Not a day passes without a prognosticator preaching economic and financial ruin. Such a dire prediction stirs fear in the hearts of some yet supports a state of denial for others. Personally, I don’t believe in the school of economic collapse, at least not in the typical sense we so often read of. I believe the economy is and will continue a course of correction. Now, let me be perfectly clear. This correction could potentially feel like collapse since far too many are socially, spiritually, individually, and economically prepared for anything other than a stereotypical state of normal.
I blame a government that refuses to instill individual responsibility, promotes institutionalization, and….. in some cases – a cradle to grave dependency for such widespread inaction. Unfortunately, physical silver or gold isn’t even on the radar of our ill prepared.
The correction each must recognize affects us individually, and in many ways. Far too many have made the prudent step to buy physical PM (precious metal) but are at risk of becoming a short-term PM seller stemming from a lack of overall preparedness. In other words, they will sell their metal, to continue living a life of normalcy, just when they most need PM. This could come from desperation or it could come from monetary ignorance; it’s just too soon to tell .
The collapse (as most put it) is happening as you read this….. all in slow motion. Ask the man on the street and they will quickly point out a lack of good paying jobs. Ask a banker and they will say the problem is a lack of credit. Ask a politician and they will lay blame on the opposing party or a previous administration. The fact is all the above are 100% correct, but this does nothing to help our situation.
Nothing will stop today’s course of correction because too few are willing to acknowledge the destructive nature of overpopulating a currency. This neglect is building into a monetary civil war within the United States. The type of person willing to trade dollars for PM suffers great anxiety by living in a country that is no longer willing to address our economic challenges with rationality. This is why we’re reading about states proposing legislation in hopes of creating an alternative currency (Utah, Arizona, etc).
Our country has far more to lose from conflict than economic collapse. A divided nation is vulnerable from within, vulnerable from afar, and everything between. Why else is it so many folks like you view PM as the get-out-of-Dodge-card? Wealth stored within physical silver or gold provides an option, or luxury, most will never realize. In my opinion we are well beyond asking “if” our economy will collapse.
Without fail there is one common question asked when I consult with folks about buying and storing precious metal. They all ask if there is anything else they should be buying or doing other than whatever it is they are actively “doing”. These folks fail to recognize that they’re miles ahead of 99% of all other Americans, politicians, financial planners, economic advisers, accountants, etc. This is what a call the “what now” syndrome.
I’m convinced that a person willing to make the effort to buy physical PM has what it takes to answer the what now on an individual basis. Since you’re reading this post I congratulate you and your ability to actively pursue a personal stake of individuality in a day of complacency. Your next what now could be a career change or it could be relocating where your family calls home. Your next what now could be the start of a plan that includes internationalizing your wealth or it could lead to internationalizing where you live.
Four years ago, my what now led me to relocate my family from a high taxation state to a less populated and more independently minded fly-over state. Over ten years ago my what now led me to trade dollars for physical gold. The what now inside you could lead to gardening, reloading, campaigning, prospecting, serving, fasting, start-up business, downsized business, who knows? Whatever your what now is please remember this. Owning precious metal should be the monetary foundation of a life commitment to self reliance so that compromise is never a word atop of your to do list.
Let everyone else worry about economic collapse while you focus on reality.
QUESTION: DC, last week we found out some silver American Eagles circulating around the US and Canada is actually counterfeit reproductions made in China. What steps can a small silver investor like me do to safeguard against fake bullion? Thanks for your work at TPS.
TPS Reply: Thanks for the worthwhile question. The silver counterfeiting you mention has me greatly concerned for many reasons. Far too many folks view silver with skepticism, this news will only compound the level of silver confusion. It’s easy to say the odds of buying fake silver are low but very real for the few who actually find themselves as the unlucky few.
As silver inventories shrink the benefits of counterfeiting will rise. If crooks are willing to counterfeit legal tender this leads me to believe counterfeit (silver) bars and rounds is a bigger problem than anyone would like to believe. I view this as even more reason to buy from reputable sources who will stand behind every single ounce sold.
The fake silver problem will worsen as the secondary silver market grows because the secondary market is much less regulated, not to mention limitless. As of May 2013, I see no reason to buy fake bullion since the majority of silver sold transfers directly from the mint to the end user (you). I will admit such an opportunity is growing short as demand for silver bullion outpaces output.
I encourage each silver buyer to educate themselves on the sounds and feel of real metal. Real silver bullion is impossible to replicate if a buyer takes the time to look beyond appearance. Feel free to contact TPS for a list of reliable silver sources if you have any doubt.
QUESTION: Are you buying silver rounds too?
TPS Reply: Thanks for the tiny question. No, I’m not buying rounds at this time but I will as soon as legal tender bullion supplies dwindle to the point of what I feel are reasonably priced. Silver rounds usually cost less than legal tender coins; this is because anyone can legally mint a silver round. Some private mints will accept your larger silver bars and then melt (mint) the large bars into one ounce bullion, very cool. The fee for this service is minimal compared to attempting to sell a huge hunk of silver.
I like to buy recognizable silver when possible. Also, legal tender bullion will not trigger an IRS notification when a buyer sells bullion back to a PM dealer (please use due diligence since tax laws change quickly).
This doesn’t mean I wouldn’t but silver rounds, just not at this time. Thanks again for the question.
DC Carlton is founder of The Prospector Site and author of the Amazon Kindle #1 Bestseller Why Silver and Gold Will Go Higher and Storing Silver & Gold. If you’re looking for trustworthy PM assistance feel free to contact DC regarding his personalized consulting service. TPS doesn’t sell silver or gold; we represent you, the buyer, looking for affordable precious metal from honest trustworthy sources. Feel free to register here for his free online newsletter that provides precious metal insight rarely mentioned from mainstream media sources.