Gold bug / silver bug / numismatic / metals thread

[Mr. Drummond 2199]

 

All the gold bugs today.  1/2 oz gold eagles close to about what i started out buying 1oz coins for. 

[52-80 19245]

Digging thru my stash and remember i got this: limited edition 25th anniversary philharmonik gold proof set of 1oz + 0.25oz. Bought one of the few remaining ones directly from the mint. 

Paid ~1500 and now its well north of ~3000, and thats for the individual coins, without premium of the set 

Also have receipt for some other bars and coins but have no idea where the items are!

[RDCanecutter 26468]

Honestly I haven't thought about metals since the prices shot up. I am under spousal orders not to sell, and I think there's too much chance it'll go down again to buy.

[Armybrat 40903]

Just be cautious though…..

 

[CHIEF 5095]

On 8/9/2024 at 4:08 PM, RDCanecutter said:

Honestly I haven't thought about metals since the prices shot up. I am under spousal orders not to sell, and I think there's too much chance it'll go down again to buy.

I finally got Mrs. CHIEF to realize that what I have bought up is not really an investment. It is never to be sold. I bought it to have something to trade with if the dollar becomes worthless. It might not happen in my lifetime, or even her lifetime. But could definitely happen in CHIEF Jr.'s lifetime. I think having precious metals for such a situation is prudent.

CHIEF

[RDCanecutter 26468]

4 hours ago, CHIEF said:

I finally got Mrs. CHIEF to realize that what I have bought up is not really an investment. It is never to be sold. I bought it to have something to trade with if the dollar becomes worthless. It might not happen in my lifetime, or even her lifetime. But could definitely happen in CHIEF Jr.'s lifetime. I think having precious metals for such a situation is prudent.

CHIEF

I'm 10% buying it as a savings, and 90% because it's shiny and heavy.

You could stun an ox with a well-thrown Panamanian 20 Balboas coin.

[pearlandhorn 3274]

Bought quite a bit of silver bars and a bit of gold around 18 months ago when silver was $20.  Now up 50% in the silver, around 10% in the gold.  Seriously wondering if it's time to sell or just keep it.  I definitely don't need the cash at all.  I'll probably just keep it and end up giving it to my kid when I die.  I'm currently 36 years old.  That'll be a nice little chunk of change for him.

[CHIEF 5095]

It's a storm shelter, but not for a physical storm, but a fiscal storm.

CHIEF

[52-80 19245]

On 8/23/2024 at 10:15 PM, RDCanecutter said:

You could stun an ox with a well-thrown Panamanian 20 Balboas coin.

you could also walk around like Midas

 

[bernorange 8363]

JPow signals rate cuts on the way and metals respond.  Gold should hit 2600 soon and silver just might break through 35 before the year is done.

[RDCanecutter 26468]

11 hours ago, 52-80 said:

you could also walk around like Midas

 

I haven't shared a picture of my gold crowns yet.

[RDCanecutter 26468]

ALMOST went and bought an ounce of silver last week, just for something to do. Mainly I like being a fly on the wall, watching folks come in and share the word on the street. (Yo.)

But at these prices I am just not feeling it. Anybody else?

[bernorange 8363]

I don't have a crystal ball, but I think we are about to see silver and gold run a bit.  Today's prices might look like deals in a few weeks.

[Muny_Tex 299]

How do the local bugs feel about the mining stocks...specifically ETFs like the $GDX & $GDXJ ?

I personally got out of the physical metals (for varied reasons), but have enjoyed a nice run-up recently leveraging (e.g. gambling) some Roth funds to ride the wave with the miners.

Schiff claims there's a huge variance between the current ATH of spot in relation to where the miners "should be", but I don't know enough about the nature/costs/geopolitics of those companies to have an intelligent opinion.

[RDCanecutter 26468]

2 hours ago, Muny_Tex said:

How do the local bugs feel about the mining stocks...specifically ETFs like the $GDX & $GDXJ ?

I personally got out of the physical metals (for varied reasons), but have enjoyed a nice run-up recently leveraging (e.g. gambling) some Roth funds to ride the wave with the miners.

Schiff claims there's a huge variance between the current ATH of spot in relation to where the miners "should be", but I don't know enough about the nature/costs/geopolitics of those companies to have an intelligent opinion.

Not really a miner, but I threw a hundred bucks into Royal Gold a few months ago. Up to maybe 140 now. Take that, Buffett.

[Pimphand 5873]

On 9/16/2024 at 5:19 PM, RDCanecutter said:

ALMOST went and bought an ounce of silver last week, just for something to do. Mainly I like being a fly on the wall, watching folks come in and share the word on the street. (Yo.)

But at these prices I am just not feeling it. Anybody else?

I do not have a crystal ball but this is my prediction (note not financial advice)....

Fed pivot to the rate cutting cycle has always been the requisite precursor to the honest to goodness gold and silver bull mania we have been waiting for.  With that said it won't happen tomorrow though we are likely to watch the stock market inflate to all time highs by the end of next month.  Then IMHO the selloff will start in earnest which the paper market will drag the derivative price down with it during the margin call selloffs.  If you go back and look at the silver price in 2008 you can see it fell 50% once the selloff started then it took most of 2009 to recoup but then in 2010 and early 2011 it took off like a rocket.  I expect history to not necessarily repeat but rather rhyme in that don't be discouraged if you see us plumb back down to $20/oz in silver you will struggle to find any bullion dealer/LCS who will sell it at that price I expect the premiums to fill that gap but once the normies catch the panic and the flight to safety starts I think we are headed to some crazy crazy territory this go round but you still have some time (I think).

TL;DR I always buy as much silver < $30/oz as I can possibly hang on to.  I will still buy above that threshold but I usually keep it to smaller purchases and don't go too wild.  On Tuesday of last week I made my two most recent silver purchases (mint certified 2024 American Silver Eagle tube & 90% Franklin Half Dollar book) for my birthday. I was gun shy about it because silver usually bottoms out in September and yet it has gone up close to $2.50/oz since then so what TF do I know? ;-)

On 9/16/2024 at 7:54 PM, Muny_Tex said:

How do the local bugs feel about the mining stocks...specifically ETFs like the $GDX & $GDXJ ?

I personally got out of the physical metals (for varied reasons), but have enjoyed a nice run-up recently leveraging (e.g. gambling) some Roth funds to ride the wave with the miners.

Schiff claims there's a huge variance between the current ATH of spot in relation to where the miners "should be", but I don't know enough about the nature/costs/geopolitics of those companies to have an intelligent opinion.

My primary concern with miners are if the SHTF scenario pans out they will be great to own provided A) your brokerage is around to honor your shares (counterparty risk) and B) the mine is located in a friendly country not likely to nationalize (see: not Mexico and similar).  With that said spectacular gains are to be had to be sure.  Check out David Morgan https://www.themorganreport.com/

Edited September 18 by Pimphand

[Muny_Tex 299]

^^^Really good points RE: counter-party risk...That is key reason why I'm no longer interested in the $GLD spot ETF...Seems like the moment the global price truly erupts is when it becomes revealed that they don't actually possess the physical inventory they claim and the whole fund falls apart in a matter of minutes/hours.

But I guess owning a basket of miners/juniors via GDX/GDXJ contains the same systemic risk it's just spread out across a larger pool of actors.  That said, if SHTF and we have the sovereign debt crisis / currency collapse that puts gold into orbit, my personal cache of physical bullion (or lack thereof) will be least of my worries.  I'd rather just stock up on canned food, batteries, shitter paper, bullets, antibiotics etc and barter that shit than dig through trying to exchange coins/bars just to acquire the same stuff on black market. 

Edited September 18 by Muny_Tex

[RDCanecutter 26468]

I think if we get a SHTF, it's more likely to be a few specks flying at that fan, rather than a whole turd knocking the fan off the shelf and breaking it. Think slipping from present-day US to present-day... not even Mexico, maybe 1980s UK or Spain. Functional markets, maybe lots more walking and carpooling, eating more beans and rice.

For a world-falls-apart extreme, you wanna be the well-digging man. Everybody will need that water.

[Pimphand 5873]

13 hours ago, Muny_Tex said:

^^^Really good points RE: counter-party risk...That is key reason why I'm no longer interested in the $GLD spot ETF...Seems like the moment the global price truly erupts is when it becomes revealed that they don't actually possess the physical inventory they claim and the whole fund falls apart in a matter of minutes/hours.

But I guess owning a basket of miners/juniors via GDX/GDXJ contains the same systemic risk it's just spread out across a larger pool of actors.  That said, if SHTF and we have the sovereign debt crisis / currency collapse that puts gold into orbit, my personal cache of physical bullion (or lack thereof) will be least of my worries.  I'd rather just stock up on canned food, batteries, shitter paper, bullets, antibiotics etc and barter that shit than dig through trying to exchange coins/bars just to acquire the same stuff on black market. 

They will come through with UBI and CBDC and offer it to the masses whom they will have brought to their knees.  They will agree to it and in true Stockholm syndrom thank their prison guards.   The only way to reject it is to have commodities in hand and yes that list of commodities would carry value as well ;-)

You can already see the overseas environments have been getting hostile towards non-national mining operations just look at Fortuna Silver Mines (based out of Canada)...

https://www.mining.com/fortuna-silver-takes-90-6m-charge-on-mexican-mine-closure/

Closed San Jose mine, Mexico along with impairment charges from Burkina Faso & Argentenian mines as well.

[Pimphand 5873]

Silver broke $32 for the first time since December 2012

[Superhero 8839]

Gold to silver ratio since I first bought precious metals.

Still looking to trade more silver for gold in the near future. The timing could probably be better, but it's better than January.

[bernorange 8363]

I'm thinking silver breaks through 35 on it's way to testing 50 after @Superhero sells.

[Pimphand 5873]

Sell @Superhero sell ;-)

[Pimphand 5873]

Cortes is commander #3

They are going to go 12 commanders deep . I am a bit terrified how expensive the next 9 will be.

[RDCanecutter 26468]

On 10/3/2024 at 7:38 PM, Pimphand said:

I am a bit terrified how expensive the next 9 will be.

Cortes woulda busted in and stolen the next 9. But don't try swimming out of Tenochtitlan with too many of them in your pockets.

[RDCanecutter 26468]

Bought my first silver since 2023. A buck-forty of dimes. I got a couple of Barbers, and the rest Roosevelts, some with post-1964 dates because they came out of silver proof sets. $31.50 an oz., melt.*

It's eerie looking at a dime dated 1990s that's silver. Gotta train my heirs to look at edges.

The 50 cent piece is my change. I'll use it to bamboozle child cashiers who've never seen one.

*D'oH just realized that the proof set dimes are 99.9% silver, not 90%. I got 2 or 3 bucks free silver. Only 400,000 more trips and that's a million free dollars.

[bernorange 8363]

Gold above $2,700 and silver with a strong move today.  GSR down to ~80.  Werewolves gonna be nervous next week as we approach Halloween...

[Pimphand 5873]

Hold tight London our days are ahead!

Edited October 19 by Pimphand

[RDCanecutter 26468]

First time in ages I get a wad of cash together, and the shiny shoots up before I can buy.

[bernorange 8363]

Waiting on @Superhero to verify that he sold his silver...

[pearlandhorn 3274]

I sold probably 80 ounces of silver over the past month.  I'm going to hold the rest and see where it goes.

[Wally Fairway 5586]

On 9/24/2024 at 4:13 PM, Pimphand said:

Silver broke $32 for the first time since December 2012

$34 ceiling broken

[CleverNickname 1321]

I would love to trade some of my silver for gold when that ratio comes down. But 80 to 1... yeesh.

[Superhero 8839]

On 10/21/2024 at 9:09 AM, bernorange said:

Waiting on @Superhero to verify that he sold his silver...

Haha. I saw the headlines lately and wanted to come by and say that I had not traded my silver for gold just yet. 

Just to be clear, I’m not exiting from precious metals. I’m just trying to make my stash more portable. Carrying 40 lbs in a duffle bag can make a man tired very quickly. 

[bernorange 8363]

Silver is likely going to test $35 (again) today.  If it breaks through, it's likely going to run up to at least $40, possibly $50.  It seems like the squeeze is finally happening.

[RDCanecutter 26468]

During my last visit to the coin store, me n dude were talking about something. In 2011 when gold shot up to 1800, you couldn't walk down the street without seeing a "We Buy Gold" pop-up store. In fact this guy's original store started in 2011 as a tiny "We Buy Gold" desk, and a stone's throw from him was another one. They were everywhere.

Now, with gold almost a thousand higher than that? Not many to be seen. Why is that?

Coin dude thinks most of the extra gold, and all those 1980s chains, they are gone. Out of the country, made into coins, done.

Or maybe enough buying places survived as coin dealers post-2011 to absorb whatever bullion there is left to sell. What do y'all think?

I have no desire to sit inside a "We Buy Gold" shop waiting to find out.

[bernorange 8363]

I still see "we buy gold" signs, but they are mostly from pawn shops.

[RDCanecutter 26468]

Yeah, googling We Buy Gold places for BHam, I get 3 legit coin shops, one or two jewelers, and the rest pawn shops or check cashing places.

It just doesn't have the frenzied vibe of yesteryear.

[Armybrat 40903]

Hey! Check this out - Kentucky farmer finds huge Civil War era gold coin cache:

https://www.yahoo.com/lifestyle/kentucky-man-finds-over-700-090000279.html

[RDCanecutter 26468]

So, is it the law or something, that he had to tell the newspapers?

[Pimphand 5873]

Caesar dropped today.....

[bernorange 8363]

Quote

 Two bills filed in the Texas House would create 100% backed gold and silver-backed transactional currencies that would serve as legal tender in the state. This would create a foundation for the people to undermine the Federal Reserve’s monopoly on money.

Rep. Mark Dorazio filed House Bill 1049 (HB1049) and House Bill 1056 (HB1056). The language in both bills is nearly identical but they add the provisions to different sections of the Texas code.

Under the proposed law, the Texas Comptroller would issue gold and silver specie (coins) through the Texas Bullion Depository and also establish gold and silver transactional currency defined as “the representation of gold and silver specie and bullion held in the pooled depository account.”

The Depository would be required to hold enough gold and silver to back 100 percent of the issued currency.

Holders of gold and silver specie and currency would be able to use them as “legal tender in payment of debt” in the state of Texas. The gold and silver-backed currency would be electronically transferable to another person.

Gold and silver-backed currency would be redeemable in specie or at the spot price of gold in U.S. dollars minus applicable fees.

In practice, the passage of HB1049 or HB1056 would allow any person to conduct business transactions using gold or silver.

https://blog.tenthamendmentcenter.com/2024/11/texas-bills-would-establish-100-backed-gold-and-silver-transactional-currency/

Doit.gif

[RDCanecutter 26468]

3 hours ago, bernorange said:

https://blog.tenthamendmentcenter.com/2024/11/texas-bills-would-establish-100-backed-gold-and-silver-transactional-currency/

Doit.gif

Since nobody would spend their gold or silver before they spend their fiat money, isn't this just another stab at letting people liquidate their stack without paying capital gains?

[bernorange 8363]

I think it's laying the groundwork for building out a payments infrastructure.  There are many possible downstream ramifications of these bills passing.  

[bernorange 8363]

 

 

[gsoda3 3281]

Wish I saw that.

Edited Friday at 07:55 PM by gsoda3

[RDCanecutter 26468]

Bumped into a 1968 25 pesos Olympics coin today. Not perfect but still good-lookin. Just a smidge more than 1/2 oz asw at 16.2 grams silver. One of the nicer looking snake n eagles. "Independencia y libertad" struck on the rim, fakes usually have a plain milled edge like a US Quarter or dime.

In 1968 the exchange rate was 12.5 pesos to a dollar, so this coin would have been $2 bucks US then, or about $20 now.