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

[disneysteve]

But you would have to go to Costco.

I’m not sure what you mean. Yes to get the savings you’d need to shop there.

We don’t belong to Costco anymore as we find BJs to be much better for what we buy but both are worth exploring.

[QuarterMillionMan]

Costco would not be worth it for me. To pay $60 for the 1 yr membership for the privilege of making an extra trip to Kroger for small amounts of fresh produce is not worth it to me for the cheaper Costco meats, alcohol, beef jerky, etc, nope.

[QuarterMillionMan]

Just returned home from the bank to store silver bars and rounds in my safe deposit box which is filled to the brim. I had to bring back home 5 rolls of silver rounds which could not fit. Each roll holds 20 one ounce rounds. Good problem to have and 1st world problems but I wanted to open another safe deposit box but my bank said they no longer issue new boxes. That indicates to me people see the writing on the wall that something bad may happen and they are storing their diamonds, precious metals, jewelry, stock certificates, etc, in preparation for the impending collapse that is coming. Gold today hit $3150.

[disneysteve]

my bank said they no longer issue new boxes. That indicates to me people see the writing on the wall that something bad may happen and they are storing their diamonds, precious metals, jewelry, stock certificates, etc, in preparation for the impending collapse that is coming.

You know, not everything is some big conspiracy theory .

Banks have been doing away with safe deposit boxes for many years now. People just don't use them anymore and they don't generate enough profit for the banks to justify having them. People do more and more of their banking online and younger generations don't store gold and jewels and such the way people used to generations ago. Stock certificates? Not even a thing anymore.

Here's just one recent article on the topic but a quick search will pull up many similar ones.

https://www.empower.com/the-currency/money/fewer-deposit-boxes-news

[QuarterMillionMan]

The Empower article above makes sense that banks probably lose money on safe deposit boxes and will move to getting rid of it. Sort of like the buffets of Las Vegas where buffets have greatly diminished due to its costs to run. Currently there are only 13 buffets in Las Vegas when there used to be 100's of buffets. This is my actual safe deposit box. The hinge back portion where the lid flips over contains 31 x 1 gram gold bullions in an enclosed factory plastic case in which I got it takes up almost half of the safe deposit box. If I take out those 31 one gram bars from the factory plastic case I can shrink the density and fit more of my silver rounds rolls that I could not get to fit in it. Will have to plan to go back and organize it better. Again good problems to have. I'm not complaining.

[QuarterMillionMan]

The black bag & black box in the front contains gold bullion bars from 1 gram to 1 ounce bars.

[QuarterMillionMan]

I just came across this 4 Queens silver strike worth $10 at 4 Queens where next time I return there I will have to exchange it for $10 in cash. Silver strikes can be worth more than the $10 face value for instance some are stamped w.999 fine silver. Or some are encapsulated in yellow, blue, or red capsules which have limited editions. Wait now I realize why I kept it this is .999 fine silver, duh.

[disneysteve]

The Empower article above makes sense that banks probably lose money on safe deposit boxes and will move to getting rid of it. Sort of like the buffets of Las Vegas where buffets have greatly diminished due to its costs to run.

It's a little different than the buffet issue because there is still consumer demand for buffets. If they had them, people would come. There is far lower demand for safe deposit boxes. People just don't use them anymore.

We were in Atlantic City last month and went to the buffet at Borgata, one of the only buffets remaining in AC. It was excellent and I thought it was a very good value at $42.99/person. I hope it lasts. Every hotel used to have one. Now there are only a couple left.

[QuarterMillionMan]

Spot price of gold right now is $3248 an oz. Doom and gloom must be upon us. I’m wait for a housing crash to buy a house but at $1 million in Los Angeles I’d need a 50% drop to buy a house.

[QuarterMillionMan]

Wasn't sure to post this in the crypto thread or silver/gold thread but I'd take BTC. Or $1 million in cash? I'd take the gold over the cash.

[QuarterMillionMan]

I know my posts about silver/gold & cryptos falls on deaf ears here but this news about Florida making gold and silver legal tender is huge. Florida is not playing the fake fiat currency game anymore and is setting the new standard and paradigm shift into real money (not toilet paper, Robert Kiyosaki's words).

Ron DeSantis signs bill making gold, silver legal tender, declaring it’ll give Floridians ‘financial freedom’

[ua_guy]

The barrier, like for any currency, is for the private sector to get on board with it. You're unlikely to be able to pay your power bill in gold. Just like federal reserve notes are legal tender, that doesn't mean a business has to accept it. Gold and silver coins are already legal tender in the US - all 50 states. While you may not be able to pay for groceries with bullion, you might find a pawn or firearms dealer willing to transact with it. Why does this sound like Crypto? Because it kind of is.

Then you have to get the major financial institutions on board to transact with it. Paying with your debit card would be tied to...gold. This is all part of the fantasy to return to local economies backed by physical assets, weakly connected to the world outside, it just isn't going to happen. Gold only has value because we assign it psychological value, like any other currency. Water, oil, pork! has real trading value when it's needed. You can't drink or eat gold, but you can try to trade it for food or energy. People think only fiat currencies can be devalued and affected by economic policy, well, wait until if gold currency becomes widespread again - the government can do just the same with it.

We don't like to think so, but we are all interdependent. The governments, the economies, the people, and that's just the way it is.

[myrdale]

This is my actual safe deposit box.

This is where I struggle with suggesting the best way to maintain your gold. The safety deposit box is probably the best means. However there are several reports where the FBI came in with a warrant, not for the contents of the box, but for the frame holding all the boxes in. They then took the contents of all boxes behind that frame and people (unrelated to the warrant) have been fighting to get their property back for years. And wouldn't you know it, the FBI has lost some of the contents. Keep a good record.

Also consider what happens if you die suddenly in a car wreck. Do your beneficiaries know about the box and the key? Depending on the situation they may not need to know the full contents, but they should be aware of it's existence.

[QuarterMillionMan]

Also consider what happens if you die suddenly in a car wreck. Do your beneficiaries know about the box and the key? Depending on the situation they may not need to know the full contents, but they should be aware of it's existence.

Living revocable trust lists all assets in a person's estate.

[QuarterMillionMan]

It's a little different than the buffet issue because there is still consumer demand for buffets. If they had them, people would come. There is far lower demand for safe deposit boxes. People just don't use them anymore.

We were in Atlantic City last month and went to the buffet at Borgata, one of the only buffets remaining in AC. It was excellent and I thought it was a very good value at $42.99/person. I hope it lasts. Every hotel used to have one. Now there are only a couple left.

According to the Las Vegas advisor, now 11 buffets remain in Las Vegas, Luxor's buffet closed on March 30, and Westgate's Fresh buffet closed on May 5. Don't hold your breath for buffets to go from the bottom left to top right. Buffets seems to be going in the opposite direction. I too hope more will reopen but they seem to be dieing.