This holiday season, I came up with a not-so-original idea to use silver as my trademark gift. Not only is it an educational tool that brings up questions about investing and the future of the dollar-based system, but it’s also worth a nice chunk of change. As we speak I’m packing for a family get together where I’ll be presenting my father with a nice 1 oz. bar of silver. It’s worth cash if he wants to cash it in, possibly even more cash if he wants to hold on to it for a while, and is a great collector’s item if he chooses to see it that way. I’m sure he will be thrilled!
The average spending habits of individuals, around Christmas, add up to about $650. If you take today’s silver prices and divide that up, you’ve got a gift for over 20 people on that list. Just think, people are getting gift cards, scarves, new socks, and toys (all wonderful and thoughtful, of course) but when they open your gift, even if they don’t appreciate it in the moment they’ll hopefully realize soon enough that you’ve given them something to learn from.
Let’s not forget though, with the economy at its worst in decades, there will surely be deals on silver out there that are so good you should avoid them. An article I recently read offers up the great idea of buying your silver or gold through a local coin shop. I wholeheartedly agree that having your precious metal physically in your possession after the transaction can be soothing and exciting! However let’s not discount the growing popularity and convenience of online shopping. Buying expensive items online can feel like risky business, however with the secure pay options and things like PayPal, your $650 in silver rounds should be a safe precious metals buying experience.
One thing to make note of: Be sure that your online bullion dealer delivers to your house. Do not purchase gold or silver for someone for Christmas if it’s going to be held in a vault or account somewhere. First, because it’s tacky to not have the gift present, and second, because one little round probably won’t be enough to have its own safety box. A company that offers to hold the PM’s while issuing a certificate should be checked out thoroughly to make sure the metal is actually in existence.
The good thing about online bullion buying is the lack of salespeople pulling you in different directions over the phone as you make your purchasing decisions. However, beware of websites with red flags like “confiscation proof” labels or hype over a government-issued collector’s coin. Before your start hunting for the best deals on your silver gifts, find the scams out there before they find you; dig into Peter Schiff’s Gold Scam Report that will make your gift buying holly-jolly like the rest of the season!
Believe me, your friends and family will love the gift that keeps on giving!
Originally posted at the Gold Scams Blog.