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Educate me!

Buddy of mine was trying to buy discount gold ten years ago when it went through the roof. He went to some little war torn country in West Africa and tried to cut a deal with the folks who were mining it, thinking he would bring it back to Atlanta and make a big spread. To make a long story less long...he wired 100k to a bank and then flew over there to try and do a deal.
The bank president told him he couldn't withdraw his money with out having a corporation in that country. He had to fly back to Atlanta and hire the folks necessary to establish a corporation over there, which took a bit of doing. He then flew back to withdraw his cash, which the bank gladly did after charging him a $5,000 fee to do so. He then walked out of the bank with 95k in cash in his briefcase, jumped in a cab and went strait to the airport and back home. I couldn't believe there wasn't some thugs waiting outside the bank to rob him. I was sure the bank folks would have tipped someone off that this American was going to be walking out the door with 95k in cash. He was lucky to make it home.
 
I don't know the "percentage over spot" that I paid for a 10 oz. silver bar a dozen years ago, but it wasn't all that much. It was worth it to be able to buy the item at a retail store, anonymously for cash, and take it home.
If you want to invest in silver at almost spot prices, you won't get physical silver to take home.
You'll get an electronic receipt saying you've "purchased" what are basically shares of that commodity.
But no actual silver bars or coins change hands. It's just digital numbers on some computer ledger.
 
Buddy of mine was trying to buy discount gold ten years ago when it went through the roof. He went to some little war torn country in West Africa and tried to cut a deal with the folks who were mining it, thinking he would bring it back to Atlanta and make a big spread. To make a long story less long...he wired 100k to a bank and then flew over there to try and do a deal.
The bank president told him he couldn't withdraw his money with out having a corporation in that country. He had to fly back to Atlanta and hire the folks necessary to establish a corporation over there, which took a bit of doing. He then flew back to withdraw his cash, which the bank gladly did after charging him a $5,000 fee to do so. He then walked out of the bank with 95k in cash in his briefcase, jumped in a cab and went strait to the airport and back home. I couldn't believe there wasn't some thugs waiting outside the bank to rob him. I was sure the bank folks would have tipped someone off that this American was going to be walking out the door with 95k in cash. He was lucky to make it home.

That sounds like something Y””i would do lol! I don’t want to mention names but you know who I’m thinking of!
 
No it was a south African friend, as for Y""i...he's now hooked on Meth...had lunch with one of his other friends two weeks ago who filled me in on his situation...not good..
 
No it was a south African friend, as for Y""i...he's now hooked on Meth...had lunch with one of his other friends two weeks ago who filled me in on his situation...not good..

Wow! He has fallen a looooong way! That is a horrible!!
 
I don't know the "percentage over spot" that I paid for a 10 oz. silver bar a dozen years ago, but it wasn't all that much. It was worth it to be able to buy the item at a retail store, anonymously for cash, and take it home.
If you want to invest in silver at almost spot prices, you won't get physical silver to take home.
You'll get an electronic receipt saying you've "purchased" what are basically shares of that commodity.
But no actual silver bars or coins change hands. It's just digital numbers on some computer ledger.
There 100+ claims on 1 physical troy ounce of silver and over 200 on 1 Toz of gold. If you do not hold, you do not own it.
 
There 100+ claims on 1 physical troy ounce of silver and over 200 on 1 Toz of gold. If you do not hold, you do not own it.
Plain stupid not to hold. I am in the metals market for long term and do not buy to sell, unless the economy tanks and then maybe sell or trade a little at a time and the balance for startup capital for myself or grandchildren.

When SHTF, people that do not hold metals, will never see metals, gold and silver anyway.

Holding paper on gold of silver would be like holding paper on ammo in a collapse.
 
If you want to buy silver at spot, then start haunting estate sales and auctions. Sterling silver dinnerware and jewelry will sell at spot - but then you have to be aware of any buyer's premium and sales taxes.

It's sad, but right now there is no premium on any old sterling that's not a bona fide "high end maker", which causes problems for the sellers, because they think that it should be worth more than scrap because it's antique and in good condition.

Then you have to throw in the value of your time - how much is worth to sit through a 3 hour auction to buy a few hundred dollars worth of silver?
 
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