasonable business. I'm not taking your gold shavings for my bread, even if you could prove to me it is not gold colored Pb. and lets forget you are tying the value to a currency, and when you do, there is market manipulation. And lets ignore the fact, like any other currency it is only worth something because you believe it. You have a $2,000 coin that you can't buy anything with .

(Yeah, I know sometimes you can find a seller that'll take it in trade for the tractor you want, but that is the exception that makes the rule)
.
Oh.... and let’s ignore fraud. I watched a gold broker on TV get taken by a gold product with a thicker than usual gold coating just the other day. It passed the test, but because he couldn’t cut it, he was taken. I’m not sure anyone here woukd know a good forgery passed off by an individual. Thats why reputable dealers are so important.


Sure, have some in your portfolio, but it's more like a stock, that you actually hold, which is cool, until somebody finds out you have it, then you gotta spend all your energy defending it, and protecting it from fire, or in an effort to keep it safe you put it some place so safe, even you can't find it.

 

[Mr Stubs]

Whats your long term plan and how much of a prepper are you.

Well truthfully I don’t really have much of a plan being I don’t understand near as much as many here.

I read all the threads and just decided to purchase a few thousand in rounds from a local coin dealer way back when the price was around $16 a ounce. I always figured if I could double my money it would be worth it. Seems kinda a pain in the ass to sell though, but I haven’t really tried.

I’m definitely not a prepper. The world is going to end and I’m going to die.... that’s just stuff I don’t get too worked up over.

 

[Mr Stubs]

;n117307]weren't you just talking about buying property?
put a building on it instead of buying useless stores of wealth

Not buying property, already have that.

I’m looking at all avenues that are available to me in order to have the capital needed to build.

 

[Will12785]

Transfer it to bitcoin, which is accepted most places I shop. Why do you ask? You seem savvy enough to know how to transfer gold to usable currency.

Or transfer to foreign currency still worth a shit 🤷‍♂️.

Seems like a pretty trivial hurdle.

You have someone you trust who will be willing to trade you bitcoin for metal? And if said metal is made illegal to own still willing to do so?

Do you think that foreign currency will hold value better than the USD in a depression similar to 1930? It wasn't any better last time.

Once you've liquidated your metal to bitcoin do you think people will still be accepting it? Why not just buy bitcoin now?

By your logic i should just stock up on mustard and cigarettes. They dont expire and people consume them (as apposed to hording them).

 

[Will12785]

Well truthfully I don’t really have much of a plan being I don’t understand near as much as many here.

I read all the threads and just decided to purchase a few thousand in rounds from a local coin dealer way back when the price was around $16 a ounce. I always figured if I could double my money it would be worth it. Seems kinda a pain in the ass to sell though, but I haven’t really tried.

I’m definitely not a prepper. The world is going to end and I’m going to die.... that’s just stuff I don’t get too worked up over.

There's certainly nothing wrong with diversifying to protect yourself in the future. Just need to make sure it fits your goals. And a you've already realized you need to plan your exit before you make your entry.

 

[[486]]

Not buying property, already have that.

I’m looking at all avenues that are available to me in order to have the capital needed to build.

one step down

now decide on what sorta building you want and start getting a foundation built, there's a good way to tie up $10k right quick, more if there's a slab involved.

 

[WaterH]

Ok, I can't start new threads because of software Austin uses, so I find old ones that are close to my subject/question.


My brother just told me he saw a news release by the fed. It says it will suspend holiday currency orders. I believe the suspension is untill the end of January. Both my brother and I don't really know what this means. It sounds like the banks order a lot of cash before the holidays because people spend it during that time. So if they don't ship out cash, it will force people to use credit or debit or some kind of digital currency. Along with that announcement, they said all banks will need to provide digital "wallets" for their customers. That kind of sounds like crypto. Not sure if this is about covid on the cash or something else.

Did anyone else hear of this? What do you make of it?

My my brother thinks cash will go up in value. While I understand a shortage will cause something to go up in value, im not sure about this. I mean, how can cash be worth more than the same amount in the bank or wallet? Does this make gold go up or down? (If you buy with cash)

Any comments welcome.

 

[Muckin_Slusher]

Ok, I can't start new threads because of software Austin uses, so I find old ones that are close to my subject/question.

He told you it was because of the software, and you believed him?

 

[gunracer1]

I bought a bunch of silver rounds a couple years back. I just figured it could not hurt and it has done pretty well as an investment. I figure the 1oz rounds would be easy enough to trade off in i needed/wanted to.

 

[mrblaine]

I always love gold advice.

Lets see , it's a metal that has been made illegal to own in the past (so there is precedence to make it illegal again) and has only become legal to own since 1975 and invest in that as your savior for the defunded dollar.

Let's ignore that you have to convert it to cash to truly buy anything on a small scale. If you have an ounce of gold and I have a loaf of bread, we really can't do reasonable business. I'm not taking your gold shavings for my bread, even if you could prove to me it is not gold colored Pb. and lets forget you are tying the value to a currency, and when you do, there is market manipulation. And lets ignore the fact, like any other currency it is only worth something because you believe it. You have a $2,000 coin that you can't buy anything with .

(Yeah, I know sometimes you can find a seller that'll take it in trade for the tractor you want, but that is the exception that makes the rule)
.
Oh.... and let’s ignore fraud. I watched a gold broker on TV get taken by a gold product with a thicker than usual gold coating just the other day. It passed the test, but because he couldn’t cut it, he was taken. I’m not sure anyone here woukd know a good forgery passed off by an individual. Thats why reputable dealers are so important.


Sure, have some in your portfolio, but it's more like a stock, that you actually hold, which is cool, until somebody finds out you have it, then you gotta spend all your energy defending it, and protecting it from fire, or in an effort to keep it safe you put it some place so safe, even you can't find it.

I collected some over the years at relatively low prices. I was watching the market and when it hit the all time highest ever, I dumped it for cash at slightly over 2 grand an oz. Used the cash to pay off our home that we bought 2 years ago. I'm sure there is a whole bunch of sound advice that I ignored all over the place in that deal but I'm pretty good with how it all worked out. Silver hits anything over 35 an ounce and I'll dump it.

 

[Provience]

I thought it would be fun to pull up this chart again and see where silver spot had gone, pretty damned awesome that PAE put up a live link of sorts. Posted the end of august, currently showing the price in mid october

https://www.usagold.com/reference/prices/silverhistory.php

going to a daily history, looks like end of Aug, spot was ~$26 to the ~$25 today

19 March was the low for the year at $12.12

early August was the yearly high at just under $30


so yeah, depending on how close you got to buying in mid march, fuck it, now might be as good of a time as any to sell and take the ~doubling of funds and either move it into something else speculative.

I took my stock market "winnings" from marchish and got my van running, well worth it

 

[WaterH]

Ok, I can't start new threads because of software Austin uses, so I find old ones that are close to my subject/question.


My brother just told me he saw a news release by the fed. It says it will suspend holiday currency orders. I believe the suspension is untill the end of January. Both my brother and I don't really know what this means. It sounds like the banks order a lot of cash before the holidays because people spend it during that time. So if they don't ship out cash, it will force people to use credit or debit or some kind of digital currency. Along with that announcement, they said all banks will need to provide digital "wallets" for their customers. That kind of sounds like crypto. Not sure if this is about covid on the cash or something else.

Did anyone else hear of this? What do you make of it?

My my brother thinks cash will go up in value. While I understand a shortage will cause something to go up in value, im not sure about this. I mean, how can cash be worth more than the same amount in the bank or wallet? Does this make gold go up or down? (If you buy with cash)

Any comments welcome.

Nobody has an opinion on this?

 

[Projectjunkie]

Nobody has an opinion on this?

I'll look more into it, but if true, it sure seems like the man behind the curtain really really wants to get rid of cash and go electronic, track and tax every exchange, the bank holding your savings can charge you holding fees, negative interest. Full tinfoil, if you step out of line, you get cut off from your resources

 

[Projectjunkie]

Get the link or screenshot from your brother, worth looking into IMO

 

[Provience]

Nobody has an opinion on this?

FedCash Services: 2020 Holiday Currency Ordering Periods Suspended


August 26, 2020

The Federal Reserve will suspend the holiday currency ordering periods in 2020 as a proactive measure to reduce the operational strain on Reserve Bank cash employees during the winter holiday season in these unprecedented times. Reserve Banks also have paid out high amounts of new currency over the past few months, substantially increasing the number of new notes received by depository institutions; this is a contributing factor in the decision to suspend the special holiday ordering periods. The Federal Reserve Banks continue to have sufficient currency reserves on hand to meet the needs of depository institutions.

...

Throughout the COVID-19 pandemic, demand for currency remains significantly higher than in more normal times, and Reserve Banks continue to pay out higher amounts of currency. Over the course of the last few months, Reserve Banks supplemented large portions of currency payouts with new notes to meet this demand. As a result, depository institutions received high volumes of new notes in all denominations, and most institutions consistently received new notes for months. The significant increase in new notes paid out into the market contributed to the decision to suspend the holiday currency order.

...

In order to operate efficiently and to minimize printing costs for new currency, Federal Reserve Banks fill orders for currency with fit notes first and then with newly printed notes. In advance of the winter holiday season, the Federal Reserve offers two separate periods, each lasting a week, during which depository institutions can place special orders for new currency, in addition to their regular orders for currency, which are filled with fit notes. The Reserve Banks offer these special ordering periods because the amount of new notes depository institutions receive in their orders throughout the year is typically small. As the supply chain returns to normal, we will reassess the holiday currency ordering periods at the beginning of 2021 and communicate any changes.

https://www.frbservices.org/news/co...iday-currency-ordering-periods-suspended.html

 

[Provience]

reads like, basically, the fed is looking to use "fit" (already circulated) notes for fullfilling cash requests during the end of this year rather than newly minted notes. meh.

 

[Projectjunkie]

reads like, basically, the fed is looking to use "fit" (already circulated) notes for fullfilling cash requests during the end of this year rather than newly minted notes. meh.

I'm getting the same, but it's good to keep an eye on stuff like this, the fog that corrodes our liberty never sleeps. The "war on cash" is part of this. I gotta say

I'm quite pleased with the amount of pushback from common folk over the bullshit coin shortage.

 

[Provience]

I'm getting the same, but it's good to keep an eye on stuff like this, the fog that corrodes our liberty never sleeps. The "war on cash" is part of this. I gotta say

I'm quite pleased with the amount of pushback from common folk over the bullshit coin shortage.

as much as I dislike NYC politics, and as much as I dislike the way they've gone about this, it is still interesting that at the turn of the year they made it mandatory to accept cash. a major blow to the cashless society.

https://abcnews.go.com/US/cashless-stores-restaurants-banned-york-city-law/story?id=68478650

The New York City Council voted Thursday to prohibit businesses from only accepting credit card, debit or digital payments. There were concerns from elected officials that such stores and eateries discriminated against poorer customers who don't have access to bank accounts, according to city councilman Ritchie Torres, who drafted the bill.

"Whatever your reasons, consumers should have the power to choose their preferred method of payment," he said at a news conference before the vote.

of course, shit like this 'prepaid card' is a bullshit exemption and I highly doubt it does so without a transaction fee.

Stores can refuse to take denominations larger than $20, and they would be exempt from the ban if they have a machine on site that can load cash onto a prepaid card.

and here is the typical "oh fuck you NYC" narrative that they want to drag out. "working class"? Uh no, working class people pretty fucking typically utilize financial institutions. You are looking at a very small minority of "working class" people, and the majority of those folks being below working class. This fucking country doesn't have the rigid class narrative bullshit gabble rabble rabble ramble fucking commies

Torres said this was a win for the city, especially its working class members. The city's Department of Consumer Affairs reported in October that nearly 11.2% of New Yorkers have no bank account and roughly 22% of city residents used alternative banking services, such as check cashing stores.

also of note, nearly 1/4 of the city has used 'check cashing' services, and these are also the same fucking politicians that want to destroy the short term high risk loan check cashing industry in, yet again, "to help the poors" fuck off. legal predatory loans are better for this country than Goldman Sachs. yes, there i said it.

 

[WaterH]

I went to Fastenal a couple days ago and they said they are not excepting cash anymore. It's not because of the "change shortage". The girl told me it came down from corporate. Is that legal? I thought cash must be excepted for all "debts, public and private".

 

[PAE]

No its not legal but unless someone takes them to task and shows them and everyone else watching that its not legal via case law and the court system.

A lawyers finely crafted letter to fastenal might do some good but anything a lawyer or attorney touches costs someone the phony green so unless there is a good chance of a positive outcome its cost prohibitive to engauge such a legal professional.

I went to Fastenal a couple days ago and they said they are not excepting cash anymore. It's not because of the "change shortage". The girl told me it came down from corporate. Is that legal? I thought cash must be excepted for all "debts, public and private".

 

[Mr Stubs]

I went to Fastenal a couple days ago and they said they are not excepting cash anymore. It's not because of the "change shortage". The girl told me it came down from corporate. Is that legal? I thought cash must be excepted for all "debts, public and private".

Pay them in Silver, since that’s what this thread is supposed to be based on.

”Can’t start my own thread” 🙄

Hell, give me the green light and I’ll start one for you.

 

[WaterH]

”Can’t start my own thread” 🙄

Hell, give me the green light and I’ll start one for you.

Yea, it is a pain in the ass. I was thinking of getting on some computer and starting a half dozen threads with numbered titles. Let them drift down the forum to ablivium. Then I could come back at a later date and change the title name. (Maybe) I still don't see why I can comment, but not start a thread. (On my old IPad/MAC) Not sure if I can "PM" someone. Next time I might take you up on that.


Anyways, back to gold. In past years the least expensive time to buy gold is December and January. I'm posed to buy. I hope it will go down at least to $1700.

 

[Projectjunkie]

On precious metals, I prefer silver over gold for many reasons.

Now, and in the foreseeable future, it is not meant to be used for day to day commerce, but to be traded for wealth. I don't want to buy a gallon of milk with it, but would buy a milk cow with it, then consume milk and trade excess for whatever paper coupons are being used daily.

when silver peaked at 48 on a Friday afternoon I called several local coin shops, agreed to a price and sold it for paper coupons, which I exchanged the next day for a diesel pickup that I put to work, a real asset in my opinion.

i later took some silver to a closing on some land.

It's valuable because people want it.

if gold was outlawed again, no big deal. You don't have any. Or you melt your coins into a big gold cross or Budda statue, now it's a religious artifact and untouchable

if it gets outlawed, that's when you want it the most. And the other outlaws to trade with will have the best shit anyways

when the "outlaw" period is over, it'll be priced multiples higher, which is when you "found it amongst your grandfather's things"