Gold and Silver

[krw]

I seen where Costco sold $100Million of Gold bars the last quarter. Right now Spot on Gold is $2040ish and Silver is $24/oz. Depending whether it’s bullion coins or American Eagle’s, etc depends on how much you pay above Spot
Now here has always been my dilemma with precious metals. If I wanted to cash out in 3 days , and am wanting to sell 10oz Gold and 100 oz Silver; How much under Spot would I have to take?
In SW Arkansas You would get your plow cleaned!! How much can you sell precious metals for (related to Spot) in your area?

 

[wheelgun1958]

SW Arkansas You would get your plow cleaned!!

How much to change the oil?

 

[hittman]

Gold seems to have been at “historic highs” for as long as I can remember.
Shoulda bought some at $800 oz but of course I was raising a family then and didn’t have any money.

 

[rugerguy]

.....,...yep, don;t help at all when you need cash "now"..........

 

[Kevin]

I saw that too about Costco. How do they sell it? Do you actually get the physical gold?

They don’t sell gold in the stores do they?

Do they buy gold as well? They must from somewhere. But can a person walk into Costco and sell them gold?

(I’m not a Costco member)

 

[Joe Reilly]

Take your gold bar in and get a loaf of bread.

 

[arfmel]

If Costco sells it in the stores I have never seen it

 

[Mobuck]

Precious metals?? (at COSTCO no less??). I've never really understood how hoarding silver and gold made a profit. You have to sell something to make a profit otherwise, it's just an asset that increases or decreases in value. If things get tough, how are you going to sell the stuff if you don't have it in hand and if you have it in hand, how do you expect to find a buyer who won't rob you instead of pay you?
My Cousin is an auctioneer at a coin auction in Iowa. He reports the silver coin market is flat except for the rare collector type specimens.

 

[jimbo1096]

[h4]Written by Angela Roberts[/h4]
Oct 5, 2023
​

Regular readers of "Gold News and Views" know I like to stay up to date on the news. Lately, a particular story has made a splash because of its surprising nature. The membership-based retailer Costco is selling 1-oz. gold bars to its members on their website—and they're selling out within hours.
As someone who has spent many years in the precious metals industry, I can tell you that while this story may seem surprising at first, Costco's foray into gold makes perfect sense given the state of our economy and the precious metal's rising popularity. More importantly, this new entrant into the gold market could turn out to be very good for gold owners.
[h2]According to our President, former U.S. Mint Director Philip N. Diehl, big-box retailers selling gold may be a sign of a growing market for private precious metals ownership.[/h2]

 

[Bear Paw Jack]

I went through a period where I bought silver. Then I read a little book called “One Second After” and in tough times when you might need money, people would probably want something else. It just doesn’t make sense to me. I’d rather collect ammo.

 

[arky65]

I seen where Costco sold $100Million of Gold bars the last quarter. Right now Spot on Gold is $2040ish and Silver is $24/oz. Depending whether it's bullion coins or American Eagle's, etc depends on how much you pay above Spot
Now here has always been my dilemma with precious metals. If I wanted to cash out in 3 days , and am wanting to sell 10oz Gold and 100 oz Silver; How much under Spot would I have to take?
In SW Arkansas You would get your plow cleaned!! How much can you sell precious metals for (related to Spot) in your area?

Call NWA Gold & Silver in Hot Springs (501) 520-5550

I have no affiliation but have bought and sold to them in the past.

 

[epags]

FWIW, travel with me back to 1992(ish),
My future spouse would fly Air Canada from Ontario, Canada to the west coast of the USA to visit. Air Canada gave frequent flyers a 1/4 oz Canadian gold coin.
She gave me one which I still carry in my wallet.....It is now worth over $500.
NOTE: She (the spouse, not the coin) is worth much more than that, of course, to me.

 

[Bad Barlow]

Last week I sold silver at $22.81 TROY ounce,to buy a guess what(gun).
I'm happy.
I paid about $18.
50 / oz for it .

 

[KIR]

There are several ways to invest your dinars. Don't put all your eggs in one basket though. Real Estate, stocks, mutual funds, gold/silver/precious metals, art, collectables... Hold onto it long enough and your offspring will profit from it, not necessarily you...

 

[krw]

Last week I sold silver at $22.81 TROY ounce,to buy a guess what(gun).
I'm happy.
I paid about $18.
50 / oz for it .

I think You hit a HomeRun selling for that!! I presume’n you were selling ASE’s?

 

[Mobuck]

Again, real estate 'investments' are of no value unless/until sold. In the typical SHTF scenario, that means WORTHLESS.
Stocks and bonds?? Also WORTHLESS in a real an immediate emergency.

 

[ole442]

Gold, silver and lead will ultimately outshine paper money IMO!

Freeze dried long term storage food and properly stored amounts of gasoline are high priority in the short term! These two you might not want to trade but, if it helps you outlast others it’s priceless!

At a point you’ll not want to trade with ruthless survivors and remote land then becomes a highly prized commodity!

 

[jims]

Yesterday a dealer paid $1970 for 1 ounce of .9999 gold.

 

[Bad Barlow]

I think You hit a HomeRun selling for that!! I presume'n you were selling ASE's?

I think ASEs would get a bit more, this was Mexican .999 billion

 

[6GUNSONLY]

I'm pretty heavily invested in precious metals - brass, copper, and lead.

 

[Kevin]

Again, real estate 'investments' are of no value unless/until sold. In the typical SHTF scenario, that means WORTHLESS.
Stocks and bonds?? Also WORTHLESS in a real an immediate emergency.

Yes, you’re correct, but then in a true collapse of the economy;cash will be worthless, and so will any other form of currency.

But that’s a mighty big IF. And I just don’t see the economy going down that far fast enough.

 

[GypsmJim]

I thought about buying gold and silver awhile back, so I did some research. First off, with fees and commissions for buying AND selling, the price would have to go up 20% just to break even.

My purpose was not to invest (i.e., make a profit), but rather to have something of value when the SHTF. But then again, in that scenario, what value would it have?

 

[Star43]

Precious metals?? (at COSTCO no less??). I've never really understood how hoarding silver and gold made a profit. You have to sell something to make a profit otherwise, it's just an asset that increases or decreases in value. If things get tough, how are you going to sell the stuff if you don't have it in hand and if you have it in hand, how do you expect to find a buyer who won't rob you instead of pay you?
My Cousin is an auctioneer at a coin auction in Iowa. He reports the silver coin market is flat except for the rare collector type specimens.

To me it's not about making a profit, it's about if the dollar went completely down and became worthless....that's where silver comes in. NOT gold. With silver and small increments of silver you can buy or barter for any basic needs. It was mentioned earlier about trying to buy a loaf of bread with gold. Very true. That won't work with gold. That is why I don't see a need for any gold. But silver will always have a place as being real money......and don't pay high premiums for the fancy American Eagles. They are pretty to look at but when the poop hits the fan, Silver will be the way to go. Buy silver at little or no premium and that is the true money to have if necessary. JMO.

 

[Pathfinder36]

I'm pretty heavily invested in precious metals - brass, copper, and lead.

What's lead worth these days? I still have a couple hundred pounds of it.

 

[Star43]

What's lead worth these days? I still have a couple hundred pounds of it.

Yes, Ammo is a must for the self defense of you and your family. A definite must.....but don't trade your ammo.....for bartering and everyday needs, if the time came.....small increments of silver is the to way to go. Even today, there are a couple of places I am told, in LA, that the shop keepers will gladly take your silver in exchange for their groceries or other goods. They go by the "spot price" and go from there....and gladly do it !!!

 

[Joe Chartreuse]

I have been buying and selling physical metals for years. There are 3 options for you:

1) go to your local jewelry store or buyer. They will try for a 15-20% under spot, but you can haggle most of them down to maybe 10% under, because they will re-sell it and get profit from the other end.

2) Take it to the closest pawn shop. They will give you closest to spot- maybe 5-7 % under, maybe right at spot.

3) These days if you have the time, E-Bay is where the big money is at. Not sure if it's preppers or just fear in general, but people are PAYING ( Not just asking) 60, 70, 80,%- or even double. Example: Valcambi silver combi-bars. These are 100 gram bars that can be broken into 1 gram bars, each stamped. Today, 1 gram of silver spot price is 78 cents, making the bar worth $78.00. Average sale price is $140-$150. 1 oz gold bars aren't too bad, at around $2150, but smaller denominations like grams, which are at around 65.50 spot today go for $80 +. The small denominations are getting more popular for preppers ( to use as currency) as well as small investors, and are being price accordingly.

Hope that helps...

 

[Joe Chartreuse]

Precious metals?? (at COSTCO no less??). I've never really understood how hoarding silver and gold made a profit. You have to sell something to make a profit otherwise, it's just an asset that increases or decreases in value. If things get tough, how are you going to sell the stuff if you don't have it in hand and if you have it in hand, how do you expect to find a buyer who won't rob you instead of pay you?
My Cousin is an auctioneer at a coin auction in Iowa. He reports the silver coin market is flat except for the rare collector type specimens.

It's not really for profit- or at least it hasn't been. It used to be a hedge for inflation, so while a dollar's buying power went down, gold held it's value. If you sold it, you would get more dollars to make up for the paper's lesser value. However, at least in the last 3 years, gold and silver vendors have been charging super high premiums to the point where, one might never really get their money back. NOT a good time to buy at all. BTW- despite what the sellers say, being an actual coin does not really ass any real value to the metal, unless the coin is rare in it's own right.

 

[Joe Chartreuse]

I went through a period where I bought silver. Then I read a little book called "One Second After" and in tough times when you might need money, people would probably want something else. It just doesn't make sense to me. I'd rather collect ammo.

Gold and silver stockpiling does make sense, but only under certain conditions:

1) An economic crash. If it is expected to get better in the short term, ( up to a year or so) these metals can still be used as currency. If longer term, then think about barter instead ( booze will probably become the number one barter material)

2) AFTER a very long time to the point where barter has become the norm, currency will eventually come back, for the same reason it was invented- convenience. Easier to work with and carry than wagon loads of heavy barter materials, yet can be exchanged for them. With no government in which to put any trust, it will be metal, not paper.

 

[xtratoy]

I've bought a few silver coins over the last 15 years . As of today that investment is upside down, worth less than i paid for it. And the cash i have on hand is basically worthless since what i would like to buy has been outlawed in my state or just unavailable. That and inflation makes it more expensive than i want to spend.

 

[Boxhead]

Again, real estate 'investments' are of no value unless/until sold. In the typical SHTF scenario, that means WORTHLESS.
Stocks and bonds?? Also WORTHLESS in a real an immediate emergency.

Bullchit. I can sell my stocks/bonds, etc., in two days at most.