Lack of physical silver

[pseudonym]

I'm just starting........ And, yes I know its late

At least I'll have twenty odd years to build up (although, with the way pension age keeps getting pushed back, I might have a bit longer )

It's never too late.

I got ridiculed (not on here) for buying my silver when it was double what people paid for it in 2009.

Precious metals for me is for the long term. I quit smoking and drinking for my health, that "released" some spare cash. I made sure ALL my other debts were paid off first and I'd built up an emergency cash fund also.

You may wish to follow a different path. Your money, your choices.

Not much help am I?

[itsybitsy]

I should think that if anyone wanted to pay above the market price it would be possible to get their hands on nice shiney lumps of metal but it flies in the face of logic. If one is buying as a store then it's a gamble that the price is going to get higher still just to cover the higher price that one paid in the first place , and it makes no sense for a dealer to pay above the odds if he can't guarantee to sell above market value.
Seems to be that people ( and it could be said preppers are to blame here ) are or have brought pms but are holding onto it and very little is coming onto the market.

My silver, and gold is staying where it is. It will get trickled out upon retirement, and will be ‘ tax effective’

As is mine.

Same. Although my stash is probably tiny compared to you two! I do need to accumulate, but not at these prices.

[Bosworth]

Its the same reason I wouldn't buy held gold (where the seller stores it for you ), if I can't touch it it ain't mine

There are a number of options where you have allocated gold stored in a secure facility. It is audited. Residual risk of course around seizure but I think there would be time to take physical delivery in the run-up - tensions would be obvious I think.

I use goldmoney.com

[jansman]

I agree with ForgeCorvus.If you can’t touch it, you don’t own it.Owning precious metals ‘on paper’ is mad.

That’s what worries me about pension funds.The way the economy is moving, it wouldn’t surprise me if a major fund ‘ Does a Maxwell’, despite industry ‘safeguards’. Cynical,me? When Thatcher pushed pensions, I should have put money into more physical assets,such as property.Too late now.

Can’t touch it...

[jansman]

My silver, and gold is staying where it is. It will get trickled out upon retirement, and will be ‘ tax effective’

As is mine.

Same. Although my stash is probably tiny compared to you two! I do need to accumulate, but not at these prices.

The journey of a thousand miles begins with a single step.

[grenfell]

The paper silver and paper gold market , how to turn a finite resource into a infinite resource
In any other theatre that would be labelled a scam.

So, some people buy 'silver' or 'gold' (rather then actual metal ) because they don't trust currency..... How do they think thats going to work out ?

Its the same reason I wouldn't buy held gold (where the seller stores it for you ), if I can't touch it it ain't mine

Yes basically they buy gold and silver but don't actually hold the metal . They have what is in effect a receipt saying they own the metal and that is then sold to someone else hopefully making a profit in the process. I suppose the closest analogy would be holding shares. If for example one has shares in an engineering company you hold a share on paper , you don't physically have some of the machinery. Or banknotes that were once a promise to pay gold held in the bank.
The held gold where the seller stores it for you is very similar or may even be the same thing and i wouldn't touch it myself. There is probably some physical metal but it works on the principal that most people won't ask for "their" metal to be handed over. The system would probably break if everyone did.
Funnily enough a couple of years ago i had correspondence to buy vintage wines in the same way. I buy and the seller holds it and i sell at a later date without even seeing it. Evidently wine has out performed gold and silver but even so i didn't and wouldn't get into it.

[Bosworth]

We shouldn’t put everyone off holding precious metals. Some funds are bad. Paper gold is bad (other than for trading).

But... There are several providers out there who will hold your gold for you. It is specific to you and allocated to you. It is all yours. The storage is audited by recognised accountancy firms. You can sell and take money at any time. Or you can request to take physical delivery at any time.

I use these sorts of firms as I do not want the physical risk of holding excess gold at home. And I also want the storage to be outside the UK and EU.

[ForgeCorvus]

I use these sorts of firms as I do not want the physical risk of holding excess gold at home. And I also want the storage to be outside the UK and EU.

Why would that be?


I'm planning on buying and storing bullion (or more likely scrap) in the same way that I've stored banknotes, I have some extra money so I'm going to put it away rather then going out and spending it.

[jansman]

I use these sorts of firms as I do not want the physical risk of holding excess gold at home. And I also want the storage to be outside the UK and EU.

Why would that be?


I'm planning on buying and storing bullion (or more likely scrap) in the same way that I've stored banknotes, I have some extra money so I'm going to put it away rather then going out and spending it.

Tax.

[grenfell]

My silver, and gold is staying where it is. It will get trickled out upon retirement, and will be ‘ tax effective’

As is mine.

Same. Although my stash is probably tiny compared to you two! I do need to accumulate, but not at these prices.

I'm not being critical and not condemning it, i'd be hypocritical if i was , and anyway we're all pretty small beer in the scheme of things but that illustrates why there's a shortage of physical metal , people holding and not selling. Simple really.