Story time

[cwgii]

Last week I was in a bank. What a surprise,right.

I eavesdroped on a gent at the next teller, when he asked for a stack of , penny roll papers. Then really paid attention when he asked for another handful.

Of course I just had to ask him.

Story we all will relate to.

His wife got sick, died. Left him with Bills out the butt.
So he sold off all his silver. Then he gets an offer from a cousin back in NY,to come back,,home.

Tells me he has $400 pennies and none of the LCS will take them. So he is going to roll them all up and turn them in. I offered to buy them and he says no.

Today I go in, he has turned in some. One teller has $50,$40 at the next one.

Just had to ,,sample,,in the parking lot. $5. Several rolls were all cu, others might not have been his, as there were ,,normal,,10-12% .

Get home, $5 had a whopping 2 zincs.

My moral dilemma. Do I include these in my copper report. Knowing they came from a fellow sorter..

[Cu Penny Hoarder]

His wife got sick, died. Left him with Bills out the butt.
So he sold off all his silver. Then he gets an offer from a cousin back in NY,to come back,,home.

Sorry about the snip, but IMO this is the most important part of your post. More people selling their PMs than buying them. My LCS guy is seeing/saying the same things, almost no one is buying... he is currently paying $100 under spot for gold coins and $2.00 under for silver, but most sellers don't care, they just want the cash. This is why PM premiums have taken a dive recently. Inflation is destroying people, so they're going to sell whatever they can to pay bills and stay afloat. I believe this is just the beginning. This is why you need diversification; Ammo, food, water, supplies, etc.

The bible says: "They will throw their gold and silver into the street". Something to ponder.

[Saabman]

Damn sad story.....

[cwgii]

I sorted $10. There were lots of rolls that were 75-81. Two were mixed 60-74.
In,resorting to pull out the,,,uglies,greenies,, found that he had removed all the S mints from the ,68-74.

60-67...34
68-74...75
75-81..P.628
75-81..D.257
No wheat nor 1982.

Zinc...6

Lots and lots,,like 30% were ,,reject,,ugly,green, or severely worn.

[thecrazyone]

I keep watching the news, and seeing how we are getting sucked more and more into conflicts.

I don't know how we've gotten so close without things totally flipping upside down already.

I'm glad I have gold, won't be throwing that into the street anytime soon. If you decide to do that with yours, please let me know where to come pick it up.

[Cu Penny Hoarder]

I keep watching the news, and seeing how we are getting sucked more and more into conflicts.

I don't know how we've gotten so close without things totally flipping upside down already.

I'm glad I have gold, won't be throwing that into the street anytime soon. If you decide to do that with yours, please let me know where to come pick it up.

Crazy, I think you missed my point here...

If the sh*t really does hit the fan HARD and we get F'd back into the stone age, PMs will be worth nothing.

That's right... N-O-T-H-I-N-G.

And that statement is coming from someone (i.e. me) who has 50-60% of his net worth in PMs.

[thecrazyone]

I totally caught it.

But I'll still take anything you guys throw in the street

[cwgii]

Grrr.start your own topic

[Cu Penny Hoarder]

Grrr.start your own topic

I didn't intend to jack your thread, just saying that ppl are selling lots of things they have to pay their escalating bills. I'm surprised the guy did not sell you the pennies. Did you offer more than face value?

[cwgii]

No offer, as he had extreme privacy issues.

[Recyclersteve]

I keep watching the news, and seeing how we are getting sucked more and more into conflicts.

I don't know how we've gotten so close without things totally flipping upside down already.

I'm glad I have gold, won't be throwing that into the street anytime soon. If you decide to do that with yours, please let me know where to come pick it up.

Crazy, I think you missed my point here...

If the sh*t really does hit the fan HARD and we get F'd back into the stone age, PMs will be worth nothing.

That's right... N-O-T-H-I-N-G.

And that statement is coming from someone (i.e. me) who has 50-60% of his net worth in PMs.

More in PM’s than real estate, cars, cash earning interest and stocks combined. Wow- that is a BOLD move.

[68Camaro]

I will admit that, while I own my home, have a classic car, am debt free, and have a couple of other safety nets, I am at least as invested in PMs as CPH. Over the last 20 years I have become increasingly distrustful of the combination of government control and inherent instability of electronic "wealth" which has affected financial markets. I do not like keeping enormous portions of our savings in those markets. I cringe at the amounts that we still have there, but I at least feel secure that we have good options if the market stumbled for a lengthy time period.

[Cu Penny Hoarder]

I will admit that, while I own my home, have a classic car, am debt free, and have a couple of other safety nets, I am at least as invested in PMs as CPH. Over the last 20 years I have become increasingly distrustful of the combination of government control and inherent instability of electronic "wealth" which has affected financial markets. I do not like keeping enormous portions of our savings in those markets. I cringe at the amounts that we still have there, but I at least feel secure that we have good options if the market stumbled for a lengthy time period.

My feelings exactly. I used to have the majority of my wealth in stocks, bonds and such, but I starting scaling out of those a few years ago. At this point in time it's better to be safe and miss a few % gains than be sorry when/if the market/financial system crashes. The way TPTB keep bailing things out these days it seems like it will never crash, but I cannot take that chance. Murphy's law.

[Cu Penny Hoarder]

More in PM’s than real estate, cars, cash earning interest and stocks combined. Wow- that is a BOLD move.

I know you're a stock market guy.

To me, being in the market and RE right now is bold. Good luck.

[Recyclersteve]

More in PM’s than real estate, cars, cash earning interest and stocks combined. Wow- that is a BOLD move.

I know you're a stock market guy.

To me, being in the market and RE right now is bold. Good luck.

I just want to be hedged. In other words, I want to have something doing well when almost everything is doing poorly. That's why I bet on some stocks going up and big money losers who are staring at potential bankruptcy to go down. It is also why I like selling covered calls to collect cash on stocks nearing tops.

I honestly wouldn't mind if real estate prices went down perhaps 30-40% and feel it would be healthy and make it easier for my daughter to afford to buy her first home. My real estate is paid off completely, even though my wife and I have been VERY FRUGAL along the way and still are.

None of that would bother me. But, frankly, inflation and the amount of government debt bothers me. I wouldn't want another Zimbabwe anywhere. Google the Zimbabwe 100 hundred TRILLION (not million or billion, but trillion) dollar note. To put it in perspective, Apple (Ticker: AAPL) is worth "only" $2.9 trillion. Yet I used to carry a $100 trillion note in my wallet every day. Now that is warped! (Sorry for straying off topic)