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Buying silver
- Thread starter Floridian
- Start date
One dollar over spot?Wouldn't you try for at least spot and possibly even lower?I'm sure the cost to these retailers is under spot wouldn't you think?Or am I dead wrong.Would I really have to be concerned about counterfeit coming from a reputable dealer like JM?That never even occurred to me
Deeply disappointed...thought the silver was for hunting werewolves...
https://www.goldeneaglecoin.com/
I use these people to buy American Silver Eagles from. I would stick with ASE's or Maple Leafs for silver. For long term holding I like gold.
I use these people to buy American Silver Eagles from. I would stick with ASE's or Maple Leafs for silver. For long term holding I like gold.
I wouldn't worry about counterfeits with a reputable dealer. It's mostly ebay and shaky online places that have sold fakes. Supposedly ASE's are the most faked, but I've seen videos of silver and gold plated shit. That would really suck.
With 10K I don't think you have much bargaining power with the bigger boys. A coin shop would play ball, but their premiums are usually at the high point anyway, so there would probably be nothing gained. You obviously get a better price when you buy a lot, and most websites show you the quantity discount. And speaking of coin shops, your local coin shop (LCS) is always buying and selling, and as long as you stay under certain limits you can trade cash for metal or vice versa with no questions asked, an interesting fact considering certain activities which generate cash that can be problematic to deal with. I have an established relationships with my LCS and use it to be better informed at the street level, plus I buy "junk" silver there since the premiums are fair.
And you don't necessarily need to bury that shit. I had a kick space under the cabinets in my last house attached with screws that I used for a stash. Hidden cabinets, false walls, magnetic tape, lots of creative ways to hide a stash without getting all wound up. Every house I have ever lived in I had a grow cabinet, secret room behind the refrigerator, false closet wall. I love doing that stuff.
We are setting up an ether mine. We did a bitcoin mine in Missouri a while back and did real well. Should have converted the bitcoin to ether when ether was 10. We saw it coming, but were too busy to do it. I just completed today the prototype rack to hold the rigs. The cards are impossible to get right now, but we've scrounged together enough pieces and today made a hundred bucks mining ether. That shit adds up and we're scaling up big time. Ether mining doesn't use nearly as much power and creates way less heat than the bitminers.
I just mention the crypto currency bullshit because cryptos and precious metals go together like "peas and carrots" for those that want to keep at least some of their assets out of the system and beyond at least easy reach of those that would take what you have.
My advice: go to JM, buy a tube of maples. Wait until you get them. Then, after you open them, and touch them, and spread them on your desk and look at them, then decide what to do next.
Cheers
With 10K I don't think you have much bargaining power with the bigger boys. A coin shop would play ball, but their premiums are usually at the high point anyway, so there would probably be nothing gained. You obviously get a better price when you buy a lot, and most websites show you the quantity discount. And speaking of coin shops, your local coin shop (LCS) is always buying and selling, and as long as you stay under certain limits you can trade cash for metal or vice versa with no questions asked, an interesting fact considering certain activities which generate cash that can be problematic to deal with. I have an established relationships with my LCS and use it to be better informed at the street level, plus I buy "junk" silver there since the premiums are fair.
And you don't necessarily need to bury that shit. I had a kick space under the cabinets in my last house attached with screws that I used for a stash. Hidden cabinets, false walls, magnetic tape, lots of creative ways to hide a stash without getting all wound up. Every house I have ever lived in I had a grow cabinet, secret room behind the refrigerator, false closet wall. I love doing that stuff.
We are setting up an ether mine. We did a bitcoin mine in Missouri a while back and did real well. Should have converted the bitcoin to ether when ether was 10. We saw it coming, but were too busy to do it. I just completed today the prototype rack to hold the rigs. The cards are impossible to get right now, but we've scrounged together enough pieces and today made a hundred bucks mining ether. That shit adds up and we're scaling up big time. Ether mining doesn't use nearly as much power and creates way less heat than the bitminers.
I just mention the crypto currency bullshit because cryptos and precious metals go together like "peas and carrots" for those that want to keep at least some of their assets out of the system and beyond at least easy reach of those that would take what you have.
My advice: go to JM, buy a tube of maples. Wait until you get them. Then, after you open them, and touch them, and spread them on your desk and look at them, then decide what to do next.
Cheers
I have followed billionaire Peter Schiff for years now. He is CEO of Euro Pacific Capital and does rather well in the gold industry. Go to schiffgold.com and look at the "getting started" thread. They have compiled information on buying, selling, pitfalls, taxes, etc. Peter Schiff has vouched for the information therein. You can talk via chat or phone with an advisor there to see what's right for your budget.
Thanks Ronbo and XXX I can use all the advice I can get.As much as I love numismatics I think I'm going to stay away from collectibles right now,that may change in the future.I had a killer coin collection at one time just to lose it to one of my big brothers friends,a real dopefiend in my early teens.What do you all think about bargaining from spot?I'm definitely not knowledgable on this aspect.Should I expect to pay more than the days spot prices?Do the sellers get their inventory well below spot and should I try and deal for a purchasing price lower than spot price?I haven't any idea on this and feel like I need to understand it better before I proceed with a purchase.Thanks again folks for all the help you are giving me.
^^no one is going to sell for spot. no profit, no reason to transact. apmex has as low as .79 over spot on silver, smaller coin shops its going to be more. 10k is tiny taters to apmex/JM but that should maybe get you a tiny bit of bargaining power with a small shop perhaps. the cheapest premiums are on used/secondary bars/coins, so there is potential for fakes but ya the big companies likely test their secondary mkt coins. the machines are ~ 800 there is no excuse for them not to have one. new coins are going to have the biggest premium as mentioned above
I think right now is a good price to buy. i'm even happy that I bought and held at $30. I have my stack. I sell when I want some cash to spend or invest elsewhere. i'm confident that the real value of silver is at least $three digits. silver is a long term play.
here's a very interesting new bill that congress is trying to pass. you have to read it to believe it. they want to outlaw cash, prepaid credit cards, crypto currency and other items. they want to be able to seize all your assets they can find for almost no reason:
"
[FONT=lucida_granderegular]Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017.”[/FONT]
[FONT=lucida_granderegular]
[/FONT]
[FONT=lucida_granderegular]You can probably already guess its contents.[/FONT]
Cash is evil.
Bitcoin is evil.
Now they’ve gone so far to include prepaid mobile phones, retail gift vouchers, or even electronic coupons. Evil, evil, and evil.
[FONT=lucida_granderegular]These people are certifiably insane.[/FONT]
[FONT=lucida_granderegular]Among the bill’s sweeping provisions, the government aims to greatly extend its authority to seize your assets through “Civil Asset Forfeiture”.[/FONT]
http://www.zerohedge.com/news/2017-06-14/you-wont-believe-stupid-new-law-against-cash-and-bitcoin
here's a very interesting new bill that congress is trying to pass. you have to read it to believe it. they want to outlaw cash, prepaid credit cards, crypto currency and other items. they want to be able to seize all your assets they can find for almost no reason:
"
[FONT=lucida_granderegular]Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017.”[/FONT]
[FONT=lucida_granderegular]
[/FONT]
[FONT=lucida_granderegular]You can probably already guess its contents.[/FONT]
Cash is evil.
Bitcoin is evil.
Now they’ve gone so far to include prepaid mobile phones, retail gift vouchers, or even electronic coupons. Evil, evil, and evil.
[FONT=lucida_granderegular]Among the bill’s sweeping provisions, the government aims to greatly extend its authority to seize your assets through “Civil Asset Forfeiture”.[/FONT]
http://www.zerohedge.com/news/2017-06-14/you-wont-believe-stupid-new-law-against-cash-and-bitcoin
Peter Schiff's father died chained to a bed in a prison, denied treatment for treatable cancer, all for the horrible crime of......being a tax protester, obviously the greatest crime a common serf can commit. Peter begged his dad to pay his taxes but the old man was stubborn and believed he was right.
I read the article on Zero Hedge last night about the crackdown and impending legislation to deny us any exits so that when the fire starts we all burn. There is also a bill being readied to rewrite the Dodd Frank financial bill. Dodd Frank was rammed through after the Great Financial Crisis by the two men most responsible for the Great Freezeup in 2008. They will strip the "bail in" language that was supposed to make it so the "taxpayers" would never bail out a bank again and force the creditors, meaning anyone who has given money to a bank for any reason, to absorb the loss. Now the new legislation will water that provision down and get us back to "bail out" status again. Just in time for the ultimate Ice 9 financial freeze that is impending.
Everyone needs to get at least some of their assets out of the system as much as possible. Idiit gets a big plus 1 for reading Zero Hedge, by far the most informative financial website on the planet.
brown_thumb
Active member
In my spare time today which isn't a lot taking care of my mom,I googled to death a simple inquiry using different words and phrases but just couldn't get the information I was looking for.You folks that have actually bought silver or know the facts without purchasing can really help me out here.It's my last step before purchasing.It's pretty simple really,what should I expect to be a good price in relation to the days spot price?Should I be shooting for a price just above spot price or spot price itself?Should I be demanding a purchasing price below the days spot price?The only indicator that I can use it seems is the days spot price.I don't know if a good deal is slightly above spot price,spot price or even below the days spot.I haven't a clue and I need to understand that if I'm going to be able to bargain at all on the subject.What am I looking for to get a fair deal in relation to spot?Thanks again folks
Thanks Bud that little tidbit of information gives me a much better understanding.If you know,what would be a decent deal saying spot is 17 dollars?I know that question can't be answered with any true degree of accuracy,I'm just tring to determine an overall idea on pricing.If spot is 17 should I bid 17.25 or would it be closer to 18 or more.I plan on calling a half dozen or so dealers before I actually make a move but it would be good to have my mind in a realistic ballpark on the subject.
I've been watching it too,pretty surprising how things can change in such a short time.I wasn't in a hurry and now I'm glad.I hope I don't procrastinate to a point where I screw myself though.I'm just watching and waiting at this point,kind of fun actually.I know I'm scoring from JM,just not sure when.
Don't buy precious metals and take physical delivery unless you truly believe you will be using that metal as a form of cash at some point in the future. ( or just want to hide cash and would prefer it to be in the form of metal )
Pick up a wall st journal and turn to the page that says "commodities". There you will find pork bellies, frozen oj, lumber, gold, silver and other commodities .Now ask yourself a question, how many investors take physical delivery of their pork bellies et al ? Zero. It's a paper trade . Taking physical delivery of an asset that trades primarily on paper is defeating the very purpose of investing in that particular asset.
But it if you like it. But if if you think that currency's are going to collapse and you'll need the metal as a way to trade for food, etc. But don't buy it as a long term asset because that ain't the way the game is played.
Pick up a wall st journal and turn to the page that says "commodities". There you will find pork bellies, frozen oj, lumber, gold, silver and other commodities .Now ask yourself a question, how many investors take physical delivery of their pork bellies et al ? Zero. It's a paper trade . Taking physical delivery of an asset that trades primarily on paper is defeating the very purpose of investing in that particular asset.
But it if you like it. But if if you think that currency's are going to collapse and you'll need the metal as a way to trade for food, etc. But don't buy it as a long term asset because that ain't the way the game is played.
