When I buy gold or silver I buy and hold.
But that story coming out of Europe should be a cautionary tale for everyone.
For those of you who don't buy and hold, what is the best method you've found for converting your gold or silver to FRNs when you need to pay for something (assuming your creditor won't accept Silver/gold) How do you get around the several percentage points of loss endured from the broker who takes a cut every time, whether you are buying into metal or selling out?
Thanks.
If I knew a way to do this I'd let you folks pay for everything at IIIGear via metal, if we can find a way to limit the losses during conversions.
Here's the story.
Take it seriously folks - one day in the near future you'll swipe that card and all of your digital "money" will simply be gone...
Kerodin
III
I have done 2 different things, both with success.
ReplyDelete1) I have sold the metals on eBay. I don't do this if I'm in a hurry.
2) I just write in a blog post that I have some metal I want to sell, and I take offers.
I have never had the slightest problem with either method.
You should have a section on your site or they should have it on here where you could buy or sell for spot with other patriots...
DeleteI second the method cited by Kent and Lineman. It works for both buyers and sellers.
DeleteI have had folks who needed cash, and I soon as I said I'd pay spot at that day's NY close, we had a win-win deal.
Also, along these lines, could the Citadel or one of its principals "become" a precious metals dealer as part of the program? Guns, Ground, Gold & Silver? Citadel could Exchange Patriot gold and silver for products and resell PM's(with the fair spread/mark-up of course) back to the general public or back into the fold? In these times that would seem to be a money maker for progress. Idaho has no sales tax at all on PM's instate and of course out of state sales (mail order) are exempt as well. The key is to get your precious metals AT or slightly below spot (the exchange for product) and then resell PM's with the slight premium. Citadel PM Trading Vault, LLC has a nice ring of Strength to it, does it not?
DeleteAmen Brother...Sounds like you understand what I am laying down...
DeleteHey, thanks for letting "Name, URL" back on. The Cyprus thing is HUGE. I see they delayed the final vote, maybe to take some ammo inventory. Either way, the time is upon us. "Stability levy"---how funny is that?
ReplyDeleteYou can throw out most jewelers and nearly all the "Buying Gold Now" guys. Just use a reputable dealer, the bigger the better. One guy I know pays (for gold) 3% under spot and sells for 3% over spot, period. No way you should have to deal with more than a 5% discount or premium IMO. There's reason to suspect selling PMs will get much easier in the future, owing to demand...but there are questions about India passing some laws. That could be big because Indians are about the largest individual purchasers of gold.
Also, the premiums for eagles (and maple leafs and other Govco mintages) can change rapidly, so that can be an additional problem. I figure .999 is .999 as long as it's legitimate, and Englehard and Johnson & Matthey are as reputable as any government. I've never had the least problem with Englehards but since I've been broke for a while, I've only been a seller the last couple years. Worse, now I got almost nothing to sell!
Like Jim said your local coin shop is your best bet...dicker. Presently I'm in a buy/hold pattern.
ReplyDeleteEvery local shop I have been in want to rape you compared to the big companies...
DeleteI've got a few Morgans, Peace and Eagles saved up and few commeritives. Of course the Morgan, peace and comm. are 90% silver and the eagles are .999 silver I always wanted to know where I can take them and get the most cash. Of course they have value in two ways. Silver value and numismatic value. So how do I get my best value?
ReplyDeletePapa Mike
III
They should have a section on here or the citadel site that you could buy or sell silver and gold with other patriots...
DeleteBad news, good news on those Morgans PM. Except for rare dates and/or super-high grades, they carry no numismatic value---.77 oz silver and that's it, especially when you try to sell 'em. There were hundreds of millions minted; it's an interesting story.
ReplyDeleteOTOH when all the currencies collapse (maybe tomorrow!), they'll be worth whatever individuals say they're worth. Personally I've been a sucker for them; I think they're pretty cool.
I have always worked with www.golddealer.com I have bought and sold from them for 10 year and always had good luck...If you need to sell some though I would just post them on here and you will get more than through a dealer I guarantee it....
ReplyDeleteI keep silver reserves on hand versus cash. At some point I know the fiat dollar will collapse, yes the silver bullion & .999oz coins may drop as well, but not to zero like I suspect the dollar will.
ReplyDeleteI've found that in 40 years, nothing hold its value & is as easy to liquidate as quality firearms & ammo.
I hold nickels or my cash supply that way if the dollar collapses or hyperinflation hits I still have the metal value...Also if they knock off a zero like every country that has hyperinflation your nickel just went up 10 times in value since coins don't change...
DeleteI've been buying and refining for 18 years now. Mostly scrap gold from a few pawn brokers and some panned gold out of creeks and mines of N. GA. Currently I pay between 90 and 93% for these items. I will buy silver eagles at $1 under spot and buy ungraded silver coins at 5% under spot. Gold coins I can dicker on with patriots. The unfortunate thing is that FRNs are still the preferred currency in dealing with most retail outlets so I have to make a small profit or will soon be out of business. I'd be willing to discuss any ideas any patriots might have. I intend to be in NC next month at the congress. My e address is on my mostly quiet (for a couple of months now) due to security concerns) blog http.redhillkudzu.blogspot.com . Send me a note or request contact from me in these comments and we'll discuss.
ReplyDeleteThe point is not to make money off your fellow patriot what your suggesting is just like every other dealer.. Why would I sell or buy from you when your tying to make money off of me...Selling it at spot is how patriots should do it that way we both come out ahead....By the way your ripping people off with your dollar under spot for eagles..
Deletelineman- If both parties agree to the sale/trade, no one is getting ripped off- both gain from their perspective. Sometimes I value some FRNs more than I value the silver I have. If the price someone offers me for my silver is lower than I am willing to accept, I decline. Other times I value more silver more than I value the FRNs I have. If someone is asking more for their silver than I am willing to pay, they keep their silver and I keep my FRNs. Profit is not wrong- it's what drives trade. I don't want to trade with someone who is doing it for other "altruistic" reasons- I like things settled and above-board. I'm not into the whole socialism thing where people do things for the good of the collective. If someone is making a profit (from their perspective) by trading with me, they'll want to make sure I am a happy customer so that I will come back again. I like that.
DeleteYea and selling and buying at spot price is fair for both parties you only need a mark up or down when that's your source of income...If it is your source of income then you have to play in that realm where the big boys play and there price will beat your prices...I just suggested a place where patriots could trade without anyone making money off of them...If you don't realize what's fair on mark up and down then someone could make a profit off your ignorance and you maybe happy til someone or something down the road wakes you up to the fact you got robbed but its too late then....Tell me how spot is not fair where you both get a great deal...All dealers mark up or down and if that's the only place to get it then you look for the best deal...I was just stating it would be nice to have a place to buy without the mark ups or downs....If you want to discuss it further my email is lineman19@Gmail.com...
DeleteThanks, Kent. I happen to agree with lineman that a buck under for eagles sounds lean, but that's kinda trivial. I wish your flags weren't 35 bucks too, but I'm still looking forward to getting one when I have the dough. I never could be offended at what another guy charges; there's always, "No."
DeletePersonally I wouldn't care to deal with anyone who doesn't seek a profit, at least not in any business or trade. If we really want a world of Charities, we can join the Parties, right? Look what a wonderful society they've all made.
Me, gimme someone who's doing it for himself and his. That way, he'll understand why I'm doing it, and maybe we can work together.
"Why would I sell or buy from you when your tying to make money off of me"
DeleteBecause otherwise you don't know why the hell he's doing it. The pols are doing it to make your life better...you buy that?
Plus, it's critical to understand that BOTH PARTIES ALWAYS BENEFIT IN ANY PROFITABLE TRADE. When you buy milk at a store, you'd rather have the milk than the money and the shopkeeper prefers to have the money more than the milk---each for your own reasons. You earned the money easier than you could've made the milk, and he got the milk easier (for him) than you worked getting the money.
That's all. Liberty is the principle that each guy gets to act on his own reasons, with no physical interference from anyone else.
You seem to not understand what I'm saying...This is buying and selling between patriots...If I am trying to profit by selling you something that's less at another store where do you think your going to buy it...But if I'm selling you something that's less expensive than everywhere else but its more than I would get selling it to a dealer then we both profit by it...Which selling or buying at spot does that...Does that help you, Kent, and Kdzu understand...
DeleteI've been buying, refining scrap gold and silver for 18 yrs. Small individual, doing what I can in mostly NE GA. I've been buying mostly from pawnshops and a few individuals, some with raw gold out of creeks and rivers around here in GA and few other states. I've been paying lately between 90 and 93% for gold and slightly less for silver scrap. Bullion products I can go higher on. For members of this group I will do better. Would love to discuss with anyone here. Will be in NC in April for the Congress. Have a few ideas of how to pay closer to spot for patriots and maybe start a retail outlet of some kind to do swaps @ spot or very nearly. Love to communicate with any of you on ideas. kdzu at whiten.creek2@yahoo.com
ReplyDeletethe ptb have already done the math to attempt the levy here, 26% of every account. cyprus is a test case for the brussels banking consortium to see how it goes, before taking it euro. if things don't come off the hinges, bet the regime will follow suit here. this initially strengthens the dollar, before collapsing it. cash will be king for a month or two after. then they will reopen the banks and the spiral will begin. good luck.
ReplyDeleteThanks Kent. I couldn't have said it half as well.
ReplyDeleteIt would help if you read the article one of his questions was how do you sell without a dealers cut...Kerodin email me what you have and I will see if I can round up the money and buy from you at spot...
ReplyDelete