Bought Silver, Food, Taking Money out of Bank

[BeFranklin]

Looking at all the bad indicators from the last few days, the markets being down all week, and that this is a three day weekend - and no one wants to keep money in the market, I bought silver, am stocking up on food, and will have all my money out of the bank today.

Past this point, I'll be keeping a minimum amount in the bank.

[werdd]

ammo

[eredeath]

char

[Bruno]

I'll wait till the riots start to get my food ;)

got your shopping cart ready? lol

Seriously, though, its always good to prepare. This global central bank meeting over the weekend has me nervous more far-reaching actions will take place quicker than previously thought.

[ashura]

Where should I be getting silver? Is apmex.com okay?

[Thrashertm]

Where should I be getting silver? Is apmex.com okay?

buy local if you can. My local dealer gave me a price much closer to spot on 90% junk silver than I could get online.

[max]

Looking at all the bad indicators from the last few days, the markets being down all week, and that this is a three day weekend - and no one wants to keep money in the market, I bought silver, am stocking up on food, and will have all my money out of the bank today.

Past this point, I'll be keeping a minimum amount in the bank.

where did u find silver??? I contacted every coin dealer in a 30 minute r5adius and they are all out of coins..

did u buy bulion

[voytechs]

Where should I be getting silver? Is apmex.com okay?

Where ever you can get it. Apmex is very safe, that's where I bought all my PMs.

[Mahkato]

If you wanna spend about $13,000, APMEX has some giant silver bars available right now, only 39 cents over spot.

http://www.apmex.com/Category/518/Silver_Bars_Secondary_Market__New.aspx

[ashura]

Wish I had $13k to spend but I'm a college student without a degree yet working full time. I'll put my savings towards getting whatever silver I can at apmex.com today and along with a piece of every paycheck I get from today.

Thanks for verifying apmex for me.

[Cowlesy]

If you wanna spend about $13,000, APMEX has some giant silver bars available right now, only 39 cents over spot.

http://www.apmex.com/Category/518/Silver_Bars_Secondary_Market__New.aspx

Great for melting down for vampire slugs.

[eredeath]

char

[Brian]

I'll wait till the riots start to get my food ;)

I'll take that statement as a dark sense of humor, in which case it's funny.

[TheTyke]

Maybe I'm just ignorant but, how will owning silver help you? People don't accept it as money, so you can't use it. Eventually wont you just exchange it for FRN so you can get food and what not?

Someone please explain.

I think the point is it retains its value. For example if you have $5,000 in FRN, in four years of hyperinflation it might only buy $1,000 worth of goods. So yes, you might cash in your silver for FRN later, but it will have remained at the same value level (in this example, you'd get $25,000 FRN for it)

That being said, I agree with those who recommend brass, lead and food. Gold and silver will maintain their value, but it seems to me you might actually make some money off food and ammunition when things get tough....

[Bruno]

Maybe I'm just ignorant but, how will owning silver help you? People don't accept it as money, so you can't use it. Eventually wont you just exchange it for FRN so you can get food and what not?

Someone please explain.

Owning silver should be considered a 3 to 5 year store of your money. It is not an investment, but like gold a store of value. It can be more instable because it is also an industrial commodity. But long term forcasts are that it wil continue to rise. Most experts believe it is at artificial lows due to paper trading.

Silver and Gold purchasing are seen by most as a hedge against inflation, not as an investment, which it is not. Right now, it can also be seen as a hedge against the stock market, or a safer place to store cash.

If TSHTF, you could:

1) Go to a coin dealer and exchange your now higher priced silver for FRN's or WRN's (world reserve notes ;)).
2) Use silver directly with store owners if it was allowed by the federal government (not likely, imho)
3) Use it to barter/trade with others

If TSdoesn'tHTF, you could:

1) Still sell your silver back at what will probably be higher levels in 3 to 5 years anyway.


I think the point is it retains its value. For example if you have $5,000 in FRN, in four years of hyperinflation it might only buy $1,000 worth of goods. So yes, you might cash in your silver for FRN later, but it will have remained at the same value level (in this example, you'd get $25,000 FRN for it)

That being said, I agree with those who recommend brass, lead and food. Gold and silver will maintain their value, but it seems to me you might actually make some money off food and ammunition when things get tough....

Absolutely true. It doesn't take long for food to fly off the shelves. Its always good to have adequate supplies for at least a few days, if not weeks or months depending upon your comfort level.
We've all heard stories of even a storm, flood, or natural disaster causing the stores to run out of food quickly.

Don't panic. Prepare.

[ShowMeLiberty]

Maybe I'm just ignorant but, how will owning silver help you? People don't accept it as money, so you can't use it. Eventually wont you just exchange it for FRN so you can get food and what not?

Someone please explain.

See this post from the Surviving in Argentina blog: http://ferfal.blogspot.com/2008/01/about-using-gold-or-other-forms-of.html

I think yes, we'll have to exchange PMs for FRNs before going to a store, but by that time you will most likely get way more FRNs than you paid for it.

[ChaosControl]

Silver isn't as overpriced as gold, so even if there isn't a "TSHTF" scenario, I still think you could come out better for having silver. If nothing else find a good deal locally or at some online shop and then resell on ebay. I've seen somethings sold online for one price then have like a 20% markup on ebay and sell.

[ashura]

For someone in my position who could spend about $150 at a time, would getting a bunch of these be the right move?

http://www.apmex.com/Product/24291/1_in_Silver_Shot_Nuggets_7734_Silver_Certificate_E xchange.aspx

[ashura]

Or perhaps these 90% coins?

http://www.apmex.com/Product/17258/Silver_US_Mint_Commemorative_1982_Washington_Half_ Dollars.aspx

[roho76]

For someone in my position who could spend about $150 at a time, would getting a bunch of these be the right move?

http://www.apmex.com/Product/24291/1_in_Silver_Shot_Nuggets_7734_Silver_Certificate_E xchange.aspx

This is a good buy. Also I just bought 50oz of silver shot. It was slim pickens on APMEX. I will buy 90% coins today.

[Deborah K]

I'll wait till the riots start to get my food ;)

Then you'll be a victim of food shortages. Either that, or you'll be spending an inordinate amount of time in line trying to buy food.

[thrillhouse]

I went to the coin shop yesterday and of course they were all out of ASE's. The guy was taking orders for $3 above spot and couldn't believe how many people were "stupid" enough to buy them for $3 over spot off him. I replied "Well with them goign for $20 a piece over the internet, I don't think its that crazy, I'll take a roll."

[haaaylee]

I went to the coin shop yesterday and of course they were all out of ASE's. The guy was taking orders for $3 above spot and couldn't believe how many people were "stupid" enough to buy them for $3 over spot off him. I replied "Well with them goign for $20 a piece over the internet, I don't think its that crazy, I'll take a roll."

who wants to explain to me what above spot means?

[gerryb]

who wants to explain to me what above spot means?

It's the premium that dealers or individuals charge above the "spot" price of silver. The spot price is determined by the futures market and is based on a contract for 5,000 troy ounces of silver. That's called the "paper" market, as there is counterparty risk that the person selling the contract doesn't have the silver to deliver (only about 1% of silver future contracts actually end up being delivered, the rest are settled with cash)

So, currently the spot price on the paper market is $10.20 . Most dealers online and in coin shops are now charging a $3-6 premium over that price, i.e. they will sell a physical coin for $13.20-16.20.

Normally spot prices are between 20 cents and $1 for generic bars and rounds, and between $1-2 for coins from a government mint. The physical market is no longer following the paper market...

[Danke]

I'll wait till the riots start to get my food ;)

Me too. Seeing that I live in a very liberal neighborhood, every house with an Obama yard sign is my food pantry.

http://www.mywii.com.au/img/game/Resident-Evil-Zero--1.jpg



http://i.dir.bg/kino/films/4545/Resident_Evil_Apocalypse_80.jpg

[Mini-Me]

Great for melting down for vampire slugs.

That shouldn't be necessary. Whenever I walk into a room, I check around for wooden objects that I can quickly break into jagged stakes. ;)

Actually, though...I do have a question about buying gold and silver online: Hypothetically speaking, if the government ever decides to confiscate precious metals, couldn't they just check the records of apmex and similar companies to find out who to raid?

[Dave39168]

Actually, though...I do have a question about buying gold and silver online: Hypothetically speaking, if the government ever decides to confiscate precious metals, couldn't they just check the records of apmex and similar companies to find out who to raid?



Honestly, I was out on the lake fishing the other day... and just happened to have all my firearms and PMs in the boat with me when it capsized:cool:

Seriously though, that's why a lot of people prefer to do business with local shops than buy online. There are no local shops around here, so i have taken the risk and bought online.

[Mini-Me]

Honestly, I was out on the lake fishing the other day... and just happened to have all my firearms and PMs in the boat with me when it capsized:cool:

Seriously though, that's why a lot of people prefer to do business with local shops than buy online. There are no local shops around here, so i have taken the risk and bought online.

That's kind of what I figured. Still, I guess when it comes down to it, anyone posting on these boards will probably be among the first to be raided anyway. :rolleyes:

[ClockwiseSpark]

That's kind of what I figured. Still, I guess when it comes down to it, anyone posting on these boards will probably be among the first to be raided anyway. :rolleyes:

That's what I always figured. So be it.

[Mini-Me]

That's what I always figured. So be it.

I wish I could be as nonchalant about it as you. ;)