sure, let them come and claim my coins! I'll melt everything and make a giant brick and rapper style chains so it's not coins anymore.
I'm in agreement with those who maintain that this is the exact scenario why you stack in the first place - wealth preservation when there is no confidence in the local currency. Having said that, I think it also raises an interesting question in regards to bars vs coins. Part of people's thinking in regards to stacking coins (other than for aesthetic or collection purposes) is that they make up smaller denominations of currency and hence would be easier to trade/barter with. I think this argument is flawed because as the Greek example shows, the PMs will not be used for direct trade/barter. There are two basic scenarios: 1. You need to sell your PMs in order to buy necessities. If you are put into this situation, you will almost certainly have to take whatever offer is on the table, and I can guarantee that you will not get back the premium you paid for the coins. In fact in this scenario you will be doing very well to get near spot. I would bet that you'll receive the same amount per oz regardless whether its a 100oz bar or a 1oz coin. 2. You hold onto the PMs until after the country/economy/currency stabilises and then want to sell to "realise" your hidden wealth. Depending on how soon after the stabilisation you want to sell, the scenario above may play out here too. If you wait longer, then you may get your premiums paid for the coins back, however it really defeats the original intent of having smaller denominations for trade/barter. I guess what I'm saying is that you're better off going for maximum ounces at low premiums when buying because if the SHTF there is a good chance you'll lose the premiums you paid. Just my 2c.
I go for coins (bullions) for liquidity, not for any other reasons. I prefer to have 1oz pieces and at that size there is really no much difference between coins and bar prices (at least here) so I pick coins because they give me additional peace of mind about their authenticity (tests are much easier than on bars, even by simple visual inspection). I bought a couple of 10oz PM bars and then I immediately regretted it because there was not much difference in price compared to a tube of 20 coins; also, the occupied space is approximately the same but the tubes stack much better.
Less than 50c/oz more (NZD) for coins/rounds. Not enough difference in my opinion. For coins I mean Niue lunars, Niue turtles, or silver fern rounds from NZ mint.
Do you actually think pawn shop owners put their wealth and profits in the bank lol and lol again or are you thinking "cash converters franchise owners" lol
The current situation in Greece is a pawn shop owner's dream come true. Imagine how many people are pawning/selling wedding rings ... etc. Practically giving them away.
I think you have misunderstood sterling's point. He writes: His criticism is of those who stack with a primarily belief that in a SHTF scenario, pm's will be extremely valuable to the average stacker. I have run across many stackers who have believed that as well and I would lodge the same criticism of that sort of uncritical and dangerous thinking for similar reasons as sterling has. Sterling is right to question or criticize that thinking in my view. I don't profess to speak for sterling-nz but I believe I understand his criticisms well. I like silver....it's shiny. .
Right, and the same probably goes for silver bullion (blobs)...if people are letting go of blobs when there is great turmoil, they are probably practically giving those blobs away and probably losing a lot of value in the process....if they were under the impression, as some stackers are, that silver is a panacea and will save their life in a SHTF scenario. The smart thing would be to sell many of those blobs long before a serious crisis takes full effect and buy important items that will actually be valuable in a time of serious strife. A stack of kilo bars of silver may serve a purpose in a SHTF situation.....it makes for a pretty door stop. :lol: .
"As a spectator"? So you are implying that YOU ONLY HAVE TO LIVE IN Greece to be an expert on the situation? Like may be only people who have burned down their own homes should become firemen? Like only those living in poverty should hand out financial advice? Like only those that beat their partners should hand out advice about domestic abuse? LOL
Oh dear, No I'm not implying that. But you are making claims regarding the situation in Greece and Argentina which would lead me to believe otherwise.
NO.BUT it would be nice to hear and understand their perspective of how they are dealing with it and what they would of have done differently to prepare ie would they have bought precious metals if they didn't stack...lol
Food for Gold. In Zimbabwe, Gold Is the New Currency. Painful to watch [youtube]http://www.youtube.com/watch?v=7ubJp6rmUYM[/youtube] https://www.youtube.com/watch?v=7ubJp6rmUYM
Have to say .... when your currency is worth less than the medium you wipe your arse with ... what do you expect!
