Anybody else buying some silver or gold?

[riptrack44]

In this age of economic uncertainty, is anyone else using some of their disposable cash and buying some precious metals? Could very easily be a 'fools errand' but, our paper money is only backed by a promise and presently it's being printed and spent by the trillions. Serious inflation or worse, hyper-inflation, is not out of the question of reality. Other countries are being very jittery regarding the US dollar. Just curious.

 

[riptrack44]

In this age of economic uncertainty, is anyone else using some of their disposable cash and buying some precious metals? Could very easily be a 'fools errand' but, our paper money is only backed by a promise and presently it's being printed and spent by the trillions. Serious inflation or worse, hyper-inflation, is not out of the question of reality. Other countries are being very jittery regarding the US dollar. Just curious.

 

[walnutred]

Not really, if the Dollar collapses I figure the Feds will make owning gold illegal like they did in the Great Depression. I sold what few silver coins and scrap gold I'd accumulated last year and invested in primers and 22LR ammo.

 

[rburg]

Its a little late and the price of gold a bit high for that. The horse has left the barn, close the door if it makes you feel good. There are a number of ways to buy gold and silver, most better than buying coins on the commercial market. Gold is best bought as scrap, in the form of old rings and jewelry. The problem being you'd better be good at math and guessing weight.

Silver is bought at yard sales and flea markets in the form of eating utensils marked "Sterling." Silverplate is worthless. My wife is drawn to yard sales with buckets and piles of old forks and spoons (knives are too hard to guess.) She's found them as cheap as 25 cents each. Most forks weigh nearly an ounce!

I've bought some Mexican silver coins, but they were cheap and didn't contain a full ounce of silver, or anywhere near it. They are like the Kennedy half dollars.

 

[bk43]

I heard Warren Buffet answer this very question a few weeks ago. Said he had no interest in either metal as they are not capable of producing anything of value. They just sit there and gobble up insurance and storage fees. He'd rather have a good solid company that is making money even if its stock is currently down.

I have found it best to not disagree with people of his caliber and just go along.

Bob

 

[DCWilson]

The only precious metal I own or am interested in owning has been crafted by Smith & Wesson.

DW

 

[ladder13]

Wanna bet Warren has some precious metal stashed away? I don't believe anything these people(pundits,financial gurus) say anymore, they've been lying for decades. Just look what happened to everyones 401K's and investments.The stock market is truly a casino, maunipulated by the bosses.
I have some Berkshire Class B stock, it's taken a beating. Maybe Warren don't know as much as he thinks he does.

 

[Andy Griffith]

I'd suggest some more useful base metals, such as lead or copper.

Clearly, the Chinese must think there is something to copper, since they're buying all they can find!

Lead, you can make into...um...soldiers.

Copper is the most useful metal, but obtaining it is not as easy as lead.

Metallico/Mayco Industries told me once that they would deliver pure lead free so long as quantities were above one ton (since I live within a certain distance and they deliver up here anyway).

 

[bk43]

Mike, I don't know what, if anything, Buffet has stashed away secretly. I think over half of his portfolio is still only four stocks, Coca-Cola, P&G, Burlington Northern and Wells Fargo. I see where he and Bill Gates are both down somewhere around 40 billion now. Poor bastards, they must be miserable.

Bob

 

[feralmerril]

I lost my butt buying silver when it peaked then fell back around 1982. I had just started investing outside the IRAs and 401K, just had got married the 1st time and it was probley one of the most critical times of my life. I think I lost about $15,000s! That would translate at about $50,000 now? Makes my eyes water thinking about it again. Thanks!

 

[H Richard]

I'm more incline to buy lead & copper, sitting in brass containers holding an assortment of different powders.

 

[IRON LEG]

I tryed to buy some Gold Bullion right after things went to hell. Nobody semed to have any, the big boys got to it first, I guess. I don't recomend Gold Coins. Leave that to coin collectors.

 

[nicky4968]

If you're buying, then someone is selling.
If it's such treasure, why is the someone selling?
I'm not rich by any means. My 401 is gone. Besides my profession, what little I have is in oil, cattle, and wheat. (I don't pump anything, feed anything, or grow anything).
I won't get rich, but I think these three are a safer investment than metals.
But I'm not a billionaire, so what do I know.

 

[Hermann]

Originally posted by DCWilson:
The only precious metal I own or am interested in owning has been crafted by Smith & Wesson.

DW

+ 1000!!!

 

[riptrack44]

Gold bullion per troy ounce sold for $675.00 in 1980. Adjusted for inflation, in 2008, at that same price, gold bullion would be $1,741.70 per troy ounce today as opposed to $908.60. It took Reagan to finally get inflation under control. With the out of control spending currently happening, is there another Reagan in the wings? Historically, inflation follows massive government spending.

 

[toroflow1]

Instead of precious metals, I invest in pre MIM/lock S&Ws and old Winchester lever actions. When any of these are "bought right", you are guaranteed to not only have a "store of value", but something that will increase in value as time goes on. I cannot control the manipulations of, nor do I know enough about precious metals to invest with great confidence. I do have a bit of the stuff, but not alot.

 

[acl864]

Copper is the most useful metal, but obtaining it is not as easy as lead.

QUOTE]

Copper is one of the easiest base metals to obtain. Pre-1982 US Lincoln Cents are 95% copper. At current copper values they contain $.0130855 worth of copper. If you get 1000 pennies at the bank on average about 20% of them will be pre-1982 coppers. It is currently illegal to melt them. Many folks are saving the pre-1982's anyway.

 

[Andy Griffith]

Originally posted by acl864:

Copper is the most useful metal, but obtaining it is not as easy as lead.

QUOTE]

Copper is one of the easiest base metals to obtain. Pre-1982 US Lincoln Cents are 95% copper. At current copper values they contain $.0130855 worth of copper. If you get 1000 pennies at the bank on average about 20% of them will be pre-1982 coppers. It is currently illegal to melt them. Many folks are saving the pre-1982's anyway.

When I said that, I mean in "lump" form- from a bulk supplier.

However, I believe that melting or defacing them while they are deemed "legal tender" or "currently circulating"- whether U.S. currency or coin, or that of a foreign country is illegal.

So...I suppose I can't melt Canadian cents, because they do "circulate" as "currency" within the U.S.

 

[pharmer]

Not me. I've had this doorstop since 1981. Paid $760 (with the $40 assay fee). 28 years later and it's about double. I could have bought 3 NIB N-frames. Beside the pleasure they would have afforded, they'd be worth a lot more. Joe

 

[ChinaSeaSailor]

I collect Silver Rounds - bought a tube of these and they have SKYROCKETED since -