Author Topic: Silver problems  (Read 8687 times)

islwynn

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Silver problems
« on: October 21, 2013, 03:17:38 PM »
My very wonderful Dad has gotten into metals and end of the world financial melt down stuff. As a result of this, his love and concern for his family (and spending way too much time on the internet) we received a shipment of silver coins from the US mint. 

I appreciate it, I really do but I now have a few (3) 20 or 30 pound boxes of silver coins in my garage. I worry about it, worry about leaving it, worry about going away on vacation, worry about throwing out my back if I tried to move it.

So what is the best way to deal with this? I'd think sell it and invest in the stock market but I'm not even sure where to do that or how to get it there. I know if the end of the world should come I'd wish I'd had it blah blah. But if the end of the world comes I'm screwed anyway and I don't think silver will give me the tools, the horses, the land or the expertise to live like my grandparents did.

Thanks!

Isy
« Last Edit: October 21, 2013, 03:27:04 PM by islwynn »

Spork

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Re: Silver problems
« Reply #1 on: October 21, 2013, 03:31:10 PM »
My dad did similar things with gold ... and fortunately for him he did it one or two "end-of-the-world's ago", such that he actually would make a pretty hefty profit if he actually sold it.

He keeps his in a safety deposit box at the bank.   Now: if there was an end-of-the world, there is a probability that he'd not be able to get it out.  But I think it is a safe place to keep it in the mean time.  And safety deposit boxes are good things for other things too: deeds, titles, computer backups, etc.

*IF* you want to keep it and sleep easier, put it in a bank.  It'll probably cost you $40-50 a year. 

Hugh H

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Re: Silver problems
« Reply #2 on: October 21, 2013, 05:50:36 PM »
Sell it all, buy the Silver ETF (SLV) with the proceeds. Some people prefer to have the physical stuff but this will serve you just as well, without the carrying costs of having boxes of coins laying around.

Frankies Girl

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Re: Silver problems
« Reply #3 on: October 21, 2013, 05:52:15 PM »
I'd ask him if he wanted them back, and if not, I'd sell them. I'm not particularly worried about end times, and in any case, if it is silver coins from the US Mint (the company, not the actual mint of the United States) probably wouldn't be worth much of anything anyway other than the actual melt value (the company is kind of scammy).

chasesfish

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Re: Silver problems
« Reply #4 on: October 21, 2013, 06:51:52 PM »
How many ounces are you talking about.

I would personally thank him, then find another end of the world guy, and sell few coins a month for cash and use it for your expenses, it'll leave you more money to invest with no questions about where the money came from when you sell it if you go to deposit it.

There are also some online dealers, the best way to figure out the value in my opinion is www.apmex.com .  You can pull up their buy/sell price and know what to charge.

iamlindoro

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Re: Silver problems
« Reply #5 on: October 21, 2013, 06:53:32 PM »
Quote from: islwynn
I appreciate it, I really do but I now have a few (3) 20 or 30 pound boxes of silver coins in my garage. I worry about it, worry about leaving it, worry about going away on vacation, worry about throwing out my back if I tried to move it.


How many ounces are you talking about.

3 * (20 or 30) * 16

EDIT:  The above was just to tease, not to be rude ;)
« Last Edit: October 21, 2013, 06:56:13 PM by iamlindoro »

brewer12345

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Re: Silver problems
« Reply #6 on: October 21, 2013, 09:06:59 PM »
This is what, 1k of silver?  If it makes your dad happy for you to have, humor him.  Put the silver in another box marked "Halloween  costumes" and lose it in a closet or basement.

Mississippi Mudstache

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Re: Silver problems
« Reply #7 on: October 21, 2013, 09:12:29 PM »
Quote from: islwynn
I appreciate it, I really do but I now have a few (3) 20 or 30 pound boxes of silver coins in my garage. I worry about it, worry about leaving it, worry about going away on vacation, worry about throwing out my back if I tried to move it.


How many ounces are you talking about.

3 * (20 or 30) * 16

EDIT:  The above was just to tease, not to be rude ;)

My understanding is that precious metals are measured in troy ounces, which work out to about 14.58 per lb.

tomsang

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Re: Silver problems
« Reply #8 on: October 21, 2013, 09:15:12 PM »
This is what, 1k of silver?  If it makes your dad happy for you to have, humor him.  Put the silver in another box marked "Halloween  costumes" and lose it in a closet or basement.

Sounds like more like $20k - $30k if we are talking about 3 20-30 pound boxes

brewer12345

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Re: Silver problems
« Reply #9 on: October 21, 2013, 09:21:19 PM »
This is what, 1k of silver?  If it makes your dad happy for you to have, humor him.  Put the silver in another box marked "Halloween  costumes" and lose it in a closet or basement.

Sounds like more like $20k - $30k if we are talking about 3 20-30 pound boxes
You are right.  OP should thank his dad for the generous gift, label it as Halloween costumes, and get on with life.

AdrianM

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Re: Silver problems
« Reply #10 on: October 22, 2013, 04:52:03 AM »
You are right.  OP should thank his dad for the generous gift, label it as Halloween costumes, and get on with life.

+1

chasesfish

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Re: Silver problems
« Reply #11 on: October 22, 2013, 05:12:42 AM »
Quote from: islwynn
I appreciate it, I really do but I now have a few (3) 20 or 30 pound boxes of silver coins in my garage. I worry about it, worry about leaving it, worry about going away on vacation, worry about throwing out my back if I tried to move it.


How many ounces are you talking about.

3 * (20 or 30) * 16

EDIT:  The above was just to tease, not to be rude ;)

My understanding is that precious metals are measured in troy ounces, which work out to about 14.58 per lb.

Thank you regarding the try ounces, I wasn't trying to be an idiot.

Labeling it Halloween costumes is a great idea.  Then sell it if you ever want the cash

SwordGuy

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Re: Silver problems
« Reply #12 on: October 22, 2013, 05:24:11 AM »
Don't sell it now unless you have to.  Silver's the lowest it's been in years.

SwordGuy

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Re: Silver problems
« Reply #13 on: October 22, 2013, 05:25:37 AM »
Oh, and it's heavy, so label it "National Geographic Magazines" and put some on top of the box they are in.

Someone might want Halloween costumes if they break in to your house in season... :)

chasesfish

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Re: Silver problems
« Reply #14 on: October 22, 2013, 05:29:22 AM »
Oh, and it's heavy, so label it "National Geographic Magazines" and put some on top of the box they are in.

Someone might want Halloween costumes if they break in to your house in season... :)

Just avoid that "women of the amazon" edition, don't want to make the box too attractive

GuitarStv

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Re: Silver problems
« Reply #15 on: October 22, 2013, 06:54:20 AM »
Oh, and it's heavy, so label it "National Geographic Magazines" and put some on top of the box they are in.

Someone might want Halloween costumes if they break in to your house in season... :)

Just avoid that "women of the amazon" edition, don't want to make the box too attractive

Yep.  Nothing gets a man going like a set of boobs you could wear as a scarf.