ECON So is now the time to buy gold?

Demodave

Demodave

Veteran member
Serious question. Is now a good time to buy gold? Not for a "investment" but to secure savings.
Contemplating purchase. To have and to hold. Instead of "paper".
Advice needed

Saw Tucker even advising to purchase now. With SVC going under is it a wise plan?

Mods, feel free to move this to another forum as needed
 
BadMedicine

BadMedicine

Would *I* Lie???
You have more than 250000 in cash sitting in any bank and I would say yes get it down below that number. Also, if you have more than 6 months living expenses cash I would definitely say get it below that number.

The dollar cannot get stronger in this economy. They are not going to get interest rates ahead of inflation so it is all just for show & is stripping wealth & buying power. You def want "assets" not "liabilities" in a big tur n.
 
nadhob

nadhob

Veteran Member
BadMedicine said:
You have more than 250000 in cash sitting in any bank and I would say yes get it down below that number. Also, if you have more than 6 months of living expenses cash I would say get it below that number.

The dollar cannot get stronger in this economy. They are not going to get interest rates ahead of inflation so it is all just for show & is stripping wealth & buying power. You def want "assets" not "liabilities" in a big turn.
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FDIC insures accounts up to $250k in the event of A bank's failure. If there were to be some sort of systemic failure in the banking system, the Dodd-Frank Bill that was passed as the law has every depositor listed as an unsecured creditor, thus the bank can take and use your money as they see fit. The underfunded FDIC would then step in and payout the insurance they speak of, which today is estimated to be about $.71 per 100 dollars. Nice, right?? That's why people are buying precious metals...
 
Zahra

Zahra

Veteran Member
If you have more than 250k in any one bank and need to assure safety & liquidity I'd recommend short term Tbills for the excess (like I did yesterday). Of course having some gold & silver isn't a bad investment either, but it may be a longer term hold and less liquid without losses due to redemption premiums.
 
Southside

Southside

Has No Life - Lives on TB
The period of 1/1/99 to 1/1/2003 was a great time to "get in"
For silver, in a relative sense, today may be a better time than that.

Anytime you have excess cash, gold is an excellent answer.
Never forget the other precious metals, Cold, hard steel, brass & lead.
 
nadhob

nadhob

Veteran Member
Dozdoats said:
FRN$ is a bad place to keep all your money in the long term.

Right now I'd prefer 'barter silver' (pre-64 dimes/quarters) unless you have lots of FRN$ to park. I just bought a $100 face bag of quarters - Buy 90% Silver Quarters| US Silver Quarter Rolls & Bags
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I always thought that was an expensive way to own silver...Wouldn't buying 1 oz coins, Maple Leafs, Britannias, Philharmonics, be cheaper?
I know Eagles carry a big premium, so while popular, expensive....
 
D

Dozdoats

On TB every waking moment
The only silver Eagles I own were gifts. I did buy a gold buffalo in the first year of issue, though. Just the one...

Stuff sold as collectible, never will be. Think Beany Babies...

Recall the expression 'a dime a dozen?' That used to be the price for eggs. Will it be again? Idunno. But if it is, would you spend a silver Eagle on a dozen eggs when there is no way to make change?

'Junk' silver dimes/quarters are already divided ... Junk Silver Coins For Sale | Buy 90% Silver Dollars Online

Your money, your call....

ETA- I just mentioned elsewhere that the SVB situation represents a re-pricing of risk.

When what is eventually going to happen, happens - HOW MUCH WILL A SILVER DIME BE WORTH THEN?

Andy Schectman (CEO of Miles Franklin) said a few days back they had gotten another multi-million dollar private individual order for PMs.

Thass a clue ...
 
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Babs

Babs

Veteran Member
nadhob said:
FDIC insures accounts up to $250k in the event of A bank's failure. If there were to be some sort of systemic failure in the banking system, the Dodd-Frank Bill that was passed as the law has every depositor listed as an unsecured creditor, thus the bank can take and use your money as they see fit. The underfunded FDIC would then step in and payout the insurance they speak of, which today is estimated to be about $.71 per 100 dollars. Nice, right?? That's why people are buying precious metals...
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Maybe one or two banks failing. But if too many banks fail, there would not be enough money. The FDIC is severely underfunded.
 
D

Dozdoats

On TB every waking moment

Two U.S. Banks Collapse in 48 Hours. Which One's Next?
Silvergate served the cryptocurrency industry, while SVB was the bank for Silicon Valley tech startups.
LUC OLINGA MAR 10, 2023 1:34 PM EST

It's a black week for the American financial system: In just 48 hours, the banking sector has been shaken by the collapse of two major banks.

Most worrying is that these banks served two so-called growth economic sectors: the tech sector and the cryptocurrency industry.

SVB Financial Group, (SIVB) - Get Free Report the lender to Silicon Valley startups, failed on March 10, falling into the hands of the FDIC. The federal agency has taken control of the banking company, reviving the ghosts of the 2008 financial crisis.

Why a Bad Stock Market Week Doesn't Matter

DANIEL KLINE
00:00 / 00:00

"Silicon Valley Bank, Santa Clara, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation as receiver," the federal agency said in a news release.

"All insured depositors will have full access to their insured deposits no later than Monday morning, March 13, 2023. The FDIC will pay uninsured depositors an advance dividend within the next week. Uninsured depositors will receive a receivership certificate for the remaining amount of their uninsured funds."

It added that it may pay a dividend to uninsured depositors as it sells the assets of SVB (SIVB) - Get Free Report.

The FDIC is a guarantor for bank depositors.
 
M

mikeabn

Finally not a lurker!
I was a broker in the early 80s. When a bank or S+L was ready to close the short-term rates would always noticeably go up.
 
nadhob

nadhob

Veteran Member
I sometimes shudder to think how the "mechanics" of say constitutional silver would work. For instance, if silver were to go to say$100 an oz, and therefore a pre '64 quarter would be worth 10 bucks, how would you expect a clerk at some market be able to ring you up and not demand another dime? Geez, these kids today can't even give you change back from a $20 unless the machine tells them how much!!
 
Uhhmmm...

Uhhmmm...

Veteran Member
As long as the brown stuff remains some good distance from the rotating blades, a good goal is 5-10% of your assets in commodities. PM's are fine.
 
hiwall

hiwall

Has No Life - Lives on TB
Almost all banks are buying a Lot of gold and silver. Gee, I wonder why?
Many countries are buying gold. Gee, I wonder why?
As far as when to buy gold or silver- just remember the ad jingle "Any time's the right time."

As far as buying junk silver, I have a tough time paying $5 for a quarter. But I buy 'em anyway.
 
BUBBAHOTEPT

BUBBAHOTEPT

Veteran Member
billet said:
IMHO I don't think there is such a thing as a bad time to buy gold.
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Bottom line would be, as others -with great suggestions have stated- to cover your essentials first and then I think billet is spot on. There are many knowledgeable considerations on this post worth pondering. I will buy a little old time silver and a little gold shortly, but that is just me. Your TB2K family has definitely given you some sensible options…. :p
 
West

West

Senior
If you have most of your debt paid off get a majority of silver in ASE. American Silver Eagles. After you stack a hundred get a ounce of gold AGE, so on and so forth. Play the ratio.

I think the fed res dollar will collapse. But been saying that for 20 plus years. So IDK.

Once the banksters dollars fail we will go back to U.S.Treasury dollars. Where one new treasury dollar is worth 100 old fed dollars plus or minus.

PMs will once again be backing them, but also oil, power, corn and other commodities.

When the fed dollar dies real USA PM coin will still be worth what ever the going spot price was before the fed collapse in the new U.S. treasury dollars. And probably double or more shortly there after. But the fed dollar needs to collapse.
 
Babs

Babs

Veteran Member
Even with gold at the current high, would you be losing more money holding FRNs or selling your gold at a loss. In other words, which is going to lose more over the next few years?
 
D

Dozdoats

On TB every waking moment
nadhob said:
I sometimes shudder to think how the "mechanics" of say constitutional silver would work.
Click to expand...

If government keeps its hands off prices, it would eventually settle at free market values.

Without looking, tell me what the official price of gold is ...
 
To-late

To-late

Membership Revoked
Go ahead buy gold.
But,,,I suggest that you melt it down to be sure you are getting 100% gold,, before you pay For it.
 
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