Dh wants to keep our Emergency Fund in Silver - Page 3

[lmonter]

Originally Posted by mamadelbosque

I don't think keeping at least part of your emergency fund in silver is a bad idea, tbh.

Yup, this.

I'm trying to convince hubby that we need at least something (silver coins in hand) for when using paper dollars for toilet paper is more cost effective than actual toilet paper (hey, it's happened in other countries, very recently!).

If I'm completely wrong and off base, then everybody can giggle at me later on, which is fine. But my gut feelings are too on-the-money the majority of the time to completely ignore me.
And silver is just a hedge against inflation (food prices went up 2.8% last month alone?) at any rate. Not sure if you have a savings account that can keep up with inflation, if you do, please share. It's easier to pay for a bushel of wheat or a loaf of bread with silver than gold I've heard - much like you wouldn't take a $100 bill to the small farmer's market and expect change for a $5 purchase.

[mnnice]

Originally Posted by Dad@home

You want to go to a local reputable coin dealer if possible. If you can't find a local reputable coin dealer, then APMEX and many other online sites that are reputable will buy your coins. Banks are unlikely to take your silver. It's possible they would take gold but they would certainly fleece you. Likewise avoid Cash For Gold at all costs they are the worst of the worst.

Coin dealers make their money on the spread between their buy price and their sell price. Usually you can get a buy price of near spot for a coin. It could be a bit below spot price, but it shouldn't be too much below it.

Check the online dealers to get a sense of prices people will pay and shop around. Selling is the harder part of finding a good deal. It's usually easier to find cheap places to buy then folks who will pay you at or above spot. You can find the spot prices for metals at www.kitco.com or APMEX or many other places on the web including yahoo finance.

I hope that helped.

Well I don't have an silver to sell, but based on what you shared it doesn't seem liquid enough for an emergency fund as long as the emergency isn't global SHTF. That's different that I do think it might make some sense to have some.