When it comes to prepping there is quite a bit that revolves around money. While there is a lot we can do for free by learning, we still need “stuff”. In today’s show, we talked about the right way to invest in silver for preppers, and how the process works.
Our guest this week was Sidney who literally has a lifetime of experience investing in silver. She started in silver as a hobby at age 12, and has turned it into something that has helped her pay off student loans and other bills.
Sidney is “the average prepper” and that’s why we wanted her on the show. We didn’t want to talk to another financial guru talking about the stock market, capital gains and bla bla bla. We wanted to talk about how investing in silver will be beneficial to preppers who don’t have $20,000 to invest…which is most of us.
This is one of my favorite podcast episodes because we talk about the process of investing in silver, regardless whether you have $20 or $20,000. After you listen to the show I guarantee you will have a better understanding about the correct way to purchase silver, and how it will be helpful in a post collapse or SHTF society.
SPP174 The Right Way to Invest in Silver for Preppers
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Here are some bullet points of what we talked about in this week’s Survivalist Prepper podcast, but I highly suggest you take the time and listen. This show will be especially helpful to people who what to know where to buy silver, what to buy and is it worth investing in silver in the first place.
The History of Silver
We started off the show talking about why investing in silver is a good idea for preppers, and how it has maintained its value throughout history. We focused mainly of silver in this show because it is the most viable option for preppers.
Question: One of the main concerns for preppers is why invest in silver if the government is just going to try and confiscate it in a depression type event…like they’ve done in the past.
Answer: While it is possible, it’s not likely because we live in a different world than we did during the great depression. It will also be difficult to track who owns silver, and how much they own.
Question: With everything we do being digital these days, and the volatility of fiat currency, what are some reasons owing silver would be beneficial.
Answer: Silver more stable than fiat currency, like the saying goes “if you can’t hold it in your hand, it’s not real. Not only will owning silver protect you against cyber-attacks and hyperinflation, it will also survive floods, and fires.
Question: Sometimes it can be difficult to know what is a good price to buy silver at. Can you explain spot pricing, and what we should pay for silver as preppers.
Answer: Spot price is the current market value of silver because of supply and demand. The premium is the dealer’s markup, which should be no larger than 10% to 15% above spot price.
Buying & Selling
Question: Where should we go to purchase silver to avoid getting “ripped off”, and is purchasing online a safe method.
Answer: Purchasing in person (not online) is beneficial for a few reasons, one being that if you pay in cash, it’s untraceable. The more you get to know your silver dealer, the more confident you will be with your purchases with them. Becoming a valuable customer to them will also help you get better premiums down the line.
Finding a Silver Dealer
Question: How did you go about finding a reputable silver dealer in your area.
Answer: Cidney started off at 12 years old as a hobby and learned the process early on. Silver is a small investment (compared to gold) which give you the ability to learn about the dealer with minimal risk. Research dealers in your area and work with them before you make large purchases.
Side Note: Sidney tells a great story about how she got started, and how easy it can be for us.
Different Types of Silver
Junk Silver: Junk silver refers to coins minted by the US Government pre 1965, but can include silver spoons, earrings and necklaces etc. There are purity levels when it comes to silver. Most junk silver is between 40% and 90% pure. As for junk silver coins, each year and coin will have different purity levels.
Rounds vs Coins: Only government minted can be called coins, otherwise they are considered rounds. Rounds can be collector rounds that look like coins, but are not government minted. Even though we refer to these as “coins”, they can’t be legally used as currency.
Side Note: If for some reason you wanted to leave the country, because things were bad here, but not somewhere else, you might need to declare silver at the airport.
If you take 100oz of silver out of the country, you need to claim it at spot price. If you take silver eagles outside the United States, you only need to claim it at the $1 value…which would be worth spot price in another country.
Bullion: We tend to think of gold bars when we think of bullion, but there is also silver bullion. These can come in 1oz, 10oz or 50oz bars that are stamped with weight and purity level.
Post Collapse Silver
Question: If the economy crashes, and the value of silver falls, what is the point of having silver.
Answer: There will probably be a mass selloff of silver, and the only people buying it will be wealthy who buy low and sell high…we might even be able to take advantage of this.
As preppers, if we have our food storage covered and our debt inline we won’t need to be part of the selloff, and we can hold on to our silver, and possibly buy a little more until the market comes back.
Bartering: Because silvers value could possibly fall, bartering with it might be difficult in the beginning. It might also be a more viable option to barter with silver, than say 5 chickens depending on the situation and the person you are bartering with.
There are quite a few scenarios when it comes to thinking about an SHTF event, so there’s no way to know how valuable silver will be. History has shown that precious metals always retain their value eventually.
Investing in silver is one of those things preppers should do because even if nothing happens, over time it’s just going to go up in value… and it doesn’t expire!
This was a great podcast. Very informative and even got my wife interested in it. Thanks!