If we think (and there have been numerous posts here to support this idea) that all major banks are going to fail because of over-investing in derivatives, what should we do if we have money in those banks? Pull it out in cash? Convert it to silver or gold? Put the cash under our mattress? And will cash be worth anything?
So if we have cash in checking or savings with a bank, how can we protect our assets?
There's actually lots of options. 1/20 ounce and single gram maples, single gram bars, 5 gram bars.
I personally would wait to get a sizable chunk, or even figure out some way to finance it without interest if you have good credit. You pay a lot in premiums on the small chunks.
How can you avoid the premiums? I checked with a local dealer and the premium is at 24% today! Thanks.
Premiums are different based on what you are buying, you cant really avoid them fully but they are cheaper in bigger pieces. I'm gonna go with the JMbuillion prices to show you.
Gold Spot price $55.23 per gram 1 gram Valcambi Bar is $80.23 10 gram Valcambi bar is $589.01 10x 1 gram Valcambi bar is $823.00
Premiums on one gram bar is $25 per gram but on the 10 gram bar it's less then $4 per gram.
So while it may be easy and convienent to buy a gram a month or every 6 weeks or something for $80 that's almost $300 in premiums that you don't have to pay if you save up $600 and buy the 10 gram bar...
I see what you're saying. I'm new to this and trying to wrap my head around it and understand. Thanks. But I did the conversion between 1 oz and 1 gram. Dang! There are 28.34 grams in one ounce, so if you can buy I gram, that must be a tiny coin or something. It might be good to have a few of those on hand for purchasing, bartering, etc. But I agree, the better way to go if you can, is to buy it with the lowest premium. I guess you endorse JMBullion then.
There's actually just over 31grams in an oz as the oz that precious metals are weighed in are troy ounces not regular ounces. A 1 gram gold bar is usually like set into a card so that it's not so easy to lose, but they ate still marked like any other bar which is impressive. The small 1 gram coins are usually set into some kind of frame aswell.
I have heard tons of great stuff about JMbuillion and Apmex, but I am in Canada and the shipping prices are too high, even the Canadian online gold retailer SilverGoldBull has expensive shipping. I much prefer local coin shops. They have less selection, not as new things, but in my experience the prices are better and the people working there are enthusiasts and can teach you. If you're in a city there's almost certainly a few coin shops about id go see what their prices are like.
My gold coin was like $200 cheaper at my local coin shop then online, and I got lucky finding a brand new 2022 coin too.
A Troy ounce is 31.1034768 grams.