“Golden” is right.
Might help ‘splain that yuge purchase by Xi I mentioned yesterday and of course Vlad’s ongoing buildup of his stash, both in spite of some very major domestic and international challenges…says a lot but our ijits ain’t listening.
I wish that I could afford even 1/1000th that much gold. Best I can do is silver. (sigh…..)
Buy junk silver BW, esp. mercs. Lowest premium of all the US minted products and universally recognized everywhere for when the SHTF and you need groceries.
Something else that speaks volumes about that “standard”…
In the 40+ years I dealt with the stuff I have never seen the “premiums” over the spot value of precious metals, esp. in the most recognized forms, that the market is generating now…1oz gold eagles that typically bring $50 over are selling for +$200, even higher as a percentage for silver eagles. Last week an old customer contacted me to cash out his Mom’s gold stash, she had passed away recently and left him and his brother their inheritance in vintage 1880’s to 1915 $20 gold double eagles…drop dead beautiful coins that normally would generate a higher price for their historical or numismatic value than bullion eagles, but not anymore; people are buying gold for its gold value alone without regard to collectibility, so with premiums for bullion already at 200, these 9 coins brought 2000 ea, (less my 10%, just like Brandon!) about the same as the bullion eagles. Crazy market, not without reason, and when these despots are trading in their rubles and yuan for gold, we best pay attention
Hasn’t China been buying hard assets at crazy high markup since FBHO started printing money like it was free?
I don’t think they pay much attention to premiums, esp. as that pertains to the various modes of exchange; the greenback used to stand head and shoulders above the rest, but not anymore and gold is (again) the great economic equalizer. They are now more attuned to keeping up with the Russkies and the global state of affairs…in that, the various scrips are irrelevant, and so was/is BHO.
(speaking of irrelevant, that last blurb certainly was, but I can’t let a chance to cut down Zero pass by untaken.)
2020 Election Heist
Is the most devastating attack on US soil foreign or domestic?
We survived the first two…the last is still playing out…
And all as viewed from Texas! Or is it Florida?
The markup for government minted silver bullion coins went up for numismatic reasons. One coin going out of minting and the new issue just starting. I’ve bought private mint rounds instead as silver is relative easy to test. Also buying culled/junk silver US coins. Mainly, half dollars and a few dimes. Next month, I’ll meet my personal goal of 200 oz (troy). Want to buy a few more US mint gold coins, as well. Have 3.5 oz at present, Goal there is 5 oz. for now.
Don’t buy into that hustle about numismatic eagles, there ain’t any. Well there are, but primarily ’96 strictly due to lower mintage, a few others are scarcer and then there are mint errors, special mintings etc, all slipping over into the realm of collecting rather than hoarding, a whole ‘nother thing.
Remember what the old BC Comics pawnbroker said, what gives items value is rarity, and by definition nothing that is/can be cranked out in volume is rare.
The premiums on eagles are purely a response to fear of the very sophisticated fakes flooding the market (fairly easy to test a few different ways when you are buying but don’t forget you will be trying to sell or trade in a stress environment wherein that process will not be very easy or acceptable, and it is much easier to fake various other silver forms and second/third tier mint products –not to mention the very concerning new trend of under-purity– and people will and do pay extra for confidence and security, it’s just that now the price of that confidence is crazy high and you are unlikely to get that premium back on sale unless the spot market keeps increasing.
And that becomes speculation, trying to track prices by world events etc, there’s a whole industry of talking heads that will be glad to bore you to tears with their opinions on that; speculation is a trap the small investor needs to avoid.
If you want to stash silver and gold buy bullion; if you want collectibles buy vintage US silver and gold coins, esp since as I described above the price of vintage double eagles is currently the same as a current eagle, but like the private mint stuff (for different reasons) they will be much more difficult to spend when the time comes.
You are on the right track with junk silver, much lower premium but even these have been affected (there is currently 16.50 in a face dollar but you will be hard pressed to find any under 20.00). My penchant for mercs is strictly a matter of recognizability without scrutinizing each one plus the lower denomination lends itself to spending…I’ve said before the old saw is a loaf of bread costing a dime back in the day, and today too if it’s silver as that bread is now about two bucks just like that dime is. I do like Franklins too for the same recognizability but more for bigger purchases like a week’s worth of vittles costing you a roll of 20 of them.
While there are different dynamics and you can find shit-tons of “experts” to tell you whatever you want to hear about demand, industrial use, shortages, etc., everything I said above applies to gold, every word, it’s just a matter of cost and especially fungibility.
Problem with gold bulion is its harder to verify.
Easier really with a set of acids, just takes a little experience to read the results. Also doesn’t help much with “loaded” pieces which are gold outside and lead or whatever inside.
Best thing for both (and all other metals) is an XRF* like my refining agent uses; instantaneous detailed readout just by touching each piece, he can go through a pile of material in minutes that takes me hours to individually test and identify. Had I known in ’09 just how long and how extensive the metals boom would be in terms of individuals selling to dealers like me, I would have went ahead and bit the bullet so to speak, and bought one. But, at $20K+, you gotta process a bunch of metal to justify and defray that cost. As it turned out from ’09 to ’12 I averaged processing hundreds of pieces per week and it would have been worthwhile to instantly identify product and purity…did you know that the “under-purity” I referenced in my last comment has always gone on in a big way in the retail gold jewelry biz, even big major chains sell marked 14K that is actually 12K, no big deal individually but over time and with a lot of volume we are talking about major money, and in my case would help me guide my buy price and control and anticipate my sell price much faster and more accurately.
Mostly retired now and only buy from old customers who contact me but it would still be very helpful…but not for 20K…oh well, too late now, just have to stick to the tried and true methods for which the old saying “put it to the acid test” was coined (heh).
Not precious metal but perhaps a lesson anyway. How Crypto Currency Works
Heh. The one-panel toon I saw showed FTX buyers getting their pockets picked; the old-school methods of crypto.
Ironically there is a precious metals parallel to this too, whereby bullion “exchanges” sell you as much as you want at a discount to market price, and magnanimously agree to “securely store” it for you in their “vault” for free! Did people learn nothing from the story of Ft Knox?
So is it Golden Oldies of Twist and Shout at a Sock Hop or at the End of a Rope
Pam, For some of us it means becoming an urban hermit and let the world go to hell in a handbasket.
Silverware, separate epoxy and steel bits melt with equal weight copper and dribble melt into bucket water to cornflake it.
Dry dissolve in myric acid/nitric. Save solution after filtering (should be green blue solution).
Add a piece of copper and force silver out of solution. Filter rinse repeat.
When solution of rinse is clear to chlorate test, then nitric acid is off solids.
You can melt it here or run it through a cell and with solution saved and sacrificial silver grow pure elemental silver crystals. Once washed (save solution again) can be smelted at .999 purity.
Take solution from this again and force deposit of silver in it via copper reduction process.
Save old cells to add to next batch of silver to reduce into solution via nitric heat bath.
Read up on the processes and watch you tube videos about it. Ventilation is required with fumes from process.
Best thing about this process is you can also use the initial silver to inquart lower value gold and junk gold. Cornflakes it and reduce via nitric process (save for copper and silver in solution) then process gold mud via aqua Regia into solution filter and the force out of solution clean and smelt at .999 too.
The solutions can be deposited via metal redux and filtered again. You can get plenty of copper and silver out of process.
It’s slow but if you set up a cycle you can process a lot and recycle solution down chain. Or save until you have enough.
Silver nitrate uses copper for deposits.
Copper nitrate uses iron.
Waste solution after this.
Initial investment can pay off quickly with right set up and volume.
If processing gold for someone, be sure they know anything else is yours.
Platinum silver copper etc that’s extant in alloyed gold.
Hardest part is sorting pieces, pulling gems out, removing steel, junk metals etc.
Then math out how much silver to inquart with gold and how much acid is needed. Heat and time. Etc.
Best keep it at hobby levels. Govts. Get nosy at higher volumes.
Damn Brodder. Speaking of mathing it out, have you run a time rate of return or as you referenced hobby levels, is your refining/reconstitution more for fun?
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