I mentioned a short while ago that I was in the process of converting up to 10% of my cash reserves into precious metals, specifically gold and silver coins (splitting the value equally between those metals).
I'm a novice in the US precious metal market, and I know full well that it's dangerous to rely on your own knowledge when you don't have any! I looked for a dealer who was honest, helpful and forthright with advice. Courtesy of hearty recommendations from fellow bloggers Commander Zero and The Other Ryan, I was led to Mark Haythornthwaite's Montana Rarities. He proved every bit as helpful and knowledgeable as they said he'd be. It must have been frustrating for him to have to patiently explain to this novice what most of his customers already knew, but he took his time and opened my eyes to a great many potential pitfalls. He didn't try to conceal the real problems involved in getting one's hands on physical silver right now, given high market demand, and the resulting higher premiums over 'spot' price that prevail. He also laid out all the other costs involved, and didn't try to hide anything in 'catch-all' general charges or unspecified expenses.
I ended up buying a number of silver one-ounce coins such as the 2015 Silver Britannia:
and gold coins like the 2015 US Gold Eagle $5 piece, weighing 1/10th of an ounce:
The shipment arrived today, with everything present and correct as promised. Mark delivered great service and good value for money in today's market. Now I'll have to rent a safe deposit box in a local vault - they're not the sort of thing I want to keep at home, for obvious reasons of security.
If you need a source for precious metals, I recommend Mark and Montana Rarities very highly. No, he doesn't offer commissions or pay for recommendations like this - I'm just giving it because he earned it the hard way.
Peter
That's good to know. Glad it went well for you.
ReplyDeleteWhy do assume the bank will be open if things get to the point that you need the coins?
ReplyDeleteI wish he did commissions...I'd be able to retire to Commander Aero's Post-Nuclear Bunker O' Love And Redhead Testing Grounds on all the sales I've sent his way.
ReplyDeleteBut...if you're gonna buy precious metals, the Metals Pimp is the way to go.
I've always liked the idea of the 10th oz gold coins. Even though there is a small premium on them because of their size.
ReplyDeleteI buy mostly silver. If the bottom falls out and the banks do shut down, the only thing you will be able to buy necessities with is gold or silver. But gold is far to valuable to barter for your daily needs with. As an example, if 1 Oz. of silver could buy you a weeks worth of potatoes and carrots, with an ounce of gold, you'd have to buy a semi-truck load, and most would rot before you could possibly eat all.
ReplyDeleteI have three sizes of silver, 1 Oz., 1/2 oz., and some 1/4 oz. Each has its particular advantage in a society where the money system has failed.
Jewelry? My wife had - among other things - a $17,000(appraised) ruby and diamond ring she inherited. She traded it for gold and silver.
Should the SHTF, I hope I guessed correctly.
@Arrgh: Banks aren't the only places offering vault services or safe deposit facilities. I agree, if the banks are closed, it's a bad place to have stored your precious metals or other financial assets!
ReplyDeleteI'll also H/T Zero for the H/T to the Metals Pimp. We've been on his monthly purchase plan for over a year. Every shipment is prompt and correct.
ReplyDeleteI hear people online asking if 3 months is too long to wait for delivery, and I cringe. YES it's too long. Go with Montana Rarities. You won't be disappointed by his service or price. Of course, he can't control the VALUE of what he sells, so if it goes down, don't blame him!
not gonna even sign this with my usual persona.... but I've commented here before, and you've seen me around the web...
I hope you get relief from the pain and a return to health soon.
DO NOT GET A SAFETY DEPOSIT BOX!
ReplyDeleteThe government raids those these days, all the time, and they take what is in it, and you get squat.
If you do access your box for the minimum time period (it's like a year now I think) by default, the government gets it. Seen quite a few people lose everything in them, because the states and the feds are changing the rules. Safety deposit boxes are anything but these days.
I would also advise against placing your gold in a safe deposit box. In times of crisis government can and do shut down banks. California has been confiscating the contents of safe deposit boxes for years in order to pay off the state's debt.
ReplyDeleteBullion is compact; it should be easy to create a hiding place within your home or geocache if it you have land.
Al_in_Ottawa
I'd like to hear about some of the things you learned about from Montana Rarities. Is that something you'd be willing to write a post about some day? Or, if you come across good references, link to them? I'm just imagining all of we interested folk calling Montana Rarities at once and asking to be educated. I'm glad you found a good and patient person willing to educate though. And your coins look cool too.
ReplyDeleteAs ever, thanks for your posts. They're some of my favorite.