I remember in the early 1990s when gold was $300 an ounce
and silver was five bucks an ounce.
and silver was five bucks an ounce.
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Gold at $10000 per ounce?
- Thread starter moosensquirrel
- Start date
Yes: the USD today is a note, an IOU with an expiration date written in invisible ink. While panic, supply and demand effect the price of physical metal, currency inflation is the underlying cause of the USD demise. Trump just created $12T in new currency units, most of which is circulating in the stock market or keeping banks afloat. Remember also that for every USD resident in the USSA, there are eight (8) of them overseas and when it finally hits that the USD is worthless, those dollars will come home seeking anything of value.
Yes: it was a good time to back up the truck.
In the 92-93 range under the Clinton dynasty, I bought 10 bricks of Winchester wildcat .22LR that still bare the price tag on each brick: $4.75.
Today it is difficult to get a brick of quality .22LR for less than $50
I think I was in junior high school when Nixon scrapped the fixed price for gold in the US. A friend bet me $20 (a lot for an 11 year old) that it would never go over $100 an ounce... It took a couple of years but I collected on that bet before I made it to high school.
An ounce of gold has always been worth about a nice rifle or handgun, before the plastic crap. Still is.
If gold "goes to 10,000 an ounce", that means your buying power is in the crapper if you are paying with FRNs. What do you expect when the gov't is giving away 3400 bucks to a family of 4 for doing.......not a cotton picking thing.
If gold "goes to 10,000 an ounce", that means your buying power is in the crapper if you are paying with FRNs. What do you expect when the gov't is giving away 3400 bucks to a family of 4 for doing.......not a cotton picking thing.
The biggest problem I see in stacking physical gold and silver is how to sell it. When I buy Amazon or Apple stocks I can sell M-F during market hours at spot instantly with a click on a keyboard or a call to a broker. No premiums, no discounts just a small transaction fee. VERY SMALL as a percentage of the sell.
When I buy Silver eagles I can go on SD bullion and pay their asking price of $3487 for a mini monster box which is 100 eagles so $34.87 each . Silver currently is 22.87/oz. so that is a significant premium to make the coin etc.
So lets say I did that months or years ago and now I am sitting on a positive equity and want to SELL my box of 100 or 500 silver eagles. Where do I sell them? Who pays me a 12$/oz premium over spot? My guess is nobody will. So now my gain has to be way more than 12/oz because I may have to sell at spot of 5-7$/oz above spot.
Its just not an easy transaction and if the buyer is not local I have to pay for shipping or the buyer does. So how do I navigate this and what are all of you sellers doing to minimize the spread loss?
When I buy Silver eagles I can go on SD bullion and pay their asking price of $3487 for a mini monster box which is 100 eagles so $34.87 each . Silver currently is 22.87/oz. so that is a significant premium to make the coin etc.
So lets say I did that months or years ago and now I am sitting on a positive equity and want to SELL my box of 100 or 500 silver eagles. Where do I sell them? Who pays me a 12$/oz premium over spot? My guess is nobody will. So now my gain has to be way more than 12/oz because I may have to sell at spot of 5-7$/oz above spot.
Its just not an easy transaction and if the buyer is not local I have to pay for shipping or the buyer does. So how do I navigate this and what are all of you sellers doing to minimize the spread loss?
Can't speak for anyone else, but (some) online retailers list their buyback prices so i set my value based on that. For example, jm bullion has their buyback for random year ASE at 27.99 per coin, and selling 100 of them for 32.77 per coin, so I'd be trying to get somewhere in between (2799 and 3277) in a private sale. They're also apparently out of stock, so it'd be possible to aim a little higher.
Bear in mind that one should not buy physical gold or silver to sell for a profit: one buys it because of it's 6000 year history as a store of value. It will always have inherent value that is beyond government reach and no counter-party risk. Many, in 1979 bought physical silver at $26.60/oz. To break even on the purchasing power they have lost in terms of fiat USD, silver will have go to $125/oz or so.
If profit in fiat USD is all one is after, greater gains (and losses) can be had in the various scams..I mean markets and liquidated quickly.
If profit in fiat USD is all one is after, greater gains (and losses) can be had in the various scams..I mean markets and liquidated quickly.
So when biden outlaws gold& silver what happens?
Gold was in the $265 range in 99
