Buy gold or silver on credit?

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Viking said:
CC debt is unsecured, easy to walk away from if necessary.
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I can only speak for myself...but at the time I was behind the eight-ball, I was young...late thirties. I had hoped railroad work would provide stability (it didn't; it depends on whether the industry is in one of its periodical upheavals) and I wanted to look to buy a home.

First, paying off the debt, instead of slithering out of it, taught me a few things. Even though I paid it off with a settlement...I had the psychological instruction of being chained, and then liberated. So when I DID shop for a house, it was priced a third of what I could have qualified for. My house payment, including taxes, was $275 a month. Of course, deferred maintenance was on top of that...

But. I learned some important things. AND my credit was top-tier. I'm about 780 on the credit rating, even now with a low income.

Finally, there's the moral principle, that of paying back what you borrowed. Yeah, I know the banks are all run by crooks (didn't know it back then) but they did make the money available to me. I took it promising to pay back...in fact, I was laughing at the Sovereign Citizen movement, where these rubes discovered somehow that reading the Constitution upside down, showed that money was a fraud and thus, they didn't have to pay back real money when loaned fraudulent money. Or something like.

My age is showing...but I'm finding, now, that honesty and integrity are worth a lot, in terms of self-esteem.
 
Do it, if you can afford it if it all goes South.

Thing is, when PM's get to such lofty levels, they typically don't stay there long.
....but if you really think "this time is different", which it may in fact be, it wouldn't be the worst idea that you are having.

If you do it, perhaps only do for half the amount you were considering. That way if it pays off you are still "in", and if it doesn't you won't have to eat as much.
 
pmbug said:
View attachment 17148

I'll update it periodically (or at least when I think I would have exited the trade come profit or loss).
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So it's been almost a week since I initiated my fantasy trade as outlined in the OP. The Bullionstar buy back price for the 9 kilos of silver is currently $15,867.72

If I had done the deal a week ago (as recorded in the spreadsheet above) and sold today and immediately paid off the credit card, I would have realized a profit of $300.96 less whatever interest accrued on the initial purchase in 6 days (around $35 if I did the math correctly). But if I had done the deal, I would not have sold today.
 
You can buy a.leveraged ETF, but never on credit.
 
Bottom Feeder said:
... Then you have a bitch of a time selling it.
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In this particular case, a decision to sell would be aided by the knowledge that the buy was a trade, not a stack. I would have debt to service and it eats into potential profit, so there is a time decay component. I expect silver to reach triple digits within a year or so, but probably would have sold the hypothetical position I constructed here when silver hits $60 or $70 depending upon how fast it happens.

Also, selling the stake back with the bullionstar vault account should be a no hassle, instant operation.
 
Confession time - I tried to put my CC plan into action back in late October. I say tried because the CC card's fraud/security team kept flagging my attempts to buy the silver kilos and denying the them. It turns out that even though Bullionstar operates a vault in Wyoming and has a USA based website, they process all the credit card transactions with a CC merchant account out of Singapore (where their home office is) and my CC's fraud dept is hard coded to flag transactions from Singapore (and, I assume, most foreign countries) for security review. Even after calling the CC company four times and being told the CC was unblocked and unrestricted and to try again, their automated system kept flagging them. Eventually the CC company told me to use a different card as their system was flagging the attempts at a level that they could not mitigate. So I gave up on it.
 
Why not buy from a different dealer?
 
pmbug said:
I say tried because the CC card's fraud/security team kept flagging my attempts to buy the silver kilos and denying the them
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Flagged, for trying to beat their game.

As Greta would say, "how dare you!"
 
Viking said:
Why not buy from a different dealer?
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Zero vaulting fees, low/zero buy/sell spread, instant/no hassle liquidation = least risk / best ROI
 
Viking said:
Silver is up over 20% now.
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Sometimes, people do stupid things, or take bad risks, and do spectacularly well.

Isaac Newton put money into the South Seas Company - KNOWING it was a Ponzi - but seeing the whole of his class in Britain all excited about it. He watched his investment grow; then sold it...and then, saw it STILL growing, and bought back in. At a higher price.

Then, it went the way of all Ponzi schemes, Down came the Janga tower. Sir Isaac was left with nothing.

So...you just don't know. In this world where everything is fake-and-gay, I'd stick to fundamentals. First, recognizing that the dollar, and other fiats, are all doomed.
 
So I shouldn't tell you guys about the Benji halves I just bought for AUD$12.50 each (approx 150 coins)?
 
13.5% is a worry though, plus you are paying a further % up front premium, so you need to see a 20% increase in year 1 just to break even .....

Yes, it looks like silver must fly but they could change the laws of the land and confiscate everybodys silver, cos the military need it .
How would that work out with a credit card debt running at 13.5% compound ?

An alternative might be to borrow to the max, including against any property and hide the metal then walk away from all the debt and the property and buy back into property when the crash is done and youve timed out on the bankruptcy process.
A bigger challenge might be where to buy $500000 worth of silver and how to hide the transactions from any forensic accountants that come looking.
 
rblong2us said:
13.5% is a worry though, plus you are paying a further % up front premium, so you need to see a 20% increase in year 1 ...
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13.5% APR is ~1.13%/month. I wasn't planning on holding it for a whole year. We're pretty close to $60/ozt right now and ~1.5 months from the day I tried to set the plan in motion. If I had been successful, I'd already be in the money on this bet.
 
You seem very triggered that people have a negative view of the AI generated videos. May I ask why?
 
You are the one objecting to my comments about AI slop on multiple forums and going out of your way to ridicule them. Why?
 
So you are just trolling then?
 
Oh, yeah, chief, I realized that after the "edit" time expired.
That link I posted came up in a search <heh>
Yer good —
I'm old
 
I see lotsa people bitchin about AI — viking ain't the only one.
It upsets me when I see a nice swimsuit image of a girl with five fingers (and a thumb).
And no end of the AI generated trump videos.
Its only gonna get worse
 
Bottom Feeder said:
Its only gonna get worse
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The CIA brain-washing programs continue apace.

Think USAID was stopped? No more than ACORN was stopped. Obviously these dirtbags got a new funding conduit and some new structure they're working on. The proof IS those AI false-fact Eww Toob vids.

The only thing that will stop it, that CAN stop it, is a collapse of the dollar.

Which of course has its own problems.
 
I used to get those $5000 credit card deals that have zero interest for 1 year. Then I would buy Gold with it and bust my ass to pay it off within the alloted time frame. If I still had a balance at 11 months I would sell enough to pay it off then cancel the card.

That was fun for a while, but they figured out they were losing money on me and I stopped getting the zero interest offers.

Feckers.
 
pmbug said:
So you are just trolling then?
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I'm pretty sure he just tryin' to have a bit o' fun.
.....and back to the thread topic, how well would you have made out had you pulled the trigger when you made the OP? Would you be out Cadillac shoppin' right now? Or scooter shoppin"?
 
Joe King said:
I'm pretty sure he just tryin' to have a bit o' fun.
.....and back to the thread topic, how well would you have made out had you pulled the trigger when you made the OP? Would you be out Cadillac shoppin' right now? Or scooter shoppin"?
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Well, I guess if I were smart, I'd payoff my some of the loan with my profits. But I still think silver is going up (may be some pull backs, but I can cover those).

I took out a half a million dollar loan around the time this thread started. So up around 50% at one point.
 
i admire your conviction..........
 
True.

You're still gambling that you'll be able to come up with it inside of a year.

What happens if that's not the case?
 

Casey Jones said:
True.

You're still gambling that you'll be able to come up with it inside of a year.

What happens if that's not the case?
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A pretty safe Gamble though. @Irons is buying Gold ( Hard Asset ) with the Credit.

Even if @Irons only paid off 1/2 the Credit & assuming that, at the least, the Value of the Gold purchased hadn't dropped significantly, @Irons still has a Hard Asset to sell to clear his Credit.

A reasonable risk if u don't mind playing with Credit
 
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