Gold hit $4000/oz, and silver hit $50/oz.
Read into that what you will.
I have a stash of gold and silver set aside specifically for land purchase and this climb in metals prices means good things for my ability to afford something.
Sad thing is, though. When it’s gone, its gone.
What I’ll probably do is start diverting a percentage of my dividends each week into metals. Get a little dollar-cost-averaging going.
But, in the meantime…wow.
I have a decent amount of silver (10-15lbs or so, bought at $8-18/oz) but only a few oz of gold, I actually have more platinum (10oz) that I got back at $960/oz. It’s $1600ish now but I don’t have anything I need to sell it for and selling it to convert to more silver or gold isn’t worth it as the gold/platinum and silver/platinum ratios are all far worth now for platinum.
I would have a hard time selling or trading my physical metals for land. It doesn’t make sense to me to trade something without any counterparty risk, for something (land) that has nothing but risk. My mining stocks are up 200% – 500% just this year and will sell a % of them for some more farm land and metals.
Sorry, I Dig Au but I disagree. Trading metal for dirt is ok. As zero said “ I have a stash of gold and silver set aside specifically for land purchase”
So that was his plan and it’s working.
That’s just me UBAZ. I’d rather trade some paper for land, than something real like gold & silver. Unlike land, my metals are portable and I own them, which cannot be said of land.
Wish I had a way back machine. I had 25k in 75 about the time it became legal to own gold. Had I put it all in gold I would have a pretty good pile now.
Oh well. Time goes on.
Back in ought one I won $20k in a poker game. Bought krugerrands for $265 an oz. Bought 1000 oz of silver when it was $8/oz. Now that I’m almost dead, kind of wonder what is going to happen to it all. Maybe I should just will it all to CZ so I know it will be spent wisely and my sons won’t get to spend it on hookers and blow.
When bitcoin was at .08 cents (pizza day?) I had $1000 worth in my cart, didn’t pull the trigger. ): My calculations indicate it would be worth about eleventy buhjillion today!
Well…not to tell you what to do or anything…..
Since y’all know about silver (and gold), I have a question! Had a parent who passed away leave behind stamps and commemorative silver and coin proof set coins. Siblings and I aren’t sure if we should just sell it all and divvy up the cash, but I wonder if we (or at least I) should just keep the silver coins. Thoughts??
Keep the silver! If your siblings aren’t interested then pay them the face value of the coins – a silver dime is 10 cents to them.
I’ve got a small amount; I view it as a currency for dire times, which these aren’t.
I’ve had people telling me it is time to buy since it’s doubled in the past year – I feel it is so expensive I can get more bang for my buck elsewhere for now: ammo, tools, etc.
Where will it go? Good question! Right now feels to me like a high performing stock that could find new heights, but it could also drop.
In fact, it is more than likely to have at least a correction soon, probably a big one.
My belief is that the economy will improve more widely under Trump and people will stop listening to the nay saying Democrats and then PMs will drop.
Of course, I could be wrong; I have been plenty of times before!
Yes, you are wrong,gold is THE ONLY class 1 asset with no counterparts risk Basel III. Silver has no counterparts risk and is a major industrial use deficit ( more used than mined). LBMA and Comex are scrambling to cover a fraction of contracts and may have to default soon pulling paper shorts out of the mix. True price discovery may be 3x-10x+ current fiat valuations.
Maybe add a new item to your beta site criteria…an old gold mine on the property. I saw something that Spanish prospectors are re-working old Roman era gold mines and finding pay dirt…and that was about a year ago.
Most, not all, Western mines and tailings were reworked by Chinese and have been very thoroughly gone over.
Montana had some really big placer booms; most of her gold though is ore and not readily accessible.
Though the Highland Nugget is while I still take my detector out and about with me!
Another potentially useful aspect of the mining history is the mines themselves. A property I looked at once had a dry adit cut into solid stone. Very nice hidey-hole.
Find another way to buy that land, it’s a mistake to use your PM’s!
1,000% agree.
Choose “conventional” financing for “conventional” purchases.
Above board, chain of title, property taxes…..etc. All within the “conventional” world paradigm.
Capital Gains Tax on what the medium of exchange you used to pay for this?
How much?
What is your basis?
CZ……Do the math.
“Come on man”
High metal prices are a huge problem for a lot of well connected people and entities. I too have been baffled by the rise, but… most of the time when I see charts that look like the left side is a parabolic escalation, I’m reminded the other side is usually just as steep!
Look at the US Dollar chart. It’s coming off a bottom. A rally in the dollar, will translate to a reduction in prices in PM’s. Since PM’s in this country are priced in dollars, you have to watch both for the right time to buy.
Gold & silver are the most undervalued assets on the face of the earth right now. When you measure them against the debt that has been created and cannot be repaid, the prices are dirt cheap.
Don’t ‘price’ them in ‘dollars’, price them in the value they provide and the honesty of sound money. My $20 gold piece buys the same amount of goods & services today, as it did 150 years ago. What does that $20 note in your pocket buy?
Sorry to say Commander Zero that aside from brief surges in price of Au and Ag the value of Land and such rapidly adjust to the “new normal price”.
It’s call real estate for a reason, like the mortgage comes from the French word for death pledge.
I notice that Aesop has posted he’s bought Castle Anthrax and is going to be light in posting as he has “bigger fish to fry”.
Aside from that its day 6? Of the latest governmental shutdown. I notice postings have dropped across several sites I visit.
Maybe folks are getting busy?
Tempus fugit.
A lot of them either aren’t getting paid or their sponsors aren’t getting paid.
Or BS overload, or sportsball season or hunting season, whatever.
Value of the dollar is dRoPpInG!1!1!1!1!
Food for thought: borrow against the PMs to buy the dirt. Both are likely to appreciate. The dirt is going to for certain; even the crappiest land tends to go up eventually – the timeline for “eventually” is the kicker. Upside is that you still own both the land AND the PMs.
Suggested reading: “Pay Zero Taxes” – Mark J. Quann. His Buy, Borrow, Die strategy seems to apply here. YMMV
The guy standing on the corner today yelling, “The collapse is near, buy gold and silver!” wouldn’t be a lunatic. But probably 90% of those hearing him would think he is.
Don’t forget the other precious metal – lead. Especially when coupled with brass. But I am sure CZ has plenty of that too.
IF you’re in an area that has had gold mining in the past, and IF you can get land with mineral rights THEN this is a good idea.
A swiftly flowing stream coming out of the mountains gives the potential also, along with other uses.
I think I’m averaged into gold at about $1,500. Silver probably in the mid 20’s. So I’m up a bit
more than double. It’s part of my emergency fund.
Ratio wise things are out of whack now. I’d like to be 10% precious metals but it’s probably closer to 22%. I won’t be selling to even anything out. Illl just hold what I’ve got. Eventually my other holdings will keep growing and catch up.