Jump to content
GreaseSpot Cafe

Are you buying silver and gold with your extra cash?


oldiesman
 Share

Recommended Posts

PMs  I am hesitant to collect any PMs.

Keeping in mind Executive Order 6102 required the confiscation of all gold from May 1, 1933, on up into the 1970s.

Knowing that in an economic crisis our government will once again begin confiscating all gold, and possibly silver too.

I do not feel it wise.

Last year I got a new .50 cal rifle, then I began the search for ammo. Since there is an extreme ammo shortage right now. I got a lead melting furnace and molds for .50 caliber.

Pure soft lead sells for $2 a pound, and cast into bullets lead sells for $42 a pound.

Now I am stocking up on lead.

 

Link to comment
Share on other sites

1 hour ago, Galen said:

PMs  I am hesitant to collect any PMs.

Keeping in mind Executive Order 6102 required the confiscation of all gold from May 1, 1933, on up into the 1970s.

Knowing that in an economic crisis our government will once again begin confiscating all gold, and possibly silver too.

I do not feel it wise.

Last year I got a new .50 cal rifle, then I began the search for ammo. Since there is an extreme ammo shortage right now. I got a lead melting furnace and molds for .50 caliber.

Pure soft lead sells for $2 a pound, and cast into bullets lead sells for $42 a pound.

Now I am stocking up on lead.

 

Plus, when this all settles down, you can open a bait shop and make a fortune selling sinkers.

Link to comment
Share on other sites

5 hours ago, Galen said:

Keeping in mind Executive Order 6102 required the confiscation of all gold from May 1, 1933, on up into the 1970s.

Knowing that in an economic crisis our government will once again begin confiscating all gold, and possibly silver too.

 

I wonder if “confiscation” is the correct word to use. 


Here’s several definitions of confiscate I found on the internet:

take or seize (someone's property) with authority; take (a possession, especially land) as a penalty and give it to the public treasury; to seize without compensation as forfeited to the public treasury — compare criminal forfeiture.

 

According to Wikipedia – people were somewhat “compensated”  (though compensate is probably not the correct word to use either – since “compensate” means  to make an appropriate and usually counterbalancing payment to...how about they were given something for their gold...anyway here's the excerpt from Wikipedia) :

Executive Order 6102 required all persons to deliver on or before May 1, 1933, all but a small amount of gold coin, gold bullion, and gold certificates owned by them to the Federal Reserve in exchange for $20.67 (equivalent to $413 in 2020)  per troy ounce. Under the Trading with the Enemy Act of 1917, as amended by the recently passed Emergency Banking Act of March 9, 1933, a violation of the order was punishable by fine up to $10,000 (equivalent to $200,000 in 2020), up to ten years in prison, or both.

The order specifically exempted "customary use in industry, profession or art," a provision that covered artists, jewelers, dentists, signmakers, etcetera. The order also permitted any person to own up to $100 in gold coins, a face value equivalent to 5 troy ounces (160 g) of gold valued at approximately $10,000 in 2020. The same paragraph also exempted "gold coins having recognized special value to collectors of rare and unusual coins", which protected recognized gold coin collections from legal seizure and likely melting.

The price of gold from the Treasury for international transactions was then raised by the Gold Reserve Act to $35 an ounce (equivalent to $700 in 2020). The resulting profit that the government realized funded the Exchange Stabilization Fund, established by the 1934 Gold Reserve Act.
From:   Executive Order 6102

Other websites of interest:

Ampex – price of gold today

Historical gold prices 30 BC to today

The Relationship Between Gold and the US Dollar


 

Edited by T-Bone
the price of a good editor is as good as his Word docs
Link to comment
Share on other sites

6 hours ago, oldiesman said:

A friendly discussion on buying gold and silver.    Just purchased around $2K worth of silver:   dimes, quarters, halfs.    

Have you purchased or are getting ready to?   Thinking about it?

 

Why?

Link to comment
Share on other sites

1 hour ago, Bolshevik said:

You can't eat gold or silver.

You can throw it at people trying to rob you.  

I don't see its advantages over buying land.  You can do stuff with land. 

True…you can bury the gold and the bodies.

Link to comment
Share on other sites

On 3/27/2022 at 9:33 AM, Galen said:

PMs  I am hesitant to collect any PMs.

Keeping in mind Executive Order 6102 required the confiscation of all gold from May 1, 1933, on up into the 1970s.

Knowing that in an economic crisis our government will once again begin confiscating all gold, and possibly silver too.

I do not feel it wise.

Last year I got a new .50 cal rifle, then I began the search for ammo. Since there is an extreme ammo shortage right now. I got a lead melting furnace and molds for .50 caliber.

Pure soft lead sells for $2 a pound, and cast into bullets lead sells for $42 a pound.

Now I am stocking up on lead.

 

good idea...

Link to comment
Share on other sites

19 hours ago, Rocky said:

Why?

It's up to the individual but for me, I believe the cost of silver and gold will be rising at some point so if I buy some now, it can be sold later and make a little profit.    For that part to work you've got to know that you're buying low or know you're getting a good buying deal otherwise it doesn't make sense.   Second, if the dollar crashes/ becomes worthless, the silver and gold will have value to either get the new cash value for it or barter for other goods/ commodities privately.   If bartering I'd like to have the smallest denominations, dimes. 

Link to comment
Share on other sites

1 hour ago, Bolshevik said:

You can't eat gold or silver.

You can throw it at people trying to rob you.  

I don't see its advantages over buying land.  You can do stuff with land. 

Agree.   If you've got enough cash to buy land that's best.   Also, cans of food as the preppers do.

Link to comment
Share on other sites

27 minutes ago, T-Bone said:

True…you can bury the gold and the bodies.

That would certainly decrease your LTV ratio and allow you to borrow more against the property and buy more land . . . a cycle that could be repeated . . .

Link to comment
Share on other sites

14 minutes ago, oldiesman said:

It's up to the individual but for me, I believe the cost of silver and gold will be rising at some point so if I buy some now, it can be sold later and make a little profit.    For that part to work you've got to know that you're buying low or know you're getting a good buying deal otherwise it doesn't make sense.   Second, if the dollar crashes/ becomes worthless, the silver and gold will have value to either get the new cash value for it or barter for other goods/ commodities privately.   If bartering I'd like to have the smallest denominations, dimes. 

Some people buy 'certificates'. Which are only paper.

If you spend money to buy PMs, make sure that you hold PMs, and not paper to PMs.

 

Link to comment
Share on other sites

4 minutes ago, Galen said:

Some people buy 'certificates'. Which are only paper.

If you spend money to buy PMs, make sure that you hold PMs, and not paper to PMs.

 

Agree.  Someone once said "if you can't defend it with an AR-15, don't buy it."   Makes sense.

Link to comment
Share on other sites

48 minutes ago, oldiesman said:

Agree.  Someone once said "if you can't defend it with an AR-15, don't buy it."   Makes sense.

Or you could hope for some help from a kid in another town - provided his mommy can drop him off in time…not that I’m an advocate of that - but that was used as a successful defense strategy in court…not that I agree with the verdict either…just thinking about unintentional consequences.

Link to comment
Share on other sites

29 minutes ago, waysider said:

Or you could invest in a good metal detector and become a detectorist.

https://news.mongabay.com/2020/08/amazon-gold-mining-wipes-out-rainforest-regeneration-for-years-study/

I dunno, gold is so important we destroy the land for it.  Where does the mercury come from to find the gold?  I'm sure there's a market for mercury . . . that business could make one mad . . .

Now, is gold more valuable than the gold-mining company stock?  Stock is usually harder to steal.  

Link to comment
Share on other sites

I have seen first hand the damage left as the aftermath of mining (mainly coal) in southern Ohio, water and soil that will forever be unusable do to arsenic concentrations, in addition to copper, zinc and selenium contamination. At times, you would swear you had struck an aquafer of thick tomato soup.

Link to comment
Share on other sites

1 hour ago, waysider said:

I have seen first hand the damage left as the aftermath of mining (mainly coal) in southern Ohio, water and soil that will forever be unusable do to arsenic concentrations, in addition to copper, zinc and selenium contamination. At times, you would swear you had struck an aquafer of thick tomato soup.

Don't need much marketing for coal - kinda sells itself.  Do see marketing for gold occasionally.  With such a limited quantity on earth you'd think there would be none to go around.

Link to comment
Share on other sites

1 hour ago, Bolshevik said:

Don't need much marketing for coal - kinda sells itself.  Do see marketing for gold occasionally.  With such a limited quantity on earth you'd think there would be none to go around.

There is quite a bit of gold scattered throughout some areas of Ohio. The individual concentrations in any particular area tend to be rather small, though.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share

×
×
  • Create New...