Forgive my ignorance, I've never even walked into a real coin trader's shop but I was wondering: if the SHTF and I needed to quickly wipe my debts: can I just walk into a shop and sell it over the counter? Let's say by divine grace silver went to $1000 and I had 1000 ounces. Would they be able to write a cheque for 1 mil? They're not unlimited right? What if there was 10 people lined up with 1000 ounces?So is it a matter of the solvency of the retailer? The size of the retailer? Doesn't that limit the places one could go to sell? Thanks for your replies, Szag
LOL you been watching too many US made youtube videos. Firstly there will be no SHTF in Australia. People may be hurt with their real estate prices going down and ever increasing costs in other areas but forget any mad max style scenarios here. The coin shops will be open and trading as usual. Oh and forget about $1000oz Silver anytime soon ...just don't even think about it, it's not worth even considering even if its possible someday.
By the time silver hits $1000, I think there would be printed fiat currency of $1,000 or even $10,000. Thats how much inflation I think it would take for silver to push 1000 and by that time, I doubt you would want to accept their fiat and rather trade for goods.
True, they are very apocalyptic, the US. Still, not everyone is investing just to sell off an ounce or two when they want to buy an iPhone 5, right? What to do if you have a personal crisis and you need to offload?
You think 10 people are going to be having a personal crisis all at once and all trying to offload 1000 ounces each? Sounds unlikely to me. The flip side to your hypothetical situation however, is that silver wouldn't get to $1000/ounce if it wasn't in massive demand... which implies buyers. No buyers, no demand, no $1000/oz silver.
I'm of the opinion if there is a mad max scenario, you wouldn't want to convert your silver to fiat anyway. Trading real money might be the only way to make proper transactions.
$1000 silver will happen at some point, maybe not in the next few years though. Adjusted for inflation silver 'should' be sitting just over $100/oz but because of JP and co...its been kept down. In a premier world monetary collapse that $100 figure will get multiplied out at least 5 times if not 10 or 20. The world will be getting out of the USD! and probably other currencies by this time, that's Billions of $$$ wanting to get out of it! Millions of people pushing their hard earned cash into PM is likely. Its going to be a very wild ride.
Putting a comparison of silver value to a fiat currency does little to explain the circumstances. Yes, there will inevitably be some sort of follow up financial crisis hinged to the lack of any currency backed by something of intrinsic value. I think everyone has already hit the nail pretty much on the head in that there will always be opportunities to sell your metal for fiat, to pay bills if you require. It has also been stated that you might even have the chance to pay your bills directly with silver. That will be a great day when that comes to fruition. We are all fortune tellers without crystal balls. The best way to view this PM trend right now is for your income to be secured. No more no less. We can fantasise as much as we like about $80 or $100 or $500 or $10,000 silver, but at the end of the day, as long as we can feed ourselves and our families while still being honourable citizens, that should be the goal. The dishonest, greedy bastards that caused this mess will get their just desserts, one way or another (in this life or the next). The last thing us stackers should be doing is becoming greedy (just like the mess makers) for a big price hike ourselves. Yeah, it would be great, but there is more at stake. Being humble and living thrifty is just as satisfying as driving a Ferrari. end rant..
PrettyPretty. I appreciate your post. I do not have the means to purchase large quantities of silver but if I could I would probably get greedy. You're right. Just purchase what is necessary to help you through times of transition and continue to focus on being a good conscientious citizen.
It depends on what kind of gold/silver you're selling and who you're selling to. If you walk in with silver bars, you can practically sell these suckers to any stores. Silver/gold rare coins however have more limited places to sell. As with $1000 /oz silver, do you mean $1000 USD? If so, yes the possibility is quite high. But for silver to go to $1000/oz in AUD the possibility is remote, but then if USD completely collapses all bets are off. In theory if you go to large bullion dealers in theory you can dump 1000oz of silver in one go and get payment for them. But if you're talking about $1000/oz you're talking about SHTF situation or probably hyper-inflation situation, if so, who in the right mind wants to exchange their hard money into fiat in hyper-inflation situation? If world economy can recover in the near future and some kind of sound money return, you can sell your gold/silver back to dealers BEFORE the PM bullmarket is over... meaning is unload your stash when PM prices still going up. Once the bullmarket is over PM will quickly come crashing down so quickly just like in 1980s. Bullion dealers will no want to buyback PM, because they'll be selling the same PM the just bought back for much lower price.
There will be a time when there is a bubble in precious metals, just like there have been bubbles in other commodities and investments. If your smart you will be the smart money cashing out when the bubble is peaking, when all the fools who rushed in last minute are scrambling to enter the market. As long as you time your exit right there should be no shortage of buyers.
If precious metals reach very high prices, than current financial system is screwed and will implode, than when the 'bubble' in precious metals 'pops' what will happen to the world ?!? We will all be enslaved thats what will happen ! precious metals bubble popping hahaha that cant happen ( under free market conditions ) - this time its different !
Who are these ten people with 1000oz each and what are their contact details? I'll make them each an offer right now!
Exactly. It's all relative. Just work within your own capacity and be happy with what you have. It's good to have goals, but focussing on wealth takes your focus away from much more important things that deserve much more of your attention.
