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

[QuarterMillionMan]

It's true, not yet that is. I'm preparing for if/when TSHF moment. I just ordered another 26 (1) Wyoming goldbacks over $99 in order to get the free shipping. As I was writing this thread my phone rings and a representative from US Gold Bureau calls to verify my address, then tries to sell me investment grade coins which I politely declined. Not high pressure but more of a nuisance. Just FYI should anyone order from them.

[QuarterMillionMan]

1/2 grain (not 1/2 gram) = 1 goldback (1/1000 of an ounce). It takes 15.432 grains or 30 half grains to equal 1 gram. This illustrates how small these fractional units are such as 1 goldback.

[disneysteve]

Is buying gold in such tiny quantities cost effective? Is the unit price comparable to buying a 1 oz coin for example?

[QuarterMillionMan]

The premiums on tiny quantities such as these are outrageous. I paid $3.80 each for my first order of twenty, then $4.05 each for my second order of twenty-six of (1) denomination goldback (1/1000 of an ounce) = $4000 an ounce of gold where today an ounce of gold is about $2000. It would be cheaper to just buy a 1 oz gold American eagle for $2070.

[disneysteve]

The premiums on tiny quantities such as these are outrageous. I paid $3.80 each for my first order of twenty, then $4.05 each for my second order of twenty-six of (1) denomination goldback (1/1000 of an ounce) = $4000 an ounce of gold where today an ounce of gold is about $2000.]

I find it fascinating that you are so committed to preparing for the apocalypse that you are willing to shell out double the market price for tiny specks of shiny metal.

If I came to you and said I had started buying gold coins for $4,000/oz you would probably tell me I was nuts (and you'd be right).

[QuarterMillionMan]

I agree that these hyper-fractional goldbacks are a rip-off but I envision it having some utility if SHTF doomsday scenarios. I won't be buying $4000 worth of these goldbacks but I might get a few hundred dollars worth just to have some on hand. Even more of a rip-off are these newer 1 silver dragon silverback (1/1000 of an ounce of silver) for $85 on eBay. Before I would buy silverbacks I would buy more 90%, 40%, and 35% silver Constitutional coins which are real money. Or better yet I'd buy more .999 silver bullion or silver American eagle (SAE) coins for about $35 each.

1 Silverback Dragon | eBay

BTW my first shipment of twenty (1) goldbacks is schedule for delivery today which I'll post a pic tonight.

[myrdale]

I don't see the practicality of purchasing fractions of a ounce. Honestly anything less than 1/10th of an ounce seems kind of silly, and here we are discussing 1/1000th of an ounce. There are cost associated with minting, and packaging these products, and the consumer has to pay for these.

If gold is $2,000 per ounce, these are $2 each. Do you foresee making transactions that small in gold in a government failure scenario?

While I disagree with the premise of buying gold in case of the dollars failure, I can understand why someone might want to put 10% of their networth in gold, but I am talking about the order of $100,000 or more. And this would be for major purchases. I just don't foresee trading 1/1000 laminated flakes for chicken eggs.

[QuarterMillionMan]

I try to be open-minded and never say never (I hope USA never loses its status as the world reserve currency but you never know). It's better to be prepared and not need it is my motto. Just like buying insurance for your house or car hoping you won't need it but have it if needed.

[disneysteve]

I try to be open-minded and never say never (I hope USA never loses its status as the world reserve currency but you never know). It's better to be prepared and not need it is my motto. Just like buying insurance for your house or car hoping you won't need it but have it if needed.

Sorry but there's a huge difference between insuring your house and car when break ins and fires and accidents happen every day, and "insuring" yourself against the collapse of civilization.

[QuarterMillionMan]

Signature required but won't be home because today is my office day bummers. I guess Friday I'll pick up.

[QuarterMillionMan]

Love it & will be getting more even though 100% premium from bullions or rounds. Hyper-fractional would make it easy to spend or barter.

[QuarterMillionMan]

Here's a good visual, which would you rather own, a $3 Mercury dime w/90% silver , a $5 quarter w/90% silver, a $5 Kennedy half dollar w/40% silver, or a 1 goldback w/1/1000 of an oz of gold worth about $4. I prefer the 1 goldback over any of the other silver coins. But if a Morgan silver dollar or Peace dollar was in the mix, I would take the Morgan or Peace dollar which is worth about $35 each, any day.

[disneysteve]

Here's a good visual, which would you rather own, a $3 Mercury dime w/90% silver , a $5 quarter w/90% silver, a $5 Kennedy half dollar w/40% silver, or a 1 goldback w/1/1000 of an oz of gold worth about $4.

I'll take the coins any day because those are legal tender that I can spend anywhere. I'd only get face value but at least I can actually use them to buy something. What I'd actually do is walk into a coin shop and sell them and then use the cash I got to buy things. No store anywhere is going to accept that gold thing but any store will take the coins or cash I'd get for selling them.

[Joan.of.the.Arch]

Somehow, QMM, you remind me of Beanie Baby collectors thirty years ago.

[QuarterMillionMan]

Ha-ha, ouch Joan of the Arch, lol.