I’ve never done this before, not even with the smallest amount of buying power. But I’m trusting my gut and doing this one way or another. And I’m about to make the largest purchase of my life. I don’t even count buying my house because that’s basically just a long term loan payment to me based on my credit. I’ve taken out 20k cash from my bank through a HELOC. I’m able to afford the interest payments so that is not the issue. And I know I’m not doing this as a get rich quick scheme, or really with a goal of making any money at all. I simply want to hold the value of my money I’m able to obtain at the moment for when shit hits the fan. I took the money out in cash at first because I didn’t want to buy gold/silver online with a distinct paper trail. But I’m just trying to see if I made the right choice. Will I get the best deal/value for my money by going to a bullion shop/coin dealer shop and buying my metals there? Or would I get my best price online like at jmbullion.com, and just suck up the issue of a paper trail? Thanks in advance, help a fren out on what to do in these crazy times.
You're viewing a single comment thread. View all comments, or full comment thread.
Comments (29)
sorted by:
Not offering any financial advice
If you are worried about when the SHTF and have a mortgage, then gold is your best bet. Any large debt would be better served with gold. Determine whether you want bullion, coins, or collector coins. Each have purposes. With collector coins, you also have the collector value to consider when purchasing. Some people prefer coins over bullion, because of confiscation fears. There are several schools of thought about gov confiscation of gold and how it might be applied in the future.
For transactions such as buying groceries etc. then silver is what you want. Many people buy "junk" silver, which are coins minted before 1964. You can also buy bullion. Silver has much more industrial applications and there is only a limited supply, which can blow its price through the roof. It is a reasonable purchase for first time stackers.
Also, consider other PM. There is copper, platinum, etc.
Look up Lynette Zang on YouTube. She represents a company that will help you for free to set up a PM plan with regard to collector coins. However, you don't have to subscribe to their program, she still offers great advice about PM.
My favorite quote of hers is "If you don't hold it, you don't own it". Which means investing in gold ETFs or IRAs means you only "own" it on paper, if the SHTF, likely you will never see that money again.