# Silver now at 6 year low



## Nevada (Sep 9, 2004)

The buying opportunity continues.

http://silverprice.org/


----------



## poppy (Feb 21, 2008)

If you'll loan me the money, I'll buy 1000 pounds of it and hold it until the price doubles and then sell it. I'll even give you 20% of the profit. You better hurry before someone else beats you to this great offer.


----------



## Nevada (Sep 9, 2004)

poppy said:


> If you'll loan me the money, I'll buy 1000 pounds of it and hold it until the price doubles and then sell it. I'll even give you 20% of the profit. You better hurry before someone else beats you to this great offer.


I can only take that remark one way; that you believe silver is a poor investment. We'll see who has the last laugh.

I'll save this post and rub your nose in it if I'm correct. You can do the same to me if I'm mistaken.


----------



## MO_cows (Aug 14, 2010)

Nevada said:


> I can only take that remark one way; that you believe silver is a poor investment. We'll see who has the last laugh.
> 
> I'll save this post and rub your nose in it if I'm correct. You can do the same to me if I'm mistaken.



Anybody want to chip in to buy Nevada a sense of humor for Christmas?


----------



## HDRider (Jul 21, 2011)

MO_cows said:


> Anybody want to chip in to buy Nevada a sense of humor for Christmas?


----------



## JJ Grandits (Nov 10, 2002)

MO_cows said:


> Anybody want to chip in to buy Nevada a sense of humor for Christmas?


You're talking a whole lot of money there friend.


----------



## poppy (Feb 21, 2008)

Nevada said:


> I can only take that remark one way; that you believe silver is a poor investment. We'll see who has the last laugh.
> 
> I'll save this post and rub your nose in it if I'm correct. You can do the same to me if I'm mistaken.


Nah, just trying to start a start up business and let you in on the ground floor. I have no idea what silver will do and neither does anyone else. They've proven it for years. Like all commodities, it goes up and down and how you do on it depends on when you buy and sell. People who bought it at 40 bucks probably aren't feeling real good at the moment. If it goes to 100 bucks, they will feel great.


----------



## Patchouli (Aug 3, 2011)

What's gold like these days? I remember a silver boom in the 80's and people losing their shirts on it.


----------



## City Bound (Jan 24, 2009)

If it goes down it will go back up during the next recession. Hold on to it. 

I keep hearing that we are headed for another recession or possibly a depression. It is going to hit when Obama is out of office. So, get ready for hard times.


----------



## Nevada (Sep 9, 2004)

Patchouli said:


> What's gold like these days? I remember a silver boom in the 80's and people losing their shirts on it.


Gold is down too. Around $1,060. I'm guessing it will go down to $975 in the next week or two.

Silver could be a lot closer to a bottom. The models I'm seeing put the low at around $13.50 in the next week.


----------



## City Bound (Jan 24, 2009)

What do you think of buying gold and silver coins from the us mint? 

An ounce of gold is a few hundred dollars more the general value of an ounce but I think a coin from the us mint would be more trustworthy then some other source.


----------



## Nevada (Sep 9, 2004)

City Bound said:


> What do you think of buying gold and silver coins from the us mint?


US Mint premiums are pretty high. You can do better. For LBMA approved 1 oz bars you can't do better than Johnson Matthey.

http://www.jmbullion.com/1-oz-johnson-matthey-silver-bar/

But you'll do better with RCM (Canadian Mint) 10 oz bars of you're buying larger quantities.

http://www.providentmetals.com/10-ounce-rcm-royal-canadian-mint-9999-silver-bar.html

For gold I get 1, 2.5 and 5 gram bars of Istanbul Gold Refinery (IGR), usually from eBay. IGR is the least expensive gold refiner that's LBMA approved.


----------



## mreynolds (Jan 1, 2015)

Nevada said:


> Gold is down too. Around $1,060. I'm guessing it will go down to $975 in the next week or two.
> 
> Silver could be a lot closer to a bottom. The models I'm seeing put the low at around $13.50 in the next week.


I think it will be next month. I don't believe the FED will raise rates until January. I'm betting against the shorts (stocks that is) this time around. But Jan. may be a different ball game.


----------



## brosil (Dec 15, 2003)

It's my fault. Every time I buy a couple of ounces, the price drops. I've had a little more money lately so I'm trying to get the price down to $11 an ounce. I'd try for lower but the clerk at the local coin shop says that if it hits $10, he's buying out the store.


----------



## mmoetc (Oct 9, 2012)

Given his success at predicting the silver market maybe Nevada should jump to cotton futures. http://www.bloomberg.com/news/artic...27-billion-t-shirts-shows-why-bulls-can-t-win


----------



## Nevada (Sep 9, 2004)

brosil said:


> It's my fault. Every time I buy a couple of ounces, the price drops. I've had a little more money lately so I'm trying to get the price down to $11 an ounce. I'd try for lower but the clerk at the local coin shop says that if it hits $10, he's buying out the store.


Silver stackers will have their day. I see the low price as a buying opportunity, since I can't afford to acquire silver very quickly. I just keep buying a few ounces whenever I have a few bucks to invest.


----------



## Fishindude (May 19, 2015)

Maybe a dumb question, but where does one go about purchasing gold or silver?
And, do you actually physically hold the precious metal to lock us somewhere secure, or do you simply own it on paper like a stock?


----------



## Nevada (Sep 9, 2004)

Fishindude said:


> Maybe a dumb question, but where does one go about purchasing gold or silver?
> And, do you actually physically hold the precious metal to lock us somewhere secure, or do you simply own it on paper like a stock?


Yes, I hold the physical metal. Some people buy locally, but there are a number of websites that are popular.

http://www.jmbullion.com/
http://www.providentmetals.com/
https://www.moderncoinmart.com/
http://www.gainesvillecoins.com/
http://www.goldmart.com/

Sometimes you can also find good precious metal deals at eBay.


----------



## TripleD (Feb 12, 2011)

Fishindude said:


> Maybe a dumb question, but where does one go about purchasing gold or silver?
> And, do you actually physically hold the precious metal to lock us somewhere secure, or do you simply own it on paper like a stock?


Dig hole, insert silver, install fence post and attach barbwire. Just remember what posts have the silver under it.:zzz:


----------



## Nevada (Sep 9, 2004)

If you only have a few bars you can just stash them in the back of your sock drawer, but when you have more than you can afford to lose you should consider a safe deposit box.

There are other home remedies, such as burying. Some people stash valuables in a wall when they do drywall repair. I suppose there are any number of places to hide valuables.

I maintain a safe deposit box because I get it for half price with my senior banking account.


----------



## frogmammy (Dec 8, 2004)

TripleD said:


> Just remember what posts have the silver under it.:zzz:


Aye, and THAT'S the rub!

Mon


----------



## susieneddy (Sep 2, 2011)

interesting thread. I wish I knew more about buying gold or silver.


----------



## mmoetc (Oct 9, 2012)

Buy low- sell high.


----------



## Nevada (Sep 9, 2004)

susieneddy said:


> interesting thread. I wish I knew more about buying gold or silver.


There's not that much to know. Investing in coins is a lot more complicated. Basically, you just buy what you can afford in the hope that it will be worth more later.

I prefer silver over gold. The reason is that a few years ago gold topped at $1900, but is about $1100 now. Compare that to silver topping at $45, but is $14 now. If metal values return to those same levels gold will give about 60% profit, while silver will more than triple. The potential for silver is more.

Some people think they can more easily afford silver than gold, but you can invest the same amount in either, so it doesn't matter. If you prefer to buy gold you can buy a 1/2 gram bar of gold for about the same price as an ounce of silver.

http://www.ebay.com/itm/221810270606

Just hold it until the value goes up.


----------



## Farmerga (May 6, 2010)

I just ordered some silver. Just a few ounces to test the company.


----------



## Nevada (Sep 9, 2004)

Farmerga said:


> I just ordered some silver. Just a few ounces to test the company.


Which vendor?


----------



## Farmerga (May 6, 2010)

Nevada said:


> Which vendor?


Provident Metals. I purchased 7-1oz elemental silver bars.


----------



## Nevada (Sep 9, 2004)

Farmerga said:


> Provident Metals. I purchased 7-1oz elemental silver bars.


They're a top vendor. I've bought from them through eBay but not directly. They have the best price on RCM 10-oz bars, so I'll be ordering from them this month.


----------



## City Bound (Jan 24, 2009)

How do you know if you are buying real gold and silver or if you are just buying fakes?
I mean, other then trusting the vender.


----------



## Nevada (Sep 9, 2004)

City Bound said:


> How do you know if you are buying real gold and silver or if you are just buying fakes?
> I mean, other then trusting the vender.


A lot of it is vendor integrity, but a lot is hallmark too. I only buy LBMA approved bars. I also test my bars with a rare earth magnet when I get them. I haven't come across a fake bar yet.

[ame]https://www.youtube.com/watch?v=QDtawN1VBq4[/ame]


----------



## Patchouli (Aug 3, 2011)

Is there a difference between elemental silver and what jewelry is made of? The only really upside I see is cheaper jewelry.


----------



## Nevada (Sep 9, 2004)

Patchouli said:


> Is there a difference between elemental silver and what jewelry is made of? The only really upside I see is cheaper jewelry.


It can be the same quality metal, but you wouldn't buy silver jewelry as an investment. The purity and maker aren't on the item. To sell it you would have to sell it as junk silver.

To be investment grade, silver has to be 99.9% fine or more. I've been buying RCM 10 oz bars because it's the only investment silver that's 99.99% fine. The maker and purity have to be marked on the bars, like this:


----------



## BlackFeather (Jun 17, 2014)

I'm curious to see what the price will do in April of 16. The Shanghai gold fix is supposed to come on line then. Some have speculated that the fix will be higher than London or New York this would cause a carry trade, buy metals less in the west sell for more in the east, draining what little is left in the west. The Shanghai fix will only deal in real market not paper. Oh, I just read the COMEX is leveraged 325 to 1. So if people want their gold one gets it, 324 are left cash settled. This is going to be entertaining to watch.


----------



## MO_cows (Aug 14, 2010)

Patchouli said:


> Is there a difference between elemental silver and what jewelry is made of? The only really upside I see is cheaper jewelry.


Jewelry isn't pure enough I don't think. You ever notice the 925 stamp on your pieces? It's 92.5% pure to be called "sterling silver" I believe.


----------



## Nevada (Sep 9, 2004)

MO_cows said:


> Jewelry isn't pure enough I don't think. You ever notice the 925 stamp on your pieces? It's 92.5% pure to be called "sterling silver" I believe.


There are pure silver castings seen in Native American jewelry, but silver's properties are not the best for wearable jewelry. The copper added to Sterling helps a lot. But in either case jewelry grade silver is not hallmarked in a way that would allow it to be sold as anything but junk silver.

I don't think an investor would do well by investing in silver jewelry for metal speculation. You're a lot better off with JM bars, like those pictured above.


----------



## AmericanStand (Jul 29, 2014)

Has anyone had experience with elemental coins or bullets?


----------



## Nevada (Sep 9, 2004)

AmericanStand said:


> Has anyone had experience with elemental coins or bullets?


While I only buy bars, I don't have an objection to investing in bullion coins as long as the premium is comparable to bars. But when a collector value is added on you need to know a lot about the collector market.

I always assume that all I'll get when I sell is metal value so I look for LBMA silver with as low of a premium as possible. Whether it's round or rectangle isn't really an issue.


----------



## farmsteader6 (Dec 19, 2014)

I have bought bars from silvertowne. But keep in mind if you live in indiana, they charge sales tax. I will prob buy from apmex from now on. Now i have a question about buying bars vs rounds vs silver eagles. Rounds seem to be the same as bars. Ive read where some think the silver eagles are a safer investment since they are a recognized currency even though only for $1.


----------



## Nevada (Sep 9, 2004)

farmsteader6 said:


> I have bought bars from silvertowne. But keep in mind if you live in indiana, they charge sales tax. I will prob buy from apmex from now on. Now i have a question about buying bars vs rounds vs silver eagles. Rounds seem to be the same as bars. Ive read where some think the silver eagles are a safer investment since they are a recognized currency even though only for $1.


Silver Eagles are well respected, but they make me nervous. Since it's the most often counterfeited silver I have concerns about it's acceptance. Silvertowne is probably the most popular bar (the so called "donkey bars") for silver stanckers to collect, but they're not LBMA approved.

https://www.google.com/search?q=don...44&bih=684#tbm=isch&q=silvertowne+donkey+bars

LBMA approved silver & gold is money in every sense of the word, respected in the USA, Europe, or even darkest Africa. LBMA silver doesn't cost more, so insist on it.

I also get bars with serial numbers in them. As I receive them I note the serial numbers on the shipping invoice. They way if they are stolen the police can look in pawn shops for those bars.


----------



## sugarspinner (May 12, 2002)

Fishindude said:


> Maybe a dumb question, but where does one go about purchasing gold or silver?
> And, do you actually physically hold the precious metal to lock us somewhere secure, or do you simply own it on paper like a stock?


 I see you're in Indiana. There are many possibilities, but if you're on the east central part, you might try Silvertowne, in Winchester, IN. Oh, get the gold and hold it. The paper route isn't always a good one.


----------



## onebizebee (May 12, 2011)

So if the SHTF and we need to buy goods with silver how are we going to work that? The average person buying with silver bars how are we going to make change if the cost of the item being purchased is less than what the bar is worth? Not trying to be a smartalec just curious. Most folks do not know the value of bars junk coins etc. They see the face value of the coin not the silver value. Ps yes I invest in silver too but often wondered about how trade would work in a shtf situation onces the dust settles so to speak.


----------



## farmsteader6 (Dec 19, 2014)

onebizebee said:


> So if the SHTF and we need to buy goods with silver how are we going to work that? The average person buying with silver bars how are we going to make change if the cost of the item being purchased is less than what the bar is worth? Not trying to be a smartalec just curious. Most folks do not know the value of bars junk coins etc. They see the face value of the coin not the silver value. Ps yes I invest in silver too but often wondered about how trade would work in a shtf situation onces the dust settles so to speak.



I think thats something that will have to work itself out. Costs and values of goods will change drastically. That car lot filled with BMW's will be worthless and that old poor chicken farmer will be sitting on a gold mine.


----------



## Nevada (Sep 9, 2004)

I don't invest in silver in anticipation of SHTF. If you are preparing for SHTF I think that .22 shells and pinto beans will be worth more than silver. I invest in silver in anticipation of an eventual physical silver shortage.


----------



## rickpaul (Jan 10, 2013)

I have some A-Mark 999+ silver rounds I bought when silver was $18 an oz. I believe. Was this a good investment ? I really don`t know much at all about silver an if I got a good deal or not or if it was a fair price. Will I have any trouble selling it when an if the price goes up. Thanks a lot......rick


----------



## Farmerga (May 6, 2010)

Nevada said:


> I don't invest in silver in anticipation of SHTF. If you are preparing for SHTF I think that .22 shells and pinto beans will be worth more than silver. I invest in silver in anticipation of an eventual physical silver shortage.


 I second that. Ammo, food, toilet paper, and salt will be worth far more than shiny metal if the SHTF.


----------



## Nevada (Sep 9, 2004)

rickpaul said:


> I have some A-Mark 999+ silver rounds I bought when silver was $18 an oz. I believe. Was this a good investment ? I really don`t know much at all about silver an if I got a good deal or not or if it was a fair price. Will I have any trouble selling it when an if the price goes up. Thanks a lot......rick


I think you did well, or I wouldn't be buying silver. You won't have any trouble selling it. Most local coin shops buy bullion, and online metals vendors will always buy your silver.


----------



## Nevada (Sep 9, 2004)

rickpaul said:


> Will I have any trouble selling it when an if the price goes up.


Vendors will normally pay 90% to 95% of spot for silver, depending on what hallmark you have. But if you buy the right stuff you can actually get more than spot price for your silver. Consider this page.

http://www.providentmetals.com/10-ounce-rcm-royal-canadian-mint-9999-silver-bar.html

Note that the buy back price is currently $140.77, or about $14.08/oz. But spot price is currently about $13.73. So that vendor will buy RCM bars at about 35 cents per ounce over spot. Obviously, RCM bars are a good buy.


----------



## BohemianWaxwing (Sep 13, 2014)

So, Nevada, out of curiosity, why the 10 oz RCM bars vs. the 100 oz? Is there a reason other than the smaller increments in price? Easier to sell back?


----------



## Nevada (Sep 9, 2004)

BohemianWaxwing said:


> So, Nevada, out of curiosity, why the 10 oz RCM bars vs. the 100 oz? Is there a reason other than the smaller increments in price? Easier to sell back?


The question is pretty much moot to me since I don't have $1500 to invest at one time. I just buy a bar or two when I have a few bucks laying around. All of my silver is either 1 oz or 10 oz bars.

But smaller bars are easier to sell. Also, if you need to sell some silver for a financial emergency you can just sell a few bars and keep the rest in silver.

I suppose it doesn't matter if you plan to acquire a huge amount of silver.


----------



## Nevada (Sep 9, 2004)

The stock market doesn't seem to like the Fed's rate increase after all.

https://www.google.com/search?q=djia&ie=utf-8&oe=utf-8

The DJIA is way down today.


----------



## Nevada (Sep 9, 2004)

_*U.S. Silver Production Plunges by 20%*_
http://www.marketoracle.co.uk/Article53409.html

This is something I've been expecting. Strangely, silver production is not driven by the supply & demand of silver, since most silver production is a byproduct of base metals, particularly copper. But demand for copper is down because some uses of copper are being phased out, such as the move to fiber optic.

Even more strange is that silver investors haven't seemed to notice the production drop yet.


----------



## HDRider (Jul 21, 2011)




----------



## TnAndy (Sep 15, 2005)

Farmerga said:


> I second that. Ammo, food, toilet paper, and salt will be worth far more than shiny metal if the SHTF.



The best plan, IMHO, is stock both. You can use ammo, food, TP and salt.....but you can't pay your property taxes, for example, with it. 

Too many folks assume a SHTF deal will be a complete collapse in which no form of money will be any good....*but the odds are quite good it won't be that at all. 
*
The odds are, it will simply be a long, slow, decline (much as we are currently experiencing) in which not having to purchase goods because you have them stocked will be great...but you will also need to preserve some purchasing power in money to be able to pay for things you can't buy in advance, or for which no barter is acceptable....as I mentioned, property taxes for example. 


There were a lot of small farms lost in the last depression from lack of being able to come up with a small amount of hard cash to pay the govt 'rent'.....even though they could survive fine with what they raised on the farm.

So, to me, you can't go wrong stocking physical goods that you would use in the course of living anyway....SHTF or not.....because beating inflation is a guaranteed bet.

And stocking a fair amount of precious metals right along with it is also a good plan. SHTF: you have some purchasing power you might just need.

S-doesn't-HTF: Silver and gold are both going to take a huge leap in paper dollar terms at some point.....they seem to be out of favor at this point....more due to market manipulation than anything I suspect....and this simply can't go on forever.....if nothing else, they are selling for less than the cost to mine at this point....a guaranteed way to stop new supply in the market. The cost of tires for those big earth moving trucks is going to KILL "Gold Rush" if the price of gold continues in this direction.

The govt simply can't go on printing 'money' and the price of real things continue to fall.....that defies all laws of economics. Only in the short run does that happen. That is why land that sold for 50 cents/acre 100 years ago is $5,000/ac today. The land DIDN'T change....the value of the money did. When I was a kid, a brick (500) of .22 shells was 5 bucks. What are they today ?

It would not surprise me to see $100+ silver and $5,000 gold at some point in the next decade....nor would $50/loaf bread surprise me either.....in which case, preserving some purchasing power in SOMETHING would be a good plan.....and that has a several thousand year history of being precious metals.


----------



## Nevada (Sep 9, 2004)

TnAndy said:


> It would not surprise me to see $100+ silver and $5,000 gold at some point in the next decade....nor would $50/loaf bread surprise me either.....


The thing is that silver could go for a moonshot without hyperinflation, a dollar collapse, or a breakdown in society. All it would take would be exposing the paper silver market as having no backing, or a short term shortage of industrial silver.

When cell phone manufacturers can't get the silver they need they'll gladly pay several hundred per ounce to stay in business. They're only using maybe 10 cents in silver now, so why would they care if that same silver costs them a dollar or two?


----------



## TnAndy (Sep 15, 2005)

Nevada said:


> The thing is that silver could go for a moonshot without hyperinflation, a dollar collapse, or a breakdown in society. All it would take would be exposing the paper silver market as having no backing, or a short term shortage of industrial silver.
> 
> When cell phone manufacturers can't get the silver they need they'll gladly pay several hundred per ounce to stay in business. They're only using maybe 10 cents in silver now, so why would they care if that same silver costs them a dollar or two?



All quite true. It would not necessarily take hyper inflation.....and that would be the BEST outcome of investing in metals...just like any other investment....to make a real profit out of market conditions versus a paper profit out of inflated prices of everything.

But I've watched silver now for 15 years, watching COMEX supplies go lower and lower, thinking all along "this can't keep going"....and yet it has ! 

Even with the growing uses of silver in new products, (after the big dip from photography going mostly digital) year after year, they somehow manage to keep up with industrial and investor demand.

Every year, I think: THIS is the year ! And the price has sagged to >$14. 

So, I'm back to thinking it's going to take a complete kick-in-the-pants inflation to raise prices. Metals investors won't come out of that with anything but a paper profit and a larger tax bill (when selling) .....but at least they will be better off than those holding (or earning) paper dollars who who typically get creamed by inflation.


----------



## susieneddy (Sep 2, 2011)

I am looking at the RCM 10 ounce silver bar trying to decide if I should get it. This will be my first step into buying silver so a little uneasy right now


----------



## Nevada (Sep 9, 2004)

susieneddy said:


> I am looking at the RCM 10 ounce silver bar trying to decide if I should get it. This will be my first step into buying silver so a little uneasy right now


I just bought 2 more RCM bars a few weeks ago. They are great bars, with the lowest premium of any bar available. RCM is also LBMA approved. They bring more than spot price when you go to sell them.


----------



## TnAndy (Sep 15, 2005)

susieneddy said:


> I am looking at the RCM 10 ounce silver bar trying to decide if I should get it. This will be my first step into buying silver so a little uneasy right now


Personally, I'd stick with pre-1965, 90% silver US coin at first....so called 'junk' silver. (no collector value.....just bought for the silver content) 

Dimes/quarters/halves are very hard to fake, and there is ALWAYS a market in them.

As you grow in knowledge, you can branch out to other forms.


----------



## Nevada (Sep 9, 2004)

TnAndy said:


> Personally, I'd stick with pre-1965, 90% silver US coin at first....so called 'junk' silver. (no collector value.....just bought for the silver content)
> 
> Dimes/quarters/halves are very hard to fake, and there is ALWAYS a market in them.
> 
> As you grow in knowledge, you can branch out to other forms.


I've never bought junk silver coin. I have nothing against it, I've just always bought silver bar.


----------



## TnAndy (Sep 15, 2005)

Bars are sure easier on the eye  But the thing about 90% coins is they are smaller, and would be easier to use in a SHTF situation (yeah, I know you don't invest for that, but it is a possibility that can't be totally ignored), and as I said, much harder to fake....given silver prices so far, they haven't generally (silver dollars, like Morgans, being the exception) been worth it to fake.....

Add to that, 90% US coin IS still legal tender....one could force a debt holder to take it at face value if it came to that, though that would certainly be a last resort.

And when silver finally jumps in price and you want to sell, silver is silver went it goes in the melting pot.....ugly 90% coin, or mirror finished bars....they all melt to make 1000oz good delivery bars used in industry.....so I see more upside to 90% coin than bars, at least to start 

Personally, most of mine is 90%......as I was buying it when it was 50-70 cents/oz UNDER spot 10-12 years ago......but I have bars, generic rounds, etc as well. About the only thing I refuse to buy are new US Silver eagles...the premium is just too ridiculously high on them to justify IMHO.


----------



## t_gander (Apr 21, 2011)

TnAndy, where do you buy your coins?
Thanks in advance.


----------



## Nevada (Sep 9, 2004)

t_gander said:


> TnAndy, where do you buy your coins?
> Thanks in advance.


Most online silver dealers carry them. Here's a link to buy $10 face value from JMBullion.com for about $150.

http://www.jmbullion.com/90-silver-coins-10-face-value/

That's about the going rate.


----------



## City Bound (Jan 24, 2009)

TnAndy said:


> Personally, I'd stick with pre-1965, 90% silver US coin at first....so called 'junk' silver. (no collector value.....just bought for the silver content)
> 
> Dimes/quarters/halves are very hard to fake, and there is ALWAYS a market in them.
> 
> As you grow in knowledge, you can branch out to other forms.


 They are good but can't the government confiscate them if they want?


----------



## mreynolds (Jan 1, 2015)

City Bound said:


> They are good but can't the government confiscate them if they want?


Like the Liberty dollar?


----------



## Nevada (Sep 9, 2004)

City Bound said:


> They are good but can't the government confiscate them if they want?


I suppose the government can do most anything, but there isn't a lot of pre-1965 coin around. While still legal tender, it's been pulled from circulation for a long time. The only pre-1965 coin still in circulation is there by mistake and happenstance, and is removed as it is found.

If the government tried to confiscate it they wouldn't get enough to make it worth their while.

There is some controversy as to whether it's legal to melt pre-1965 coin. Most believe it's legal, as long as there's no fraud involved. at any rate it's done all the time.


----------



## City Bound (Jan 24, 2009)

confiscate it because they issued it and have authority of the coin as existing legal tender. They take your silver dimes and give you new ones. 

The government confiscated people's gold at one point in our history


----------



## Nevada (Sep 9, 2004)

City Bound said:


> The government confiscated people's gold at one point in our history


That was because of specialized circumstances that no longer exist. We were on the gold standard at the time, so the only way to expand the money supply (put more dollars into circulation) was to either acquire more gold or increase the value of gold.

FDR needed to expand the money supply during the depression. He started by calling in all privately held gold by signing the Gold Reserve Act, paying $20.67 per ounce. But the amount of gold collected wasn't enough to meet his objective. He then revalued gold to $35 per ounce to meet his money expansion goals. As you can imagine, people who had just turned in gold for $20.67 were not too happy with FDR's gold reevaluation. 

The US government still holds gold but for a different purpose. Of course gold is still held to demonstrate strength in currency, but its only practical purpose to the government is to settle international accounts. The US holds about 8 metric tons of gold, an amount sufficient to cover all dollars currently held by foreigners.

Unless the nature of our currency changes radically, I don't see confiscation of gold or silver in our future.


----------



## AmericanStand (Jul 29, 2014)

Nevada said:


> Unless the nature of our currency changes radically, I don't see confiscation of gold or silver in our future.



Nobody saw it in 1925 either.


----------



## BlackFeather (Jun 17, 2014)

City Bound said:


> They are good but can't the government confiscate them if they want?


If some one refuses to turn it in how are they going to get it? Back in the 30's people believed their government, people are wiser now. I talked to one fellow who would rather bury his pms rather than turn them over then, in 20 or 30 years his kids can have them.

Secondly less than 5% (probably much less) of Americans hold pms, it would be quite a bit of trouble to get them. The big holders of pms are told to hold them in secure private vaults outside their own country, like Hong Kong, Shanghi, or Switzerland. Kind of hard to confiscate them by doing that.

Finally, there will always be a black market for the stuff so people will just become criminals in the sight of the government. 

If we look at what is going on elsewhere, with bail ins and negative interest, it is your fiat currency that your going to have to worry about being confiscated.


----------



## susieneddy (Sep 2, 2011)

just thought I would bump this thread to see what everyone thinks today


----------



## Alice In TX/MO (May 10, 2002)

I think today is the day to grocery shop.


----------



## HDRider (Jul 21, 2011)

Silver and metal is so last century. Buy bitcoin

*Historic Silver Price*


----------



## susieneddy (Sep 2, 2011)

HDRider said:


> Silver and metal is so last century. Buy bitcoin
> 
> View attachment 81262


I guess that is a bitcoin graph


----------



## HDRider (Jul 21, 2011)

susieneddy said:


> I guess that is a bitcoin graph


Silver, sorry


----------



## Oxankle (Jun 20, 2003)

Bitcoin is a suckers' game


----------



## HDRider (Jul 21, 2011)

Oxankle said:


> Bitcoin is a suckers' game


How much did you lose?


----------



## Alice In TX/MO (May 10, 2002)

Like any other investment, it’s guessing well on when to sell.


----------



## Oxankle (Jun 20, 2003)

No way I will invest in Bitcoin. It has already been shown that a couple of big players have gamed the system.


----------



## Bearfootfarm (Jul 13, 2006)

Alice In TX/MO said:


> Like any other investment, it’s guessing well on when to sell.


I sold mine when it peaked in 2011.
I didn't have a huge amount but a small bag of coins and a few silver dollars got me a new large safe.


----------



## Riverdale (Jan 20, 2008)

Fishindude said:


> Maybe a dumb question, but where does one go about purchasing gold or silver?
> And, do you actually physically hold the precious metal to lock us somewhere secure, or do you simply own it on paper like a stock?


I get mine through J&M Bullion


----------



## susieneddy (Sep 2, 2011)

https://www.jmbullion.com/ and https://www.providentmetals.com/


----------



## Nevada (Sep 9, 2004)

susieneddy said:


> https://www.jmbullion.com/ and https://www.providentmetals.com/


I've purchased from both, but mostly JM Bullion.


----------



## susieneddy (Sep 2, 2011)

Nevada said:


> I've purchased from both, but mostly JM Bullion.


JM Bullion bought out Provident Metals a few months ago even though you can still buy from both


----------

