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Precious Metals

Discussion in 'The Learning Center' started by Atlas, Sep 6, 2018.

  1. Atlas

    Atlas Administrator Staff Member

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    Precious metals have been a part of prepping for a long time. There are pretty much two camps of people in the prepper group when it comes to precious metals or PM's. Those who love it and those who don't.

    First we will talk about the people who don't like it and more importantly why they don't. The main argument from this camp is "You can't eat gold!" What this means is that if you run out of food and and only have PM's you could very well starve. Most of the people in this group believe that stacking anything but food and water is a wasted effort.

    The people who do like PM's say that once things settle down after a major catastrophe or collapse silver and gold will make sense as an easily understood means of barter. There is also argument from this camp the PM's are a store of wealth that is a hedge against inflation.

    Needless to say, you can only store a finite amount of food and water. After that runs out either sale, trade, or barter will have to happen. I certainly don't think that it would hurt to have some metals laying around.

    Whether or not you decide to store PM's there are some good things to know. First we have the 10 commandments.
    Simple enough, right?

    Next let's talk about "Junk Silver" as it is the most common prep. Junk silver is the term used to describe a coin minted in the US before 1965 that has little to no added value based on rarity and is only valued due to its silver content. All pre-1965 dimes, quarters, half dollars, and dollars are made with 90% silver in them. There are others, but in an effort to keep this simple we will leave it at that for now.

    How do you know what a coin is worth? Weight of PM's is measured in troy ounces, which are a little different than a normal ounce. Usually, roughly $1.00 face value of the coins is around .71 troy ounces, or around $1.40 for one troy ounce. The weight of each coin will depend on its condition, so it's important to keep that in mind while purchasing.

    As for purchasing, keep in mind that not all places that sell are the same. Some prefer to only buy metals in person with cash. The reason for this is confiscation, which did happen in the US in the 1920's and has happened elsewhere repeatedly. Others don't mind buying with a paper trail, and use whatever source seems to be the cheapest and easiest. That is for you to decide.
     
    Last edited: Sep 6, 2018