I feel embarrassed to ask this, but here it goes. How do you buy precious metals? I assume it is better to buy and take possession of the physical asset, correct? Is it better to find a local broker or are online brokerages safe and trustworthy? Is it hard to acquire larger amounts? for the sake of the discussion, if I wanted to buy $10,000 worth of silver, is that difficult to do? How do you know if you are getting the purity that was advertised? I have dozens of more questions but these are some at the top.
There are no stupid questions, just stupid people who WON'T ask questions. So yes, silver is really relatively easy to buy. Most good silver ingots come from a few reliable companies like APMEX -- https://www.apmex.com/category/20000/silver-bullion/all?vt=g&f_metalname=silver&page=1 -- but depending on where you live there are coin and bullion dealers who will charge spot price plus a small percentage. Silver bars (ingots) are of a known purity, usually in the 99.999 range.
Another way to obtain silver is to find a coin store near you
and buy what is called "junk silver" coins. These are US coins before 1964; they contain 90% silver and I have bought over the years both silver dollars, half-dollars, quarters and dimes. These will have a known value if our current fiat currency ever goes bust. For "junk silver" like this, expect to pay 20 times face value....so a pre-1964 dime should be about $2 give or take. My state has no sales tax on gold and silver, since Tennessee considers them "investments." Some states do collect sales tax.
Buying $10,000 worth of silver, you'd have to be cognizant of a few things. First, that much silver will be HEAVY!! You should keep it in a fireproof safe. DON'T LET ANYONE KNOW YOU'VE GOT IT!! (After a currency collapse, desperate people will want that silver.... BADLY! You should call around to make sure the seller has that much silver to begin with. Avoid silver purchases at flea markets and swap meets, there are some knockoff fakes out there, deal only with reputable people who have been in business for a long time.
Next thing, FORGET YOU EVEN HAVE IT. By that I mean don't go checking the spot price every day, it will drive you mad. Unless you're a speculator or investor (I am neither) the only spot price you need to know about is what is the value when the dollar goes to zero value. I suspect the spot price of silver will be somewhere between $300 to $600 per troy ounce after the dollar fails. At that point I will be using "junk silver" dimes, quarters, and half-dollars to purchase anything. To stay in business, stores will have to adapt quickly to payment by silver or gold.
My silver is tucked away in a safe place, out of sight, out of mind, no one around me knows I've made such preparations and it will stay there until there is no other means to make transactions. Other preparations to make (actually you should have already done this) is to lay in a supply of ammo, canned and dry foods, potable water, and medical supplies, including a backup for any prescriptions you or your family have to take.
And almost more important than the above is MENTAL preparedness. Steel your mind to the fact that if TSHTF, you may have to shut off friends and neighbors who DID NOT prepare, they will suck your supplies dry if you give in to them. And you may have to use lethal force to protect yourself, your family, and your supplies if it really gets bad.
Make friends with other like-minded people who HAVE prepared, and don't be a Rambo, it will be cooperation and a cohesive community that will survive any hard times that might be coming. Good luck to you.
Lots of great sites to buy from. Check out www.silvergoldbull.com/ape for special pricing from a very good dealer. There is special pricing for the Reddit r/wallstreetsilver group. You can check that subreddit for great due diligence and lots of cool stack pics
I feel embarrassed to ask this, but here it goes. How do you buy precious metals? I assume it is better to buy and take possession of the physical asset, correct? Is it better to find a local broker or are online brokerages safe and trustworthy? Is it hard to acquire larger amounts? for the sake of the discussion, if I wanted to buy $10,000 worth of silver, is that difficult to do? How do you know if you are getting the purity that was advertised? I have dozens of more questions but these are some at the top.
There are no stupid questions, just stupid people who WON'T ask questions. So yes, silver is really relatively easy to buy. Most good silver ingots come from a few reliable companies like APMEX -- https://www.apmex.com/category/20000/silver-bullion/all?vt=g&f_metalname=silver&page=1 -- but depending on where you live there are coin and bullion dealers who will charge spot price plus a small percentage. Silver bars (ingots) are of a known purity, usually in the 99.999 range.
Another way to obtain silver is to find a coin store near you
and buy what is called "junk silver" coins. These are US coins before 1964; they contain 90% silver and I have bought over the years both silver dollars, half-dollars, quarters and dimes. These will have a known value if our current fiat currency ever goes bust. For "junk silver" like this, expect to pay 20 times face value....so a pre-1964 dime should be about $2 give or take. My state has no sales tax on gold and silver, since Tennessee considers them "investments." Some states do collect sales tax.
Buying $10,000 worth of silver, you'd have to be cognizant of a few things. First, that much silver will be HEAVY!! You should keep it in a fireproof safe. DON'T LET ANYONE KNOW YOU'VE GOT IT!! (After a currency collapse, desperate people will want that silver.... BADLY! You should call around to make sure the seller has that much silver to begin with. Avoid silver purchases at flea markets and swap meets, there are some knockoff fakes out there, deal only with reputable people who have been in business for a long time.
Next thing, FORGET YOU EVEN HAVE IT. By that I mean don't go checking the spot price every day, it will drive you mad. Unless you're a speculator or investor (I am neither) the only spot price you need to know about is what is the value when the dollar goes to zero value. I suspect the spot price of silver will be somewhere between $300 to $600 per troy ounce after the dollar fails. At that point I will be using "junk silver" dimes, quarters, and half-dollars to purchase anything. To stay in business, stores will have to adapt quickly to payment by silver or gold.
My silver is tucked away in a safe place, out of sight, out of mind, no one around me knows I've made such preparations and it will stay there until there is no other means to make transactions. Other preparations to make (actually you should have already done this) is to lay in a supply of ammo, canned and dry foods, potable water, and medical supplies, including a backup for any prescriptions you or your family have to take.
And almost more important than the above is MENTAL preparedness. Steel your mind to the fact that if TSHTF, you may have to shut off friends and neighbors who DID NOT prepare, they will suck your supplies dry if you give in to them. And you may have to use lethal force to protect yourself, your family, and your supplies if it really gets bad.
Make friends with other like-minded people who HAVE prepared, and don't be a Rambo, it will be cooperation and a cohesive community that will survive any hard times that might be coming. Good luck to you.
Well said,home storage isn't always appropriate.
Lots of great sites to buy from. Check out www.silvergoldbull.com/ape for special pricing from a very good dealer. There is special pricing for the Reddit r/wallstreetsilver group. You can check that subreddit for great due diligence and lots of cool stack pics