Posted: 8/10/2013 2:04:22 PM EDT
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I am looking at getting silver and since I was advised to not have my girlfriend look for it at her job( Bank manager) I was thinking about picking up some of these? that do you think? I have noticed silver is lower than what it was a while ago so I am looking at picking up a few oz's
http://www.providentmetals.com/1-oz-999-fine-silver-bar-mixed-type-secondary-market.html |
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I'm a big fan of 1oz bars. 10/100s just aren't divisible enough for SHTF barter material and if you just want to sell them at some point, a 100oz bar prices a lot of potential buyers out of the market. It's also a plus that you are looking now...as opposed to when silver was over $40/oz. As a medium/long term investment, I don't think $20-22 is a bad place to be. Could be worse.
Personally, I am predicting a pretty good market correction later this year (no, I'm not a wall street guru...it's just my spidey sense) and when that happens, initially everything (commodities, metals, stocks, everything) will get hammered pretty good. THAT is when I'll be looking to buy silver, hopefully in the $16 range. We'll see... |
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You say you're getting started.
If you expect your investment to retain maximum value in whatever economic climate and price of silver you find yourself in... ...you have to understand that your silver is only worth, what SOMEONE WILL PAY YOU FOR IT! Nothing more, and wishful thinking doesn't enter into the pix. Part of the equation that will determine what someone is willing to pay for it, is how much risk is involved when they buy it from you. How recognizable is the form of silver you hold? Is it some survival show promotion that few coin dealers -or anyone else- will have ever seen? Is it some celebration of a Zoomby gimmick that has a few folks titillated? Is it similar to a 1 oz counterfeit bar, that sell for about a buck each on ebay and law enforcement could care less about? Is it an American coin that any dealer is intimately familiar with and will give you -hopefully, a fair price? If you are getting your feet wet in silver, why would you try to save a few bucks over spot and buy some 1 oz bar that may or not be universally recognizable? And NOT something that's fairly easy for a dealer or buyer to verify with a high degree of certainty that it's genuine? Particularly if you can purchase -at a small additional premium, a coin ----THAT YOU WILL RECOVER MOST of that slight additional PREMIUM WHEN YOU SELL, ----and that is likely the most widely recognized 1 oz silver coin of all [here in the USA], -----an American 1 oz Eagle. The only alternative to Eagles and Maple Leafs that makes any sense to me, to purchase while you are learning the ropes, would be so called junk silver, pre-1965 90% silver coins. [Be careful with these, there's some real worn out junk and there's some very nice pre 65 stuff] When you buy silver for non-frivolous purposes, one of the key things [if not the ONLY thing] you want to consider, is the item's liquidation efficiency and value. Of course, YMMV |
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I agree somewhat with the above.
Many in the game advocate strongly, directing the beginner, towards "junk" coins. (Pre 1965) due to the ease at which you could use it to purchase small items in the event the FRN's no longer enjoy the general, trust of paper. I have personally opted for silver eagles. These are universally recognized, have a "low counterfeit" probability, (The Chinese supposedly began in earnest in 2012 but REALLY went balls to the wall with gold 1-0z and 1/10th oz coins) The scenario in which you must use PM's to pay for goods will likely be accompanied by an economy that is somewhat hyper-inflationary. At worst, you can leave your children some beautiful coins, who's dollar-cost-average, regardless of what you paid over time, will be an excellent windfall, that can't be subject to a death tax, and places those relatives into a comfort / preparedness - zone, in the event of a SHTF during their lifetime. Educating your family may be your most important contribution, however. The value of money translates directly into the value of labor, goods, and whatever paper currency is employed at that time. |
| Someone said most banks frown upon that. she was going to get quarters and I was going to look for them and then return them when I didnt find anything or take the pre 65 ones and replace them with new ones. I just dont want to get ripped off. there is nothing in my area so I pretty much have to buy online. and I the coins I did see at a flea market the guy was selling silver coins for 30 bucks a coin non-nonnegotiable. and people were buying them up. I just kept walking I didnt know what to look for. |
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Quoted:
Someone said most banks frown upon that. she was going to get quarters and I was going to look for them and then return them when I didnt find anything or take the pre 65 ones and replace them with new ones. I just dont want to get ripped off. there is nothing in my area so I pretty much have to buy online. and I the coins I did see at a flea market the guy was selling silver coins for 30 bucks a coin non-nonnegotiable. and people were buying them up. I just kept walking I didnt know what to look for. When you don't know the score, the usual best thing to do is not join the dance. You did the right thing. There are a lot of threads this past year, in the SF, with mostly good lessons on how, what and when to buy silver. A Google search with AR15, silver, coins, and variations thereof, -will get you to some of them. |
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EXPY37 gave some good advice. You want to purchase silver to preserve wealth and possibly use for trade in the future if necessary. You need to have possibly buyers recognize and want what you are selling.
I am relatively new to buying PMs but what I recommend and what I am doing is to buy some of everything. Some people want to only stack ASEs, some people want generic bars or rounds for slightly less premium, some people want U.S. minted pre 65 coins which are very recognizable. I think everyone here in the U.S. should start their stack with some eagles and go from there. Where exactly you are located in the country and your particular area will make a difference in what you should buy. In some areas ASEs are most desirable in others its Maples etc. You will also find that certain shops will pay more for eagles vs. generic bars. I have three shops in my area. One small coin shop near me buys any silver 1oz. bar/round for $4 under spot and sells for $4 over spot. Another large shop which deals with a lot more volume has the same buy and sell prices. My preferred shop buys eagles/maples/phils for spot and everything else for $1 under. He sells the govt minted rounds for $1 over and everything else for spot. Do some shopping and don't forget to factor tax and shipping into the total cost. This can make a big difference in states like VA that require tax on bullion sales. |
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Your best bet is finding other buyers and pooling cash to take advantage of bulk discounts and split shipping/insurance to a reasonable level.
I have about 10+/- coworkers that do exactly this. We order from Apmex on a monthly basis. I notice you're from the same state. If you happen to be a Huskies fan  , send me a PM.
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