Reddit's silver "apes" now targeting silver, opportunity or fool's gold?

[disneysteve]

Defending the Goldbacks (well sort of, lol). A while back I bought some goldbacks at $3.80 each (1/1000 of an ounce), where it would equal $3800 an ounce, which would be about a 100% premium from spot price which today is $1956. Let's now take a look at fractional gold ingots where a 1 gram ingot is $100 each. A Troy ounce has 31.1034768 grams, so that would make it about $3110 an ounce buying thirty-one 1 gram ingots

This really highlights how it isn't an investment at all. No investor in their right mind would willingly shell out $200 for a share of stock that is only trading at $100, but that's exactly what people are doing with these gold purchases, paying double their actual value. It's not about buying them with the hope of making a profit. It's all about believing conspiracy theories and doomsday prep, buying into the concept that the world is going to collapse and the only way you'll be able to get a gallon of milk or a loaf of bread will be to trade shiny bits of metal.

[QuarterMillionMan]

Yup the fractionals carry too high of a premium. And yes prepping has its costs. I need to stop watching those videos by Peter Schiff, Ray Dalio, Robert Kiyosaki, Silver Stackers, etc.

[QuarterMillionMan]

I need to explore investing in the EFTs in nickel & copper (not the actual physical metals though).

[QuarterMillionMan]

Top before any cleaning, middle after acetone, bottom after boiling water & baking soda & scrubbing upon water cooled w/green scouring pads.

[QuarterMillionMan]

Ordered 60 rounds of various designs at $1 over spot, no taxes since I satisfied California's requirements purchasing over $1500, the tax would have been $150 at that amount. This was a good deal that I could not pass up. I'll post a pic when it arrives but it'll take close to 1 month. Have to mail the check yet, then wait 10 business days for the check to clear, plus processing and shipping times. With this order my silver stacks are getting quite large and I'll be researching purchasing a Sigma Metalytics tester for $1200 to test for purity of silver, gold, and platinum.

I'm still waiting on this order of $1500 of sliver 1 oz .999 fine silver rounds. My check cleared 2 weeks ago and I've been calling them weekly asking when it'll ship. They said they're backlogged by the large volume of orders they've rec'd. If they were located in a neighboring state I'd drive or fly over to go and pick up my order but they are in Florida.

[QuarterMillionMan]

Any suggestions, I tried to "dispute transaction" within my banks website but this check cleared on 9/21/23 so there is no option to dispute this transaction. I tried calling my bank and they said they are unable to stop payment on this check since it already cleared on 9/21/23. I have been calling Gainsville coins weekly. The first 2 weekly calls they said they are backlogged and have not had the time to ship my order. Today I was on hold for 30 minutes, someone picked up but immediately put me back on hold. At the 45 minute mark the call got disconnected. Any ideas what I might try next?

[disneysteve]

Any suggestions, I tried to "dispute transaction" within my banks website but this check cleared on 9/21/23 so there is no option to dispute this transaction. I tried calling my bank and they said they are unable to stop payment on this check since it already cleared on 9/21/23. I have been calling Gainsville coins weekly. The first 2 weekly calls they said they are backlogged and have not had the time to ship my order. Today I was on hold for 30 minutes, someone picked up but immediately put me back on hold. At the 45 minute mark the call got disconnected. Any ideas what I might try next?

https://www.bbb.org/us/fl/lutz/profile/coin-dealers/gainesville-coins-llc-0653-90062909/complaints

https://www.sitejabber.com/reviews/gainesvillecoins.com

Mostly good reviews but a couple of recent ones for poor service and slow delivery.

Since you paid by check rather than credit card, I'm not sure what options you have. I'd keep calling and also send them a letter by certified mail. If you have any friends or relatives who are attorneys, perhaps a letter from them would spur things along.

[QuarterMillionMan]

Ok thanks. I see delivery issues from other customers as well. I wish that I have friends or relatives who are attorneys that could assist. Come to think of it I pay for a legal service and will look into them to see it they could draft something on letter head to get things moving along.

[QuarterMillionMan]

Just placed an order at Bullion Exchanges for (3) Peace dollar culls (dates no longer visible) for $1 over spot, and (1) Morgan cull for $3 over spot. Good deal.

[QuarterMillionMan]

I placed another order for more but this time got some Morgans with "Very Good" to "X-fine" grading as opposed to culls in addition to more Peace dollar culls. And qualified for free shipping over $199.

[QuarterMillionMan]

This is a glimpse of my precious metals purchases over a few years in my Roth IRA precious metals account of about $21,000 in total which contains gold, platinum, and silver.

[QuarterMillionMan]

This was the 1/25/21 order for example which consisted of three 1 oz gold bars and one 1 oz platinum bar.

[james.hendrickson]

This was the 1/25/21 order for example which consisted of three 1 oz gold bars and one 1 oz platinum bar.

Pamp Suisse is a reputable brand...good choice.

[QuarterMillionMan]

[james.hendrickson]

Well...thats not exactly true about precious metals not depending on people to give them value...in a sense all value is ascribed value...