Hello everyone, I'm new to this forum and have been stacking since January 2014. At the time I started the Canadian dollar was closer to $0.90 American, but right now is closer to $0.80 American. I was thinking of converting a bit of my bullion to American dollars, but unsure of how to do that short of driving over the border, I live a bit far to do that and was hoping there was a better way. The crash in oil prices is partly responsible for our lower dollar right now, but in all likelihood it will rebound. Coverting some silver make sense to me, but I haven't be at this all that long. 1. How would someone in Canada sell for American short of driving to the USA? 2. Anyone have any thoughts on this? Cheers
My guess is that you would have no trouble doing this using one of the big dealers such as APMEX. You would just need a bank account in US $ and have APMEX wire the money to that account.
I already have an American bank account through TD Canada Trust here in Canada. I usually use it for putting money in if heading to the USA for a holiday or something. I don't know if that might work, I'll have to look into it more I guess.
You can always sell it to buyers across the border, but shipping might be an issue. Not sure if APMEX is buying from overseas but no harm giving them a call to confirm.
Just to add that sometimes it would just be easier to sell it and get CAD. Using your TD border less account you can get preferential exchange rates to exchange CAD into USD.
Just to add that sometimes it would just be easier to sell it and get CAD. Using your TD border less account you can get preferential exchange rates to exchange CAD into USD.
Not sure if the price will drop again, but I got in when Silver was pretty low to start with, but the drop in the Canadian dollar of nearly 10 cents against the green back has me thinking I may come out ahead. I purchased some of my silver this past year and have nearly 400oz. If I turn a bit into American dollars I'm thinking I may make a bit of money, not a lot, but a bit. I haven't really figured out the math yet. Funny when you think about it though, my Silver today has more purchasing power against the American dollar than my Canadian money. What I mean is that not that long ago the Canadian dollar was on par with the American dollar, even when I was buying Silver 1 year ago the Canadian dollar would by more of an American dollar than my same Canadian dollar will today. However, the silver I purchased with those dollars last year will buy more US dollars than my currency will. Therefore, if I change some of the silver to American dollars my theory is that I could take those US dollars and covert them to more Canadian dollars than I bought the silver for...I think. I don't know if a 10 cent drop in the dollar is enough to compensate for how much under spot a metals dealer will charge to buy the silver as I've never sold any before. The reason I started stacking last year was because: A: I wanted to save some money. B: The banks were paying almost nothing for interest in a savings account. C: I have no faith in the dollar. D: I don't understand the stock market.
Thanks, I'll have to look into that, but I don't know if TD will buy my silver. I'll have to check it out, I know they sell bullion and so does Scotiabank.
I have sold privately to people in the states ( i am in NZ) and simply asked them to pay me in cash via post. It may entail risk of getting lost in the mail,but i have not had any problems the few times i have done it. I have only done it to avoid the transaction charges at the bank (small as they are) when buying USD and to help out friends with florins and crowns that are considerably more expensive in the states than here at home.
Hmm, I think you will have more luck selling the silver with a dealer or local coin shop. If you don't mind me asking, how much are you looking to move? I know of some people in Canada in the market for silver.
Silver is an absolute steal right now in US$.. once the interest rate increase promise is renegged on, the inflation velocity will come home to roost. Also China could start dump US debt to buy more gold.. Basically the upside for Oil, Gold and Silver is the certainty that US will need to re-ingage in the currency war they are currently losing badly.. remember they need inflation to service 15 trillion debt +20 trillion in unfunded liabilities.. IE: US is screwed. Silver has a better chance of doubling in US than any other currency ATM.. but do what you do!
i would just keep your silver why would you change your hard money for government printed toilet paper? and really the whole idea of stacking is to get away from that system, look at what happened in 2008 when the american dollar halved and they were in 9.7 trillion debt, now its 19 trillion you dont know whats going to happen over the next 6 months really crazy things are happening golds gone up 13% oils crashing atm, the last time oil crashed was the beinging of the gfc
How do you manage to live your life without "government printed toilet paper"? Can i assume from your comment that you are in a community and barter to survive?
i wasnt saying too live my life with out it, i said why would you convert your silver too invest in pieces of paper, the silver coins have value and always will, you could go anywhere in time in the last 5000 years and buy something with them, you could go to any country in the world and convert them to toilet paper to buy something with, but us dollars will work in most countries i guess, but say i bring my australian dollars too russia they would laugh at me, it would be completely worthless there because its not backed by nothing just a government promise
