Tuesday, April 16, 2013

Silver shortages

I had it planned for a while to get to the city today to buy silver.  I was pleased that the prices had fallen so I would be able to get a few more coins for my dollars.  Instead, I ended up feeling like a hoarder...although I am not.  What happened? 

The shop opened at 9:00 and my plan was to be there right when it opened.  I had somewhere to go today for work that was an hour out of the city.  So I couldn't leave town too late.  Well, it was such a nice morning I was pulling weeds and lost track of time.  I didn't leave the house until after 9:00 and didn't get there until almost 9:30.  So much for being there right when the store opened. 

I went up to the counter and asked for 90% silver coins in an amount that would be right over the $1500 level, which means no sales tax.  The seller went to talk with someone and came back apologetic and said they only had about $200 worth.  Do I have to pay tax if I buy 1 oz. silver coins?  No, as long as it hits the $1500 mark.  So that's what I did.  I bought 60 one-ounce pure silver coins.  I'd rather have bought the 90% silver coins but I wanted to purchase some silver.  It's something that I have recently vowed to do each year.  Their box of one-ounce silver coins on display contained exactly 60 coins.  This meant that the box was empty when they removed my purchase. 

While I was waiting at their counter to pay (they look like individual bank teller counters, without the bullet proof glass!) three other people entered the shop.  Each of them asked to purchase junk silver.  Each was told there wasn't any.  Then each asked to purchase one-ounce coins.  Each was told there wasn't any.  One lady complained that she had called just 30 minutes earlier and was told they had them in stock.  She was not happy. 

And there I was, at the counter with my purchase; my coins were packaged in three plastic coin tubes and put into a nice zipper pouch.  I bought them out.  I was feeling like a hoarder, rushing in to clean them out.  Of course, that's not what happened.  I didn't rush in, I was late.  I had the specific amount in mind to purchase, and I bought that specific amount.  I had no idea what they had in stock. 

On my drive to my business appointment I was kicking myself for not coming in last week.  I could have squeezed in the drive - maybe.  It wasn't that the price had fallen so that's why I rushed in, although it was a good time to make the purchase!  I was fortunate to pick up my silver.  But it's just silver.  What if the rush was food?  What if the rush was ammunition (oh wait, that shortage is still happening)? What if the rush was fuel?  I'm not feeling very sure of the state of the country right now.  I'm glad I bought the silver today.  My next shopping trip where I plunk down $1500 needs to be for more food or other essential supplies.  Hopefully I won't be wiping the shelves clean like I did this morning.


  1. Good job. We're looking also with the current prices. But as you suggested, buy what you can, when you can.

  2. The price drop caused shops here to be really busy, there weren't any gold/silver buyer sign flippers on the corners for a change.

    I also need to pick up some food/supplies, it's been over 3 weeks since I hit the grocery store last so there is a lot to replace.