I started to awaken during the last Presidential election and the economic collapse. I was also laid off from a pretty good job in January 2009. Luckily for me I was able to get back to work by the end of March right as my severance package was ending. These events started me on my current path and like a snowball rolling down hill it started out slow and small and gained momentum as I read more and learned more.
I live in a nice suburban town near a fairly large Midwestern city, so my original plan was to bug out. I had a potential place to go (a family member’s farm in New England), so I started thinking about what I would need to bug out. I already owned a few firearms, so my first thought was to purchase some silver coins. I was (and still am) concerned that the dollar would be worthless and I figured I would need them to help get me to my destination. I also began to stock up on ammo (guns will likely be a future post).
As I read more and learned more I have dramatically changed my plan, but I did learn some lessons in this early stage. Here are the lessons I learned:
- My first silver purchase was from Goldline. I didn’t buy a lot, because I wanted to check things out. At the end of the day I was not pleased. It took forever for me to get the coins. If I remember correctly they have up to 30 days to even ship your order. I also found the prices high for what I got. The good news is that I didn’t spend a ton of money and it was a good learning experience.
- Initially I bought mostly junk silver coins. My thought was I could accumulate much more with less money and the coins would always hold at least their face value. I envisioned myself using these coins to buy fuel and food on my journey to New England. I still have the coins, but I am not buying any more junk silver at this time.
- Yep, I did it! I also bought some gold. I got a call one day from a sales person telling me that prices had dropped and they had a great deal on British Sov’s. I was super excited because I was due to get a commission check in the next couple of days, so I purchased 5 or 6 of the coins. The only problem, I forgot to pay my mortgage! Luckily I figured this out before the payment was past due and I was able to shift things around and get it paid. We did live leaner than usual for the next several weeks as a result. Currently I am not purchasing any more gold.
Here’s what I do now:
- I currently buy silver coins from Silver Towne Coin Shop (www.silvertowne.com). Their prices seem good to me and their service is excellent. I mostly purchase Morgan Silver Dollars and Silver Eagles. I buy these coins because I am trying to anticipate what I think others might find valuable. It might not be the right strategy, but I’m guessing I could probably get a chicken from a farmer easier with a shiny Morgan or Eagle than I could a few 1965 Kennedy Quarters.
- I made my gold purchase from Merit Financial. I will say I liked their prices and service. I do not regret my purchase, but I don’t think it makes much sense to purchase a lot of gold unless you are totally debt free and have thousands of dollars you want to protect. For most of us peasants I think silver makes much more sense and is more likely to be used for every day use. I would never part with one of my gold coins for a tank of gas.
P.S. No, I did not forget bug out bags. I thought I would save that for a future post.