Life sometimes throws financial curveballs at you, and many people don't have enough emergency funds saved up to deal with unplanned expenses. Sure, you could pay with a credit card and pay it off with interest, or go to the bank for a personal loan, or borrow from friends or family. What if you didn't have to do any of that?
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The advantage of stacking precious metals is not only as an investment and store of wealth, but the chance to be your own bank. If you have hundreds of ounces in silver and gold, you don't need to take out a loan. You already own real money. You can go online or to your local coin store and sell a portion of your stack to pay for these expenses yourself. Sure, you are selling off some of your holdings, but you can always purchase more bullion when you have extra funds available.
If this type of emergency/wealth fund sounds like something you'd like to do, it's important to strike a balance between stacking for weight and having liquidity. While you'll certainly pay less premiums on large coins and bars, it's also a good idea to have some smaller denominations for when you only need a small amount of emergency funds. You can easily sell a stack of 10 rounds or a 10oz bar if you only need around $200. This way you're not stuck selling a kilo silver bar because that's all you bought to avoid higher premiums.
Whatever your goal is, make sure you sit down and write it out on paper and make sure it works for what you need. Keep it handy to refer back to when you need to use it, and make sure others in your household are on board with it.
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Without a doubt, being your own bank saves you a lot of interest.
That's a good point. I'm a long way away from having a stack that I could use to fund emergencies, but I get the concept. Maybe one day...
Slow and steady stacking will eventually get you there 🙂
I try to have a constant savings vault in euros that serves as our own "bank" when needed. It works really well. Recently I had to eat most of the savings to bridge a change in payment schedule, sadly. But getting back on track feels great.
My silver stack is way too small to serve as emergency fund, right now at least, BUT this is something on the list, I want to have a healthy balance of cash, savings on the bank that can serve to pay emergency stuff as well as precious metals at some point.
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At least you had the savings when you needed them. You'll get there with your silver stack!
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True, I feel unease when the savings are low like they are now. Still managing to move some stuff when needed but I'll be happy when I recovered all of the eaten funds and added some more even.. Feels better.. Life is full of unexpected surprises after all..
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Selling a kilo bar of silver is tough to get your return on it. You're right it's much better to have one ouncers is you want an easy sale.
But sticking to a budget is the only way to survive in this world and to build wealth. No one ever got rich spending like a drunken sailor!
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Many years back, over 31 to be exact. I had to sell my entire coin collection to pay off the debt of a bad partnership business. He split leaving me holding the bag. I was very young and didn’t want to file bankruptcy. So I sold off my entire collection of coins, which covered about half of what the total debt was. I’m glad I had it to use. BUT…. That collection of coins would be worth over a million dollars today.
YOu are right
Thanks for the advice
I could even use my Pandas since there is a large population of Chinese living around Vancouver, Korean bullion with the nearby 'Little Korea town' and ASEs should I cross the border to do some shopping over there. Libertads? It's a heck of a long trip down south.