Saturday, August 16, 2008

Hot Tip: Silver and gold prices are WAY down

Spot silver is down to $12.70 an ounce this weekend and gold is sitting at $786. If you've got a reputable dealer nearby and you've got some extra cash sitting in the SHTF fund then now is as good a time as any to go snatch some up. It aint gonna get much cheaper. While the government keeps reassuring us and telling us how things keep looking up we continue to see home values slide even more, the unemployment rate rise every month and foreclosures and huge bank losses continue. Once something else happens that sends the price of oil skyrocketing again we'll see the price of precious metals skyrocket right along with it. Get it while it's cheap.

4 comments:

theotherryan said...

Outstanding. I picked up some assorted silver this weekend. At some point in the not that distant future I would like to have a month or two of cash expenses in silver.

The Urban Survivalist said...

Make sure that you have cash first. Silver is great but it's not that easy to liquidate if you really need it. Make sure that you have enough cash to pay your bills for at least a month or so before you start buying a lot of silver.

SurvivalTopics.com said...

I agree with Urban, and the best position is variety; cash, silver, gold, items of high barter value in any situation (ammo, food, and other necessities).

One thing with metals, trusted is probably better. For example recognized silver coinage might be easier to unload than ingots which some might require an assay on before acceptance.

The Urban Survivalist said...

The pain in the butt that it would be to convince people that what you're trying to give them is actually silver or gold is the biggest fear that I have with precious metals. If times really do get tough then it could be harder to get rid of it for what it's worth than it is now.