Thursday, September 04, 2008

Junk Silver Best Prices

See the Junk Silver Blog Here.

Gasoline prices are dropping. Which defies logic because of the hurricanes, increased driving with school starting, international problems and the host of other factors which cause gasoline prices to go UP rather than DOWN.

Same thing is happening with silver prices and namely what is happening in the junk silver aka pre-1964 U.S. silver coin market. (These coins have 90% silver content and thus are "real money". What's more, they are often found floating in the current money supply if you keep your eyes open).

Silver has been dropping the past month or so. My theory as to why? The economy, like it or not is staring to rebound. GDP was up and the economy is growing. When that happens, conservative investment demand, such as for precious metals, starts to drop. Investors may be putting their money into the stock and bond market hoping it will grow faster.

This means silver is down. Depressed? Hardly. This is one of those times you may want to consider taking advantage while the market is down. Most investors buy while a market is hot, pay too much and lose more later.

Not with silver and especially, junk silver. Find a good coin shop or precious metals dealer and purchase a few rolls of Mercury dimes and some Franklin quarters.

Click Here for the Junk Silver Blog.


Miserly Bastard said...

As a survival-minded person (yet apparently not a full blown nutcase), we appear to be of similar minds.

What's your recommended amount of face value in junk silver that you plan to accumulate? Guys like Jim Rawles recommend $1000 face per member of your family, which certainly seems like a lot (so much so that it causes storage problems).

What position size are you aiming for?

John said...

Jim (comma) Rawles seems like a real nice guy. But I agree with the too much silver thing. Here is why..

Let's say we have a real "Rawlesian" SHTF incident. Most likely, silver and gold will have value in week two or three of the Event (greenbacks week one). Then things will go out the window and "lead" will be the most valuable of metals.

Now, let's say we have a national Katrina moment. Very realistic these days. Most likely cash will rule for some time, possibly months. (forget plastic cards). Precious metals and tangible stuff will have value as a way to get more cash.

Most merchants have no idea how much 1 oz of gold is today and will be reluctant to take it in all but extreme instances.

Finally, $1000 face is 77lbs I think. That's nearly 400lbs in my family alone. Ain't no bugging happening with that much weight.

Thanks for continuing to read and for stopping by to comment.

John said...

BTW - original question. I shoot for what I can afford. That means $100 face purchases at a time in the form of dimes and quarters only.
That is the best I can do right now and is the most manageable for my finances.
I am shooting for the following:
$5000 cash on hand.
$100 per family member junk silver.
1 oz. gold per family member.

More important..
1 year food and basic preps on hand for full family.

Miserly Bastard said...

It's interesting that you're really looking at precious metals as a stopgap measure, with tangibles being the "real asset" that you're invested in.

We're in a totally different situation, because we're urban dwellers, with jobs that keep us here for the indefinite future. (We make tons of FRNs). So we live at ground zero for SHTF situations, AND we have limited storage. What we have a lot of surplus of, is FRNs.

So for us, PMs are a wealth preservation hedge. I'm looking to accumulate 250 oz gold minimum, somewhat undecided about how much silver (hence my post).

On the tangibles side, you do what you can do with limited storage. No way to accumulate 1 year of tangibles. We have a few weeks of MREs, water, etc. as well as limited outdoors equipment, but there's a limit to how much you can store. Also, there's a real question as to whether we'd be bugging out, or bugging in.

Got the weapons thing squared away, as much as you can living in NYC. I don't have an FN-FAL, but I've got a sufficient amount of weapons and ammo to last in an extended firefight. Ditto stuff like Interceptor vests (w/ plates), MICH helmets, NODs, etc. Plus extensive training with firearms. But let's get real: I have no desire to do the "Army of One" thing, in a really bad situation. We'd be OK in a Katrina situation, but pretty screwed in Mad Max.

Finally, I'm a bit light on FRNs. Used to keep about $5k on hand, but have spent it down to around $1k (all small bills), out of sheer laziness. Probably time to go to the bank and recharge the gangsta roll with some Benjamins.

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