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Letter Re: Some Thoughts on Precious Metals Purchasing
Mr. Rawles,
Not long ago you mentioned the price of precious metals had fallen. Today the
market ended with spot precious metals taking a sharp dive. If any reader does
not have at least some silver or gold for when the economy really drops off,
now is definitely the time to get them. Kitco is one source. I use the Northwest
Territorial Mint for large purchases. For smaller buys, I have used Mint Products,
but they are more for the collector, and not bullion speculator.
I have been able to amass a large sum of bullion, in the forms of silver and
gold. Most gold is the older coins from the [late] 1800s and early 1900s. This
gives me the bonus of not only having gold [bullion], but also having a [numismatic]
rare coin. When things go really bad, I also keep a large quantity of [non-numismatic
circulated] silver dimes. Buying these in $1,000 face value bags is the way
to go. This will allow
a person to have the smaller coins for barter. Also, having some Morgan and
Peace dollars can be helpful. With the current low costs people can give now
purchase them for use as birthday or Christmas presents, as well. Most young
people have never seen the large dollar coins,
so these coins make unique gifts.
As a last mention on this topic, Canadian silver dollars are selling for about
the same cost as a US dollar, yet they are worth $5 Canadian dollars. With
the
current economy and weak US dollar, these are a better buy than the US Silver
Eagles and people should look to these if they have a choice concerning coins.
Also, plan on getting a small scale that does not take batteries. If one can
be obtained, the older postage scales that can handle smaller weights would
be advisable.With a scale available, [heavily worn] silver coins can be weighed
to help determine their value, after TSHTF.
Regards, - J. Russ
