I Found A Reason to Sell Silver
There's been a lot of talk among the stacking community, and many are in agreement that silver price hasn't peaked yet. For those who got in early when silver was much cheaper, some are selling and some are holding. In general, I see few reasons to sell. As @daveks pointed out in a comment to one of my posts, exchanging silver for dying fiat isn't a smart move. Still, I finally found a reason to sell some silver. I plan on buying a gold mining claim.
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I have a friend who owns four claims, but is looking to reduce that number as they get close to retirement. The claim I'm looking at would be around 20 acres with a stream running through it. The claim would need to be renewed every year, but can be done without limit. Any silver, gold, gems or any other minerals I find are mine to keep. I can't build permanent structures there since it's in BLM land, but I can camp on it.
The claim will cost me about $1500, and I estimate I'll need to spend another $300-500 for supplies like pans, a sluice box, buckets, etc. All I'd need is to find 0.75 grams of gold and the claim will have basically paid for itself.
Another added benefit of the property is since it's BLM land, I can shoot on it. That basically makes it my own private shooting range as well, and for only $15/year to maintain the paperwork and my claim on it, so long as I prove at least $100 worth of labor per year. With gold at $5000/ounce, that's only 1 gram of gold I'd need to find per year.
Since there's no limit to how many times I can renew the claim, I can basically keep the claim in the family and eventually transfer it to one or both of my sons when I'm too old to work the claim anymore.
I'm waiting to hear back from the seller, since I wanted to get an idea of what the claim looks like. Yes, they're a friend, but I don't believe in buying anything sight unseen. Barring any major red flags, it looks like I'll have some fun weekends in my future finding gold!
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STOPGood luck… I like that it has water…
Thanks! We'll see if the idea... pans... out! !LOL
!BBH
!ALIVE
!PIZZA
Start by taking your kids camping there and make it fun.
Stir fry dinner with a wok and use the same wok for gold panning.
!PIMP
I love the camping idea!
I'm little hesitant on the wok pan being used for gold panning, since there are probably trace amounts of lead in it.
!BBH
!PIZZA
!ALIVE
If you can shoot and camp there, then heck that is well worth it.
Right? I figure over time it'll pay for itself in a few different ways!
!BBH
!PIZZA
!ALIVE
Is it close to you or do you have to do a lot of travel to get to it. I think that would be the crappy thing if it was across the country or something like that. I look forward to hearing how this goes for you.
It'd be about a 30-minute drive and accessible from a main road with any SUV or truck. I'm waiting on a topographical map, since I've been told the stream is only accessible by scaling cliffs.
Still, if there are gold deposits on the main section, I can haul in a few gallons of water and set up a recirculating highbanker sluice as an alternative to the stream.
!BBH
!PIZZA
!ALIVE
Oh yeah, that's not too bad at all. Especially for the price. People spend more than that per year and much crazier stuff!
Wow!!, that's fantastic !, you have found a way to make your silver potentially generate a return in gold. Good luck with it, I hope to find a nice big fat nugget!
Thanks! It's not a done deal just yet, but I'm hopeful!
!BBH
!PIZZA
!ALIVE
Good luck, worst case scenario you will have plenty of fun!
Thanks! Right? It's a heck of an adventure and story to tell!
!BBH
!PIZZA
!ALIVE
That's an exciting idea! Good luck, @bulliontools !
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