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My friend Captain Rick sent me an email the other day and he mentioned that a year or two ago he could sometimes find junk gold at 20% or 30% below spot price. Now he says those days are over and the price is above spot price in most cases. If you happen to come by it on the street, know that at the very least you’ll be able to sell it for spot on ebay pretty quick.
As “expensive” as gold is these days, nothing indicates its going to go down in price any time soon. If gold is too much for you, dear friend at least buy a couple silver eagles or some pre 65 silver dimes each month. Son enough the stash starts growing and whatever happens you can be sure that if the economy collapses the price of your precious metals will go up in inverse proportion to how hard the US dollar falls.
2 comments:
A couple of weeks ago I stopped in a local coin dealer to buy a roll or two (20 coins per roll) of American Silver Eagles (ASE's). I anticipated a price of just under $600 per roll including our local sales tax. They usually have plenty. On that day they had NO silver eagles and NO gold available at all. Sold it all out. They were waiting for someone to walk in and offer to sell. This is in a city of 2 million people, and is the 2nd largest coin dealer in the city and who has 3 locations.
The spot price means nothing if there is nothing to buy. It tells me that when this can happen, the actual market price is probably higher than what is being asked.
And with more QE announced by the US FED, we can expect higher silver and gold prices in the future.
I believe pre-1964 'junk' silver is the way to go for a long list of practical reasons. It may also be easier to find and cheaper. Typcially there's less premium to pay. Anyone considering silver should do some research on this. Owning a few Silver Eagles is also good as it is diverisfication. The other end may not understand Junk silver or desire Eagles, yet the for the most part 'junk' silver will be the most useful. Rumors of counterfeited Eagles are already out there. This is very difficult to do with 'junk' silver. One does not need much. Silver or gold should be secondary or smaller part of what you do to protect yourself.a
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