Generally speaking, it is imprudent to make any investment decision in a panic. It’s probably best to ease into an gold and silver position rather than to buy all at once.
Rule #1: Take possession of any precious metal that you buy.
Rule #2: Shop around for best price and terms. These can vary quite significantly.
Rule #3: If you feel like you’re getting a high-pressure sales pitch, it’s probably for a reason. Hang up.
Remember that the buy/sell spreads are quite significant. Physical metals are a very long term “investment” (in quotes because metals really aren’t investments but just another form of money.)
Don't forget to look at the latest US Mint coinage - like pure silver 1.5 oz Polar Bear coins. Many advise buying more silver than gold coins, as it is highly likely that it will advance faster in value than gold will in the near future.
Scout your area. Find pawn shops, coin shops and any other place than might sell precious metals. Buy slowly from all of them. Don’t drop $250K in one place all at once. Don’t let anyone know you have it and don’t let the shop owners you’re buying elsewhere.
Goldbug ping.
Gold and silver are ok, especially for large amounts like you are discussing, but there are alternatives that may be more important. Cypriots are lining up to get their cash out of their banks. This is because they need their money for daily expenses, paying off debts, etc. They are not going to the banks to withdraw their gold. At this moment, what they need most of all, is good old paper cash.
If they had stored up cash reserves in old school paper bills at home, (1) the government couldn't find it in the first place, and (2) they wouldn't be so critically dependent on what is in their bank account, and can function buying food, etc, until the banks open. Gold and silver may be a good long term investment, but physical cash is much more important for day to day survival than most preppers give credit for.
If I withdrew all my money from banks and bought gold, and waited for the SHTF, and then the day after the SHTF I go try to buy something I need with the gold, I likely couldn't buy it. If I think well, I will sell gold then for cash and then buy what I need, that will not be likely, as the banks are closed, and the top thing on everyone else's wish list is cash at that point, not gold. Nobody will want your gold, at least not until things settled down quite a bit and we are back to using sea shells for money.
Silver is currency and gold is a storage of wealth. I would recommend American Gold Eagles, American Silver Eagles and junk silver. I would also recommend trusted online dealers like Provident Metals and Apmex. Don’t be swayed by naysayers that claim that in a SHTF scenario that gold and silver will not be accepted. There will not be a Mad Max Zombie Apocalypse end-of-the world TEOTWAWKI. It will be hard times with chaos and violent, civil unrest, but gold and silver have been money for 3,000 years. You can purchase AGE’s in fractions of 1/2 oz, 1/4 oz and 1/10 oz. And remember if you don’t hold it, you don’t own it. Good luck.
Very, very honest people at Rare Coin Galleries, Bullion Sales. 425.392.0450 (Washington state)
Ask for Chris.
Lead has its value as well.
If you get my drift.....
Go to my profile. There is an article there I wrote that contains all my knowledge and opinions.
http://inflation.us/reviews/
If the crap really hits the fan...
and I have chickens and eggs...
and you come to me with a gold coin...
and want to buy a chicken or some eggs...
what am I going to do with your gold coin???
It is worthless to me.