Silver SUCKS!

Silver sucks. And here is my rant about it. I am annoyed about silver today because because Bitcoin is dipping. And I decided, you know what? If Bitcoin is going to tempt me with cheap prices long enough, I'm going to go find something to sell to get a little bit more Bitcoin. I already have 100% of my liquid assets in Bitcoin. Meaning everything that I can easily convert in and out of any kind of money, it's all 100% Bitcoin. I don't own any stocks, no bonds, no foreign currencies, as little US dollar cash as I can possibly have in my bank accounts just so I don't bounce a check to a babysitter or something like that. Literally, I'm I'm like 100% Bitcoin. But I have a tiny amount of gold and silver I bought in 2017, the same time I bought my first Bitcoin. I bought a tiny bit of gold, tiny bit of little silver, and a little bit of Bitcoin. And then I decided I was going to research all of them to see which one made a better money and which one I was going to make a major investment in. Ultimately, obviously that was Bitcoin, but I still have a tiny bit of silver and a tiny bit of gold uh from uh from back in 2017. And of course, gold and silver have been like on a tear, you know, especially gold, but you know, I thought maybe a little bit silver as well. Okay, so here I am. Bitcoin dips below $100,000 last night, and I'm like, all right, I didn't want to do it, but I'm going to go dig out those old silver coins. I'm going to go do the headache work of trying to figure out how much I can get for them and how fast I can get this converted into Bitcoin before the price of Bitcoin goes back up again and maybe I'll get lucky and get a little bit more Bitcoin. Okay, so I dig out these gold coins. I go to AppMex APMEX where I bought them. Uh which is a the two largest bullion dealerships for gold and silver, at least they used to be, was JM Bullion, uh JM and ATMEX, APMEX. And for whatever reasons, I can't remember, I used Atmex back in the day. I think they had an easier integration with the way I wanted to buy it or something. Anyway, but those are the two big ones. So, I went in and I plugged in the exact same coin that I had bought from them back in 2017. And so, they spit a price out and the price was significantly less than I thought my silver was worth. Again, even though it's not that much. So, I went on their website and was like, "Wait a second. What are you selling this coin for?" Well, they're selling it for $54 a coin. But they're only quoting me $42 a coin to buy it back from me. So I start playing around with the numbers and I realize that they are charging, which I presume all bullion dealerships do this, they are charging 12%. Like, let me back up. If you go online and you type, you know, price of an ounce of silver or like you use some app and you track the price of silver on your iPhone or whatever, it's going to list one price. But it turns out if you go to a bullion dealership and try to buy silver at that price, you get quoted a price that's more than 12% higher than that price. But if you then turn around and want to sell that same silver back, you get a quoted a price to get it back that is 12% below that price. So if the midpoint in the marketplace is right here for what you can see online, the price to buy it is 12% higher, but the price to sell it is 12% lower. In short, they're selling silver coins, 1oz silver coins, which is what I have a a handful of of. They are uh 1 ounce Canadian silver dollars. And for whatever I think Canadian silver dollars had a higher percentage of silver in them than uh than US silver dollars back then for whatever reason in 2017, I researched all this stuff. So anyway, ultimately they are charging a price that is 28% higher to buy the silver coin than they're willing to buy it back from you, which is a price again you lose. There's like a 28% delta there. So that's insane. So am I going to get more for these silver coins than what I paid for them back in 2017? Yeah, a little. But I didn't realize when I was buying them back in 2017, I was getting totally screwed on the price I was buying for back then because I'm certain back then I was also paying 12% more to get the coins in the first place on the buy. And now I'm getting more than 12% less on the sell, which is again, it's crazy. It means the you know majority of the upside of you know silver if you're sitting on any silver gets eaten up in the buying and selling of it which means now I've known for a long time that silver was not good money it's not diver dur it's not divisible it's not portable you know it's got if you compare it against the criteria of a good money which I always recommend Fidelity's research report Bitcoin first revisited uh Bitcoin first revisited by Fidelity if you go Google that they have a nice white paper and it's got a nice chart in there of all the attributes of a good money and it compares gold, silver, sorry, not silver, it compares gold, the US dollar and Bitcoin and Bitcoin is superior across those metrics. Um, they don't compare silver, but if they did, it would suck. I mean, silver is just a horrible investment. Now, I've known forever that gold was demonetizing silver and then Bitcoin is ultimately de demonetizing gold and silver, but certainly gold is demonetizing silver. I just didn't realize it was this bad. Gold has uh sorry, silver has not gone up nearly as much as gold since 2017. And the spreads, which is what you call the price that someone will buy versus sell from you. It's called a spread. I didn't realize the spreads on this thing was just 12 more than 12%. I mean, that is beyond absolute insane ridiculous. I just couldn't believe it. So, anyway, I'm going to dump this silver as fast as I can. Um, probably by shipping it to ATMEX in Texas, unless I can find someplace local that will give me a better price than this ridiculous 12% discount. Um, it's actually 20 and you know, if you look at the price they're currently quoting to buy it, the the price they're offering me is 22% less than that. Uh, anyway, the whole thing is insane, but I got to dump it somehow. So, I'm going to dump this silver as fast as I can. So, anytime someone sells one thing in in uh in an effort to buy another thing, it's called demonetizing. Demonetizing is when when the monetary value of something goes down because value is removed from it and in exchange the monetary value of something else goes up because that value is being moved. So I am going to single-handedly in a very tiny tiny very tiny way demonetize silver by dumping silver and buying gold. Now sorry not gold. Sorry too many moving parts here. Gold, silver, bitcoin. Sorry, I am dumping silver and I am buying Bitcoin with it which will demonetize silver in a tiny tiny tiny little way and it will further monetize Bitcoin in an even bigger way. Once I get that all sorted out, I've got some gold coins and I'm going to go see figure out what I need to do to dump that gold those gold coins as well. Again, if I had enough gold or silver to affect really how much Bitcoin I have, I would have done this a long time ago. It's such a small percent that it's like an imperceptible change in the amount of Bitcoin I have. But my view is if you're going to dangle a cheap Bitcoin price in front of me long enough, I'm going to find some way to take advantage of it. Now, maybe that's, you know, a loan on strike, if they ever let me have an individual loan, not a business loan. Um maybe that's I don't know. I've I've explored a whole variety of things to try to get more Bitcoin. But I will find a way to get more Bitcoin. And it looks like the way I will do it uh possibly today is by shipping a bunch of silver over to Atmex in Texas and taking this brutal ugly haircut. And anyway, that's my plan. So, um if you own any silver, I would dump it cuz this uh I I don't think people realize how bad a deal it silver just has horrible monetary qualities compared to gold and gold is inferior to Bitcoin. So on the food chain, it's like Bitcoin is superior, then gold is a distant second, and silver is like five pages back as far as monetary qualities. Silver sucks. The spreads are insane. The price you pay for it versus the price you get for it is crazy. Like I can't believe silver is even a thing. And I should have dumped the silver I bought in 2017 a long time ago. It's just I thought this would happen. I thought if I start going down this road of trying to find a way to dump it, it's just going to make me mad when I figure out that I can't get hardly anything for it as compared to what I bought it for. Even though technically the price of silver is up. It's like double or something like that. But I can't get that because I paid 12% more to buy it, which you will if you buy silver. You don't realize it, but that's what you're doing. And then when you sell it, you're uh you're getting this huge haircut. Unless you're buying like a silver exchange traded fund or something like that, but at that point you don't even own the silver and the silver could get taken from you, you know, on a whim, just like they did with gold with uh Executive Order 6102 in 1933 when they basically forcibly took everybody's gold from them. So, if you have precious metals, you should self-custody them, which these handful of gold coins and silver coins I do. Um, like I have possession of them, but I didn't realize I was going to get completely screwed when I actually tried to convert them into real money, which is Bitcoin. Uh, so it's crazy, but uh, I'm going to get rid of the silver as fast as I can, buy some more Bitcoin with it. And Bitcoin, yeah, there's a conversion fee when you come in and out of US dollars or something like that, but it's like 1%. Or in large volumes, it's like half a percent. Totally different than 12.5% or a 28% difference between the price you can buy it and the price you can sell it. Crazy. I can't believe silver is even a thing. I mean, it has industrial metallic uses like copper and bronze and everything like that, but the fact that anyone thinks silver is or was money, uh, it's crazy. That's just the dumbest thing ever. So, I'm getting rid of it. Anyway, have a great day and hopefully the next time I record a video, I will own zero silver instead of a tiny amount of silver and I'll own a slight tiny amount more Bitcoin. Have a great day, everyone. Buy Bitcoin while it's on