I started my investigation on the 'how to's" in purchasing "junk silver". Do not let the term "junk silver" cause alarm as to the viability of such an investment. Before deciding to start buying either gold or silver, I suggest a research concerning "junk silver" might very well be in order.
As one can imagine, the internet is full of websites conveying all kinds of information pertaining the purchasing of precious metals. Anyone remotely interested in purchasing either gold or silver as an investment hedge or as a protection against the devaluation of currently accepted currency should take the time to educated themselves first. (That should go without saying.)
I have found several websites to be informative in this regard, but at this point I do not feel comfortable recommending any particular one as gospel. At the bottom of this post I have list of a few websites that have caught my attention. I list these just to give the reader a place to start researching this matter, and not as a recommendation as to the advice given.
The Montana Rarities is one such website I consider to be interesting and informative. Again I am not recommending, at this point, that anyone should or should not take Montana Rarities advice concerning any of the information they provide. I'm just saying I have found them among others to be interesting and informative.
For example Montana Rarities' FAQ page has a list of several questions all buyers and holders of gold or silver should be able to answer for themselves. For example I copied and pasted below, the last question and answer on Montana Rarities' FAQ list.
Q. Where should I store my precious metals?
OK,
legal disclaimers aside, here are some ideas:
- A good choice is a private vault company. Like a bank, these companies offer secure safe deposit boxes. Unlike a bank they do not have to follow the Federal banking rules (as long as the rent is paid you can call yourself Mr. Smith, while banks require you to prove your identity). A bank safe deposit is fine, but you should be aware that banks have to co-operate with legal authorities. If a judgment is entered against you then you may find your box sealed, if you use a private vault company with an alias that makes your property a little harder to find.
- Another option is to rent a small unit at an indoor mini-storage facility. I mean the type where all the units are inside a multi-story building and accessed by internal corridors, anyone following you cannot see which unit you are going into from outside. If you can, pay for the rental with cash, and don't forget to pay the rent each month! The facility should have card/code secured gates, and preferably alarmed unit doors. Put some boxes of books and broken vacuum cleaners in there and nobody will suspect that there is a box of silver behind that.
- Use your imagination, and you could keep them in your home. People have used old paint cans in the garage, gun safes, underneath floorboards, in attics. If you hide your metals in a foolproof spot make sure you leave a note for yourself (or your family) in a safe place, and be careful about throwing out those old paint cans! Homeowner's insurance does not usually cover precious metals or rare coins (firearms, fur coats and jewelry too) over $1,000. You either have to go without coverage, or pay extra on these items. Read your policy carefully or talk to your agent.
Other websites I have researched in my own on going education process are as follows.
Before purchasing gold or silver in any form, please exercise diligent research by browsing through these and other websites, and searching out as many other resources as possible.
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