Tuesday, April 21, 2009

Silver Coins

I went to one of the larger flea markets on Sunday, and there was a lady selling silver rounds. That's a 1 troy ounce of silver coin. She was busy, and when I got her attention, I asked the price. Now silver closed at ~$13 an ounce or so on Friday so I was floored when she said $22.50 each.

Now far be it from me to begrudge someone a profit, I was expecting $15 each, not $22.50! So I told her loudly that spot silver closed at $13 bucks on Friday, and loudly asked her why she was jacking up her price. She replied she paid $20 an ounce and was just making a small profit.

I left and so did all her other customers. HA! I'm not paying for anyone else's stupidity. Just goes to show - buyer beware! I already have some silver, but it's worth it to get some more. While I have the extra cash it's a good investment. I won't make any money with it, well not exactly. The silver and gold will hold it's value to other goods and services while the dollar spirals up or down in an inflationary or delfationary death spiral.

I'd like to follow FerFal's suggestion of buying gold chains for wealth preservation and easy transportation, but I'm a complete noobie when it comes to gold. For now I'll buy up some more silver.

If you have some extra cash, I'm going to suggest having some silver and gold, but if your still stocking up on food or ammo, get that squared away first. Long before you worry about barter items.

1 comment:

hotdogjam said...

Hey, I'd suggest buying from ebay. That's the most natural competitive market that there is.

Do it late at night when others aren't driving up your bid price.

Watch some items for a while to get the hang of it.

Bid at the last second.

I like rolls of pre-65 quarters.

Don't forget to calculate in shipping.

There are 715.151 ounces of silver in $1,000 face value of pre-65 silver coins, 71.51 in $100 face, 7.151 in $10 face value.

So $10 in pre-65 silver coins (roll of quarters) has 7.151 ounces of silver so if you can pay $100 or $110 for a roll of quarters you ain't doing too bad. ($100/7.151 = $14 an ounce).

Even a larger premium on silver eagles. For those you are paying at least $20 an ounce.

BTW how is the garden doing? All of my greens and radishes are coming up, but nothing from the peas.

Abraham