Buying silver

[mousegunner]

Where would you go in Chattanooga to buy $10,000 worth of silver bullion?

[TripleDigitRide]

Have you contacted Scenic City Coin & Jewelry?

[mousegunner]

I haven't looked anywhere, yet. I'm doing some research right now. Thanks for your suggestion.

[nightrunner]

hit the lotto? LOL

[mousegunner]

Nope, no lotto! Just thinking about how to deal with inflation, which I believe is ready to hit pretty big time in the next couple of years.

[Guest Revelator]

I'm going to take a wild guess here and say you're a Survival Blog reader. Rawles recommends about that much per person for when the dollar tanks. I bought some pre '65 coinage from ebay (not 10 g's worth) and it all in all it was a good deal, but for next time I'm going to look into Kitco or Apmex. It looks like you want to do this in person, and with that much dough on the table I understand, but I've heard good things about these these two online places. Just another option.

[Guest Mugster]

+1 for apmex, although I've never sold anything through them. One thing about real silver, its not real liquid. I don't know your means but i'd be careful of sticking alot of your cash into it.

Also, unless the banking system completely tanks (and who knows, anything is possible), simply looking at commodities futures might be a bright move. I use flea-trade but one is as good as another. I'd guess the rapid fire computerized brokerages will be around no matter what happens. Here's a couple ideas for long term investments to battle inflation:

gcc Commodity ETF (GCC) - GreenHaven Continuous Commodity Index

prpfx The Permanent Portfolio (PRPFX): An Interesting Alternative - Amateur Asset Allocator

Which by the way, this doesn't constitute investment advice as I'm neither an investment professional nor did I stay in a cheap motel last night. Just throwing out some ideas.

Edited September 27, 2009 by Mugster

[TNTitan]

might be worth a look.... BBB Accredited Gold, Silver and Platinum Dealers near Chattanooga, TN

[MCFooter]

Where would you go in Chattanooga to buy $10,000 worth of silver bullion?

These guys are not in Chattanooga but they have a good rep. and I have bought from them before. They also have some of the best prices I have found....

GOLD, PLATINUM, PALLADIUM AND SILVER BULLION COINS FOR SALE

Of course Gold & Silver are up a bit at the moment but I think everyone should have some amount of physical G&S just keep in mind Silver is BULKY...

[mousegunner]

I've changed my mind. I think I'll buy canned beans!

[Guest Spuds]

I've changed my mind. I think I'll buy canned beans!

Don't forget the bullets!

[deafdogdief]

When Katrina hit the Southern coast how many people traded silver and gold when there was bartering? Toilet paper, jeans, food, and clean water were king! From what I hear gold and silver leave a bitter aftertaste. Hope I didn't just make enemies. You might have a better time buying some guns and trading them later on. Gold and silver over the last half century haven't done real well. The last few years have been great, but beware. The economy is turning around and soon everyone will get complacent and precious metals will TANK! Everyone got complacent and bulked up on real estate thinking it was a great investment. Look at the banks now because of this!

[gregintenn]

In a SHTF situation, I believe that firearms and ammo will trade better than silver and gold.

[Jasongar8]

In a SHTF situation, I believe that firearms and ammo will trade better than silver and gold.

Yea but then you are arming people that could be your future enemies. If you are thinking about stuff to trade with I would stick to food, water, clothing, and general hygeine supplies.

[G27]

Remember - gold and silver are for storing wealth, not for replacing cash. A little research shows that ammunition, toiletries, and salt are the strongest barter items (aside from food and water, of course) in places where disaster strikes.

[Sheepdog]

When Katrina hit the Southern coast how many people traded silver and gold when there was bartering? Toilet paper, jeans, food, and clean water were king! From what I hear gold and silver leave a bitter aftertaste. Hope I didn't just make enemies. You might have a better time buying some guns and trading them later on. Gold and silver over the last half century haven't done real well. The last few years have been great, but beware. The economy is turning around and soon everyone will get complacent and precious metals will TANK! Everyone got complacent and bulked up on real estate thinking it was a great investment. Look at the banks now because of this!

The economy is doing what?

This is a sucker's rally, in my opinion.

Every Friday brings news of more bank failures. The FDIC is broke, and considering borrowing money from the banks it's supposed to be guaranteeing.

Foreclosures continue, and the banks are sitting on a whole bunch of houses that, on paper, are worth $$$$$, but in actuality are worth $$. There is a huge wave of ARM resets on the horizon, which means that the number of people unable to afford their mortgages will skyrocket again.

The banks may be doubly screwed this time, because the Kansas Supreme Court recently ruled that a company that has registered 60 Million mortgages has no right to foreclose, because they can't produce the notes.

China, Japan and other foreign countries are shying away from US bonds. China, in fact, is divesting itself of US bonds, and buying gold and silver, which it is calling in to store in a newly constructed facility in Hong Kong.

Meanwhile, Obama got his 3.6 trillion dollar budget approved, along with his 787 billion dollar stimulus package, is burning through half of Bush's 700 billion dollar stimulus package, is trying to add socialist medicine on top of all that, and is pushing for Cap and Tax. The Fed is running the printing presses at full speed, and inflation is imminent.

That's why I'm buying metals. Gold, silver, brass and lead. No, I don't expect that I'll be conducting everyday transactions with these items. I don't expect cash to disappear. But I DO expect that a bag of groceries that's $50 today will be $75 or more in the near future. And I also expect that, if I am able to buy those groceries with 4 oz of silver today, I'll still be able to buy them with 4 oz of silver when their price in paper money goes up.

Oh, and by the way, I've purchased from both Kitco and APMEX, with good experiences. I do, however, prefer APMEX. I think they're a little cheaper. I'm curious to know, though--if you purchase bullion here in TN, do you have to pay sales tax? That would be pretty hefty on a $10K purchase.

[Guest Mugster]

Well, thats the $65 question. Inflation or deflation or stagflation? Whichever you think its going to be you should tilt your portfolio that way. I can make a case for all 3.

I think next 2 years, more deflation. I think about 2-3 years, massive inflation. I think commodites and gold could tank hard between now and then. I don't think anything is particularly safe. Other than rolling the chicken bones and dancing a jig.

Agree on the sucker rally...or should we call it a .gov debt rally?

Edited September 28, 2009 by Mugster

[deafdogdief]

The economy is doing what?

This is a sucker's rally, in my opinion.

Every Friday brings news of more bank failures. The FDIC is broke, and considering borrowing money from the banks it's supposed to be guaranteeing.

Foreclosures continue, and the banks are sitting on a whole bunch of houses that, on paper, are worth $$$$$, but in actuality are worth $$. There is a huge wave of ARM resets on the horizon, which means that the number of people unable to afford their mortgages will skyrocket again.

The banks may be doubly screwed this time, because the Kansas Supreme Court recently ruled that a company that has registered 60 Million mortgages has no right to foreclose, because they can't produce the notes.

China, Japan and other foreign countries are shying away from US bonds. China, in fact, is divesting itself of US bonds, and buying gold and silver, which it is calling in to store in a newly constructed facility in Hong Kong.

Meanwhile, Obama got his 3.6 trillion dollar budget approved, along with his 787 billion dollar stimulus package, is burning through half of Bush's 700 billion dollar stimulus package, is trying to add socialist medicine on top of all that, and is pushing for Cap and Tax. The Fed is running the printing presses at full speed, and inflation is imminent.

That's why I'm buying metals. Gold, silver, brass and lead. No, I don't expect that I'll be conducting everyday transactions with these items. I don't expect cash to disappear. But I DO expect that a bag of groceries that's $50 today will be $75 or more in the near future. And I also expect that, if I am able to buy those groceries with 4 oz of silver today, I'll still be able to buy them with 4 oz of silver when their price in paper money goes up.

Oh, and by the way, I've purchased from both Kitco and APMEX, with good experiences. I do, however, prefer APMEX. I think they're a little cheaper. I'm curious to know, though--if you purchase bullion here in TN, do you have to pay sales tax? That would be pretty hefty on a $10K purchase.

I think the bail out was nothing but waste and the party line was getting what it has been waiting for when all the dems would be in power at one time. Look at the market - there is a 40% rebound in the last 6 months. This has noting to do with Obama. This has to do with consumer confidence. The high number were inflated two years ago, the same with gas. They were artificially low at the beginning of this year in the high 6K's in the market. Now they are evening out. The market will heal itself if left untouched by government. Go ahead and buy the gold and silver. That's great if you want to do it, but you are buying it at one of the highest times in history. History always repeats itself and gold is going to drop sooner or later. IMO sell what you can before it drops! BTW, groceries aren't going to be any cheaper if you show them a gold brick or a $10 bill.

[G27]

I think the bail out was nothing but waste and the party line was getting what it has been waiting for when all the dems would be in power at one time. Look at the market - there is a 40% rebound in the last 6 months. This has noting to do with Obama. This has to do with consumer confidence. The high number were inflated two years ago, the same with gas. They were artificially low at the beginning of this year in the high 6K's in the market. Now they are evening out. The market will heal itself if left untouched by government. Go ahead and buy the gold and silver. That's great if you want to do it, but you are buying it at one of the highest times in history. History always repeats itself and gold is going to drop sooner or later. IMO sell what you can before it drops! BTW, groceries aren't going to be any cheaper if you show them a gold brick or a $10 bill.

Two words - dead cat.

The fundamentals are broken - consumer confidence doesn't matter at this point.

[MCFooter]

Oh, and by the way, I've purchased from both Kitco and APMEX, with good experiences. I do, however, prefer APMEX. I think they're a little cheaper. I'm curious to know, though--if you purchase bullion here in TN, do you have to pay sales tax? That would be pretty hefty on a $10K purchase.

Yes, you are suppose to pay sales tax on local purchases. Even if you are getting Junk Silver (Pre 1965 Dimes, Quarters and 1/2 Dollars) Which is a scam of sorts as you are trading money for money but that's how it is.....

[Guest FroggyOne2]

I think that there is a hard call to make here.. if your going to invest it into something, that if the paper money becomes meaning less.. then I would invest it into something that is tradable and still hold value, even if the paper were to come back.. In this country.. it is still feasable for Cities and Communities to generate their own currency.. It may not have any value anywhere else.. But if it really got that bad.. the barter system will rule.. till a new currency value was developed.

One item that comes to mind.. lead.. at least it comes to my mind without doing any research into it.. but it is a thought.

[Sheepdog]

I think the bail out was nothing but waste...

No argument, there.

Look at the market - there is a 40% rebound in the last 6 months. This has noting to do with Obama. This has to do with consumer confidence.

If the consumers are confident, what are they buying? There has been no significant uptick in sales--with the exception of cars during the "Cash for Clunkers" program--since January.

I think the market is going up due to speculation. Speculation is being driven by corporate numbers looking better. The numbers are getting better, not because more sales are being made, but because companies are streamlining operations and cutting dead weight. And this means layoffs. That's good for companies now, but everybody is going to be hurting for a while.

My prediction? Prepare for the worst Christmas retail performance in decades.

Now they are evening out. The market will heal itself if left untouched by government.

I agree, and I'd love to see it happen. But you and I know that it never will.

Go ahead and buy the gold and silver. That's great if you want to do it, but you are buying it at one of the highest times in history. History always repeats itself and gold is going to drop sooner or later. IMO sell what you can before it drops!

Gold is near record highs--in dollars not adjusted for inflation. If you adjust the historical prices for gold to account for inflation, then gold has been priced at more than $2,100 per ounce--that was in the 1980's, I think.

Do I expect that gold will drop again? Yes, I do. But not any time in the near future. Gold will rise as inflation kicks in. And inflation will happen.

BTW, groceries aren't going to be any cheaper if you show them a gold brick or a $10 bill.

On this, there is a lot of evidence that you're wrong.

Case #1: Zimbabwe. With bread somewhere around Z$1,000,000,000 and rising, by the time you work enough to make Z$1,000,000,000,000, the price of bread is around Z$20,000,000,000. And that's if you can find work.

So what families are doing is panning and digging for gold. While the price of gold (in Z$) is volatile, it's value (in loaves of bread) is stable.

Rural Zimbabweans are desperately panning for gold powder to ward off starvation | World news | guardian.co.uk

Case #2: Argentina. People in Argentina have seen hyperinflation, as well. Again, the price of gold (in Argentine pesos) has been volatile, but its value (in the amount of food it buys) is stable.

[Guest jackdm3]

Being a daytrader, I would say if you gotta go silver, buy the silver stocks/ETFs instead. They would be easier to dump, and you don't have actually hold them physically. No worries about getting it stolen from your home unless you're wanting to pay for a box at a bank.

[Magiccarpetrides]

Spending $10,000 on silver is definitely not the best way to go imho. Silver bullion in that amount is not real easy to move unless your wanting to take a hit. Probably around $8,000 or less. With gold and silver at some pretty high levels right now the ceiling is coming. Hell if your just wanting some easy income WWE(yes wrestling) stock pays a 10% dividend and has paid out perfectly without adjustments the last 2 years. Some safer dividend stocks are Phillip Morris-PM(~5%) and Bristol Myers-BMY(~5%)

Edited September 29, 2009 by Magiccarpetrides
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