Bought Silver, Food, Taking Money out of Bank

[Deborah K]

I'll wait till the riots start to get my food

Then you'll be a victim of food shortages. Either that, or you'll be spending an inordinate amount of time in line trying to buy food.

 

[thrillhouse]

I went to the coin shop yesterday and of course they were all out of ASE's. The guy was taking orders for $3 above spot and couldn't believe how many people were "stupid" enough to buy them for $3 over spot off him. I replied "Well with them goign for $20 a piece over the internet, I don't think its that crazy, I'll take a roll."

 

[haaaylee]

I went to the coin shop yesterday and of course they were all out of ASE's. The guy was taking orders for $3 above spot and couldn't believe how many people were "stupid" enough to buy them for $3 over spot off him. I replied "Well with them goign for $20 a piece over the internet, I don't think its that crazy, I'll take a roll."

who wants to explain to me what above spot means?

 

[gerryb]

who wants to explain to me what above spot means?

It's the premium that dealers or individuals charge above the "spot" price of silver. The spot price is determined by the futures market and is based on a contract for 5,000 troy ounces of silver. That's called the "paper" market, as there is counterparty risk that the person selling the contract doesn't have the silver to deliver (only about 1% of silver future contracts actually end up being delivered, the rest are settled with cash)

So, currently the spot price on the paper market is $10.20 . Most dealers online and in coin shops are now charging a $3-6 premium over that price, i.e. they will sell a physical coin for $13.20-16.20.

Normally spot prices are between 20 cents and $1 for generic bars and rounds, and between $1-2 for coins from a government mint. The physical market is no longer following the paper market...

 

[Danke]

I'll wait till the riots start to get my food

Me too. Seeing that I live in a very liberal neighborhood, every house with an Obama yard sign is my food pantry.

 

[Mini-Me]

Great for melting down for vampire slugs.

That shouldn't be necessary. Whenever I walk into a room, I check around for wooden objects that I can quickly break into jagged stakes.

Actually, though...I do have a question about buying gold and silver online: Hypothetically speaking, if the government ever decides to confiscate precious metals, couldn't they just check the records of apmex and similar companies to find out who to raid?

 

[Dave39168]

Actually, though...I do have a question about buying gold and silver online: Hypothetically speaking, if the government ever decides to confiscate precious metals, couldn't they just check the records of apmex and similar companies to find out who to raid?

Honestly, I was out on the lake fishing the other day... and just happened to have all my firearms and PMs in the boat with me when it capsized

Seriously though, that's why a lot of people prefer to do business with local shops than buy online. There are no local shops around here, so i have taken the risk and bought online.

 

[Mini-Me]

Honestly, I was out on the lake fishing the other day... and just happened to have all my firearms and PMs in the boat with me when it capsized

Seriously though, that's why a lot of people prefer to do business with local shops than buy online. There are no local shops around here, so i have taken the risk and bought online.

That's kind of what I figured. Still, I guess when it comes down to it, anyone posting on these boards will probably be among the first to be raided anyway.

 

[ClockwiseSpark]

That's kind of what I figured. Still, I guess when it comes down to it, anyone posting on these boards will probably be among the first to be raided anyway.

That's what I always figured. So be it.

 

[Mini-Me]

That's what I always figured. So be it.

I wish I could be as nonchalant about it as you.