Posted: 6/24/2011 7:57:34 PM EDT
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We're considering an annual silver purchase for the kids. To get them interested in the process we're considering APMEX generic silver (http://www.apmex.com/Product/156/Generic_Silver_999_Fine___As_low_as_079_per_oz_over_spot.aspx).
We're attracted to the randomness of the items. In a way, it's almost like pirate booty. My only concern is when it comes time to sell. How much trouble am I likely to have compared to name-brand bars and rounds? |
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Consider that they are buying it for under spot.
But I dig the whole booty angle. Sure you don't want to get Eagles or proof coins? All of the Australian coins are nice and have animals and shit. I don't collect them but I have given Isle of Man cats as gifts. What's your investment outlook like? |
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Quoted:
What's your investment outlook like? Between 401(k), corporate retirement fund, and Army pension, we should do OK, so we're not looking at this as part of our portfolio. However, we really don't want to throw money away either. Our plan was to make annual purchases for 20 years, then hand it over to the kids. |
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I have ordered some of that generic silver and returned some of it. It was mostly crap with idiotic designs, some were plated, even had some torched I guess to test the .999? In my opinion not worth saving .20 cents over new bars that you know will be of a certain type and quality. You can find majestic, apmex, and other bars at .99 over spot if you wait until a sale. Also, if you buy in larger quantities (over 20) you can usually get modern bullion rounds like New Zealand, Canadian, Austrian for a few bucks over spot. That is the way I would go personally as they bring a higher demand. |
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Quoted:
I have ordered some of that generic silver and returned some of it. It was mostly crap with idiotic designs, some were plated, even had some torched I guess to test the .999? In my opinion not worth saving .20 cents over new bars that you know will be of a certain type and quality. You can find majestic, apmex, and other bars at .99 over spot if you wait until a sale. Also, if you buy in larger quantities (over 20) you can usually get modern bullion rounds like New Zealand, Canadian, Austrian for a few bucks over spot. That is the way I would go personally as they bring a higher demand. Actually, we caught the sale that ended this morning and got eleven 1 oz APMEX bars for $0.99 over spot. With shipping, it came to about $400. ETA: Can you post pics of the generic silver you kept? |
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i wanted to buy from ampex but there shipping kills me. $19.95 20 oz is a little step. That was the issue for me as well. The local coin shop sells bars and rounds for $2 over spot plus tax (about $24 for 10oz at current prices), so the $0.99 sale at APMEX sealed the deal. Looking around, I found a few other deals: gainesvillecoins.com has 10 oz new generic bars at $0.99 over spot with $12.95 shipping. providentmetals.com has 10 oz secondary bars at $1.49 over spot with $8.95 shipping. |
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You can get Indian Head silver rounds at Goldmart for less then the generic stuff from APMEX. Then you know what you are getting. I will say that I have gotten lucky with generic though. Some stuff looks like crap, but I also found a rare Malaysian proof coin that's worth $150 (which I'm selling for more silver).
Anyway, look at Provident Metals and Goldmart. Both offer cheaper shipping and lower costs then APMEX. Unless you want APMEX branded rounds (which look very nice BTW), go for another seller. |
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Quoted: You can get Indian Head silver rounds at Goldmart for less then the generic stuff from APMEX. Then you know what you are getting. I will say that I have gotten lucky with generic though. Some stuff looks like crap, but I also found a rare Malaysian proof coin that's worth $150 (which I'm selling for more silver). Anyway, look at Provident Metals and Goldmart. Both offer cheaper shipping and lower costs then APMEX. Unless you want APMEX branded rounds (which look very nice BTW), go for another seller. What's the story on Goldmart? Have you purchased from them before? Did you wire them $? |