You are wasting your money.

[Potato]

Hah

 

[mmissinglink]

There is a business, that is local to me, that accepts silver for their goods. From coins to bars, they accept it all.

I think most people would be surprised at how many businesses actually will accept AG/AU in payment for their goods and services. The secret is to ask!

What business is this? What are the products / goods they will swap for blobs? They except any piece of metal that anyone claims is silver? Do they test the metal fully? How? Does this business swap goods and products for blobs from anyone who comes off the street or do you have to have an account with them, show some specific ID, or something else?

Please be as specific as you can.

Thanks in advance for helping me understand this better.

.

The business is a gardening supplies concern that accepts silver coins or bars for their goods.

The silver coins or bars are not tested - at least not in front of anyone that I know of.

An account, or ID is not required, as the silver transaction is treated as a monetary exchange.

Actually, under the Australian Constitution S115 silver or gold coin is legal tender for the payment of debts.

The terminology of 'blobs' is not used in the circle that I associate with, so I am not sure what you mean.

Whilst there are exceptions, typically in Australia we have silver coins and bars both minted and poured. Gold products are generally also in coin or bar format also minted and poured, with some 1oz stamped 'round buttons' with the mints logo and weight etc stamped on it - perhaps this is what you are referring to?

Thanks for the details. I use "blobs" instead of "common, non-denominated bullion bars or rounds" so whether poured, minted, or squished and cut under high pressure it's all the same to me. If a business like a gardening supplies store, plumbing contractor, or diner takes all forms of physical silver as "payment" for ALL goods and/or services it sells (not just gov't issued denominated silver coins) from anyone without the customer having to be a member of the business, then I would say that this business does treat silver as money and that silver functions as money in this business.

So, please tell me, if you know, how does the gardening supplies store you mentioned determine the value of the physical silver pieces it is given? Is it by the current spot price in AUD$ based on purity and weight? What if, hypothetically, in the next year, that for a few hours of 1 day the spot price of silver hits a once in a lifetime high of $200AUD (assuming we don't know the real reason at that time....finding out later that it was either a glitch or the result of some very major manipulation by strong hands....the reason is not important right now) and lots of people come in with physical silver blobs to buy out most of the inventory of the store - then the price consolidates back to it's normal $21 or whatever it is for the next several years....how does this business survive? How do they determine purity of the silver items being brought in to be exchanged for goods? How exactly does this business do it?

What if a bunch of people over a week or two time period pays with popular name brand blobs, gets their supplies, leaves happy and weeks later the store owner finds out that the name brand blobs were in actuality, well made Chinese knock-offs having no silver content at all?

Treating physical silver as money may have worked awesomely back in the Bronze Age, but today....really....treating pieces or blobs of metal like money? Hmmmm. It's more questionable and risky at best than using stable fiat currencies, from what I can see.




.

 

[mmissinglink]

Convert the trolls to believers, quickly now....before they leave!




.

 

[Ghost Story]

LOL maybe a 1 oz 999 troll bar or round is in order or on order and I want my percentage right been here for years and still trolling :lol:

 

[mmissinglink]

Hopefully there will always be businesses willing to accept silver

http://truthalliance.net/Portals/0/Archive/images/news/2011/05/gas-20-cents.jpg
Source: internets

As much as I like to see unconventional things like this, that's not an example of a business treating physical silver as money....that's merely a case of a business treating US gov't issued 90% silver coins as money.....it actually isn't evidence of blobs being treated as money. I guarantee you this business will accept any form of fiat US currency as money but there's a reason they don't advertise that they accept anything allegedly made of silver. I mean, are they really going to XRF analyze items of metal that people bring in that are claimed to be silver? That's what physical silver being money would have to look like.

Accepting US denominated currency that happens to have some silver content is not an example of physical silver functioning as money..

Yes, of course, that is just an example and the reason it stands out is because it few other people are doing it.

I think the shop owner is more interested in making a political statement on the way the US fiat system is headed rather than actually being interested in silver or barter.

However the owners are trading on the silver content of the coin rather than the face value so they are not treating it as fiat anymore. I am sure they would go broke if that is the only form of currency they accepted, accept silver or fiat, give change in fiat. Having the government guarantee the silver content of the coins is probably a lot easier than having to XRF every random blob that comes through the door, I doubt they even weigh it. I have lost count of the number of times I have bought coins which have been sold for spot based on what Wikipedia or melt-value-calculators say they should weigh when in reality they weigh a lot less after years of wear and abuse.

Now if I could use 90% US Gov issued coins in Australia to buy products it would be more impressive.

We do accept 1966 50 cents in our coffee shop, last one that came through the door was when they were going for about half of what they are going for now, so it was a while back, we occasionally get a florin but that is usually a mistake, we also get Fiji and NZ coins, I don't think they are a mistake

Yes, of course the seller of the petro is not valuing the silver gov't issued coins to the denominated (nominal) value....but valuing it to what is the all important question. If to a recent spot price of $17.47, then he is selling those gallons of petro for about $1.27/gallon when someone pays for a gallon with 2 pre-'64 dimes (17.47 .0321507466 2.5 .90) = $1.26). Is this seller even getting his cost for it? How long will this seller stay in business selling at that price?

There is in fact a very good reason why no country pegs their currency to silver any longer. The fact that silver really isn't money (cannot function that way today) any longer (in any practical way for the vast majority of humans on the planet) is not that difficult for me to see why. I don't think those reasons will change for a very, very, very, very, very long time.




.

 

[mmissinglink]

LOL maybe a 1 oz 999 troll bar or round is in order or on order and I want my percentage right been here for years and still trolling :lol:

"Troll bar"...I love that....you ought to coin (pun intended) that name and secure the domain if no one has already!



.

 

[SpacePete]

your an absolute idiot.

Just an FYI, you're arguing with a teenager who has probably never held a job in his life and who gets his world view from 4chan.

Yep because many teenager's are buying silver as an investment, funny is it not? I never held a job but I have silver? YOU GOT ME HER HER HER...

People like you are just plain and stupid..
...I'll use a 4chan word for you since you must browse that site like crazy "BETA is going to BETA"

May I remind you of your intro post on this forum way back in March 2014:

...I am 18, so still a baby compare to you gent's so be nice please =)

 

[willrocks]

76 replies to a hit and run post - trolled you guys good.

Don't forget. You replied too.

 

[Jislizard]

....but valuing it to what is the all important question. If to a recent spot price of $17.47, then he is selling those gallons of petro for about $1.27/gallon when someone pays for a gallon with 2 pre-'64 dimes (17.47 .0321507466 2.5 .90) = $1.26). Is this seller even getting his cost for it? How long will this seller stay in business selling at that price?
.

Who knows how long that picture has been floating around the internet? I saw it a few years ago so it might have been worthwhile back then. He might have taken the sign down or changed it to 30 cents/gallon or something similar.

 

[Jislizard]

People like you are just plain and stupid.. I cant even get my head around people like you. "SILVER IS NOT MONEY" if silver is not money why does it have a value?

"Money" is a generic term, and embraces every description of coin or bank-notes recognized by common consent as a determinate value fixed by governments. ~ Law Dictionary: What is MONEY? definition of MONEY (Black's Law Dictionary)

So if your silver is recognised by common consent and has its value fixed by a government then it is 'Money'.

Money acts in several different ways, and silver also acts in several similar ways, but that does not make them the same, just similar in nature, but not in legal standing.

You might not like the legal definition and you might like to substitue your own definition so that you can prove your own point, but you are wrong, not only are you wrong but when people point out that you are wrong, you call them stupid. Not only do you call them stupid but you ask questions like "if silver is not money why does it have a value?" My banana has a value, does that make it money?

 

[renovator]

LOL maybe a 1 oz 999 troll bar or round is in order or on order and I want my percentage right been here for years and still trolling :lol:

lol your not the only one . Have you bought your own bridge or are you still renting it ? :lol:

 

[dccpa]

76 replies to a hit and run post - trolled you guys good.

Not really GP. Renovator and I were talking about that last night. We new it was trolling, but I considered it mindless fun.

 

[renovator]

His username gave it away ... sorrytosay ... oh dear some people are about as sharp as a bowling ball :

 

[boston]

it's all the same to me. If a business like a gardening supplies store, plumbing contractor, or diner takes all forms of physical silver as "payment" for ALL goods and/or services it sells (not just gov't issued denominated silver coins) from anyone without the customer having to be a member of the business, then I would say that this business does treat silver as money and that silver functions as money in this business.

So, please tell me, if you know, how does the gardening supplies store you mentioned determine the value of the physical silver pieces it is given? Is it by the current spot price in AUD$ based on purity and weight? What if, hypothetically, in the next year, that for a few hours of 1 day the spot price of silver hits a once in a lifetime high of $200AUD (assuming we don't know the real reason at that time....finding out later that it was either a glitch or the result of some very major manipulation by strong hands....the reason is not important right now) and lots of people come in with physical silver blobs to buy out most of the inventory of the store - then the price consolidates back to it's normal $21 or whatever it is for the next several years....how does this business survive? How do they determine purity of the silver items being brought in to be exchanged for goods? How exactly does this business do it?

What if a bunch of people over a week or two time period pays with popular name brand blobs, gets their supplies, leaves happy and weeks later the store owner finds out that the name brand blobs were in actuality, well made Chinese knock-offs having no silver content at all?

Treating physical silver as money may have worked awesomely back in the Bronze Age, but today....really....treating pieces or blobs of metal like money? Hmmmm. It's more questionable and risky at best than using stable fiat currencies, from what I can see.
.

I cannot answer your questions regarding hedging, beyond stating that these are business people who know what they are doing.

However, I think it is reasonable to assume that the business concerned has a bigger trust in AG/AU than fiat.

 

[Jislizard]

His username gave it away ... sorrytosay ... oh dear some people are about as sharp as a bowling ball :

The first response was outing him as a troll!

I think it was obvious to most people but there is nothing else to do around here other than argue amongst ourselves, and that we can do quite nicely, we just need the catalyst.

 

[JulieW]

His username gave it away ... sorrytosay ... oh dear some people are about as sharp as a bowling ball :

The first response was outing him as a troll!

I think it was obvious to most people but there is nothing else to do around here other than argue amongst ourselves, and that we can do quite nicely, we just need the catalyst.

If only PMs would rise we can argue about the impending bubble pop!

 

[The Crow]

no, fall, so we can all boast about the amount we are buying .......

 

[Ghost Story]

LOL maybe a 1 oz 999 troll bar or round is in order or on order and I want my percentage right been here for years and still trolling :lol:

lol your not the only one . Have you bought your own bridge or are you still renting it ? :lol:

renting a nice 2 bed and bath hit and run bridge