ECON Question about selling PMs, looking forward

[abby normal]

Things are quiet- too quiet. We all know and feel the danger ahead... I am again feeling a push to prepare for my family, knowing what's around the corner.

We have some PMs, and back when things were normal, they were basically something to stash as a safety net for when things get bad. But how is that going to work if everything is locked down and closed? We all know it's going to happen again.

If coin shops and pawn shops are closed, how do I sell them (turn them into FRNs )

I guess I'm thinking out loud- should I sell some now to have cash available? It seems like it might be a good idea, in order to attain some extra preps...?

We aren't wealthy, and have a little cash on hand but not much. I worry about my kids. Trying to get ahead of the next doom tsunami. Would love to hear your thoughts, and thank you in advance.

 

[20Gauge]

My thoughts were always to either go the coin / pawn shop route or go private route. Either route has risks. This is why I do not have too much in PMs. I went the direct route and got the stuff to begin with..... actually still getting some stuff.

 

[Dozdoats]

Almost all markets are BUYER'S markets. Almost all the time. No one wants to buy? No market.

That's why I shifted away from gold - it concentrates too much value. Junk silver dimes seem to me as something that will be easier to 'spend' locally if it ever comes to that. YMMV of course.

Best to have an over the counter coin dealer in place and well known if you can.

 

[20Gauge]

Almost all markets are BUYER'S markets. Almost all the time. No one wants to buy? No market.

That's why I shifted away from gold - it concentrates too much value. Junk silver dimes seem to me as something that will be easier to 'spend' locally if it ever comes to that. YMMV of course.

Best to have an over the counter coin dealer in place and well known if you can.

Agreed. Silver rounds preferable in US silver dollars and any kind of junk silver. I also keep a couple of coin collecting books that will define silver contents and show a picture. I figure that would help if I had to go private.....

 

[Hfcomms]

Not a good time to sell at this point as the price 'appreciation' in fiat is only starting and silver is literally dirt cheap. For those that have to liquidate all the major metals dealers also buy and you can get a quote from them.

I.E.

Sell Your Gold & Silver To Us

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When things really break down however a point will come where the paper currency is no longer trusted. At that point if someone has something they are willing to sell, you work it out between yourselves with the gold/silver exchange rate. When trust in paper currency is lost people will definitely take the metals in exchange.

 

[changed]

I got nice bids from ebay for my 40% silver half dollars. I was very happy.

 

[abby normal]

Not a good time to sell at this point as the price 'appreciation' in fiat is only starting and silver is literally dirt cheap. For those that have to liquidate all the major metals dealers also buy and you can get a quote from them.

I.E.

Sell Your Gold & Silver To Us

Sell your Gold, Silver, and other Precious Metals to APMEX®. We buy bullion, bars, coins, collectibles and more. Trusted for over 18 years. Learn about our easy shipping & logistics program and our 1-Day guarantee. Call today or request a quote online.

www.apmex.com

When things really break down however a point will come where the paper currency is no longer trusted. At that point if someone has something they are willing to sell, you work it out between yourselves with the gold/silver exchange rate. When trust in paper currency is lost people will definitely take the metals in exchange.

I guess what I'm struggling with is, do I sell some now while I can, in order to buy goods that may not be available later?

 

[abby normal]

I got nice bids from ebay for my 40% silver half dollars. I was very happy.

I have considered ebay... not an option when the new extreme version of lockdowns and closures come.

I also anticipate a complete reset of the money system as we now know it.

 

[Raffy]

Not a good time to sell at this point as the price 'appreciation' in fiat is only starting and silver is literally dirt cheap. For those that have to liquidate all the major metals dealers also buy and you can get a quote from them.

I.E.

Sell Your Gold & Silver To Us

Sell your Gold, Silver, and other Precious Metals to APMEX®. We buy bullion, bars, coins, collectibles and more. Trusted for over 18 years. Learn about our easy shipping & logistics program and our 1-Day guarantee. Call today or request a quote online.

www.apmex.com

When things really break down however a point will come where the paper currency is no longer trusted. At that point if someone has something they are willing to sell, you work it out between yourselves with the gold/silver exchange rate. When trust in paper currency is lost people will definitely take the metals in exchange.

This... Now is not the time to sell PM's, IMO. Keep them because if/when the so-called Federal Reserve system (nothing "Federal" or "Reserve" about it) collapses, and the current fake US dollar with it, PM's will be real money that can take its place. "Junk" US silver coins are a fine thing to have when that eventuality comes.

 

[Dozdoats]

I guess what I'm struggling with is, do I sell some now while I can, in order to buy goods that may not be available later?

Make your best estimate of what will be more important and more difficult to get/better to have in the future, and act accordingly.

It's tough ... if you listened to the Bracken interview, he said there will still be bullets left when the beans are all gone. Food first IMO, fwiw.

 

[Hfcomms]

I guess what I'm struggling with is, do I sell some now while I can, in order to buy goods that may not be available later?

You have to do what your comfortable with. Personally I'd put goods on a unsecured credit card before I'd part with any of my metal but that is just me. If you sell now your still selling towards the bottom and the metals are just starting to do their thing. Paper assets are losing real value and metals are gaining value so if I had any sort of paper asset I could liquidate I would do that first.

 

[Doomer Doug]

Fiat always fails. Gold and silver are hedges against the Federal Reserve and the fiat system
Printing money ALWAYS leads to inflation.
Hold on. Wait. You ain't seen nothing yet. Venuezela anybody?

 

[Dennis Olson]

Things are quiet- too quiet.

 

[Dennis Olson]

You’ll find people hold vastly different opinions. Here’s mine:

I am not an “investor” in PMs. My little stash is specifically if things go sideways.

If things go sideways, you’ll be using PMs for barter, not payment per se. (“I need 200 rds of ammo.” “That will be 3 ounces of silver.”) If things go sideways, paper money would be worthless.

I consider silver to be for barter, and gold to be for “save your life” bribes.

Under no conditions would I consider PMs to be a “return on investment” vehicle. And people who do are looking at it wrong.

JMHO

 

[gerkom]

In Ferfal's book (decade ago) he said Gold/Silver shops popped up everywhere. I reckon the same here.

 

[Dozdoats]

PMs are just one way to move purchasing power through time and space.

Lately I have been turning alchemy on its head by converting gold into lead.

 

[biere]

Couple decades ago I lived pretty rural. Area had a few spread out gas stations that were also kind of a general store. The old style mom and pop type stuff. As I sort of became known to them buy stopping in now and then and sometimes buying stuff I would chit chat some. At one point feller came in with some silver eagles and owner of store bought em from him. Owner of store would sometimes do credit for people he knew and felt could pay, this was out of his own pocket stuff. Not set up as pawn shop or coin shop or anything else. Being rural there were of course guns sold and traded now and then as well.

So, in that instance if everyone was after food I doubt dude would have given me a good price on my silver. But in normal times, sure he would buy em.

Arf ee has some folks who buy and sell silver along with ebay and other places mentioned.

I have some silver just cause I like to clink the coins and rounds together. I consider em my fidget spinners. At same time, when silver hit near 40 bucks last go round I found a coin shop who was buying and unloaded most of my stuff easily. I sold before it topped out and with spot being used coin shop guy did not get hurt at all and made money.

But I don't buy silver on a regular basis to plan to trade when the world crashes. I figure when the world is rebuilding from its crash is when gold and silver will be useful. If you do not have years of food stored, don't stock lots of metals. Even stocking tons of ammo when you don't have years of food and health care and other stuff you need daily does not make sense.

Just my opinion. I am not an expert. I have not bought much silver since it started back up, I bought some eagles for what rounds were going for just cause eagles usually have a premium to buy but not always when selling.

Where I am currently living I don't know anyone with the mom and pop type general stores who might buy silver often. I could probably ask around and would probably take a hit since I don't know em.

Even if you are worried about inflation somewhat, having some money in the bank or in cash in the safe so you can make a last grocery run if you feel the need to do so is more important to me than a stack of silver rounds.

 

[doctor_fungcool]

Couple decades ago I lived pretty rural. Area had a few spread out gas stations that were also kind of a general store. The old style mom and pop type stuff. As I sort of became known to them buy stopping in now and then and sometimes buying stuff I would chit chat some. At one point feller came in with some silver eagles and owner of store bought em from him. Owner of store would sometimes do credit for people he knew and felt could pay, this was out of his own pocket stuff. Not set up as pawn shop or coin shop or anything else. Being rural there were of course guns sold and traded now and then as well.

So, in that instance if everyone was after food I doubt dude would have given me a good price on my silver. But in normal times, sure he would buy em.

Arf ee has some folks who buy and sell silver along with ebay and other places mentioned.

I have some silver just cause I like to clink the coins and rounds together. I consider em my fidget spinners. At same time, when silver hit near 40 bucks last go round I found a coin shop who was buying and unloaded most of my stuff easily. I sold before it topped out and with spot being used coin shop guy did not get hurt at all and made money.

But I don't buy silver on a regular basis to plan to trade when the world crashes. I figure when the world is rebuilding from its crash is when gold and silver will be useful. If you do not have years of food stored, don't stock lots of metals. Even stocking tons of ammo when you don't have years of food and health care and other stuff you need daily does not make sense.

Just my opinion. I am not an expert. I have not bought much silver since it started back up, I bought some eagles for what rounds were going for just cause eagles usually have a premium to buy but not always when selling.

Where I am currently living I don't know anyone with the mom and pop type general stores who might buy silver often. I could probably ask around and would probably take a hit since I don't know em.

Even if you are worried about inflation somewhat, having some money in the bank or in cash in the safe so you can make a last grocery run if you feel the need to do so is more important to me than a stack of silver rounds.

Are there other tradable items other than gold?

For instance 00buck?

How about a skill?

The possible list of items is endless.

 

[fish hook]

I never did worry about "selling ".I always thought of it as a barter item for when the frn's would no longer spend.I don't plan to get rid of any for money,don't care if it $10,000 or goes to ten dollars i will hold it.If i never have to use it,it will give the kids something to fight over.No really they know it is here,just don't know where yet and i have already covered the division.

 

[hiwall]

I also anticipate a complete reset of the money system as we now know it.

If you truly believe that then why would you dump your only real money?
If you decide to sell just post what you have on this site.
Hindsight says you should have bought supplies before buying PMs but what has been done is done and no sense talking about the past. If you still have some cash then buy supplies with that first. Many people expect PMs to break out and rise soon but that is all just speculation just like your speculation of severe lockdowns. You have to do what YOU are comfortable with. Apparently you were comfortable with buying those PMs because you decided you needed them- have you changed that opinion? It is fine asking for advice but the final decision will be made by you.

 

[abby normal]

Thanks. Been feeling pretty spooked the last few days. Well, not spooked exactly, but feeling a strong urging to get our ducks in a row, NOW.

I closed out my savings account yesterday. Trying to position myself for the next wave of hell that's coming.

I very much appreciate your insights

 

[abby normal]

If you truly believe that then why would you dump your only real money?
If you decide to sell just post what you have on this site.
Hindsight says you should have bought supplies before buying PMs but what has been done is done and no sense talking about the past. If you still have some cash then buy supplies with that first. Many people expect PMs to break out and rise soon but that is all just speculation just like your speculation of severe lockdowns. You have to do what YOU are comfortable with. Apparently you were comfortable with buying those PMs because you decided you needed them- have you changed that opinion? It is fine asking for advice but the final decision will be made by you.

I have supplies. But my kids can't eat PMs. This is my dilemma.

 

[hiwall]

I have supplies. But my kids can't eat PMs. This is my dilemma.

Look at other countries that had severe economic collapses. In every case there was always things available for sale but when currencies saw rapid devaluation those who had things like food for sale would only accept PMs or often the American Dollar. If the Dollar collpases that only leaves PMs to buy needed goods. If nothing is for sale then it doesn't matter if you have cash or PMs. You cannot eat PMs but always you can use them to buy/trade for food or other required supplies. If you are worried about feeding your kids then sell your PMs now and buy more food. If you are worried about something in the future then keep your PMs because they will ALWAYS have value.

 

[Hfcomms]

I have supplies. But my kids can't eat PMs. This is my dilemma.

But of course you realize you can’t eat paper or digital dollars either. The metals and FRN’s have one thing in common, they are both mediums of exchange. One is rapidly becoming worthless and the other is holding or gaining in purchasing power.

As in other nations when people reject the failing currency they turn back to the metals. That has been history past and no reason why that history won’t repeat.

I look at metals as my savings account and as a way to preserve spare wealth. But I wouldn’t even think of holding more than 100 ounces of silver until I had enough of the basics (food, water, shelter, energy etc) put away for an extended period of time.

Right now as has been discussed there are venues to exchange metal for fiat if you have to but in the future many more opportunities to do so. Proof is even current situations around the world. In Venezuela for example people that have silver are eating and don’t have to stand in line for doled out basics. In recent past history jews that had gold bribed the Nazi guards and bought their freedom.

I would part with my metals in an absolute dire emergency but I would exhaust every other avenue including plastic before I went that route but if course everyone has to do what they are most comfortable with and what they think best.

 

[20Gauge]

Are there other tradable items other than gold?

For instance 00buck?

How about a skill?

The possible list of items is endless.

Sure there are. Even wives and daughters, but we are trying to avoid doing that. That is why the discussion regarding PMs.....lol

 

[20Gauge]

Look at other countries that had severe economic collapses. In every case there was always things available for sale but when currencies saw rapid devaluation those who had things like food for sale would only accept PMs or often the American Dollar. If the Dollar collpases that only leaves PMs to buy needed goods. If nothing is for sale then it doesn't matter if you have cash or PMs. You cannot eat PMs but always you can use them to buy/trade for food or other required supplies. If you are worried about feeding your kids then sell your PMs now and buy more food. If you are worried about something in the future then keep your PMs because they will ALWAYS have value.

You have identified the first step into anarchy..... the loss of value of the fiat. That is the small window where PMs work and work decently.

After that it is violence or the threat of violence that is currency.

Later on a new currency is evolved. It usually is food / PMs / bullets etc.

Lastly it comes back to Fiat currency and the process starts once again.

 

[20Gauge]

But of course you realize you can’t eat paper or digital dollars either. The metals and FRN’s have one thing in common, they are both mediums of exchange. One is rapidly becoming worthless and the other is holding or gaining in purchasing power.

As in other nations when people reject the failing currency they turn back to the metals. That has been history past and no reason why that history won’t repeat.

I look at metals as my savings account and as a way to preserve spare wealth. But I wouldn’t even think of holding more than 100 ounces of silver until I had enough of the basics (food, water, shelter, energy etc) put away for an extended period of time.

Right now as has been discussed there are venues to exchange metal for fiat if you have to but in the future many more opportunities to do so. Proof is even current situations around the world. In Venezuela for example people that have silver are eating and don’t have to stand in line for doled out basics. In recent past history jews that had gold bribed the Nazi guards and bought their freedom.

I would part with my metals in an absolute dire emergency but I would exhaust every other avenue including plastic before I went that route but if course everyone has to do what they are most comfortable with and what they think best.

Agreed. We have about a year's worth of taxes in PMs. Not a heck of a lot, but I don't really try that hard to get a lot. Just enough for a bribe / taxes and then I am relying on the arms I have stored.

 

[CaryC]

I have supplies. But my kids can't eat PMs. This is my dilemma.

A lot depends on what you mean by "my kids".

IF they are truly children like less than 20, you can't eat PM's either. Meaning they are in the house with you most likely, and you will need to provide for you both. You can provide an uptick in provisions every week buy the stuff you eat, just get a couple of extra cans each week. If you're thinking about buying long term storage food, don't. At least not yet. Build a pantry, and stock for a year, rotate. You'd be surprise how fast that builds, and how much you will need.

If your "children" are over 20, it's their place to provide for themselves. Have a talk, explain, if they won't listen, it's on them. Not to be heartless, sure have some extra on hand. But total support could be out the window. They will need to grow up and understand what responsibility really is. My over 20 children are not going to live off of the money I work (or worked in my case) for. If they get in a bind, and need some temp help, everyone understands that, no problem, but to live off of, no way. Go find a bridge. That's not heartless, you're actually doing them more harm by letting them live off your income.

Lastly PM's preserve better than food, so in the long term, having PM's to pass on to them will be something they can use to trade for food. There will always be things you will have to buy, and in any down turn, PM's can get that for you.

 

[West]

I guess what I'm struggling with is, do I sell some now while I can, in order to buy goods that may not be available later?

Others have already said what I think.

But just add a muse....

To answer your question your self, first you need to realise the Fed dollar is a POS currency. It's just today's currency for the time being. First you should get the idea out of your head of selling PMs for FIAT/fed dollar, unless you absolutely have too, to pay must pay bills or keep you and yours healthy or alike.

If you sell now, you sell out and lose to the banksters.

But if later you can trade PMs to save your skin or kin, you won the lotto!

Jmho

 

[AuEagle]

Gold is over 1800 FRN's & Silver is approaching 19 FRN's as of this post.
If you absolutely need to sell some, prices are up.

 

[20Gauge]

A lot depends on what you mean by "my kids".

IF they are truly children like less than 20, you can't eat PM's either. Meaning they are in the house with you most likely, and you will need to provide for you both. You can provide an uptick in provisions every week buy the stuff you eat, just get a couple of extra cans each week. If you're thinking about buying long term storage food, don't. At least not yet. Build a pantry, and stock for a year, rotate. You'd be surprise how fast that builds, and how much you will need.

If your "children" are over 20, it's their place to provide for themselves. Have a talk, explain, if they won't listen, it's on them. Not to be heartless, sure have some extra on hand. But total support could be out the window. They will need to grow up and understand what responsibility really is. My over 20 children are not going to live off of the money I work (or worked in my case) for. If they get in a bind, and need some temp help, everyone understands that, no problem, but to live off of, no way. Go find a bridge. That's not heartless, you're actually doing them more harm by letting them live off your income.

Lastly PM's preserve better than food, so in the long term, having PM's to pass on to them will be something they can use to trade for food. There will always be things you will have to buy, and in any down turn, PM's can get that for you.

I was taking care of myself, food and all, since I was 15 years old. People are getting really soft.

 

[CaryC]

I was taking care of myself, food and all, since I was 15 years old. People are getting really soft.

Nothing wrong with that. 19 here.

 

[Firebird]

I am partial to junk silver, easily recognized and spendable

 

[Dennis Olson]

18 for me. Started by joining the USAF.

 

[Sub-Zero]

I have my money on a real shark-nado for August. Anyone want in?

 

[Dennis Olson]

 

[Sub-Zero]

I believe most people are looking at this wrong.

Dennis is correct; silver and gold are not an investment. If you own a retail gold/silver shop, then you are making money on the spread, and not as an investment. The faster they turn it over, the more income they make. Turn over is the key phrase.

If the economy does go sideways, and you barter for what you need to survive (i.e., spend down your supply), how long will your stock last? What will you do when it runs out?

If you have enough pm's to start with, you may wish to consider opening a barter shop. No pawning, just straight barter. You may be able to do it from your home, you may wish to start a secure flea market of sorts. That way, you can make return from the spread to keep yourself supplied. Think Barter Town from Mad Max, or the grocery store owner from Jericho.

One important thing to remember, though, is you must have adequate 24 hour security. Whatever that term means to you. You must protect your business, yourself, and you family members.

 

[Sub-Zero]

View attachment 207544

That's so weird that it could be Japanese.

 

[20Gauge]

That's so weird that it could be Japanese.

It's not?


Wow!

 

[GammaRat]

A couple observations:

1.

That's why I shifted away from gold - it concentrates too much value. Junk silver dimes seem to me as something that will be easier to 'spend' locally if it ever comes to that. YMMV of course.

If the shtf and you try to trade with me, I will value your "pre-1964 quarter" at exactly 25 cents! As will most people.

2.
19 They will fling their silver into the streets and their gold will become an abhorrent thing; their silver and their gold will not be able to deliver them in the day of the wrath of the Lord. They cannot satisfy their appetite nor can they fill their stomachs, for their iniquity has become an occasion of stumbling. Ezekiel 7:19

Read and attempt to understand the ramifications of this verse. This is a future event. Gold and Silver have never been worthless.