I am considering buying some silver, a mix of 10 1oz Silver coins from a UK bullion site for around £195. Precious metals are fairly low down on my list of priorities for preparedness, but I've been thinking about the farmers who lost their land in the great depression because they didn't keep up with debt repayments.
This is the strategy I am considering:
Buy the silver now, but wait until the price inevitably skyrockets as a symptom of the failing global economy. When it is much higher, sell off the silver, and use that money to eliminate a large amount of student debt.
Why am I worried about student debt?
Even without a collapse, there is discussion in Whitehall atm about raising student loan interest to make the government owned student debt more attractive to buyers. Student debt is seen as a sacred cow, but I am thinking that it is a very useful nose-ring on this generation (Which has been strongly encouraged to attend university.) What do you guys think about this
We silver a load of silver but we went down the lane of buying things that we could use in our lives I.E. silver photo frames, candle sticks, cutlery etc. This would be melted down if we were to need it in a situation. This way we feel we have the best of both worlds something that is practical and worth something if we needed it.
Just my point of view for what its worth.
I totally agree about your silver strategy. It's the same as mine, except change the student debt idea to cashflowing assets. That's the only difference in our reasoning for carrying silver.
If you happen to be passing Jersey, pop over and pick up some silver from there. I would also like to note that you cannot then take the silver away from Jersey, because then you would have to pay the VAT on the silver, that you didn't pay when you brought it, thus buying it at around a 16.5% discount from what we pay on the mainland. To take it away without paying the VAT would be illegal, even though it would guarantee a 16.5% increase in sale price as soon as you hit mainland England. Although I am certainly not recommending that ;-)
Make sure you have places nearby that will allow you to resell the silver. Some postal gold vanished, and it's not too far fetched to believe the same will happen with silver.
Having said that, if you package it up, you should be okay.
Also, if you are buying silver, try to get the 999 stamped stuff, or stuff that is recognised as being 999. It refers to the purity of the silver. The cleaner the silver, the better! Industrial silver is 999, and since that's the industry that is using so much of it, those are the ones helping with the demand. By having a high level of purity, it allows the transfer to the industrial industry to be smoother, no need to smelt.
Happy days, and good hunting.
Gold and silver are a bit odd at the moment. I sold a load at $32, and rebought recently. Made a bit of money, and now have more silver than before. If you watch the charts religiously, and invest enough, you can make a living off it. But, I have a life and so am unable to do that haha.
Dont forget the current trend in using silver in medical anti septic treatments as well as coloidal silver treatments.
(25 June 2013, 08:59)NorthernRaider Wrote: [ -> ]Dont forget the current trend in using silver in medical anti septic treatments as well as coloidal silver treatments.
Interestingly, that is where the expression, "Born with a silver spoon in his/her mouth." comes from. It is the antiseptic properties of silver that made doctors place a silver spoon in the mouths of newborns, to stop them ingesting anything 'unclean'. Funny how we, as a society, seem to forget about certain old treatments, and all of a sudden they come back into fashion...turns out, silver really is antiseptic haha.
I have used this company for a while now and their prices are very competitive, and they have good offers from time to time.
http://www.atkinsonsthejewellers.com/
I like Canadian Maples for coinage as they have the purest Silver content at 99.99% purity. But if you are buying for the bullion content then it doesn't matter. Don't forget to check out car boot sales as you would be surprised at the amount of "junk" Silver you can buy.
i dunno how useful precious metals will be post event.
(25 June 2013, 12:44)Binnie Wrote: [ -> ]i dunno how useful precious metals will be post event.
Not sure he'll be using it for that. I doubt I will be either.
If you buy silver, you pay VAT on it. If you buy gold coins you don't, as they are regarded as legal tender. So, for every £100 you invest in silver, you get £80 worth of silver and the government gets £20. Neat, huh?
(25 June 2013, 12:45)Scythe13 Wrote: [ -> ] (25 June 2013, 12:44)Binnie Wrote: [ -> ]i dunno how useful precious metals will be post event.
Not sure he'll be using it for that. I doubt I will be either.
hmm computer went bonkers there!!
I was going to say, i don't know how useful precious metals will be as currency, i can see the logic behind it, but i don't think it's very high up my priorities list.
I do however want to buy a metal testing kit, so if i were to accept precious metals as payment, i wouldnt get diddled