Possible Federal Reserve failure mentioned on CNBC

[Tammy]

No problem Tammy. They are not monetary coins, they are simply bullion that is made into "coin" forms. They have no value to purchase anything. They simply hold their value and you can sell them at any time.

You can find the "spot" (current market price) for silver on any business site like bloomberg. My favorite market site is INO.COM. You will pay a few cents over spot when you buy and will sell for a few cents under spot. That's how the company will make their money.

I don't know how long delivery times are now for APMEX or any other company. When you get ready to order, ask how long until it will be shipped. Some companies are up to 6 months behind...that means they are likely in trouble and have gotten bit buying on margin. You may not get your silver OR your money back on them. If it's more than a week for delivery, then don't order. APMEX has always had it in the mail to me the next business day.

Thank you
So if I order these Do I get the coins or just the bullion? I thought that it was best to have the coins. Sorry to have so many questions I just don't know anything about this. I think that I have my DH willing to buy silver. I just need to look like I know what I am talking about.

[tygerkittn]

Renters won't do as well as those with mortgages during hyperinflation. The value of the mortgage debt decreases, and is easy to pay off. Rent would go up, up, up.

[HSmomto4]

Thank you
So if I order these Do I get the coins or just the bullion? I thought that it was best to have the coins. Sorry to have so many questions I just don't know anything about this. I think that I have my DH willing to buy silver. I just need to look like I know what I am talking about.

This is what I do, I go to my local coin dealer and look for old used American Silver dollars that they sell for silver spot. You don't have to pay taxes on that and they don't charge for the collectiblity of the coin because it may have a spot or blimish on it. If they don't have any of those coins, then I just buy silver bullion in any form I can get. Sometimes it could be a coin from another country or it could be just a piece of silver with a stamp on it. You have to pay taxes on these though unless you buy $500 worth. HTH!

[Rondaben]

Rondaben are you talking about the .999 silver rounds shape coins, that they do for holidays, birthdays, or any other occasion? If you are you can get then sometimes at Jewerly stores or coin shops. Both of our area coin shops sell those.

yeah, those are fine as long as they are stamped with a mint mark and .999 fine. Be sure that you aren't paying a much higher premium over spot price for them--they may be asking a few DOLLARS over spot at a coin shop. The closing spot price on Friday was $17.71 per ounce.

Thank you
So if I order these Do I get the coins or just the bullion? I thought that it was best to have the coins. Sorry to have so many questions I just don't know anything about this. I think that I have my DH willing to buy silver. I just need to look like I know what I am talking about.

It is just bullion shaped and formed to look like a coin or medallion. The key thing is the mint stamp and the .999 fine marking. You can buy actual coins that have a face value--in the US they are called Silver Eagles. You can use them to buy something at the face value...not the value of the bullion. You will pay a LARGE premium to own monetary silver instead of the bullion rounds/bars. An example of this is that Eagles (real coins) are about $3 over spot now (~$21/oz) whereas the generic rounds are about $0.79 over spot ($18.50/oz). Buy the rounds it is like buy 6, get the 7th free.

Renters won't do as well as those with mortgages during hyperinflation. The value of the mortgage debt decreases, and is easy to pay off. Rent would go up, up, up.

You are correct to a point. The problem is that Salaries will lag the inflation pretty seriously...You may see 10-12 dollar gas, 200% food inflation, etc before employers break down and pass along salary increases. That is if they don't go bankrupt because they themselves have little capital to buy the inventory and materials they need to operate.

[PRZ-Him]

What will/would happen if /when Washington Mutual goes under?
That is the company that has our mortgage.

[Rondaben]

What will/would happen if /when Washington Mutual goes under?
That is the company that has our mortgage.

WaMu is in trouble. They may be the first of the Large banks to go under. The mortgage would be an "asset" that would be distributed by the Fed court if it was a bankruptcy, but I think that you would more than likely see a buyout by Bank of America or JP Morgan.

Quite honestly, they don't have your mortgage. It was sold to a trust as a Mortgage Backed Security. WaMu only services your loan.

[deanne53]

[QUOTE=Rondaben;653682]yeah, those are fine as long as they are stamped with a mint mark and .999 fine. Be sure that you aren't paying a much higher premium over spot price for them--they may be asking a few DOLLARS over spot at a coin shop. The closing spot price on Friday was $17.71 per ounce.


Rondaben, then we did good !. Last year my daughter bought all that a coin shop at a tent sale they were having. They were a holiday and dated so she picked them up for a few bucks lower then what the value of silver was going for at that time. I don't think they would do it again this year.

.

[Rondaben]

[QUOTE=Rondaben;653682]Rondaben, then we did good !. Last year my daughter bought all that a coin shop at a tent sale they were having. They were a holiday and dated so she picked them up for a few bucks lower then what the value of silver was going for at that time. I don't think they would do it again this year.
.

You did GREAT!

BTW..another reason to buy Silver and not Gold. Silver is a harder, more resilient metal than gold. If you were to buy gold, you must have an assay card that guarantees it's weight and purity. If it becomes scuffed or damaged in any way, you will have to have it re-assayed before selling it. That runs around $50 per oz...directly off of your part of course.

[gratefulberean]

Thats a hard question to answer. I'd defer to what the Holy Spirit leads you to do. I can tell you what My family and I are doing.

We to have a relatively expensive house...at least what I feel is expensive every time I pay the mortgage. We have older cars. I have some silver--not nearly as much as I would like however. We are realistically looking at the cost of living here, my salary and the likelihood of how much electric, food and gasoline is likely to go. We have come to the conclusion that we won't make it here, especially after next years property tax comes around. We have purchased a small house with an acre of land far away from the city (population 224!) that will close on Monday. We spent our savings and paid cash for it ($9500!). Once we get it liveable we are moving. The house goes on the market then and it is up to God to sell it.

In the meantime I have begged and borrowed for a 3 month moratorium on the mortgage. After the 3 months all will come due at once. That saves the mortgage payments and gives some time to get it sold or, if necessary, short sale the house. If not then yes, they can have their keys back. Its a house. Four walls and a roof. It's not worth risking my family's well being over.


This is a great discussion. We are moving in about 4 months, we are going to put our house on the market in a few weeks as soon as we do some last minute touch-ups. IMHO it is too expensive. I definitly want to down size. My quandry is the market, I sometimes find myself wringing my hands over whether or not it will sell, at least to cover the mortgage. If it does not, I have not considered the option of walking away for fear that my credit would be forever trashed. Perhaps I need to reevaluate my reasoning here? I dunno:idunno This is something my wife and I pray about alot these days.

[tygerkittn]

Your credit can't be "forever trashed. Negative reports can only stay on 7 years, and they count less and less as time goes on, during those 7 years.
In a country where a huge percentage are walking away from mortgages, they can't make it a credit deal breaker in the future, since there are so many people doing it now.