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Precious Metals
- Thread Starter gallogiro
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You should probably take a class on economics before you consider base metals as an investment medium. In my experience they are a middling vehicle for investing, they are better than most stocks, and more secure than some bonds, however there are many things that are better.
Gold and silver have stood the test of time. They are both considered to be monetary metals that have always held their value. Precious metals protect your assets during times of inflation, economic crises as well as other types of instability. During precious metals bull market periods gold and silver have the ability to outpace inflation creating an opportunity of investment.
www.goldandsilveronline.com.
www.goldandsilveronline.com.
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WARNING: My opinion, and ONLY my opinion below
I wouldn't touch gold with a ten foot pole right now. In my opinion it's way over inflated and a strong correction is going to happen. When it hits $800 it's worth considering. At that point you are simply locking in purchasing power that is inflation proof.
Silver is still a good, but not great, investment. Its not currently over inflated, and would be very useful in the event that US currency became destabilized. Of the two, it's the one I recommend, just don't go real long. Also, make sure you have it in hand and not some promised amount that's being managed my someone else.
I wouldn't touch gold with a ten foot pole right now. In my opinion it's way over inflated and a strong correction is going to happen. When it hits $800 it's worth considering. At that point you are simply locking in purchasing power that is inflation proof.
Silver is still a good, but not great, investment. Its not currently over inflated, and would be very useful in the event that US currency became destabilized. Of the two, it's the one I recommend, just don't go real long. Also, make sure you have it in hand and not some promised amount that's being managed my someone else.
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When do you want/expect to retire?
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Get on Ebay and check it out. I bought from Apmex website when I first got started but was paying for shipping. Since I've bought from a few different companies from ebay and found bullion exchange has been the best for me lately.
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My dad retired around 99' and decided to take his retirement money and invest in gold and silver.
Seems like that was a grest idea back then.
Seems like that was a grest idea back then.
I wouldn't risk that. The market is full of fake silver coins. You can get the exactly same looking fake ones from Chinese sites for $1.50. Same look, same weight. I bet there are people on eBay who sell fake ones, and you can't tell the difference, even if you hold them in your hands. So, Buyers beware!
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Good advice. Lots of metal scams out there.I wouldn't risk that. The market is full of fake silver coins. You can get the exactly same looking fake ones from Chinese sites for $1.50. Same look, same weight. I bet there are people on eBay who sell fake ones, and you can't tell the difference, even if you hold them in your hands. So, Buyers beware!
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I agree for the most part as I've seen a lot of people being scammed by sellers. I'm talking about buying from the main companies like Apmex and bullion Exchange. You pay for shipping from their website but not from eBay.
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It is a nice idea to have some part of your savings in gold or silver. I have learned a few things over the years and this is based on my experience.
1. You get market price minus a few dollars in fees whenever you sell it. If you buy gold for $1200 an ounce you pay the $1200 dollars plus another $50-100 in mark-up from the dealer. When you sell that same ounce and gold drops to $1000 per ounce, you get the $1000 minus $50-100 bucks in fees. It is not unusual for the same dealer who gladly took your cash to only pay you with a check and then he will report the transaction to the IRS if it exceeds $5000.00. It can be a poor way to keep savings liquid.
2. Most people do not want silver or gold instead of cash and if they do they want it at 1/2 the actual value. Most pawn shops will try and pay "scrap" prices for actual gold coins and offer you about 1/10th their actual value. America's first socialist president Franklin Roosevelt made it a federal crime to own gold, he made it a federal crime to open or remove your property from a safety deposit box without an IRS agent present and he went to extremes to limit possession of cash or specie. It took fifty years to remove his edicts. It can happen again.
3. You will need an actual secure place to store your coins. They are as popular to steal and far easier to peddle than guns.
4. Do not buy any "collector" coins. For the most part anything a coin dealer will sell you as "brilliant uncirculated" he is more than willing to buy back for a far lower grade price. I have yet to meet anyone who made money selling back a coin he bought for retail. If you plan on holding onto the coins for 100 years or so, you might have a chance. When silver spiked in the 1990's I tried to sell some bullion coins back that had tripled in value and no local dealer would buy them for more than they sold them for five years before.
5. Look at Greece if you want to see the future of America. The Greek socialists bankrupted the country. To raise money they decided to levy a 10% fee on the dollar value of all foreign savings held in the nations banks. Then they made it impossible to remove your money from their banks. Then they made it impossible for all Greeks to remove more than $56 dollars a day from the nation's banks. Then they made it illegal to buy anything for more than $500 euros in cash without reporting it to the government.
At some point the socialists want to make all cash illegal, it is the "future of money". When that happens they can simply shut off your debit and credit if you are deemed undesirable. They can easily seize your assets for fines and fees or medical bills, it is in the Obamacare act.
Having the ability to buy something with a payment method other than paypal may become important in the future. A couple of hundred ounces of silver might be a good idea.
1. You get market price minus a few dollars in fees whenever you sell it. If you buy gold for $1200 an ounce you pay the $1200 dollars plus another $50-100 in mark-up from the dealer. When you sell that same ounce and gold drops to $1000 per ounce, you get the $1000 minus $50-100 bucks in fees. It is not unusual for the same dealer who gladly took your cash to only pay you with a check and then he will report the transaction to the IRS if it exceeds $5000.00. It can be a poor way to keep savings liquid.
2. Most people do not want silver or gold instead of cash and if they do they want it at 1/2 the actual value. Most pawn shops will try and pay "scrap" prices for actual gold coins and offer you about 1/10th their actual value. America's first socialist president Franklin Roosevelt made it a federal crime to own gold, he made it a federal crime to open or remove your property from a safety deposit box without an IRS agent present and he went to extremes to limit possession of cash or specie. It took fifty years to remove his edicts. It can happen again.
3. You will need an actual secure place to store your coins. They are as popular to steal and far easier to peddle than guns.
4. Do not buy any "collector" coins. For the most part anything a coin dealer will sell you as "brilliant uncirculated" he is more than willing to buy back for a far lower grade price. I have yet to meet anyone who made money selling back a coin he bought for retail. If you plan on holding onto the coins for 100 years or so, you might have a chance. When silver spiked in the 1990's I tried to sell some bullion coins back that had tripled in value and no local dealer would buy them for more than they sold them for five years before.
5. Look at Greece if you want to see the future of America. The Greek socialists bankrupted the country. To raise money they decided to levy a 10% fee on the dollar value of all foreign savings held in the nations banks. Then they made it impossible to remove your money from their banks. Then they made it impossible for all Greeks to remove more than $56 dollars a day from the nation's banks. Then they made it illegal to buy anything for more than $500 euros in cash without reporting it to the government.
At some point the socialists want to make all cash illegal, it is the "future of money". When that happens they can simply shut off your debit and credit if you are deemed undesirable. They can easily seize your assets for fines and fees or medical bills, it is in the Obamacare act.
Having the ability to buy something with a payment method other than paypal may become important in the future. A couple of hundred ounces of silver might be a good idea.
I inherited a bunch of silver ounces. In 2011 when silver spiked to over $44.00 per ounce, I sold it all to a Russian guy who paid me in cash.
When silver tanked in 2015 I bought it all back for just around $14.50 an ounce from a dealer I like to do business with.
You can make money on precious metals, you just have to move it at the right time.
When silver tanked in 2015 I bought it all back for just around $14.50 an ounce from a dealer I like to do business with.
You can make money on precious metals, you just have to move it at the right time.
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