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Buying and selling precious metals


brewcrew
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People always talk about the opportunity for security in owning gold, silver, etc. my wife was convinced this was something we should do, so she spent under a grand on some silver. I didn’t think we were in a position that it made sense (we had the money but plenty of other places to spend it) but I let her try it for herself. No surprise to me the silver market has done nothing exciting, but we haven’t lost anything in theory. However, I have no idea how to cash out without taking a massive hit from a pawnshop or such. Is there a way to sell that doesn’t cost 40%? Could I just put it on marketplace? Meet at a jeweler to verify quality/quantity? Who would pay the jeweler?

thanks

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I was in the precious metals industry for about 13 years.  Your problem is pretty common, most of the big companies do not want to work with people that have small quantities it is not worth it to them.  You will probably have to pay to move the metal, even the large industrial companies I dealt with had to pay for transaction fees.  It looks like silver closed at $22.66 per troy ounce on Friday.  I am not sure what you bought at, but you will probably want the price to go higher so that you can afford the cost of the transaction without taking a loss.  A pawn shop or cash for gold type of place is the easiest place to sell but they are going to take the most money.  I would suggest googling silver refiners and to start having a conversation with them on the there process for transferring metals.  The best way to purchase gold or silver is to buy through a broker who then holds the metal, you only own it on paper, and setting up automatic sell points so that when the metal hits that price it sells and you bank the profit.

Good luck

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My little bit of experience.  You will buy at spot price plus a premium and sell at spot price.  We have several independent jewelers and coin type places in the greater area that play this game.  For example if spot price is $20 (silver) and the premium is $1 an ounce you buy something at $21 that is only worth $20.  You then need the market to move 5% up to get you to break even.  

I guess some people like tangible things especially preppers.  Everyone talks about bitcoin too.  I think that ship has long sailed and the risk is crazy.  If someone wants to invest outside of real estate the best place to put money is in a brokerage account.  If one insisted there are precious metals funds on the market however the best return is not going to be those funds.  

Just my opinion of course.  Many people would disagree. 

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I look at silver and gold as a long term investment.

Buy it burry it dig it up in retirement or pass on to your kids.

By bury it, I mean in the back of the gun safe and forget it.

I was once told, the way day traders make their money is off people like me.

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4 hours ago, hobbyfarm said:

Many people would disagree. 

My financial advisor agrees with what you said.

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16 hours ago, sandhiller said:

I look at silver and gold as a long term investment.

Buy it burry it dig it up in retirement or pass on to your kids.

By bury it, I mean in the back of the gun safe and forget it.

I was once told, the way day traders make their money is off people like me.

Exactly what you said.

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In the event the entire economy collapses, the printed money will be like toilet paper.

Then gold and silver will again be the only legal tender other than bartering. 

Most of that bartering will be in food, alcohol, tobacco and firearms/ammo.

Having a few bars in the back of the safe is a great idea.

You should hope it is never needed and let the kids worry about how to get rid of it.

 

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12 minutes ago, Diesel Doctor said:

In the event the entire economy collapses, the printed money will be like toilet paper.

Then gold and silver will again be the only legal tender other than bartering. 

Most of that bartering will be in food, alcohol, tobacco and firearms/ammo.

Having a few bars in the back of the safe is a great idea.

You should hope it is never needed and let the kids worry about how to get rid of it.

 

 

I pretty much agree with this, 100%

(financial advisor for 34+ years and still going)

 

 

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bit/computer coin on the outs.

coal mine script,fake credits, faux govt chip $ is in the works, copying other CSS countries

,so 60% can be automatically deducted when you earn/ get paid,

and 50% can be deducted when you spend it.

along with 60% inflation on the limited items "YOU" will be authorized to purchase/own

non govt handled $ forms will be illegal.

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23 hours ago, Diesel Doctor said:

In the event the entire economy collapses, the printed money will be like toilet paper.

Then gold and silver will again be the only legal tender other than bartering. 

Most of that bartering will be in food, alcohol, tobacco and firearms/ammo.

Having a few bars in the back of the safe is a great idea.

You should hope it is never needed and let the kids worry about how to get rid of it.

 

Serious questions here.  When paper money is worthless, what standard of measure is used? Does gold come in bars, coins, gold dust or what? For the sake of argument, if we say the dollar is worth zero, what is gold actually worth per oz.? What is done if your life savings is in a few bars of gold and you need 500 gallons of off-road? How do you barter with an oil company?

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Yes but my dad's family hid some back.

Ultimately, gold and silver have little value if you are hungry, cold or sacred. Food, clothing and shelter (including protection) have much more value. Knowledge can be priceless.

Thx-Ace 

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2 hours ago, acem said:

Yes but my dad's family hid some back.

Ultimately, gold and silver have little value if you are hungry, cold or sacred. Food, clothing and shelter (including protection) have much more value. Knowledge can be priceless.

Thx-Ace 

I agree. What value is gold when food and ammunition are what society needs the most? 

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