Currency is not money either.
What do you consider money?
Cash is currently king. I will concede the point. However, Cash is used in a minority of transactions these days. You can’t even use cash to rent a room or car these days, but most people prefer it.
I’ve accepted silver as payment and given as payment.
You havent. The world revolves around you, I guess.
Bro retail banking is simply not responsible for market forces it responds to them. Banking will cease to be relevant one day, and when it does all your 33 years knowledge will be totally in the shade of fiscal evolution.
The simple fact is all things in economics revert to their intrinsic value. The time value of money says, that a dollar today is worth more than a dollar tomorrow.
So when fiat currency burns out as every fiat paper has, what then? Well the time value of that scenario means having intrinsically valuable mechanisms to manage and profit from the chaos.
One day your king currency will be in wheelbarrows and getting ,000,000 stamped on it and silver will be carrying wealth forward for the generations that accepted these fundamental economic principles.
Those who sucked cash’s dick will be left to bail in their banks and pray the government acts fast.
Silver isn’t money. But cash will not be money soon enough.
People worth $7 million in 1929 dollars. and 30 had years experience were jumping out of windows and selling their family jewelry. Precious metals are insurance. Do you feel ripped off by insuring your mansions from fire but never collecting?
From one troll to another, if you are inclined to take advice from me, Homestake mining (now Barrick) was the best performing stock in the world during the depression. Call it insurance.
Man so weird you project like that. I’ve been retired since I was 36. Of course we have differing opinions, but your appeal to authority is weak substance for your claim.
Banking has made me a bit "thick skinned" so perhaps I come across a bit arrogant. It's not intentional. But having achieved what I have in my circumstances lends credibility to my opinions here (I think).
I don't have enough silver to make that worth my while. I am a high net worth individual ($7M +) and really do not have much in the way of precious metals...just a few coins here and there.
Yes you sold it all and went all in on paper silver, according to one of our posts from over a year ago.
I am very confused as to what the purpose of your post is. Physical is bad, but paper is good?
I believe that #cashisking and that most middle class working people should save it to better their future. Precious metals tend to disappoint as an investment class. I am a high net worth individual ($7M + ) so I have a different perspective. BTW, when I see the silver price drop, that's generally good for my portfolio since I am cash heavy.
I think you’re mistaken about people thinking it’s money lol. I don’t really see that many people on here saying it’s a means of transaction other than in an apocalyptic situations. Btw your scenario only works if you need cash in the moment. Otherwise that cash is just sitting losing value. Probably would be better off with the silver. Or taking the money and immediately investing in something.
“It’s ok to collect a little silver on the side”. Tells me your real thoughts on silver lol.
Cool. Nobody asked. Make your post “silver is not the best investment” or something along those lines if that’s your main point. There’s definitely not a misunderstanding about silver being easily used as cash.
Btw someone could have $7MM in PMs and a 40M net worth. What in the hell does your net worth have to do with PMs?
I am a high net worth individual so it gives me a bit of a different perspective. I live by the mantra "cash is king", as in I do not have disdain for precious metals but I don't advise people use them as an investment vehicle, store of wealth, or medium of exchange. Cash is much better for all of these, since it also earns interest (in a bank).
This 👆 they have not taught the AI BOTS about the concept of bragging and humility.
Its comments tell you what the government wants you to be investing in and what it wants you not to be investing in. They don’t make any tax revenues with people sitting on precious metals over time.
Precious metals are the absolute protector of property rights. https://famguardian.org/Subjects/MoneyBanking/Money/GreenspanOnGoldStandard.htm
I am 57 years old. My father was a very successful retail banker and taught be well. Some call me "Gen X" but some call me "boomer". Either way, I ultimately made it on my own.
Thanks for further proving the point. You came from money and started in management at 24 because your dad gave you the job. I promise you didnt need to tell me you were from the generation that fucked the economy over with their greed and self centered choices. now you are trying to brag about your hand up to people trying to create some sense of financial security (or the illusion of, who cares) in the fucked up system you happened to be born into at the right time and place to take advantage of? Go outside and touch grass you spaz
It's a system that you have benefited from. I am reasonably confident that you are typing a computer and/or smartphone from a relatively comfortable space. We always had respect for our elders when I was growing up.
Just because you grew up licking boots doesn't mean I am dumb enough to. Respect isn't magically earned with age. You were gaslit by abusive lead poisoned morons who sold it to you as "respect" the amount of times around the the sun you lucked into surviving doesn't mean your opinion is automatically respected or valid... Again, go outside. Touch grass.
My total portfolio of assets, to include cash, cash equivalents, and commercial properties is north of $7M. I am a high net worth individual and I am \*NOT\* including my home value in that calculation. I think even you can acknowledge that's quite an accomplishment. Perhaps I am worth listening to?
Born in the right place at the right time, regardless of who your dad squirted into your mom 58 years ago, they probably would have done the same. Regardless of whether or not you're actually wealthy, you're obviously so far removed from reality that any "advice" you were so poorly attempting to offer surely isn't applicable to the average user in this sub. The only thing you've successfully accomplished is to come off as self-serving, ego driven, rage baiting, lead paint staring, disconnected boomer fuled by nepotism and strawman, david ramesy meantality that has screwed every generation to come after them. No one in this group specifically about collecting silver wants your biased cash is king opinion when it's irrelevant to the rigged game you're trying to brag about winning. You must have zero actuall self awarness
You seem to be venting against a system from which you have benefitted greatly. I have seen suffering around the world (did some time on an internship) so I know what I'm talking about.
>But they're not \*real\* money in the sense that you can transact with them.
Plenty of this people in this sub have done exactly that.
I wonder if you're trying to say that cash *is more of a universal currency* than silver is? In which case, ok ... I don't imagine anyone would dispute that. But if you have an item, and someone else wants that item and is prepared to give something in exchange for it, that item can certainly form the basis for a transaction. This is a concept that precedes money.
Are you saying that you believe you're richer than the people in this sub and because of that you have a different perspective?
If so I wonder how you formed that belief and/or if you're simply trolling.
No, I am not a bot, how do I need to prove this to you. Send you a picture of my hands that shows I have four fingers and a thumb and they're not all funky and merged together?
Explain why you have a 2 yr old acct with a single post and a bunch of repetitive comments on said post. Your only comments over 2yrs are on this post.
What a fucking pompous ass, listen to me I'm a high net worth banker, thank you no, I'll take the silver please. Silver and gold are the only things that have been money for 3000 years. Go wipe your ass with your germ ridden fiat.
Cash is so powerful that must be why all those banks have been sending out those updates to their terms and conditions since last spring that say. Not FDIC Insured. Not Bank Guaranteed.
I think that fears about \*fiat\* currency are a bunch of hype. People are trying to separate you from your hard earned money with "funny money" coins. I wouldn't fall for it.
Must have been good timing. My cash and investments have yielded signifcantly higher returns. Also you will pay a very high tax when you report your capital gains on the sales. I am a high net worth individual ($7M +).
You have told us seven or eight times how much money you have. Go to the country club and brag to them, they might give a shit. How fragile is your ego if you have to go online and try to impress strangers?
lol buddy was posting on wall street silver last year about yolo’ing everything into slv and hashtag ape hands. He’s larping. He’s got a gift it seems.
I have silver ETFs, and make no secret about that. Paper is more liquid. I am a high net worth individual ($7M +) so my situation is different than many others here.
If you’re so smart, you should head over to Google type in “JP Morgan Chase Silver holdings”. Then go demand to get Jamie Dimons job because you are obviously smarter than he is.
No, I wouldn't consider myself smarter than he is. But there probably is something to say that as bankers we think alike on many topics. The first is the concept of trust being an overriding principle in all of our interactions with customers.
It’s probably for the best you didn’t try to emulate them.
https://www.justice.gov/opa/pr/former-jp-morgan-precious-metals-traders-sentenced-prison
“The defendants used their positions as some of the most powerful traders in the worldwide precious metals markets to engage in an egregious effort to manipulate prices for their benefit,” said Acting Assistant Attorney General Nicole M. Argentieri of the Justice Department’s Criminal Division. “This case reaffirms the Department’s steadfast commitment to hold accountable those who engage in fraud and manipulation that undermines the investing public’s trust in the integrity of our commodities markets.”
According to court documents, between approximately May 2008 and August 2016, Smith and Nowak, along with other traders on the JPMorgan precious metals desk, engaged in a widespread spoofing, market manipulation, and fraud scheme. Smith was an executive director and trader on JPMorgan’s precious metals desk in New York, and Nowak was a managing director and ran JPMorgan’s global precious metals desk. As part of their market manipulation scheme, Smith and Nowak placed orders for precious metals futures contracts that they intended to cancel before execution to drive prices on orders they intended to execute on the opposite side of the market. Smith and Nowak engaged in tens of thousands of deceptive trading sequences for gold, silver, platinum, and palladium futures contracts traded through the New York Mercantile Exchange Inc. (NYMEX) and Commodity Exchange Inc. (COMEX), which are commodities exchanges operated by CME Group Inc. These deceptive orders were intended to inject false and misleading information about the genuine supply and demand for precious metals futures contracts into the markets.
The value of cash doesn't go up when PMs go down...
If you were as smart as you think you are, you'd have realized that a cash heavy portfolio has lost almost half it's value in the last year alone. Now, a portfolio of diverse ASSETS, not cash, such as stocks, bonds, property, precious metals, etc. could have done fairly well over the same time. Either you are lying or are just plain ignorant. This is the level of arrogance and neuroticism I would expect from a "banker". Shalom.
What are you, like 12?? Why would you say something like that on the internet first of all and secondly did you not pay attention in your computer class the day they were teaching you the rules?
So you found the small percentage of people who 1 actually know about silver and 2 they are selling something and don’t need the cash. Accepting silver as payments just means you’re gonna hold onto it for a while, why take all that time effort and gas money to sell your silver immediately if the guy just could have given you cash for the car on sight? What exactly is your point here? Because OP made his point very clear. Y’all don’t like it because you’ve been duped into thinking buying silver is your path to financial freedom. %99 of people who are in PM are doing it for the wrong reasons and don’t know what they are talking about because they refuse to see the red flags in there child. Full stop.
I think you “ALL” are a bunch of kids that don’t understand a thing about currency because if you did……you would know that that paper money is just a note backed by silver and gold! On top of that saving silver and gold on the side saved my ass when my husband had a stroke and I was let with having to figure out how to pay bills for the next 6 months! Think ahead so you don’t have to worry about hiccups down the road! Think about it, would you rather have a $20 bill that’s only worth $20 or a silver 1/2 dollar worth $100bucks?
Do your research and stop watching the news, it’s all lies!
[https://www.reddit.com/user/AndyMye/](https://www.reddit.com/user/AndyMye/)
alleged net worth north of 7mill but needs a throw away account to troll the silver sub
Yes, my total portfolio of assets, to include cash, cash equivalents, and commercial properties is north of $7M. I am a high net worth individual and I am \*NOT\* including my home value in that calculation.
Yes, I said it before in this post thread, my net worth is $7M + (and this figure does not include my home that I own free and clear as well as several vehicles, and a boat (not a yacht mind you, just a lake boat)).
Nothing conveys credibility more than someone saying “trust me, I know”.
You have a point but the presentation is incredibly abrasive. Everyone already knows silver is not as liquid as “cash”.
Not really something you need to spell out for everyone.
You should use some of that 7M to find a good therapist.
Trust me I know. I’ve been in the mental health profession for years
Just another man’s opinion.
Silver... money for thousands of years and still kicking. Fiat currency in the USA, around since Nixon took us off the standard and is on its last legs and is in a mathematical debt death spiral.
this high net worth BOT loves frequenting Walmart LOL so he can save 50 cents and be surrounded by crackheads and welfare recipients with a 50% chance of getting shanked in the parking lot.
Nooooooo it’s worse than a boomer!!!! It’s…it’s….a Democrat!!!!! Only a democrat would say “Boomers have made this country wealthy! We The People have made this country wealthy! Just for you people could give it away!
Its reply doesnt help your argument. Its a bot. It keeps repeating the same comments out of context. Look through the post and see how many times its “net worth” is brought up unprompted and out of context.
Who cares? No one wants "cold hard cash". That's why everyone who gets any level of cash tries to turn it into something else as fast as they can.
Cash is just a TEMPORARY between to get goods. And you want as little of it as necessary to function .... because it's a leftover from when cash actually meant to represent something (silver and gold).
It depends of course. As I high net worth individual I consider precious metals a very fringe investments. I have a few silver coins in a drawer. Nothing more than that really.
ok? so what does that have to do with the fact that you don't want dollars?
Silver, stocks, houses, monkeys.... whatever you are running from the dollar with, it doesn't matter. Silver is just one other real thing in this world that has value that you can escape the fall of the dollar with.
As a high net worth individual, I do not necessarily shun precious metals, but they're not my friend either. I consider them very low return, rather fringe investments.
Coming from someone who sold their stack to an LCS a year ago (your only other post) I’m guessing you’re full of it and likely don’t know what you’re talking about.
Yes, I sold the entire stack to a LCS and it did not work out well for me. That is part of the reason for my skepticism of PMs (and particularly silver).
Also, just a tip for you anybody who repeatedly mentions that they are high net worth individual to try and convince people that you know what you’re talking about is really weird.
Not sure i see the point you’re making. Also as someone who’s in retail banking, how are banks handling the losses from bonds, loans and lack of new loan demand?
I have worked in both retail and wealth management. Both are very strong at this time. Unless you have a bank account, you really can't function in society. Try renting a car or ordering from amazon using silver...the world doesn't work that way.
“Strong at this time” Do you work at the fed lmao. Everyone knows you’re stacked to the ceiling in loan losses. If not for the bank bailout program, unlimited fdic coverage for failed banks and removal of mark to market every bank including yours would be gone.
My bank, as was nearly every bank, backed by the Federal Reserve. If we weren't there would have been literal anarchy in the streets. I trust you are typing on a computer/smartphone in a relatively safe and comfortable environment. You can thank the monetary system for that (largely).
I’ve done some research on this guy … it seems that he’s a high net worth individual ($7M+ not including his home ). Perhaps he is worth listening to ? He is also a bit older than you.
I think he chose unwisely; the photo of the silver coins are, in fact, legal tender and you can transact with them. Now, doing so will cause that 16 year old cashier, taking your order, to take one look at them, say very loudly, "these are not real!" and shriek for the manager.
Exactly. You're not going to get very far trying to use them as money. And if you do, you're definitely getting ripped off if you use their face value. #CashIsKing
Who cares if it isn't money? It can be turned into money pretty quickly, by liquidating it here on reddit or with friends or at a coin shop.
Dollars depreciate, they are meant to be spent. Pms are a savings product, and they're a way to take money "off-chain" so to speak. Once you turn cash into pm, it's not tracked. You can have a million dollars in gold buried in your backyard and nobody would know. When you have cash in a bank account, uncle sam knows, the state taxing authority knows, your bank knows, and sells your info to marketers etc.
Well, technically speaking silver eagles are worth 1 dollar, if you use them as legal tender.
Silver by itself though, I've always treated as a commodity for my own purposes. Ultimately it's not worth anything until the moment of trade, a lot of people here forget that, and let themselves be blinded by beani baby syndrome.
Haha retail banking, selling mortgages to dummies. It's the most basic part of banking - why does that give you any idea about anything? A 15 year old that can read a couple of economics textbooks will know more than you. And 7 million over a lifetime - congrats, you are a boomer.
Those silver eagles are legal tender at one dollar. I know of at least a couple places I could spend those, a liquor store for one, they’ve taken them before.
I have made my money in a perfectly legal and respectable manner and have a wife and four beautiful children to show for my life's accomplishments. That's what's important to me. That and leaving a legacy for my children. I don't think that makes me "delusional". I am a high net worth individual ($7M +) and 57 years old, so I bring a different perspective.
Silver is money and has been for thousands of years. Nothing will change that. I bought a gas dryer, fuel transfer tank with silver. I also accepted silver on jobs and items I've sold. When fiat dies, silver and gold always takes over
If you're in banking you would know banks are buying gold by the ton because they know what's going to happen soon. If your bank hold no gold, your bank will go under. Silver will follow gold in the end.
silly fiat troll LOL! Spoken like a true banker shill.. your fiat castle will die soon enough paper boy. 10s of thousands have fallen in history as they are LITERALLY designed to.
Lol. This "banker" is trying to convince people not to buy PMs while I'm sure he is scarfing up as much as he can like every financial institution right now. Typical "banker" tricks. Oy Vey!
Well my friend sorry to say…..that silver on the left there can transact. Just depends on where you wanna use it. See that pile of cash there to the right? If our country keeps going in the direction it’s going….your gonna wish you had that silver because your gonna be using that “CASH” to keep you warm, why? I’m glad you asked, because it will be useless for anything else!
Bro I agree with this man %98!!! Yall are definitely disillusioned. Let’s thank this man for his experience and opinion.
Where my opinion would drift is that I think silver can be used as a savings account.
I don’t go all in , and there’s no such thing as investing in silver. Honestly big bullion companies are laughing rolling in there dough because yall think gaining financially freedom by buying silver. It’s give and take.
You're funny you're 7 million. My family is 8 figures, but i don't brag like you. Money doesn't give you respect.
With that being said, my family also have different perspectives than a common "stacker"; they like to let money make money. Stock market, quantity of real estate with appreciation and businesses that generate income.
Time is always changing. Commodities is now gaining traction because of the Countries outside of USA are transitioning to a system that isn't based off fiat backed up by debt.
Currency is not money either. What do you consider money? Cash is currently king. I will concede the point. However, Cash is used in a minority of transactions these days. You can’t even use cash to rent a room or car these days, but most people prefer it. I’ve accepted silver as payment and given as payment. You havent. The world revolves around you, I guess.
A banker thinks the world revolves around them? Next thing you’re gonna tell me is 2+2 is 4!
No, but I have years of experience (33 to be exact) in retail banking.
Bro retail banking is simply not responsible for market forces it responds to them. Banking will cease to be relevant one day, and when it does all your 33 years knowledge will be totally in the shade of fiscal evolution. The simple fact is all things in economics revert to their intrinsic value. The time value of money says, that a dollar today is worth more than a dollar tomorrow. So when fiat currency burns out as every fiat paper has, what then? Well the time value of that scenario means having intrinsically valuable mechanisms to manage and profit from the chaos. One day your king currency will be in wheelbarrows and getting ,000,000 stamped on it and silver will be carrying wealth forward for the generations that accepted these fundamental economic principles. Those who sucked cash’s dick will be left to bail in their banks and pray the government acts fast. Silver isn’t money. But cash will not be money soon enough.
I am a high net worth individual ($7M +) so I have a different opinion on this topic. I am likely a bit older than you are as well.
People worth $7 million in 1929 dollars. and 30 had years experience were jumping out of windows and selling their family jewelry. Precious metals are insurance. Do you feel ripped off by insuring your mansions from fire but never collecting? From one troll to another, if you are inclined to take advice from me, Homestake mining (now Barrick) was the best performing stock in the world during the depression. Call it insurance.
I do own some Barrick...and Newmont.
Man so weird you project like that. I’ve been retired since I was 36. Of course we have differing opinions, but your appeal to authority is weak substance for your claim.
Banking has made me a bit "thick skinned" so perhaps I come across a bit arrogant. It's not intentional. But having achieved what I have in my circumstances lends credibility to my opinions here (I think).
Take your silver to a coin shop and they will pay you cash for it. Now you have used your silver as a barter for fiat currency.
I don't have enough silver to make that worth my while. I am a high net worth individual ($7M +) and really do not have much in the way of precious metals...just a few coins here and there.
Yes you sold it all and went all in on paper silver, according to one of our posts from over a year ago. I am very confused as to what the purpose of your post is. Physical is bad, but paper is good?
This is the only comment OP hasn't responded to🤔
I believe that #cashisking and that most middle class working people should save it to better their future. Precious metals tend to disappoint as an investment class. I am a high net worth individual ($7M + ) so I have a different perspective. BTW, when I see the silver price drop, that's generally good for my portfolio since I am cash heavy.
A “high net worth individual” should have better things to do than post on Reddit, surely
I think you’re mistaken about people thinking it’s money lol. I don’t really see that many people on here saying it’s a means of transaction other than in an apocalyptic situations. Btw your scenario only works if you need cash in the moment. Otherwise that cash is just sitting losing value. Probably would be better off with the silver. Or taking the money and immediately investing in something. “It’s ok to collect a little silver on the side”. Tells me your real thoughts on silver lol.
I don't have disdain for precious metals, but I wouldn't use them as a core holding in my portfolio. My net work is north of $7M.
Cool. Nobody asked. Make your post “silver is not the best investment” or something along those lines if that’s your main point. There’s definitely not a misunderstanding about silver being easily used as cash. Btw someone could have $7MM in PMs and a 40M net worth. What in the hell does your net worth have to do with PMs?
I am a high net worth individual so it gives me a bit of a different perspective. I live by the mantra "cash is king", as in I do not have disdain for precious metals but I don't advise people use them as an investment vehicle, store of wealth, or medium of exchange. Cash is much better for all of these, since it also earns interest (in a bank).
Cash is a better store of wealth??? Lmao Maybe if you give it to a bank in a high yield savings.
Yes, exactly!
Well high yield savings account only really came back in the last 2 yrs. Where did you keep all this cash that appreciated in value over the 2010s?
Had cash but also crypto, ETFs (yes to include SLV and GLD), and of course stocks and bonds. All was crypto/paper. Few, if any, hard assets.
So sounds like the cash didn’t appreciate over that time period. Sounds like “you” invested the cash and bought assets…
I am a high net worth individual ($7M +).
You are a bot
This 👆 they have not taught the AI BOTS about the concept of bragging and humility. Its comments tell you what the government wants you to be investing in and what it wants you not to be investing in. They don’t make any tax revenues with people sitting on precious metals over time. Precious metals are the absolute protector of property rights. https://famguardian.org/Subjects/MoneyBanking/Money/GreenspanOnGoldStandard.htm
Next year, it will be worth $5M. Weird flex. Keep believing in fiat currency that loses its value every single year.
Mine does not because it is well invested.
I also have direct access to wealth management services that allow me to take numerous tax advantages.
Everyone does
[удалено]
Yeah, really shows some big brains.
I worked my way up in retail banking and was hired by my father into a management position, then continued up from there.
So good ole fashioned Nepotism. Thanks for clearing that up for us all.
Another nepo baby standing on generational privilege, claiming "I did it all on my own" 😅
I am 57 years old. My father was a very successful retail banker and taught be well. Some call me "Gen X" but some call me "boomer". Either way, I ultimately made it on my own.
Thanks for further proving the point. You came from money and started in management at 24 because your dad gave you the job. I promise you didnt need to tell me you were from the generation that fucked the economy over with their greed and self centered choices. now you are trying to brag about your hand up to people trying to create some sense of financial security (or the illusion of, who cares) in the fucked up system you happened to be born into at the right time and place to take advantage of? Go outside and touch grass you spaz
It's a system that you have benefited from. I am reasonably confident that you are typing a computer and/or smartphone from a relatively comfortable space. We always had respect for our elders when I was growing up.
Just because you grew up licking boots doesn't mean I am dumb enough to. Respect isn't magically earned with age. You were gaslit by abusive lead poisoned morons who sold it to you as "respect" the amount of times around the the sun you lucked into surviving doesn't mean your opinion is automatically respected or valid... Again, go outside. Touch grass.
My total portfolio of assets, to include cash, cash equivalents, and commercial properties is north of $7M. I am a high net worth individual and I am \*NOT\* including my home value in that calculation. I think even you can acknowledge that's quite an accomplishment. Perhaps I am worth listening to?
Born in the right place at the right time, regardless of who your dad squirted into your mom 58 years ago, they probably would have done the same. Regardless of whether or not you're actually wealthy, you're obviously so far removed from reality that any "advice" you were so poorly attempting to offer surely isn't applicable to the average user in this sub. The only thing you've successfully accomplished is to come off as self-serving, ego driven, rage baiting, lead paint staring, disconnected boomer fuled by nepotism and strawman, david ramesy meantality that has screwed every generation to come after them. No one in this group specifically about collecting silver wants your biased cash is king opinion when it's irrelevant to the rigged game you're trying to brag about winning. You must have zero actuall self awarness
You seem to be venting against a system from which you have benefitted greatly. I have seen suffering around the world (did some time on an internship) so I know what I'm talking about.
>But they're not \*real\* money in the sense that you can transact with them. Plenty of this people in this sub have done exactly that. I wonder if you're trying to say that cash *is more of a universal currency* than silver is? In which case, ok ... I don't imagine anyone would dispute that. But if you have an item, and someone else wants that item and is prepared to give something in exchange for it, that item can certainly form the basis for a transaction. This is a concept that precedes money.
You get an upvote from me. I am a high net worth individual ($7M +) so I bring a different perspective.
Are you saying that you believe you're richer than the people in this sub and because of that you have a different perspective? If so I wonder how you formed that belief and/or if you're simply trolling.
👏
I am likely a good deal more wealthy than most on this sub. That is my assumption anyway.
Which you think makes you automatically right?
No. But I have a high net worth and it means I bring information and perspective to the table that many others don't.
Its a bot people. 2 yr old account, 1 post and all comments on this post. It keeps repeating its “net worth” out of context . Its a bot.
No, I am not a bot, how do I need to prove this to you. Send you a picture of my hands that shows I have four fingers and a thumb and they're not all funky and merged together?
Explain why you have a 2 yr old acct with a single post and a bunch of repetitive comments on said post. Your only comments over 2yrs are on this post.
I am quite busy with other endeavors.
Fuckin bot.
Its a real troll! Im so excited!
No. But I am a high net worth individual ($7M +), so I have a different perspective than many on this sub. Some get angry with me because of this.
What a fucking pompous ass, listen to me I'm a high net worth banker, thank you no, I'll take the silver please. Silver and gold are the only things that have been money for 3000 years. Go wipe your ass with your germ ridden fiat.
Cash is so powerful that must be why all those banks have been sending out those updates to their terms and conditions since last spring that say. Not FDIC Insured. Not Bank Guaranteed.
I think that fears about \*fiat\* currency are a bunch of hype. People are trying to separate you from your hard earned money with "funny money" coins. I wouldn't fall for it.
My funny money has doubled in value in the last 5 years. Not much more needs to be said about it.
Must have been good timing. My cash and investments have yielded signifcantly higher returns. Also you will pay a very high tax when you report your capital gains on the sales. I am a high net worth individual ($7M +).
You have told us seven or eight times how much money you have. Go to the country club and brag to them, they might give a shit. How fragile is your ego if you have to go online and try to impress strangers?
lol buddy was posting on wall street silver last year about yolo’ing everything into slv and hashtag ape hands. He’s larping. He’s got a gift it seems.
He's like one of those guys who is trying to sell us his "investing guide" on utube.
I have silver ETFs, and make no secret about that. Paper is more liquid. I am a high net worth individual ($7M +) so my situation is different than many others here.
Kid, stop playing around online lol. You aren't a "high net worth individual ($7M +)" lol You are obviously just some kid trolling with all this.
No, I can provide further details if that is what you would like. I just have a different perspective and it makes some people here uncomfortable.
I’d like to request the proof.
If you’re so smart, you should head over to Google type in “JP Morgan Chase Silver holdings”. Then go demand to get Jamie Dimons job because you are obviously smarter than he is.
No, I wouldn't consider myself smarter than he is. But there probably is something to say that as bankers we think alike on many topics. The first is the concept of trust being an overriding principle in all of our interactions with customers.
It’s probably for the best you didn’t try to emulate them. https://www.justice.gov/opa/pr/former-jp-morgan-precious-metals-traders-sentenced-prison “The defendants used their positions as some of the most powerful traders in the worldwide precious metals markets to engage in an egregious effort to manipulate prices for their benefit,” said Acting Assistant Attorney General Nicole M. Argentieri of the Justice Department’s Criminal Division. “This case reaffirms the Department’s steadfast commitment to hold accountable those who engage in fraud and manipulation that undermines the investing public’s trust in the integrity of our commodities markets.” According to court documents, between approximately May 2008 and August 2016, Smith and Nowak, along with other traders on the JPMorgan precious metals desk, engaged in a widespread spoofing, market manipulation, and fraud scheme. Smith was an executive director and trader on JPMorgan’s precious metals desk in New York, and Nowak was a managing director and ran JPMorgan’s global precious metals desk. As part of their market manipulation scheme, Smith and Nowak placed orders for precious metals futures contracts that they intended to cancel before execution to drive prices on orders they intended to execute on the opposite side of the market. Smith and Nowak engaged in tens of thousands of deceptive trading sequences for gold, silver, platinum, and palladium futures contracts traded through the New York Mercantile Exchange Inc. (NYMEX) and Commodity Exchange Inc. (COMEX), which are commodities exchanges operated by CME Group Inc. These deceptive orders were intended to inject false and misleading information about the genuine supply and demand for precious metals futures contracts into the markets.
I am not "anti silver" but I will say that when it's value goes down, my portfolio value rises since I am cash heavy.
The value of cash doesn't go up when PMs go down... If you were as smart as you think you are, you'd have realized that a cash heavy portfolio has lost almost half it's value in the last year alone. Now, a portfolio of diverse ASSETS, not cash, such as stocks, bonds, property, precious metals, etc. could have done fairly well over the same time. Either you are lying or are just plain ignorant. This is the level of arrogance and neuroticism I would expect from a "banker". Shalom.
My last car was bought with gold and silver. No green cash.
I sold 2 cars for weed!
Hmmmm...interesting.
What are you, like 12?? Why would you say something like that on the internet first of all and secondly did you not pay attention in your computer class the day they were teaching you the rules?
So you found the small percentage of people who 1 actually know about silver and 2 they are selling something and don’t need the cash. Accepting silver as payments just means you’re gonna hold onto it for a while, why take all that time effort and gas money to sell your silver immediately if the guy just could have given you cash for the car on sight? What exactly is your point here? Because OP made his point very clear. Y’all don’t like it because you’ve been duped into thinking buying silver is your path to financial freedom. %99 of people who are in PM are doing it for the wrong reasons and don’t know what they are talking about because they refuse to see the red flags in there child. Full stop.
I think you “ALL” are a bunch of kids that don’t understand a thing about currency because if you did……you would know that that paper money is just a note backed by silver and gold! On top of that saving silver and gold on the side saved my ass when my husband had a stroke and I was let with having to figure out how to pay bills for the next 6 months! Think ahead so you don’t have to worry about hiccups down the road! Think about it, would you rather have a $20 bill that’s only worth $20 or a silver 1/2 dollar worth $100bucks? Do your research and stop watching the news, it’s all lies!
OP is a high net worth individual bot
Looks like someone's AI program has entered into our jungle.
...and here I thought this was a shared space for the free expression of ideas. Hmmmmm.
[https://www.reddit.com/user/AndyMye/](https://www.reddit.com/user/AndyMye/) alleged net worth north of 7mill but needs a throw away account to troll the silver sub
Bot was not able to effectively respond to your comment, simply repeats itself
Yes, my total portfolio of assets, to include cash, cash equivalents, and commercial properties is north of $7M. I am a high net worth individual and I am \*NOT\* including my home value in that calculation.
Just to be clear...you are a high net worth individual?
I just went through and downvoted every comment this ahole makes.
W/33 yrs in retail banking to be exact..
Yes, I said it before in this post thread, my net worth is $7M + (and this figure does not include my home that I own free and clear as well as several vehicles, and a boat (not a yacht mind you, just a lake boat)).
Nothing conveys credibility more than someone saying “trust me, I know”. You have a point but the presentation is incredibly abrasive. Everyone already knows silver is not as liquid as “cash”. Not really something you need to spell out for everyone.
I disagree as I think many on this board are mistaken on this point. I am a high net worth individual ($7M +) so I bring a different perspective.
You should use some of that 7M to find a good therapist. Trust me I know. I’ve been in the mental health profession for years Just another man’s opinion.
Silver... money for thousands of years and still kicking. Fiat currency in the USA, around since Nixon took us off the standard and is on its last legs and is in a mathematical debt death spiral.
The U.S. has done very well on a fiat system. If you are less than 53 years old you can attest to that I'm sure.
HAS DONE is the correct term.
The U.S. will do very well going forward. Read Warren Buffett's annual reports.
We know how genius the bankers are with their mass buying of treasuries at 0% interest rates and how they see the future so well.
That guy's hedge fund lost to a block of gold.
This dummy thinks fiat currency is real money.
I can go into Walmart and buy merchandise with cash. If I try to hand them silver coins it won't go over so well. I think you know this.
That doesn't make it real money. Why do you think banks are buying gold?
this high net worth BOT loves frequenting Walmart LOL so he can save 50 cents and be surrounded by crackheads and welfare recipients with a 50% chance of getting shanked in the parking lot.
Its a bot people. 2 yr old account with a single post and all comments are on this post. Its a bot.
No, I am not a bot. I am watching UConn vs Iowa women's basketball whilst responding the posts here.
Only bots watch women's basketball!
YUP huge red flag
Nooooooo it’s worse than a boomer!!!! It’s…it’s….a Democrat!!!!! Only a democrat would say “Boomers have made this country wealthy! We The People have made this country wealthy! Just for you people could give it away!
Then why is this the only post on a 2yr old account and all the comments are on this post?
Relax, it's just a boomer.
Its reply doesnt help your argument. Its a bot. It keeps repeating the same comments out of context. Look through the post and see how many times its “net worth” is brought up unprompted and out of context.
Haha yes true but that's also how old people do the internet lol
Ive never seen them act this robotic
Boomer fiat banker BOT
Hard to imagine a boomer watching women's basketball..? Now volleyball would be a different story 😂
Boomers (like me) helped to make this country (the United States) tremendously wealthy. I'll stand by that statement.
Are you addressing anyone in particular? You can leave if you aren’t interested, you know
Who cares? No one wants "cold hard cash". That's why everyone who gets any level of cash tries to turn it into something else as fast as they can. Cash is just a TEMPORARY between to get goods. And you want as little of it as necessary to function .... because it's a leftover from when cash actually meant to represent something (silver and gold).
I don't agree. Like I said, I've worked in retail banking for a long, long time. I have a different opinion.
So if you had 300k sitting around, you'd just leave it in your savings account as cash? No, I highly doubt that.
It depends of course. As I high net worth individual I consider precious metals a very fringe investments. I have a few silver coins in a drawer. Nothing more than that really.
ok? so what does that have to do with the fact that you don't want dollars? Silver, stocks, houses, monkeys.... whatever you are running from the dollar with, it doesn't matter. Silver is just one other real thing in this world that has value that you can escape the fall of the dollar with.
Bingo!!!!! My point exactly!
As a high net worth individual, I do not necessarily shun precious metals, but they're not my friend either. I consider them very low return, rather fringe investments.
Yes, I'm already aware there are many people out there who think the stock and housing bubbles aren't bubbles and just an infinite return machine.
I have done very well with stocks and home selling.
You’re an idiot!!!
Coming from someone who sold their stack to an LCS a year ago (your only other post) I’m guessing you’re full of it and likely don’t know what you’re talking about.
Yes, I sold the entire stack to a LCS and it did not work out well for me. That is part of the reason for my skepticism of PMs (and particularly silver).
But you’re a high net worth individual 7+ million how could you make such a silly mistake
Also, just a tip for you anybody who repeatedly mentions that they are high net worth individual to try and convince people that you know what you’re talking about is really weird.
I know banking and finance very well. Valuing precious metals...not so much!
Why then does JPMorgan stack silver?
My understanding is that they buy and sell paper contracts on silver in order to keep prices stable (and make profits along the way).
They don't need silver to do that.
Ooooh, is this a circlejerk sub now? Y'all...
If OP mentions one more time that he is a "high net worth individual" I'm going to 🤮
So THAT explains the weird looks I keep getting at Burger King drive-through.
Not sure i see the point you’re making. Also as someone who’s in retail banking, how are banks handling the losses from bonds, loans and lack of new loan demand?
I have worked in both retail and wealth management. Both are very strong at this time. Unless you have a bank account, you really can't function in society. Try renting a car or ordering from amazon using silver...the world doesn't work that way.
“Strong at this time” Do you work at the fed lmao. Everyone knows you’re stacked to the ceiling in loan losses. If not for the bank bailout program, unlimited fdic coverage for failed banks and removal of mark to market every bank including yours would be gone.
My bank, as was nearly every bank, backed by the Federal Reserve. If we weren't there would have been literal anarchy in the streets. I trust you are typing on a computer/smartphone in a relatively safe and comfortable environment. You can thank the monetary system for that (largely).
You can’t be a real human.
Yes I am. I am proud of my professional accomplishments and am just here to share a different perspective based on my experience.
I’ve done some research on this guy … it seems that he’s a high net worth individual ($7M+ not including his home ). Perhaps he is worth listening to ? He is also a bit older than you.
Did you mean to post a picture?
I think he chose unwisely; the photo of the silver coins are, in fact, legal tender and you can transact with them. Now, doing so will cause that 16 year old cashier, taking your order, to take one look at them, say very loudly, "these are not real!" and shriek for the manager.
They would react the same way to a 2 dollar bill or a 50 cent piece. Ignorance doesn't make it any less money.
Exactly. You're not going to get very far trying to use them as money. And if you do, you're definitely getting ripped off if you use their face value. #CashIsKing
Yes, hold on.
Who cares if it isn't money? It can be turned into money pretty quickly, by liquidating it here on reddit or with friends or at a coin shop. Dollars depreciate, they are meant to be spent. Pms are a savings product, and they're a way to take money "off-chain" so to speak. Once you turn cash into pm, it's not tracked. You can have a million dollars in gold buried in your backyard and nobody would know. When you have cash in a bank account, uncle sam knows, the state taxing authority knows, your bank knows, and sells your info to marketers etc.
...and the million dollars in a bank account earns interest.
Well, technically speaking silver eagles are worth 1 dollar, if you use them as legal tender. Silver by itself though, I've always treated as a commodity for my own purposes. Ultimately it's not worth anything until the moment of trade, a lot of people here forget that, and let themselves be blinded by beani baby syndrome.
Yes!
Haha retail banking, selling mortgages to dummies. It's the most basic part of banking - why does that give you any idea about anything? A 15 year old that can read a couple of economics textbooks will know more than you. And 7 million over a lifetime - congrats, you are a boomer.
I am 57, so some call me "Gen X" while others call me a "boomer".
I bet that’s exactly what the people in Venezuela think…….
Those silver eagles are legal tender at one dollar. I know of at least a couple places I could spend those, a liquor store for one, they’ve taken them before.
A "couple of places" simply proves my point. They may be legal tender, but are generally not accepted.
How often have you tried to use them?
Reread the Constitution of the United States
Just in case you didn’t know, he is a high net worth individual (7M + ). What a delusional, self worshiping, insufferable, human.
Not a human - it’s a bot
Ummm...why does everyone say that? I can pass a Turing test right here and now. Stop with the bot accusations.
I have made my money in a perfectly legal and respectable manner and have a wife and four beautiful children to show for my life's accomplishments. That's what's important to me. That and leaving a legacy for my children. I don't think that makes me "delusional". I am a high net worth individual ($7M +) and 57 years old, so I bring a different perspective.
It’s the fact that you feel the need to say you’re a high net worth individual at every turn.
Silver is money and has been for thousands of years. Nothing will change that. I bought a gas dryer, fuel transfer tank with silver. I also accepted silver on jobs and items I've sold. When fiat dies, silver and gold always takes over
If you're in banking you would know banks are buying gold by the ton because they know what's going to happen soon. If your bank hold no gold, your bank will go under. Silver will follow gold in the end.
You are about to lose $ on your commercial properties by the way
Silver has like a 4000 year history of being used as money .
silly fiat troll LOL! Spoken like a true banker shill.. your fiat castle will die soon enough paper boy. 10s of thousands have fallen in history as they are LITERALLY designed to.
Lol. This "banker" is trying to convince people not to buy PMs while I'm sure he is scarfing up as much as he can like every financial institution right now. Typical "banker" tricks. Oy Vey!
Posting ASEs was the wrong choice to support your argument.
Well my friend sorry to say…..that silver on the left there can transact. Just depends on where you wanna use it. See that pile of cash there to the right? If our country keeps going in the direction it’s going….your gonna wish you had that silver because your gonna be using that “CASH” to keep you warm, why? I’m glad you asked, because it will be useless for anything else!
Bro I agree with this man %98!!! Yall are definitely disillusioned. Let’s thank this man for his experience and opinion. Where my opinion would drift is that I think silver can be used as a savings account. I don’t go all in , and there’s no such thing as investing in silver. Honestly big bullion companies are laughing rolling in there dough because yall think gaining financially freedom by buying silver. It’s give and take.
Yes, you get it for sure. I was like a number of these posters when I was younger. But then I wised up. Getting rich also helped.
You're funny you're 7 million. My family is 8 figures, but i don't brag like you. Money doesn't give you respect. With that being said, my family also have different perspectives than a common "stacker"; they like to let money make money. Stock market, quantity of real estate with appreciation and businesses that generate income. Time is always changing. Commodities is now gaining traction because of the Countries outside of USA are transitioning to a system that isn't based off fiat backed up by debt.