Author Topic: What to do with silver bullion?  (Read 6105 times)

Lanthiriel

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What to do with silver bullion?
« on: January 12, 2015, 04:29:13 PM »
My husband's grandmother does not trust the stock market and basically has her entire retirement in silver bullion, most of it bought when it peaked about five years ago at $40/oz. This post is not about how to talk sense into her; that would be impossible. My question is what to do with the 30 or so ounces of it she has gifted to us over the years. We're not hard up for cash, but it seems silly to just have about $500 worth of metal sitting in a box in my house. It would probably go toward paying on my husband's 6.55% interest student loans.

I would love to hear opinions from folks on whether we should hold or sell. And if we sell, who do we sell it to? I've looked before and it seems hard to find places willing to pay current market rate for bullion. Any input/info is appreciated!

*edited to clarify "hold" or sell!
« Last Edit: January 12, 2015, 05:46:48 PM by Lanthiriel »

dilinger

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Re: What to do with silver bullion?
« Reply #1 on: January 12, 2015, 04:31:10 PM »
Craigslist.  Meet buyers in a public place, of course.

BarkyardBQ

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Re: What to do with silver bullion?
« Reply #2 on: January 12, 2015, 04:36:41 PM »
gainesvillecoins.com

Bullion is sold for spot price + premium based on the mint, collector quality and other factors. You can use that site to see the going rate for what you have and or try and sell it to them. A local coin shop may also buy them from you. You could also hold on to it, in a box in your attic for 30 years and maybe someday it will double in value.

seattlecyclone

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Re: What to do with silver bullion?
« Reply #3 on: January 12, 2015, 05:20:51 PM »
Do you think your husband's grandmother might be offended if she found out you sold the bullion? If so, you may want to just hold onto it. It's not worth enough to make a huge difference in your finances if you sold it now and paid down your loans, and it retains its value pretty well so you can always sell later.

Capsu78

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Re: What to do with silver bullion?
« Reply #4 on: January 12, 2015, 05:44:50 PM »
I would hold it as well as part of a balanced portfolio and perhaps hand it down to your next generation.  I actually have some of my Grandfathers money in my portfolio that I use to illustrate to my adult kids that you don't have to spend every dollar to have it serve you.

Spork

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Re: What to do with silver bullion?
« Reply #5 on: January 12, 2015, 06:00:14 PM »

Make bullets.  Kill Werewolves!

Annamal

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Re: What to do with silver bullion?
« Reply #6 on: January 12, 2015, 06:16:36 PM »

Make bullets.  Kill Werewolves!

Or bury it with an intricately designed treasure map...

Lanthiriel

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Re: What to do with silver bullion?
« Reply #7 on: January 12, 2015, 06:21:57 PM »

Make bullets.  Kill Werewolves!

Or bury it with an intricately designed treasure map...

Oooooh, I like these options best.

Thanks for the advice, everyone. I think I might see what I can get on Craigslist.

AlanStache

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Re: What to do with silver bullion?
« Reply #8 on: January 12, 2015, 06:33:48 PM »

Make bullets.  Kill Werewolves!

Or bury it with an intricately designed treasure map...

Oooooh, I like these options best.

Thanks for the advice, everyone. I think I might see what I can get on Craigslist.

Only give the buyer half the map until you get all the pieces of eight. 

Around here pawn and some jewelry stores will buy metal directly too; but we have a lot of Military folks that tend to lean libertarian so YMMV.

chasesfish

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Re: What to do with silver bullion?
« Reply #9 on: January 12, 2015, 07:13:25 PM »
What specifically is the bullion?  If you don't need the money and are debt free, depending on what type of bullion its may be worth just holding for now.

I've both bought and sold from APMEX and been satisfied, mainly because I've been gifted stuff too.  You might also be able to find a nice private sale.  Its $16.75/oz

Nyarlathotep

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Re: What to do with silver bullion?
« Reply #10 on: January 12, 2015, 09:28:09 PM »
I would hold it. It is a pretty good chunk of silver and it will hold it's value. It could be sold as an absolute emergency fund.

dividendman

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Re: What to do with silver bullion?
« Reply #11 on: January 12, 2015, 10:41:41 PM »
What's with all this advice? Is this the middle ages or something?

Sell that crap and pay down that high interest debt you have. Your hair is on fire! That's a guaranteed 6.55% return (after tax)! Silver doesn't even keep up with inflation.

dungoofed

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Re: What to do with silver bullion?
« Reply #12 on: January 13, 2015, 12:58:02 AM »
What's with all this advice? Is this the middle ages or something?

Sell that crap and pay down that high interest debt you have. Your hair is on fire! That's a guaranteed 6.55% return (after tax)! Silver doesn't even keep up with inflation.

+1, but for a different reason.

The (hyper)inflation that the silver would protect you against would also decimate your loan.

Syonyk

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Re: What to do with silver bullion?
« Reply #13 on: January 13, 2015, 11:52:34 AM »
I'd hang onto it as "long term diversity."

Silver is also rather low right now (and the gold/silver ratio is far higher than historical norms), so now is probably a poor time to sell it.  Just hang onto it.

dilinger

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Re: What to do with silver bullion?
« Reply #14 on: January 13, 2015, 02:26:54 PM »
I'd hang onto it as "long term diversity."

Silver is also rather low right now (and the gold/silver ratio is far higher than historical norms), so now is probably a poor time to sell it.  Just hang onto it.

If you're going to do this, make it part of your proper portfolio by making it a percentage of your savings.  Doing this will mean you'll automatically buy more when it's low, and buy less (or even sell) when it's high.

Unless you're making bullets or spoons with it, it's an investment. Treat it as such.

Lanthiriel

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Re: What to do with silver bullion?
« Reply #15 on: January 13, 2015, 03:47:42 PM »
I'd hang onto it as "long term diversity."

Silver is also rather low right now (and the gold/silver ratio is far higher than historical norms), so now is probably a poor time to sell it.  Just hang onto it.

If you're going to do this, make it part of your proper portfolio by making it a percentage of your savings.  Doing this will mean you'll automatically buy more when it's low, and buy less (or even sell) when it's high.

Unless you're making bullets or spoons with it, it's an investment. Treat it as such.

It is really long term diversity if I only have 30 ounces? I'm not interested in having silver as part of my portfolio. It seems like a lot of work and a lot of risk to store that much metal versus my electronic stocks. It seems like the best thing to do is cash out now, even though it's worth less today than it has been as long as I've owned it.

And to whoever posted that my hair is on fire re: student loans. Trust me, I know. We knocked out $26,000 last year and will take out the other $27,500 by October. That's really why I'm asking--I think I'd rather throw $500 on toward the loans now than wait a couple of years to see if the stuff recovers.

AlanStache

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Re: What to do with silver bullion?
« Reply #16 on: January 13, 2015, 05:22:20 PM »
Quote
It is really long term diversity if I only have 30 ounces? I'm not interested in having silver as part of my portfolio. It seems like a lot of work and a lot of risk to store that much metal versus my electronic stocks. It seems like the best thing to do is cash out now, even though it's worth less today than it has been as long as I've owned it.

And to whoever posted that my hair is on fire re: student loans. Trust me, I know. We knocked out $26,000 last year and will take out the other $27,500 by October. That's really why I'm asking--I think I'd rather throw $500 on toward the loans now than wait a couple of years to see if the stuff recovers.

exactly.

Speculate on physical metals after the worst/all of the fire is out (if at all see, etf's slv and iau).  Congrats on the pay down too.

"It is really long term diversity if I only have 30 ounces?" before I became self directed with my 401k the management firm had like 0.75% in some healthcare mutual fund, what the heck is 0.75% going to do for me?  also the fees!!!11!!1!!  but that is a different thread.