I had some silver go missing.
I actually got lucky, it was before Covid and the mail person had to get my signature. The box was compromised so I refused it and said to hold it at the post office. I never took possession. I called the company explained the situation went to the post office and had the head post office guy weigh it, it was light. So I refused it the company filed the insurance claim, dealt with it and eventually (two weeks) resent my order.
The lesson learned is if you have a package that looks compromised and you canāt refuse it film yourself opening it so you have video proof of the contents.
Kathy
3 Likes
How do you guys feel about those less than 1oz gold coins? I know they seem to have a higher premium but that might be more realistic for us silver buyers who are used to dropping $700 for a tube of coins instead of over $2k for one coin!
2 Likes
I think itās also important to be precise about what happened in 1933/34. People call it confiscation or seizure, but that implies that it was just taken from people, w/o compensation.
The proper framing is that holding gold was made illegal, and the government agreed to purchase gold at the prevailing rate from private owners.
The analogy to today is what could happen at the futures markets. At some point, the price of the futures (paper gold) is going to decouple from physical prices. But the futures exchanges have it in their contract that they can settle in cash. They are NOT obligated to physical delivery (contrary to what many believe). This āsettlementā in cash is basically what happened to gold in 1933/34.
4 Likes
The Fisch ādevicesā are really neat, but quite expensive. Iām still considering buying them. They are low tech, and will work whenever wherever. Simple scales are not able to detect all potential issues.
I highly recommend setting up a self-directed LLCIRA and using it to purchase PMs. As part of diversification of country risk, I set up a corporate account in Singapore with Silver Bullion, Plc. (https://www.silverbullion.com.sg/). In order to buy PMs w/ a self-directed IRA you have to be careful which products you purchase, as not all are authorized (https://www.goldsilverirarollover.com/gold-ira/ira-approved-precious-metals/).
With Silver Bullion, I have sold the PMs using their online platform and had the funds wired to my bank account in 2 days. Highly recommend them for offshore storage.
You can also buy American Eagles directly with your LLC, but they have to be stored by a custodian. You canāt hold them yourself in a safety deposit box, even if your LLC has the account at a bank.
We have a ābail inā law already ready in place, if the banks go belly up we depositors will find ourselves with shares in an insolvent bank. Funny that a banks āassetsā are someone elseās debt. How bad does it get? Do the zombie companies that Chris speaks of have enough āassetsā on the bank ledger to cause issues? A bank canāt UN-grow, and that is the nature of the peak oil wall that we are hitting
1 Like
FYI after the GFC many brokerages (ETrade, TD Ameritrade, etc) became banks and are subject to the same bail in rules, as I understand it. One more detail to be aware of.
1 Like
Yes, I agree. Ended up buying several of the gold balance devices this morning, enough to give a few to interested friends and still have a spare at home. The cut-outs in their sides do much the same thing as the Fisch devices, even though theyāre not quite as fast to use.
After that, Iāll go with the āring on counterā test. If itās the right size, mass, and rings true (is testing coins where that phrase originated?), good enough. Also I have a powder scale, but thatās more of a backup, and for dealing (if and when) with jewelry.
Fun story: About five years ago I was paying for gas, and heard one of the quarters give that distinctive silver coin ring when the clerk dropped my change on the counter. Heh, a free gallon of gas! At least, it was back then.
3 Likes
The first rule of Fight Club is: You don't talk about Fight Club.
Second rule of Fight Club is: You do not talk about Fight Club.Definitely the most sound advice here aside from acquiring PMs in the first place.
Colonel Mustard: How did you know that?
Wadsworth: Can you keep a secret?
Colonel Mustard: Yes....
Wadsworth: So can I.
3 Likes
Thereās a distinction Iām not sure was 100% clear in this article.
In the UK the royal mint produce a gold sovereign.
This is a 22ct 1/4oz coin. They also produce a gold Britannia.
This is a 1oz 0.999 fineness (24ct) coin.
When chris referenced āsovereignā coins, I believe he was referring to the latter?
Great thinking. Iām doing a very similar thing for my children. Hoping to give it to them for down payment on a home.
Another random parenting trick, every time theyāve lost a tooth, Ive put $100 bucks away for them for dental care. Already came in handy.
1 Like
Silver Eagle Monster Boxā¦do you open it or leave it sealed?
A sovereign coin - generically - is one that is minted by a countryās official mint (or whatever private mint theyāve contracted to make the coins). It has a monetary value on it, like a dollar, a pound, maybe 8 bucks if itās gold 
British sovereigns are also sovereign coins, because they were used as legal tender.
1 Like
Unless you need some of it, or plan to sell some of it, Iād leave it be, but itās a personal choice.
Freebie coin tester apps for Android and iPhone:https://play.google.com/store/apps/details?id=com.pingcoin.android.pingcoin&hl=en_US&gl=US and https://apps.apple.com/us/app/precious-coin-tester/id1474466880
Thereās a lot more as well, so you might want to play with a few. Iād offer recommendations, but alas, I donāt do smartphones.
A Fisch still wonāt detect a gold-clad titanium-centered coin. A simple phone-based ring detector will. The two together would be best.
Next thingsā¦land, trees, and local means of production (short supply chains, such as cheese-making factory or sawmill).
And, yes, HAA is not being promoted as the lowest cost of delivery for home possession. Gold-Silver.com (and many others) do that. HAA is for larger storage amounts, safety from theft, and ease of transferring in and out of currency. Each has its place in the toolbox, just like a Phillips head and a flat bladed screwdriver.
4 Likes
Exactly right. Also known as āwhen the going gets tough, they change the rules.ā
Expect it again and again. Itās simply how low-integrity people, companies and governments operate.
If you want to make your own personal assessment of the likelihood of a future of punishing rule changes, just ask yourself āhow much integrity do I think my government actually has?ā
5 Likes
I am a not very trusting source. I pop mine to be sure I havenāt received a box of double-clad 50 cent pieces or ingots of copper.
But itās a tough choice.
I was planning to log on and ask someone here how to go about buying gold for a beginner. You read my mind. Thank you for always being one step ahead!