Buying Silver & Gold

[Tidybuoy]

Wondering if anyone here buys silver or gold.

I am curious how people go about acquiring silver or gold, probably coins. It seems like every time I try and search for advice, it is almost always provided by a site that is selling coins and I find it difficult to take advice from someone who is selling the product.

I did by my first sleeve of 20 silver eagle coins but before I buy any more, I better educate myself on the subject. I already owned about 50 old morgan silver dollars but I thought I would start collecting as a hobby and investment as well. Maybe if I started collecting a sleeve of a particular year, then another year, etc.. I might ending up with a real collection someday. I'm a total novice on this so I'm open to any tips.

Also, I understand that coins will have a premium over the base price of silver due to the manufacture of the coin - what is the typical markup? Is collecting silver bars a better investment or do coins appreciate better? Just some of my questions.

I started with silver because I can afford it but would someday like to add some gold coins. I bought a US Mint Monster Box which I think will motivate me to get it filled (only 24 more sleeves till it's full).

[vash]

gold is weird to me. i have an astonishingly large amount of gold (for me - in reality i'm no pirate with a booty). i seriously don't know what to do with it. i just keep it and move it around with me. selling it seems ridiculous. all i see are the shady gold shops where i imagine the ass reaming is epic.

[aschen]

Not at liberty to confirm or deny.

ASE (American silver eagles) have crazy premiums currently that I would not expect to last. silver and gold eagles are (were?) the most compelling buillion coins just due to recognition but not sure anymore with the premiums being so high currently.

90% "junk" silver has alot of the positives of ASE without quite the premium. It is government backed and not that often counterfeited. Generic silver rounds are a good bet if you are trying to stack alot of mass, premiums arnt really higher than 5-10 0z bars.

There are alot of trade offs between bars and coins. tons of youtubes on the subject but a lot of just regular guys with opinions.

I like Maples and Krugs as they are recongizabe but not as axpesive as AGE and ASE currently.

[aschen]

Originally Posted by vash

gold is weird to me. i have an astonishingly large amount of gold (for me - in reality i'm no pirate with a booty). i seriously don't know what to do with it. i just keep it and move it around with me. selling it seems ridiculous. all i see are the shady gold shops where i imagine the ass reaming is epic.

if it is coinage or buillion should be able to get 95 to 105% of spot at a local coin shop. If scrap jewelry those goldbuyer places will try to screw you.

[vash]

Originally Posted by aschen

if it is coinage or buillion should be able to get 95 to 105% of spot at a local coin shop. If scrap jewelry those goldbuyer places will try to screw you.

good to know!

[red-beard]

I've used Provident Metals for both gold and silver. Physical gold, get whatever is selling at the lowest premium. They also sell "junk" silver eagles, which are marred or defaced (some were painted!).

https://www.providentmetals.com/

They buy and sell.

For "interesting" coins, I used https://www.gainesvillecoins.com/

Also I also bought junk silver (mostly dimes). The "big bags" are almost always filled with crappy dimes. They sell the bags by denomination ($1000 = 10,000 dimes). Anything but dimes were a premium.

[abisel]

If you are buying gold or silver bars or current coins from the mint, you pay the spot price + whatever premium the seller wants.

I have purchased silver 1oz Pamp bars from APMEX.com. You can also find out the current spot prices for gold and silver.

If you are looking for gold/silver coins, take a look at PCGS.com and look under the Price Guide.

I have also bought some gold/silver on ebay. Just make sure you check out the seller's feedback. Example, I bought a 1795 silver dollar, off-center bust from ebay 5 years ago at $3K. Although not officially graded, it appears to be an XF 40 (extra fine above average) and possibly worth 10K.

[Jims5543]

I went to the US Mint and found an authorized dealer.

They charge a small % fee for the purchase and sale.

I purchased all of my gold and silver in 2015-2106 leading up to the last election. The media told me the world was going to end. They lied.

The place I use prefers wire transfers then cashiers checks. They do not want cash.

I was tempted to cash out last month when gold and silver took off, except that is not why I purchased.

Gold is the canary in the goldmine. Last month, the canary did not die. When it does, THEN, I will cash out. Its more of a "Oh sheet" fund than anything else. If I am cashing in, its because blood is running in the street.

[Jims5543]

To add...

I purchased a US Mint case (500 oz) of Silver coins. I purchased at $20 an ounce. Which sucked as the price fell right after I purchased and only recently (4 years later) did it go up in value enough for me to reasonably cash out. Except I will not. When silver breaches 30 an ounce I may consider. That will all hinge on the canary in the coal mine... gold.

[Crowbob]

The jewelry/coin dealers here sell generic bullion silver and gold at spot +4% and buy at spot -4%. For particularly popular coins like Maple Leafs there’s a little premium attached.

[biosurfer1]

I would also keep your eye on the US mint. Often times they run specials on silver coins to get them into circulation. You can even use your credit card for points, and they don't charge shipping or fees. I dont follow the market super close but people I know who do say that is usually a good buy. They do limit how much you can buy though.

[Jims5543]

Go look at the silver price history for the last year. Look at early March 2020.

I was too busy to notice and cried at the missed opportunity. It dropped to $11 an ounce for 2 days.

Easy way to double your money. Which raises the question, is gold and silver being manipulated?

Goldprice.org

[Tidybuoy]

Originally Posted by biosurfer1

They do limit how much you can buy though.

That's Funny! I don't think it will be a problem here.

[Jims5543]

There is a limit unless you call ahead. If you give them 24-48 hours notice they can have what you want in place for you.

When I am on a PC I will type more. The place I use is really legit.

[flatbutt]

I have a nice assortment of collectible Morgans. I also have several hundred ozs of .999 silver bars, ya know for barter and bribes.

[tabs]

Originally Posted by Jims5543

Go look at the silver price history for the last year. Look at early March 2020.

I was too busy to notice and cried at the missed opportunity. It dropped to $11 an ounce for 2 days.

Easy way to double your money. Which raises the question, is gold and silver being manipulated?

Goldprice.org

U have to ask. CHASE just got tagged for a 920m fine for metals manipulation.

The sentiment among the metal guyz is that the Gold futures have nothing in the vault to back them up if you want to take possession.

Nobody wants to see Gold or Silver start to run hot as that would wake the sheep up. So the market is kept in check by manipulation. There are times though when things get out of control and the market can not be contained.

BA says 3k Gold Kitco..5k Gold. Silver will go back to $50 high and then explode according to the metal guyz. The perfect storm is coming.

The reason it has not gone Bazooka is that the FED is not pumpin in the juice at the moment. The election if a fiasco might set off a run on the metals.

We is tottering on the edge of the abyss..everything you hear from the msm etc about the economy is spin spin spin till you are so dizzy that you cant even realuze when you are being lied to.

[Jims5543]

Originally Posted by tabs

U have to ask. CHASE just got tagged for a 920m fine for metals manipulation.

The sentiment among the metal guyz is that the Gold futures have nothing in the vault to back them up if you want to take possession.

Nobody wants to see Gold or Silver start to run hot as that would wake the sheep up. So the market is kept in check by manipulation. There are times though when things get out of control and the market can not be contained.

BA says 3k Gold Kitco..5k Gold. Silver will go back to $50 high and then explode according to the metal guyz. The perfect storm is coming.

The reason it has not gone Bazooka is that the FED is not pumpin in the juice at the moment. The election if a fiasco might set off a run on the metals.

We is tottering on the edge of the abyss..everything you hear from the msm etc about the economy is spin spin spin till you are so dizzy that you cant even realuze when you are being lied to.

Yes, I read about the Chase fine.

Everything you posted in this post is the exact reason I purchased Gold and Silver. I started to type invested and changed that. I am not invested in them, I personally do not want to them to explode in value, if they do, that means bad things are happening in the financial world.

I look at the purchase as more of an insurance policy than an investment. I purchased slowly over 2 years pumping all I could afford into Gold and Silver. I have not made a Gold or Silver Purchase since late 2016. I wish I had purchased more gold, and hesitate to purchase any more now. Trying to come to grips with the prices right now and where it is heading. I am by far, no expert on the subject.

the reason I purchased is due to what I saw from 2008 to 2010 when gold went from 600 to 1900 in a short period then settled back down in the 1100 range.

I purchased in the 1100-1200 an ounce range. I hope I never have to cash it in. I think we both know that is a empty hope. Its not if, more of when.

[tabs]

Originally Posted by Jims5543

Yes, I read about the Chase fine.

Everything you posted in this post is the exact reason I purchased Gold and Silver. I started to type invested and changed that. I am not invested in them, I personally do not want to them to explode in value, if they do, that means bad things are happening in the financial world.

I look at the purchase as more of an insurance policy than an investment. I purchased slowly over 2 years pumping all I could afford into Gold and Silver. I have not made a Gold or Silver Purchase since late 2016. I wish I had purchased more gold, and hesitate to purchase any more now. Trying to come to grips with the prices right now and where it is heading. I am by far, no expert on the subject.

the reason I purchased is due to what I saw from 2008 to 2010 when gold went from 600 to 1900 in a short period then settled back down in the 1100 range.

I purchased in the 1100-1200 an ounce range. I hope I never have to cash it in. I think we both know that is a empty hope. Its not if, more of when.

I couldn't agree with you more. Investment, insurance policy..we are splitting hairs. It is an investment because it is a sizable amount of cash that went into it. It is a store house of value especially if all else fails. You can take it down at any time and cash it in. The down side is that it does not provide cash flow, but is stead fast as an insurance policy. Other than nitpicking that...

I have been and am very dour and pessimistic about the economic health of the USA and world. I have been pessimistic for 40 years..That is calling a spade a spade, that is telling it like it is. That is the FKIN REALITY...no fkin wishful thinking, no pie in the sky, magic pixie dust is gona save us crapola that so many are want to cling to. False optimism is worthless.

All those fkO's who are he11 bent on makin coinage in the Squirrel Games are dancin with the ghost of Christmas past...it used to mean sumthin but not now cause what do you win more MONOPOLY MONEY...pass go and collect $2B. As I kept tellin em they have pulled the dance floor right out from under you while you continue to dance and think you are winning Dancin With The Stars.. You are dancin on thin fkin air..your pullin a Wiley Coyote..

[tabs]

Even Mr cheery and perennially optimistic Buffet has gone negative with his 560M purchase of Barrick Gold Stock.

[tabs]

I was buyin Silver when it was $8.00 an OZ.. If I had been a little smarter I knew the facts but the light didn't go on in the head to pull the trigger when Gold was a $260 oz and production cost was $250 OZ. That was rock bottom..I musta had a brain freeze .I beothch slap myself on that one..