I’m not sure if that is a good title, but I am using it anyway… Several months ago, I priced silver, on a per ounce basis.  It was $31.00 and change.  I thought, Hmmm. I should buy some silver.  I disregarded… I few weeks later I looked at the price of silver again.  (I don’t monitor it every day), and it was up to 38.00 and change.  A couple weeks later, it is up to $43.00 and change.  I am an idiot.  The price is going up and I could be buying small amounts and hedging my bet on pricing.  Well, I looked yesterday, and Silver is selling (street price) for roughly $51.00 and change per oz.  Sigh, I bit the bullet and bought a couple of ounces of silver, and have made a promise/plan with myself to purchase a couple ounces of silver every time I get my paycheck.  It’s not like I won’t be able to resell it, and it’s not like it is ever going to be worthless.  In addition, several states are looking at minting their own coinage as well as making precious metals legal tender again in their state.  Utah, has already taken steps and passed legislation making it legal to use silver and gold as currency in that state.  Several other states are trying to follow the same path.  If this is the case, then I certainly needed to think harder about precious metals.  Will they do that in NY, NJ, PA or other surrounding states near me?  Not sure, but if they do, then I want to be be able to use the coins if I have to.  If I never have to, then that is fine, I will own some physical precious metals that I can pass on to my family or my nephew in the future.

What is really to come of money?  Are we really destroying our currency?

So, where did I buy my silver from?  Well, honestly, I wasn’t sure who to buy from or who to trust.  So, that said, I sent an email to Jack Spirko over at The Survival Podcast some time ago, since I know he had spoken several times about owning silver in his podcasts… Jack responded in minutes pointing me towards the organization he uses called Silver and Gold Shop (Click the link to go to their Website).  The small shipment is on the way, and I am looking forward to starting my collection of silver…

Now for the metaphysical behind potentially having to use that silver as currency… Hmmm… First, if an oz, is potentially going to be worth $100.00 or more in the future, how do you break it down for smaller denominations?  Well, I have been thinking about this.  There are bars you can buy that can be cut into quarters (see the picture to the right further breaking down the silver and being able to use it for smaller items… On the flip side of that, there is also “junk silver” that you can purchase that would give you much smaller denominations to work with.  Here is the downside of junk silver as I see it.  First, people see it as the same currency that we use today.  So, if you have a 1964 quarter which, I believe is 90% silver and worth (I believe) around two dollars ($2.00) today (someone please correct me if I am wrong) the store keeper that is taking that 1964 quarter may only see it as 25% of $1.00 if he or she does not know the actual worth of that piece of currency.  It is an interesting conundrum because we will not know until we must use that coinage to purchase goods and services…

In the end, I feel good about buying the Silver, regardless of the currency situation.  It is an investment, and as Jack Spirko says, he feels better giving a shiny new silver dollar to his nieces or nephews than a toy at holiday time or for a birthday anyway.  I think I agree…

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About suburban

We’re a group of suburban preppers in the Northeast and live in the NYC suburbs that write The Suburban Survival Blog to talk about preparedness and self-reliance out there to help others prepare for what could be an uncertain future due to economic, weather, and other reasons.