Wednesday, July 21, 2010
Silver and Gold
I just want to add a quick note about something that concerns me. The buying and storing of gold & silver bullion. I think silver is still a good buy at $20 an ounce more or less but gold is close to overly expensive, yet I still think owning an ounce or two is good policy. I would have at least 20 ounces of silver, preferably silver rounds or bars of 99.9% silver. I would also have a pound or two of pre 1964 silver US currency in dimes, quarters and a few halves. Remember: pre 1964 silver coins are 90% silver whereas rounds and bars are bullion or 99.9% pure. So the rounds and bars should bring just a bit more in trade. The reason for silver coinage is this: if it becomes the coin of the realm then it will be a lot easier to make the exact payment with various denomination of coinage. If someone wants $1.50 US silver for that box of 30-06 it will be easier having the right change than if you only have silver dollars or bullion. Gold is for the big buys such as generators and firearms, etc. Also, precious metals can be carried on your person and hidden easily if need be. Jack Spirko over at the Survival Podcast says you should never pay much more than 10% over spot metal value. Example: Mr. coin dealer has one ounce Liberty rounds (99.9% pure silver) for $22. and the price on the days metal market is $20. an ounce for silver. He's charging $2. over market or spot value which is fair. He has to make a profit to stay in business. I hope this has been helpful to you and motivates you to be prepared. Take care everyone.