For once, I would like to THANK the fed

Discussion in 'Financial Cents' started by Beano, Apr 4, 2013.

  1. Beano

    Beano Monkey

    This little inverse bubble in physical metals is a great buying opportunity.

    The missus has been trying to sell her old wedding set for a year or two now, but she has her sights set way too high. She wants no less than $2k. White gold, nice settings, but G/VS2 diamonds. I keep reminding her of our 2011 trip to Puerto Rico, where you get diamonds with no luxury tax and very little markup, along with dealers who LOVE to haggle prices. Yesterday, I took them with me to see an old guy who buys most anything (same guy I got the walking liberty halves from). He told me that she will never see $2k for these rings in her lifetime, especially when one can take $2k into most jewelry stores and walk out with a fairly decent rock.

    He DID ask me if I would take some silver for it. Reluctantly, I told him no, and that they didn't belong to me. He offered me two full rolls of 1958 BU Franklin halves. I was salivating. But I had to tell him only that I would ask her. So I did, and she is a sensible lady for the most part. I told her all about the PM inverse bubble and why, and what PMs are poised to do, and how PMs have never completely crashed. Then, I took a personal angle; as in, she never wears these rings, they sit in a box and remind her of her cruddy first marriage, and they are only worth what someone might pay for them, whereas PMs are worth actual value and have use, and that metals can ALWAYS simply be sold. I also reminded her where silver was at this time last year.

    So she cracked a little and told me to take them to a local place to get an appraisal and she would give it some thought.

    Is there anything I missed? Jokes aside, I'm not trying to use this as an opportunity for me, because her and I are in this together. She's been trying to move these intrinsically worthless things for a long while, and I would like her to expand her horizons and have something truly valuable while she can get hands on it. I have one more bullet left, thatI found on craigslist, and that is: shop around for diamonds and they are absolutely everywhere you look. People are ALWAYS trying to offload diamonds. But you don't see many people trying to offload their PMs
  2. DMGoddess

    DMGoddess Monkey+++

    Tell her to take the silver and watch the market. In the late 70s, my stepmother traded some silver for a re-do on her den, when the market was high.
  3. Beano

    Beano Monkey

    I worked on her a little at lunch today. Got her to admit that diamonds aren't worth anything; that they only SELL for such ridiculous money because of people's perception of diamonds. Showed her the bazillion ads online posted by people trying to sell their old rings, then I challenged her to find an ad selling silver. She then said to get her as much silver as I can for them lol....showing her the 24-hour spot chart didn't help, but she knows that I am a skeptical person, and she sees me buying buying buying. When I told her that I have no intention of selling, even if it hits $100/oz but that if she ever wanted her money she could just sell, that pretty much sealed the deal.
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