Are you waiting or buying?

[StackerCollector]

I only purchase silver when there is a bargain here on the forum. Premiums are crazy even at the european dealers. If price should dip to the $10-12 area and the premiums are no longer insane then I will add a few hundred more ounces. I am willing to hold my pm until retirement and always keep enough cash so I can survive for at least a year without any income should the economy go into a depression. Jp morgan is sitting on hundreds of millions of ounces - they do know something. 

[Mantis]

Personally I am buying, but must admit I am brand new to the game.

I don't know if I am becoming a stacker or if this is just becoming my new hobby. I do like the idea of having something which has had value for thousands of years. I also find the whole process of making the coins and bars incredibly interesting.

I am only buying silver, simply just because gold is so expensive. I do know the premiums on silver is very high, but for me it's either silver or nothing at the moment.

I believe that I will change my approach though. So far I have bought the same generic coins but from now on will mix it up more, just for variety. As I plan to be in this for the long haul, I guess I'm more worried about inflation than premiums.

[Metalisreal]

I really can't afford gold but about the only reason I'm getting it nowadays is because of this "helicopter" money thrown about by the US gov't. Not to get off-topic but are you guys over in the British Isles getting stimulus checks, too, or is it just us in the USA?

[RACKTHESTACK]

I'm buying in little amounts of junk silver but other than that I'm currently just hunting for good deals on Disney coins or different series coins. There was a dip in the charts after 2008 so I'm kinda trying to watch that. With the premiums the way they are though I have no idea whats going to happen. 

[freefall]

1 hour ago, Metalisreal said:

I really can't afford gold but about the only reason I'm getting it nowadays is because of this "helicopter" money thrown about by the US gov't. Not to get off-topic but are you guys over in the British Isles getting stimulus checks, too, or is it just us in the USA?

No stimulus cheques yet. But anyone who can't go to work due to the virus is having 80% of their monthly salary paid by the government and the other 20% by their employer capped at around $3000 per month. Suppose you can count that as helicopter money too. Also you have the option to take a 3 month credit card or mortgage holiday.

[Yetiwatch]

I wish we were getting a nice cheque each month, but such is life. @freefall the 20% is voluntary by the company, so a lot of people are only getting 80% of wage. It will be or has recently changed that 60% will be paid by government and a further 20% paid by company, still with the voluntary 20%.

I am just buying what i like at the moment, going for lower premium stuff, but most of the items for sale i have seen seem to be hella over priced, except some of the forum deals. Limiting myself to free cash i have each month, not dipping into my liquid savings.

[Stuntman]

I'm still working full time (in fact I am being kept even busier than normal) but my employer has cut my salary by 20% anyway 😬

Unsurprisingly, this has currently stopped my ability to buy pretty much anything discretionary, never mind silver or gold...

[ZigZag]

Came here for help to finish collections for my kids, so the price is almost immaterial as they won’t be sold for years and years I hope. 

So buying silver coins, Stacking sovereigns, trading physical paper and gold miners.

 

[RedDragon77]

42 minutes ago, Stuntman said:

I'm still working full time (in fact I am being kept even busier than normal) but my employer has cut my salary by 20% anyway 😬

Unsurprisingly, this has currently stopped my ability to buy pretty much anything discretionary, never mind silver or gold...

Outrageous!!!

[HelpingHands]

48 minutes ago, Stuntman said:

I'm still working full time (in fact I am being kept even busier than normal) but my employer has cut my salary by 20% anyway 😬

Unsurprisingly, this has currently stopped my ability to buy pretty much anything discretionary, never mind silver or gold...

This doesn't sound legal.

Are you working for some dodgepots who are claiming they have furloughed their staff, collecting the 80% from the government whilst keeping people working?

[Pmendoza602]

I just did my first purchase of silver at Scottsdale Bullion. Got 40 Peace Silver dollars, VG+ at $26.70 each. I recognize there's a premium, but part of me feels queasy about handing out $1068. Never done this before.

 

Part of me wants to ask if that was a good price, but knowing the internet being what it is, I fear a bit of "you got had" or "well, there's a sucker born every minute." Lol. 

 

Hope to make this a bit more of a habit for myself. I wonder if these butterflies settle down once the coins are in my hand.

[Stuntman]

10 hours ago, HelpingHands said:

This doesn't sound legal.

Are you working for some dodgepots who are claiming they have furloughed their staff, collecting the 80% from the government whilst keeping people working?

It's not exactly legal from a contractual point of view, but the business I work for has zero income at the moment and the business cannot be carried out online or over the phone.  We have furloughed over 1200 staff (about 3/4 of the total) and most of the remainder are on full pay.  There are about 20 of us whose pay has been cut by 20% despite working full time still.  I'm doing about 50 hours most weeks for 80% of my previous pay.

Hey ho.  The alternative would have been to make lots of these people redundant and at least I still have a  job and I can live within my reduced means.

[Neuri0n]

9 hours ago, Pmendoza602 said:

I just did my first purchase of silver at Scottsdale Bullion. Got 40 Peace Silver dollars, VG+ at $26.70 each. I recognize there's a premium, but part of me feels queasy about handing out $1068. Never done this before.

 

Part of me wants to ask if that was a good price, but knowing the internet being what it is, I fear a bit of "you got had" or "well, there's a sucker born every minute." Lol. 

 

Hope to make this a bit more of a habit for myself. I wonder if these butterflies settle down once the coins are in my hand.

Think of it as a savings account. In reality you didn't hand over money so much as trade your paper funny money for actual wealth. 

[HawkHybrid]

1 hour ago, Neuri0n said:

Think of it as a savings account. In reality you didn't hand over money so much as trade your paper funny money for actual wealth. 

 

this would only be true if they had bought gold.

 

HH

[Scuzzle]

I'm waiting, I got enough in 2015 and the succeeding few years when the price was rock bottom so I don't feel the need to bring my cost average up by buying now in this time of high premiums.  The UK government is talking about putting VAT up to 25 or even 30% in order to recoup what they put out for Covid so the 6% VAT I paid for mine under the margin scheme should return more profit when selling just through this alone if it actually happens.

[ExUmbris]

I know premiums on many items are quite high for silver. However, spot seems to be taking off over the past several days. I can get a 100oz bar from the Scottsdale Mint for $1946 which is $2.81 per oz over ask. My concern is of course that I may hesitate to buy and price may continue to rise significantly and I will be kicking myself later. I will continue to buy gold as I am able. We may have a correction or things may settle down and economies may rebound after this govt. debacle but many are suggesting a prolonged recession/depression. I know I could sit and wait and in weeks-months prices and premiums may come down but if they do not and we see significant inflation instead I will be sitting on a pile of fiat with far less in PM than I could have otherwise had.

Thoughts?

[RACKTHESTACK]

30 minutes ago, ExUmbris said:

I know premiums on many items are quite high for silver. However, spot seems to be taking off over the past several days. I can get a 100oz bar from the Scottsdale Mint for $1946 which is $2.81 per oz over ask. My concern is of course that I may hesitate to buy and price may continue to rise significantly and I will be kicking myself later. I will continue to buy gold as I am able. We may have a correction or things may settle down and economies may rebound after this govt. debacle but many are suggesting a prolonged recession/depression. I know I could sit and wait and in weeks-months prices and premiums may come down but if they do not and we see significant inflation instead I will be sitting on a pile of fiat with far less in PM than I could have otherwise had.

Thoughts?

I think your right. I'm still stacking but I switched from going all in to half in on silver and saving half cash 😃 

[GoldenWafer]

2 hours ago, ExUmbris said:

I know premiums on many items are quite high for silver. However, spot seems to be taking off over the past several days. I can get a 100oz bar from the Scottsdale Mint for $1946 which is $2.81 per oz over ask. My concern is of course that I may hesitate to buy and price may continue to rise significantly and I will be kicking myself later. I will continue to buy gold as I am able. We may have a correction or things may settle down and economies may rebound after this govt. debacle but many are suggesting a prolonged recession/depression. I know I could sit and wait and in weeks-months prices and premiums may come down but if they do not and we see significant inflation instead I will be sitting on a pile of fiat with far less in PM than I could have otherwise had.

Thoughts?

Gold prices are going up too. I grabbed some a week ago for $1810/oz ($100 over spot - somewhere between 5 and 6% premium when the spot was a little bit less than $1710). Now spot is close to $1760 and the same exact item from the same exact retailer is almost $1840 ($80 over spot - around 4.5% premium). So the spot price is going up but the premiums are coming down, with an overall increase in price. So it's really dependent on your perspective of what the gold price means in relation to a recessive economy, and whether or not you believe the price is really going "up" or if the currency paying for it is going "down". It will all even itself out in the end, regardless. And no matter where you are, how the economy is doing, or how much currency you have, you will have your gold and silver - so long as FDR doesn't resurrect from the dead.

As for the silver, I bought 100 oz for $20/oz yesterday, so if you can get your hands on some for $50 cheaper from Scottsdale, then go for it - so long as you actually want a 100 oz bar (I saw that sized bar for around that price but chose to grab 20 x 5 oz bars instead, which happened to be cheaper than 10 x 10 oz bars, oddly enough). I don't tend to be one to fret over +/- $1/oz, though, as I view my PM as mostly a store of wealth vs. something I am trying to profit from (depending on definition).

 

EDIT: And like RACKTHESTACK just mentioned, it's good to have some cash on hand ($1000 for yourself or $500/person in your household - assuming you have a good amount of PM already).

[ExUmbris]

18 minutes ago, GoldenWafer said:

Gold prices are going up too. I grabbed some a week ago for $1810/oz ($100 over spot - somewhere between 5 and 6% premium when the spot was a little bit less than $1710). Now spot is close to $1760 and the same exact item from the same exact retailer is almost $1840 ($80 over spot - around 4.5% premium). So the spot price is going up but the premiums are coming down, with an overall increase in price. So it's really dependent on your perspective of what the gold price means in relation to a recessive economy, and whether or not you believe the price is really going "up" or if the currency paying for it is going "down". It will all even itself out in the end, regardless. And no matter where you are, how the economy is doing, or how much currency you have, you will have your gold and silver - so long as FDR doesn't resurrect from the dead.

As for the silver, I bought 100 oz for $20/oz yesterday, so if you can get your hands on some for $50 cheaper from Scottsdale, then go for it - so long as you actually want a 100 oz bar (I saw that sized bar for around that price but chose to grab 20 x 5 oz bars instead, which happened to be cheaper than 10 x 10 oz bars, oddly enough). I don't tend to be one to fret over +/- $1/oz, though, as I view my PM as mostly a store of wealth vs. something I am trying to profit from (depending on definition).

 

EDIT: And like RACKTHESTACK just mentioned, it's good to have some cash on hand ($1000 for yourself or $500/person in your household - assuming you have a good amount of PM already).

Good points. My stack is in its infancy and I am trying to grow it as wisely as I can in these less than optimal times to be starting out. The cash on hand is managed and my job is steady. I don't see much point in throwing more of my money into the market at this time but I won't be contributing any less either. Fiat money sitting in the bank making fractions of a percent interest is just idiotic. So I would much rather have  a diverse physical PM stack for the long haul. I do not see myself buying/selling frequently to try to make a bit of profit but when I have a substantial stack I may take advantage of selling silver to fund more gold or visa versa if the situation is favorable.

As for the resurrection of FDR or any of his ilk, I will not comply with unconstitutional laws. Not only did I lose my entire stack in a boating accident, I have been stacking lead and brass for many years and Uncle Sam was kind enough to train me in the finer points of their application.

[GoldenWafer]

1 minute ago, ExUmbris said:

Good points. My stack is in its infancy and I am trying to grow it as wisely as I can in these less than optimal times to be starting out. The cash on hand is managed and my job is steady. I don't see much point in throwing more of my money into the market at this time but I won't be contributing any less either. Fiat money sitting in the bank making fractions of a percent interest is just idiotic. So I would much rather have  a diverse physical PM stack for the long haul. I do not see myself buying/selling frequently to try to make a bit of profit but when I have a substantial stack I may take advantage of selling silver to fund more gold or visa versa if the situation is favorable.

As for the resurrection of FDR or any of his ilk, I will not comply with unconstitutional laws. Not only did I lose my entire stack in a boating accident, I have been stacking lead and brass for many years and Uncle Sam was kind enough to train me in the finer points of their application.

🤣 Literally laughed out loud at the last part.

My stack is an infant as well. That's why I went for 2 oz of gold and 100 oz of silver, recently. I think I'll be stacking 66% gold, 33% silver - in cost, not weight. That might change depending on how each metal's price changes - I could see the possibility of evening out my stack to 50/50 cost in the future.

As for boating accidents, I don't have a boat, but I do have a garbage can, and unfortunately I've just watched a very valuable bag of trash go straight into the back of the trash man's truck. Sorry FDR - I'll try to be more careful next time.

[Yetiwatch]

When i started stacking it was because i liked the coin design of the eagles and with OCD i needed one of each year, then i ended up Maple's, Britannia's, Libertad's, Kookaburra's, Queen's Beast's, Walking Liberty Half's, Barber Half's and the latest is Kangaroo's (still some years to collect in the kanagroos, the rest are full sets), but now I am stacking more for the long term (20 years - for retirement) and will stack depending on price per ounce rather than because i need that specific year.

I will always leave a decent chunk in savings just in case, but now most of my obsession with making the sets is mainly done, i am looking forward to bulking up the stack. I don't think i will pick up bars or coins over maybe £22 an ounce, but time will tell, so at the moment just spending money spare after bills and that will do me.

I think i will stick with silver this year (only have a 1 ounce bar of gold) and see what gold does next year. I think if it goes under £1k an ounce, i may try picking up the Beast's in gold, or just bulk sovereigns. Time will tell!

[Russell]

I will be stacking gold when the Gold silver ration hits 50:1 so until then I will only be stacking silver.  Under $40 an ounce is stupidly undervalued IMHO.  I am a new stacker and my target was 200 ounces.  However since hitting 275 last week I have decided to dispence with having targets LOL

[Pipers]

Watch this

 

[GoldenWafer]

Pure absurdity, silver american eagles, $10.99 over spot even with silver close to $17. The premium was over $12 before. They are definitely just trying to save themselves when everyone starts selling back their silver when they feel all warm and cozy with their dollars again. They are planning for profit after buybacks (I don't blame them, to be honest).

 

[Metalisreal]

I would definitely get some buffalo rounds at that price point but the eagles would have to wait.