ReadyNutrition Readers, this article is a little bit of a different flair. A basic “how-to” guide to garnering some precious metals to have on your person. Why? Let’s take a hypothetical view. What if some major disaster occurs and you need to take a cab somewhere…it’s your only option? It is just before the major panic sets in. Everyone else has the same idea. Cab to the highest bidder and you have a heavy sterling silver chain to go along with that cash. Guess who gets the ride?
7 Ways To Pick Up Some Micro-Marketed Precious Metals
It’s as simple as that. So, let’s take a look at how to pick up some “micro-marketed” precious metals. There are plenty of different sources that (most of the time) will bargain with you or will be oblivious. Let’s list some of them:
- Consignment stores: often have jewelry at basement prices and will bargain with you, especially if the goods belong to the store’s owner.
- Thrift stores: that’s right! Thrift store personnel (from the manager on down) do not usually have a clue as to what jewelry comes into their establishment. Here look for necklaces, bracelets, earrings, and rings…most of the time silver, and occasionally gold.
- Storage Units: each month they turn out a bunch of people who can’t pay…placing (or throwing) their stuff outside of the unit and giving it 24 hours or so to pick it up. At times you can even cut a deal with the owners to go into a unit “blind” and take care of what’s in there. Drawback: you’re responsible for the stuff…but you’d be surprised about what people throw into these things.
- Flea Markets: Once again, you’ll be among the oblivious (fellow shoppers and vendors), and you’ll find a deal…it just takes time.
- Want Ads: yes, often you’ll pick up jewelry, coins, and ingots (silver or gold) at pennies on the dollar.
- Estate/Deceased Person’s Sales and Auctions: Yes, indeed, especially when the person is not some multi-millionaire…that’s when you must bid against a plethora of social debutantes that can outslick you.
- Ebay: That’s right, I said Ebay. They happen to have a very active silver market, where you can find a large selection any time or day of the week. After spending a lot of time hunting down junk coins on Ebay, writer Joshua Krause perfected his procedure for spotting and procuring the best price for silver and wrote about it. You can read more here.
Coins and jewelry are the best types of PM’s to pick up and are great for bartering. This is not because they’re always the highest precious metal content, but because of the form they’re in. For more on that, research Frankie the Dead Roosevelt (or FDR’s) executive order of 1933 going door-to-door to confiscate the gold. That’s right: in these United States. This gives you a little bit more “insulation,” as you can wear the jewelry, collect the “coins,” and hide both.
It would behoove you to have a few items at your disposal. Firstly, knowledge of the grades of silver and the carats of gold. With silver, shoot for sterling (.925 mark on it), but with coins, you’ll need to know the type of coin and the year to be able to determine the silver content. Same for gold. Don’t become “gypped,” because crooks will take little ringlets with a stamp of “14-carat” on them…and they are…and attach them to a chain that is at best 14-carat gold paint. Learn more about testing your precious metals.
A magnifying glass is a great aid. A word of warning: most of the oblivious will suddenly have their pupils change into dollar signs and their fangs will come out. If you are looking at something with a magnifying glass and they see you? You can bank on them checking out what you run right up to the counter to buy for one or two dollars. Be smart and be incognito…and you’ll prosper. If you feel this is dishonest, then tell them what you’ve found, and they’ll thank you every time you do it. Sink or swim, it’s your decision.
Keep a small “stash” of these items on your person. Naturally, other things such as diamonds, precious, and semi-precious stones will need more of an eye and knowledge to assess. These you can carry on you to an extent. Just make sure they’re real. Another thing: before you deal with someone, make sure they’re real before you give the piece of jewelry to them. Ignorance is not always bliss, especially where the ignorance is feigned. When you buy? Hey, they put it out, and it’s not your job to look out for the store’s welfare. Trust me: the store will be there with or without your purchase. The thing was a donated item anyway…and 501-C-3’s are non-profit corporations that all make a profit…every one of them.
Think of these things and about building up a small personal supply of such precious metals you can carry around with you for when the “S” hits the fan, or when you have need of an edge. Good hunting and keep your eyes open…the bargains will jump up for you. JJ out!
I once bought a small $75 silver creamer and sugar bowl set for 50c, at a perpetual yard sale from a guy with a history of over charging for harbor freight junk. (He would coupon buy and then charge double the org cost.)
Years later I traded the sugar bowl for a day of labor. Would have kept it but there was no lid….
I still use the creamer to melt pancake butter.