Should I sell my silver to improve my credit

[BeerParticipant 11832]

I wouldn’t worry so much about your credit score right now…that is just something that is going to take a few years to get back on track, but I would worry about the interest rate of the debt. If you are paying 22% or some ridiculous amount on credit card debt while sitting on a pile of silver that typically doesn’t increase 22% a year…you are screwing yourself out of money.

[DarkRyuParticipant 2354]

Silver is NOT an investment. It’s a hedge against inflation and insurance in case SHTF. Silver just sits there and doesn’t make you any money. Even if the “value” of silver went up, you haven’t actually made any money. The REAL value of silver and gold has been pretty consistent throughout history when compared to real commodities such as rice, grain, property, etc. But as the silver sits there doing nothing, some asshole is making money off your debt.

That being said however, that silver could buy you food or something you really NEED in a SHTF scenario, whereas you can still eat even though you’re in debt right now, right? And the little bit of money you save by not paying interest isn’t worth the hassle/risk of selling your silver. Not to mention the amount of money you’ll lose if you sell the silver and buy it again.

It depends where you buy it from, but I’ve found a small little “collectible” coin shop that has a really old guy that will sell to me for cash without charging sales tax. So long as I call ahead, he can get me as much as I need. I bought 1,000 Silver Eagle’s the other day. Took him 2 days to get them in after I called him and told him to order them.

Before I found this guy, I called around and all the c~~~~~~~~~s wanted to charge me anywhere between a 15-25% premium above spot PLUS sales tax. So a Silver Eagle would run me $22 a pop, or $22,000 for the Eagles I bought from this guy for $18,400. So I saved $3,600 vs. buying from the “reputable” shops.

But using this example, let’s say you sold your Eagles to one of these “reputable” shops at a 20% loss. So you’d be selling them for $13 and then having to re-buy them at $22. So a LOSS of $9 per Eagle. If you’ve got 40 Eagles and can sell them for $520 ($13 per Eagle), and then you have to buy them at $22 a pop later, you’ll have to spend $880 and have lost a total of $360! Or looking at it the PROPER way (not denominated in money, but in silver), you’d have to sell 40 Eagles and you could only buy 23 of them later with the $520 you sold them for previously. So you lose almost half of your stash just to get out of debt. NOT worth it!

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