Logan, you've offered an opinion that silver is a wonderful investment right now because the price is low. Do you still feel the same way about silver bullion? I would like to hear you talk more about silver. Where do you buy it? Where would you sell it? What are the cons? What have you learned since you started looking into it? You're the first, if not the only person I've heard suggest investing in a precious metal, so i'm very curious to hear your thought process on this subject.
I don't invest my money into anything other than a savings account, and I don't like the stock market much. But the idea of investing into something like a precious metal that I can hold or store away in a safety deposit box seems pretty cool. After all, money can one day be worthless... but silver will always be worth it's weight, correct?
I have been buying more gold & silver lately because the price has dropped dramatically. A currency can become worthless overnight if they print enough of it and Janet Yellen has been alluding to watering down the American Dollar even further. However throughout the history of mankind gold has always had intrinsic value and there is a finite amount of it.
If the dollar implodes, you can always take your gold & silver and get plenty of Rubles or Yuan =)
I like to diversify. I have social security and a pension which I am forced into having. But I also have a 403(b) with an investor, stock market portfolio that I manage myself, personal savings and Gold, Silver & Ammo ;-)
I would however suggest investing in a quality safe to store your precious metals in private.
Lest the Gubment gets greedy again:
http://en.wikipedia.org/wiki/Executive_Order_6102
Remember the good old days when "Not to be used for identification purposes" was stamped right onto your social security card?
About a year ago I started picking up some american silver eagles every month.
It's becoming ever increasingly probable that the dollar could become worthless over night. I would not mind seeing a video from tek syndicate on general investing, touching on silver.
Logan has alluded to the fact that everyone at TS has alternate sources of income, and this kinda made me think of it. It wouldn't really make sense to post an investment video on a tech channel, but it would be interesting to see them make a video maybe on their other channel about it.
edit: obviously I'm referring more to Logan and Pistol here, since Qain and Wendell obviously have their own jobs outside of what they do at TS.
Yeah, I couldn't see them doing a whole video on this because it's not like there's too much info we need to know. I Just really want their experience and knowledge. A little segment on inbox.exe would be sweet. In Tek162 again, Logan just mentioned silver. But I don't know the first thing about buying silver. It's not like you can pick it up at any bank.
Then what do you do with it when the dollar has no value? As far as I can tell, you can't take an oz of silver to the bank and exchange it for money.
Then is it worth buying 1oz bars? Or coins? Or do you get good delivery bars? Or does it matter?
These are questions I have for anyone who has experience with these matters.
Generally when you go to sell your precious metals you will only be given spot price of the metal, especially when selling in bulk. Some of the coins are worth more because of the collector value and the price you can get for them will fluctuate.
Personally, I buy uncirculated current Silver Eagles. The cost is marginally above bars or rounds and they have a higher potential collectors value. Some of my older Eagles have a collectors value double that of the spot price of silver, if I can find a collector willing to pay.
Buyers also tend to be more at ease buying Silver Eagles because the silver content is guaranteed by the U.S. Government. If you bring in a giant brick of silver you may have to go through the hassle of the buyer wanting to core and test it.
I should add that I buy silver from a supplier that charges above spot prices, but that includes getting it shipped to my doorstep. Many banks do sell the collector coins from the U.S. mint or are able to get them for you.
If the dollar has no value, you will be selling your silver for whatever currency has replaced the dollar. Or if it is completely dystopian, you will be bartering your silver. There has never been a period in history that gold and silver has been without value, the same cannot be said of fiat currencies or the systems based on them.
Also, diversify, only invest what you are comfortable with into metals. Personally for me it is somewhat low, only about 2-3% of my income. It is part of my long term investing and I do not expect to see a return for a long time.
It's funny that since I started looking into silver coins, I thought, "Well, why don't I just put all my money into coins?" I mean, like Sacajawea dollars and such, right?
Well, it turns out that those "golden dollars" we see, the melt value is about 5 cents. No joke. But it seems like a joke.
In fact, all of our coined currency when melted down is worth about 15% or less than it's face value. The one exception is the nickel, which at the time of this post is worth about 4 cents.
So I guess you could put all your money into nickels and hope the price of nickel and copper goes up enough.
All my info I got from http://www.coinflation.com/
I have a few jars full of pre-1982 pennies because since they are made mainly of copper, the metal values is about twice that of the face value.
I'd occasionally go get a few rolls from the bank and sort through them. About 1/5th of the pennies would be copper. Not a bad way to gather some wealth if you've got the time.