TheSamba.com :: View topic

Thu Oct 24, 2024 10:09 am

I have a jar with about $100 face value of old silver coins I've had in the closet for 40 years. Dimes, quarters, halves, and dollars. I'm assuming it's all common dates and I have no interest in determining the collectable value of each individual coin. Silver is currently $33 a troy ounce and at 10 year market high.

Should I sell it all now or is the market going to change anytime soon?

In these rough times anybody investing in silver or gold?

Thu Oct 24, 2024 11:34 am

Investing in precious metals is not a smart thing. Gold is a HAVEN for money as it is not as volatile as other commodities. On the other hand, it is tangible, portable and accepted worldwide. Always sell at a profit as price might correct itself. Most people that I know that invest in gold, their profit margin is very small as they buy gold on paper, and if they purchase bullion, they either pay shipping, tax or dealer commission or all of the above,

Thu Oct 24, 2024 11:44 am

Nothing is worth anything until you sell it.

I sold all my silver when it hit $30.

I wish I bought gold at $1600.

.
.

Thu Oct 24, 2024 11:51 am

vwracerdave wrote:

Should I sell it all now or is the market going to change anytime soon?

if any of us knew that we'd be billionaires

like anything else, it's about time in the market. you could have bought all that at .05/oz a hundred years ago and yes in fact it would be "up" if you sold it.

but, were it cash with compounding interest, it probably would have done far better

I personally haven't looked at the correlation of precious metals and compounding interest to see which is better...something tells me PM's fall flat

That said, sell if you want/need to. The place we use sells for spot+10 and usually buys at spot, but sometimes you can squeeze him for spot+ a few %

as an aside, keeping money in your sock drawer and letting it compost vs compound is pretty foolish

Thu Oct 24, 2024 11:56 am

Got a 1960 90% silver quarter in change last week. The scrap price was just over $5.

Seems like a good amount of profit.

Now might be a good time, after the dust of the election settles, I imagine that gold/silver prices will settle to a lower value once the uncertainty is over.

Thu Oct 24, 2024 2:05 pm

Dusty1 wrote: Nothing is worth anything until you sell it.

I sold all my silver when it hit $30.

I wish I bought gold at $1600.

.
.

Should a, woulda, coulda

Thu Oct 24, 2024 2:43 pm

I don't need to sell it, but I also don't need it just sitting in the closet anymore. As I get into my retirement years, I'm starting to get rid of a lot of junk I've kept for the last 30-40 years for no good reason. Looking back in hindsight I would have been a lot better off not buying any of the silver and putting the money into my IRA instead. Today silver isn't worth anywhere near what I was predicting it would be back when I was 18 and started buying it.

Thu Oct 24, 2024 3:11 pm

I collected silver coins as a kid, sold them all off in Feb. 1980 when the Hunt brothers were screwing around.

Thu Oct 24, 2024 6:06 pm

Gold & silver isn’t going up in value, the dollar is losing value.

Thu Oct 24, 2024 6:41 pm

There’s always been more room for profit in silver as over the decades it went up a lot more than gold. Gold has steadily climbed, but at a much slower rate. It’s trying to catch up with everything else.

Wether the dollar, Yen Yuan are up or down, Previous metals will always bring in a safe haven for your investment.

Don’t believe me? Ask the freakin copper thieves in Los Angeles!!

Thu Oct 24, 2024 7:00 pm

l have a friend in france, who puts his $ into collectable rolex watches.
every time a watch out there gets lost broken or stolen, the value goes up.
l don't think their value goes down a great deal.

Fri Oct 25, 2024 6:40 am

Glenn wrote: Got a 1960 90% silver quarter in change last week. The scrap price was just over $5.

Seems like a good amount of profit.
When I was a teenager, I'd exchange my then-new clad quarters and dimes for the silver coins where I worked (were still in circulation then), as I knew silver was a specialty industrial metal (photographic films, etc.) as well as for jewelry. I have mine in a safe-deposit box still, but since my pensions and social security fund my lifestyle, have not yet seen the need to sell them....

So you got like 20X face value recently, maybe I didn't make a bad decision....

Fri Oct 25, 2024 9:07 am

Did anyone else think of Burl Ives when they saw the topic post?
I never understood investing in gold in case the economy fails. If the US economy fails you are much better off investing in guns, ammo, and crop seed. Gold has no nutritional value...

Fri Oct 25, 2024 10:04 am

40 years ago silver had an important industrial use in photography, movie film, and X-rays. Today that industry is almost gone. Today there is an industrial use for silver in solar panels. Depending on Government actions solar may or may not be important in the future. Gold is used in all electronic connectors. Your cell phone has maybe $3-$4 worth of gold plating inside. Problem is it would cost more to extract the gold than it is worth. The dollar amount of gold & silver used in dentistry is very minimal.

Very few actually get it. In my humble opinion the price of gold is grossly overinflated. Gold has very little useful value in our daily lives other than just the magic belief it's valuable. When Armageddon comes and the Zombies are taking over the streets, a bucket of silver & gold won't get you a cup of coffee. Yes guns & ammo and food or crop seeds will be the new money system. In the apocalypse survival situation your gold jewelry won't have any trade value, it will just be worthless just.

Here's a story I read many years ago. If there was a 100% pure gold deposit on the surface of the moon and all you had to do was fly up, land on top of the gold, take one step out of your spacecraft, and shovel as much gold onto your rocket ship as you could bring back home, you would lose money. The spaceship and the travel expenses would cost more than the gold you brought back was worth. That's the reason we have not been back to the moon the last 40 years. Ther's nothing up there worth the trip.

Fri Oct 25, 2024 10:44 am

just recently when silver was a little over 30 , i sold a set of old silverware ( i got 28 an ounce ) i never use it , so i cashed it in . sold a couple mens gold rings as well , gold was near 2500 an ounce . i thought i dd OK . 1800 total . you really have to shop around as some places are like a total rip off . this place i go to is local and been around 30 years cuz of his fair prices .... he looks up todays spot price and calculates from there , he does a lot of calculating to come up with the price . the silverware is only 90 92 percent silver excetera . and they buy in TROY ounces not regular weight . 31.1 grams in a troy ounce

Oh , they dont buy silverware knives cuz only the handle is silver and the rest is stainless and the handles are full of cement to make em feel hefty ..... so i took a dremil n cut a line down the handles n opened em up so there were all silver now .... the value of the silver outweighs the value of the silverware ...

or like the spot today is 33.67 but thats for pure .999 percent silver , not your silverware price . so his calculators get a work out while your there .

Fri Oct 25, 2024 10:51 am

vwracerdave wrote: 40 years ago silver had an important industrial use in photography, movie film, and X-rays. Today that industry is almost gone. Today there is an industrial use for silver in solar panels. Depending on Government actions solar may or may not be important in the future. Gold is used in all electronic connectors. Your cell phone has maybe $3-$4 worth of gold plating inside. Problem is it would cost more to extract the gold than it is worth. The dollar amount of gold & silver used in dentistry is very minimal.

Very few actually get it. In my humble opinion the price of gold is grossly overinflated. Gold has very little useful value in our daily lives other than just the magic belief it's valuable. When Armageddon comes and the Zombies are taking over the streets, a bucket of silver & gold won't get you a cup of coffee. Yes guns & ammo and food or crop seeds will be the new money system. In the apocalypse survival situation your gold jewelry won't have any trade value, it will just be worthless just.

Here's a story I read many years ago. If there was a 100% pure gold deposit on the surface of the moon and all you had to do was fly up, land on top of the gold, take one step out of your spacecraft, and shovel as much gold onto your rocket ship as you could bring back home, you would lose money. The spaceship and the travel expenses would cost more than the gold you brought back was worth. That's the reason we have not been back to the moon the last 40 years. Ther's nothing up there worth the trip.

Then, using this logic, you should immediately convert all of your silver coins into cash & exchange that for something that you believe has value.

However, the very fact that the coins, due to their silver content, are worth so much more than their face value, should tell you that the metal itself has retained value.

Fri Oct 25, 2024 10:54 am

TDCTDI wrote: vwracerdave wrote: 40 years ago silver had an important industrial use in photography, movie film, and X-rays. Today that industry is almost gone. Today there is an industrial use for silver in solar panels. Depending on Government actions solar may or may not be important in the future. Gold is used in all electronic connectors. Your cell phone has maybe $3-$4 worth of gold plating inside. Problem is it would cost more to extract the gold than it is worth. The dollar amount of gold & silver used in dentistry is very minimal.

Very few actually get it. In my humble opinion the price of gold is grossly overinflated. Gold has very little useful value in our daily lives other than just the magic belief it's valuable. When Armageddon comes and the Zombies are taking over the streets, a bucket of silver & gold won't get you a cup of coffee. Yes guns & ammo and food or crop seeds will be the new money system. In the apocalypse survival situation your gold jewelry won't have any trade value, it will just be worthless just.

Here's a story I read many years ago. If there was a 100% pure gold deposit on the surface of the moon and all you had to do was fly up, land on top of the gold, take one step out of your spacecraft, and shovel as much gold onto your rocket ship as you could bring back home, you would lose money. The spaceship and the travel expenses would cost more than the gold you brought back was worth. That's the reason we have not been back to the moon the last 40 years. Ther's nothing up there worth the trip.

Then, using this logic, you should immediately convert all of your silver coins into cash & exchange that for something that you believe has value.

However, the very fact that the coins, due to their silver content, are worth so much more than their face value, should tell you that the metal itself has retained value.
Bitcoin ;)

Fri Oct 25, 2024 11:14 am

my3bugs wrote: just recently when silver was a little over 30 , i sold a set of old silverware ( i got 28 an ounce ) i never use it , so i cashed it in . sold a couple mens gold rings as well , gold was near 2500 an ounce . i thought i dd OK . 1800 total . you really have to shop around as some places are like a total rip off . this place i go to is local and been around 30 years cuz of his fair prices .... he looks up todays spot price and calculates from there , he does a lot of calculating to come up with the price . the silverware is only 90 92 percent silver excetera . and they buy in TROY ounces not regular weight . 31.1 grams in a troy ounce

Oh , they dont buy silverware knives cuz only the handle is silver and the rest is stainless and the handles are full of cement to make em feel hefty ..... so i took a dremil n cut a line down the handles n opened em up so there were all silver now .... the value of the silver outweighs the value of the silverware ...

or like the spot today is 33.67 but thats for pure .999 percent silver , not your silverware price . so his calculators get a work out while your there .

Fun fact, most of the metal being purchased at the dealers & pawn shops is ultimately sold to China.

Fri Oct 25, 2024 11:27 am

Glenn wrote: TDCTDI wrote: vwracerdave wrote: 40 years ago silver had an important industrial use in photography, movie film, and X-rays. Today that industry is almost gone. Today there is an industrial use for silver in solar panels. Depending on Government actions solar may or may not be important in the future. Gold is used in all electronic connectors. Your cell phone has maybe $3-$4 worth of gold plating inside. Problem is it would cost more to extract the gold than it is worth. The dollar amount of gold & silver used in dentistry is very minimal.

Very few actually get it. In my humble opinion the price of gold is grossly overinflated. Gold has very little useful value in our daily lives other than just the magic belief it's valuable. When Armageddon comes and the Zombies are taking over the streets, a bucket of silver & gold won't get you a cup of coffee. Yes guns & ammo and food or crop seeds will be the new money system. In the apocalypse survival situation your gold jewelry won't have any trade value, it will just be worthless just.

Here's a story I read many years ago. If there was a 100% pure gold deposit on the surface of the moon and all you had to do was fly up, land on top of the gold, take one step out of your spacecraft, and shovel as much gold onto your rocket ship as you could bring back home, you would lose money. The spaceship and the travel expenses would cost more than the gold you brought back was worth. That's the reason we have not been back to the moon the last 40 years. Ther's nothing up there worth the trip.

Then, using this logic, you should immediately convert all of your silver coins into cash & exchange that for something that you believe has value.

However, the very fact that the coins, due to their silver content, are worth so much more than their face value, should tell you that the metal itself has retained value.
Bitcoin ;) Much less valuable than tangible gold during a catastrophe

Fri Oct 25, 2024 11:33 am

i went back the next day when he said he would give me 5 dollars each for silver quarters - for 4 rolls of 1964 silver quarters , i got 800 cash ..... his whole business is cash like with no receipts unless you want one ..... i think they fudge there taxes !!!

these silver quarters are 90 percent silver .

to me those 1964 quarters dont have any more value than the silver in em

BUT im an amateur coin collector , i kept all the old coins . some/few are worth way more than the silver value .

i have every silver quarter , every Benjamin half dollar , every peace silver dollar .

as a kid i started out collecting lincoln pennys , ya know pushing em into cardboard folders .......well today i have every Lincoln penny BUT ONE the 1909 S VDB a crappy one can sell for a grand and a nice one for thousands .... then China flooded the market with counterfeits so have to be careful , you need it graded to know for sure .