Having been an official stacker now for 4 days I think i'm ready to start asking some questions. firstly could someone put me out of my misery and tell me what "fiat" means? I've figured now that most of you don't drive a fiat and it means something else? Is there a post that deciphers all the acronyms used on silver stackers? AG? AU? PM? I have been in the collectables scene for many years, been online since conception, yet I've never heard of stacking, we're all aware of coin collecting ect but precious metal collecting isn't really spoke of much in the main stream of collectables. take the trading card hobby, basically it's made up of maybe 10% collectors and the rest are speculators, all speculating on the same product, which has a limited collector market, it's extremely hard to break even, let alone make a profit, yet thousands of people keep at it, even though history shows that 99% of cards lose their value once the true collectors have what they want, the rest stays on the market. a large percentage of sports card collectors are merely gamblers, buying a box of footy cards is like buying a scratch lottery ticket, the chase is that elusive card that may be 1 in 50 boxes and sells for $800. but this obviously only happens to 1 in 50 people busting a box. anyway, silver bullion is relatively cheap, unlike cards silver has that intrinsic value, and like cards, silver coins have an exciting speculative element. I am certain that if card collectors, and all types of collectors knew about the stacking culture, the affordability of an ounce of silver, and the examples of good numismatic premiums, the hobby of silver stacking would be huge! in the past few days of reading like a billion words relating to silver stacking, I have a strong impression that the mints that produce the coins and bars are very keen to sell their silver, I can't help but think though, these guys know more about silver then most would, surely if silver was destined to raise significantly, they would hold onto their silver and produce coins when they get the best bang for their buck aswell. back on collectors of everything else but gold and silver, How could this hobby infiltrate other hobby's to capture a bigger slice of the collectables market? this is after all the real deal, not a piece of paper with a footy player's face plasted on it, or a barbie doll. There needs to be a bit more promotion, I see there are many you tube vids of people in the game talking up the possibilities of silver ect, but if your not looking for that, you never see it, so I think it may be time for the lower end of the silver industry to take it to the next level and on the forefront of every collectors mind. The big boys don't convince the little boys 'cos we can't help but think the big boys have something more to gain. if the collectables scene heard it first hand from the stackers, the average joe's that explain it all in simple terms, over time I bet many collectors of things would become stackers, and I think the incentive for existing stackers is that's what may take the value of silver to very high levels, not the fact that it aventually runs out, or the economy, but because the collecting/stacking market is so high. and because collectors are just that, a decent percentage of them will go further with stacking and into numismatics, it all goes hand in hand i guess, more stackers reduces the availability of limited releases to numismatics who increase the premium chasing them.
Fear not young one we are here to help! I feel strong force flowing through you, all you need is guidance! FIAT = Fiat money is money that derives its value from government regulation or law. The term derives from the Latin fiat, meaning "let it be done" or "it shall be," as such money is established by government decree. Where fiat money is used as currency, the term fiat currency is used. - wiki AG = Silver / argentum AU = Gold / aurum PM = Precious Metals Respectively, Gold and Silver Forex symbols are: XAG XAU They are in the business of selling PM's, that question should be brought in front of miners (IMHO) they are the ones that should keep whatever is mined from the ground on their "Statements of Financial Position a.k.a Balance Sheet" Now im talking about bullion not numismatics
Just to confuse you further, depending on the context in which it's used, PM can also mean Perth Mint and Private Message
Yeah that one REALLY screwed me up in my first few days! "I just PM'd you about the PM's take on PM" WTF I thought? Until i dawned ... Welcome! Re: The Mints etc hoarding i they think it will go up - as has been pointed out, they are a business focused on throughput, not assets under-management. It would be a bit like an Art Auctioneer deciding to hold onto the famous paintings as they will certainly appreciate in value. One thing is for sure - you are going to both learn a lot here ... and read a LOT of opinions! Great place to hang out and some VERY smart people here too. Welcome to addictive stacking the forum!
"Ag" and "Au" are the chemical element symbols for silver and gold respectively.. Here's the list >> http://en.wikipedia.org/wiki/Symbol_(chemical_element) You may also be interested in the relative density (specific gravity) of some of the more common metals > > http://www.simetric.co.uk/si_metals.htm
As a side note you should take a look at the following post to get an idea of what sort of items you might be inclined to buy. http://forums.silverstackers.com/topic-14520-i-have-x000-what-should-i-buy.html
All it would take is an endorsement from a big celebrity like an Oprah or Usher for silver to go to the moon. Look at what they did for the Kony campaign, which turns out is the elites' attempt to secure Uganda oil.
GSR = gold/silver ratio It's at 53 now meaning you can buy an ounce of gold with 53 ounces of silver.
"Proof" is a coin specially struck and handled. It tends to be a very high quality finish and should come with a COA ( certificate of authenticity ) and most of the time in a box. "UNC" is uncirculated meaning it hasn't been in people's pockets and should be the quality as it left the mint. However it doesn't guarantee its condition so expect scratches, dents and other imperfections. It should be nice however and free from dirt and grime. "BUNC" is brilliant uncirculated. Warning - many sellers confuse proof with UNC and BUNC. Especially true with Perth Mint coins, e.g. lunars, kookaburras, kangaroos, koalas and Chinese Pandas etc BECAUSE - (a) they are minted to a high quality and (b) they are supplied from the mint in capsules Bullion coins are all coins that are not stated as proof so will be bog standard circulated condition, unc and bunc. Bullion coins are priced at their actual silver content spot price. Fine silver is 99.9% pure silver or higher. Sterling silver is 92.5% silver Prices when buying are based on market price so could be anywhere from about 10% above spot to 100% above spot so do some research and shop around. Proofs tend to be aimed at the coin collectors and are priced based on collectability, numismatic value and the love of the coin itself. When selling however to dealers, don't expect much above spot irrespective of what you paid unless it is of specific interest - rare for example.
Welcome footy! you had some good questions and were answered here,but let me address another point you made. Most of us,I'm sure have tried to talk to family and friends about PMs and gotten similar results.Blank looks in the eyes or outright accusations of being a tin foil hat maniac.Try it for yourself and let us know what the results were.Most of the population doesnt "get" the drive to amass some PMs not even a token amount.Its sad really but true.
All members of silverstackers are required to drive Fiats. Didn't you read the terms upon joining? http://www.fiat.com please provide proof of ownership before posting any further.
