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.