I have friends who have bought precious metals for bad times etc...

In the 1930s the government seized, forced to sell at low rate back to government for national security... Right? Am I wrong in thinking they would possibly just do the same in future?

When you buy gold and silver, is for investing to sell back, or end of world type events?

I have only invested in lead and copper so far, maybe I should consider other metals as well.

People buy metals for all sorts of reasons. Right now I think some people are taking their money out of the banking system and need some place to park it, metals.

The banking system is crumbling, we have a system based on debt. Banks are starting to fail.

Taking money out of banks and buying something such as metals takes money out of the system. Once you own metals or ? that is no longer any counter party risk, you become your own bank.

I don't know the OP's motivation for buying metals, but I know I don't do it for investment. That's what IRAs or index funds are for. I keep a small amount of metals for the same reason I keep that folded up $100 bill tucked away in my wallet. It's there just in case I need it. (although if I did do it for investment, I'd be doing damned well this week)

Thousands of years of history has shown that as long as there are humans, gold and silver will have value.

quote:

Originally posted by pace40:
I don't know the OP's motivation for buying metals, but I know I don't do it for investment. That's what IRAs or index funds are for. I keep a small amount of metals for the same reason I keep that folded up $100 bill tucked away in my wallet. It's there just in case I need it.

This tracks with my mindset as well.

Physical metal has a steep premium, around 15% but can be much higher. When you sell it back to a retailer you lose that premium. So it is not a good short term investment.

For shtf scenarios it might be a good alternative currency.

Government confiscation is a worry. The more desperate they get the higher the threat. And the more reason to be off their radar.

There are ways to purchase metals without a trail. Though income taxes are due on any profits, so keep your own records for when you sell.

Tobinator has posted some nice charts with a target price of $2200 for gold.

https://www.investorvillage.co...&pt=msg&mid=24087327

quote:

When you buy gold and silver, is for investing to sell back, or end of world type events?

I buy it to collect certain special runs, a couple silver eagles every year, and whenever my ability is timed with a good deal.
The reason, ultimately, is so that when it comes time to put me to rest nobody has to scramble for funds, or wait on insurance/probate whatever to do so. They didn't invest in it, so anything they get for it will be a windfall for them.

If they want to keep them, then those things will almost certainly have a certain value for their rainy day occasions.

quote:

Originally posted by VANQUISH:
People buy metals for all sorts of reasons. Right now I think some people are taking their money out of the banking system and need some place to park it, metals.

The banking system is crumbling, we have a system based on debt. Banks are starting to fail.

Taking money out of banks and buying something such as metals takes money out of the system. Once you own metals or ? that is no longer any counter party risk, you become your own bank.

Got the word today. The $5 gold eagles finally came in. So my order is going to be shipped on Monday. We bought for SHTF, or for the estate. Let’s face Gold Eagles of any size are just beautiful coins.

quote:

Originally posted by Fly-Sig:
Physical metal has a steep premium, around 15% but can be much higher.

I'm not buying any silver currently because of ridiculous premiums, although, I did pay 18% for a 10 oz RCM bar a few weeks back because I had an empty capsule laying around. That was a private sale though. But if you're paying that for gold, you need to fire your bullion dealer.

quote:

Originally posted by phil in indy:
Got the word today. The $5 gold eagles finally came in. So my order is going to be shipped on Monday.

Kinda figured it was the US mint holding up the works. Did you sleep better last night?

OP, you will be fine. There are super long delays from the US Mint right now, and the RCM (Royal Canadian Mint) is even worse. The US Mint is claiming they are having issue Sourcing silver planchet, and the RCM has stated they have completely ran out of silver recently (whether or not the .gov mints are being truthful is another story, however).

Even for in-stock items, online PM orders take quite a bit of time to receive (2-3 weeks) due to check clearing, etc.

There's no reason to worry about your purchase price not being honored. Margins are extremely thin, therefore common practice within the industry is to list prices based on replacement cost. Then, after making a sale, they immediately re-order what they sell (same-day) so they do not carry the risk of market fluctuations.

quote:

Originally posted by joel9507:
TBH, I don't know that I'd buy any PM that wasn't in stock, to ship next business day. 32 business days is nuts.

How did they take payment? In full, in cash, up front?

I assume they at least locked in the price as of the market at the time of the purchase, while they try to fill the order?

Literally nobody ships next business day in the PM industry. Unless you are a well established buyer, it's typically a 5-7 business day wait for check/ACH to clear on the seller's side, then another 2-3 days to ship. Current market situations are even longer. Read my post just above this one if you want to know how pricing works in the PM industry (yes prices are locked in).

quote:

Originally posted by SigSentry:

quote:

Originally posted by VANQUISH:
People buy metals for all sorts of reasons. Right now I think some people are taking their money fiat out of the banking system and need some place to park it, metals money .

There, fixed it for him.

OH yeah I slept good last night.

quote:

Originally posted by pace40

Kinda figured it was the US mint holding up the works. Did you sleep better last night?

Hey phil

Did ya get your stack?

The order was shipped on Tuesday the 9th. I received it on Friday the 12th. Opened it up and all is good. 200 silver rounds, (ASAHI refining), 7 $10 Gold Eagles and 6 $5 Gold Eagles. Wife is happy now so all is good. Thanks for asking.

Ha ha...happy wife, happy life.

If you're still in buying mode, Monument Metals has some pretty good pricing this weekend. Check out their "deals" tab.

Thanks, I’ll check the them out

My safe has 24 oz of gold coins and maybe 150 silver Eagles. They are a backup if things get tight.

flashguy