Posted: 8/16/2012 7:47:12 PM EDT
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The other thread on silver got me to thinking about it, but I didn't want to highjack that guy's thread. I'm looking to buy about $1000 in silver to get started.
Whats your favorite dealer? Online or local? What should I look for or stay away from? |
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Online, I really like apmex.com. They are honest and trustworthy from my experience. I have been buying a little recently but I've been buying local from a guy I know personally who owns a shop and his prices beat most anything I've found online. My advice is to research the price above spot for the different silver rounds, bars etc and then go to some local places and see what prices above spot they are selling at. There are some of these local shops that are looking for suckers and they will rip your britches if they think they can. |
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ditto on the local purchase.
PM dealers are like gun shops, be cool and establish rapport. today, a grand can get you about $50 face in pre-65 coinage. Morgans/Peace, halves, quarters - dimes are cute but small. "eye-appeal" are attractive coins - average circulation could be heavily worn !! Numismatics require some expertise if buying substantial pieces !! recognizable metal is more liquid |
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I've used apmex.com a couple times and have had real good experiences with them. I do the check option so I don't have to pay the extra 3% for CC. Me and my brother usually do an order together and split the shipping so it's not that bad.
If you spend over a certain amount they will cover shipping, I'm not sure what that amount is.. |
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I've used apmex.com a couple times and have had real good experiences with them. I do the check option so I don't have to pay the extra 3% for CC. Me and my brother usually do an order together and split the shipping so it's not that bad. If you spend over a certain amount they will cover shipping, I'm not sure what that amount is.. From their website: What are the U.S. shipping, handling and insurance charges? $12.95 (USD) for orders of $50.00 - $249.99 (USD) $19.95 (USD) for orders of $250.00 - $999.99 (USD) $24.95 (USD) for orders of $1000.00 - $24999.99 (USD) Free for orders of $25,000 (USD) and over |
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As I mentioned and as several others have, Apmex is hard to beat online. You might find someone cheaper, but the fact that they are honest and trustworthy is worth alot. I'd just take their prices PLUS shipping and compare local. Also understand that in some states, like Texas, you have to pay sales tax on local precious metal purchases. So you might pay shipping at APMEX but you might save 8-9% if you don't pay sales tax. |
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+1 my local guy turned sour on me. This after giving the guy a plug here. |
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IIRC, Apmex used to be Edmund Coin. both provide(d) excellent service. there is also Flying Eagle Coins just south of 240, and these people were a pleasure to deal with. Face to face is personal, but for on line purchases, Apmex get the nod. don't know if the 8-9% sales tax applies |
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Alright, well it looks like Apmex will be the ticket till I figure out what I'm doing. I'd rather not work with a local source until I have a grasp of what to look for. I feel that would be like a noob walking into a random gunstore with a fist full of money. He might luck out, but there's no telling what he'll walk away with. So what should I look for? I kind of like the sound of bars or coins. I'd like something that would be recognizable as a currency substitute if the need ever arose. Again, first buy will probably be around $1000.00 |
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I would recommend starting with Silver Eagles and some pre 1964 quarters, dimes, etc.
What would you like to do with the silver? Specifically a barter/alternative currency? Or just a way to store wealth? I have been receiving silver as gifts since I was a kid but only just recently started purchasing my own so I am still learning as well. |
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Quoted: Alright, well it looks like Apmex will be the ticket till I figure out what I'm doing. I'd rather not work with a local source until I have a grasp of what to look for. I feel that would be like a noob walking into a random gunstore with a fist full of money. I totally agree. Quoted: I would recommend starting with Silver Eagles and some pre 1964 quarters, dimes, etc. I agree with that too. Its your money, so buy some stuff you like. If you like the looks of the Silver Eagles, go with it. If you like the looks of some of the 1 oz rounds and bars, buy them too. Just watch how much over spot you are paying but Apmex makes is VERY easy to see and they have really good prices. |
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I would recommend starting with Silver Eagles and some pre 1964 quarters, dimes, etc. What would you like to do with the silver? Specifically a barter/alternative currency? Or just a way to store wealth? I have been receiving silver as gifts since I was a kid but only just recently started purchasing my own so I am still learning as well. I know it's probably just a typo, but it's pre 1965. |
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Quoted: So is this what I'm looking for? http://www.apmex.com/Product/65202/2012_1_oz_Silver_American_Eagle.aspx Whats the difference between 2012 and something like 1998? Any reason to buy one and not the other? One has a date of 1998 and other has a date of 2012. There's no difference. Silver is silver |
| No difference on the year. Some people collect them and are eager to buy the current year. I would not pay any premium for 2012 over any other year. Unless you have a rare year (1996 I think - not sure) you are going to get the exact same amount when you sell them. |
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I would recommend starting with Silver Eagles and some pre 1964 quarters, dimes, etc. What would you like to do with the silver? Specifically a barter/alternative currency? Or just a way to store wealth? I have been receiving silver as gifts since I was a kid but only just recently started purchasing my own so I am still learning as well. I know it's probably just a typo, but it's pre 1965. Yep typo. You want pre 1965 |
| A mint tube of American Silver Eagles is a great way to start investing in silver. I would get the 2012 since they'll probably be the cheapest Eagles on the market.. Good luck with your new investment. its awesome having the silver in hand too.. Just makes me feel giddy when I get an apmex order in... |
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In case you need another reason to get out of Monopoly money and into real assets. Not that I can stand the communist f*#ker, but.....
Soros moving into gold |
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In case you need another reason to get out of Monopoly money and into real assets. Not that I can stand the communist f*#ker, but..... Soros moving into gold Oh, and also out today: Think he knows something? |
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Note, investing over $1000 on pm's is investing. Buying less than $1000 in pm's is buying, and that has sales tax. TXL Maybe different in TX, but in NV you only pay tax if it is a coin with a $value stamped on it- i.e. Eagles, dimes, etc. Rounds and bars are tax free. |
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Quoted: Quoted: Note, investing over $1000 on pm's is investing. Buying less than $1000 in pm's is buying, and that has sales tax. TXL Maybe different in TX, but in NV you only pay tax if it is a coin with a $value stamped on it- i.e. Eagles, dimes, etc. Rounds and bars are tax free. Yes that is a Texas sales tax law. Under $1,000 is taxable. Over $1,000 is tax free. |
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Note, investing over $1000 on pm's is investing. Buying less than $1000 in pm's is buying, and that has sales tax. TXL Maybe different in TX, but in NV you only pay tax if it is a coin with a $value stamped on it- i.e. Eagles, dimes, etc. Rounds and bars are tax free. That seems exactly opposite from the way it should be. Why would you pay tax when exchanging currency. If you exchange dollar bills for american eagles, you are just changing currencies. |
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Note, investing over $1000 on pm's is investing. Buying less than $1000 in pm's is buying, and that has sales tax. TXL Maybe different in TX, but in NV you only pay tax if it is a coin with a $value stamped on it- i.e. Eagles, dimes, etc. Rounds and bars are tax free. That seems exactly opposite from the way it should be. Why would you pay tax when exchanging currency. If you exchange dollar bills for american eagles, you are just changing currencies. That was my thought as well. That is the main reason I own rounds and a krugerrand. That big gov't will tax you any chance they get. My dealer also must report over $10,000 exchanged in a year. But they don't seem to keep a record of cash sales linked to a personal name. |
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Note, investing over $1000 on pm's is investing. Buying less than $1000 in pm's is buying, and that has sales tax. TXL Maybe different in TX, but in NV you only pay tax if it is a coin with a $value stamped on it- i.e. Eagles, dimes, etc. Rounds and bars are tax free. That seems exactly opposite from the way it should be. Why would you pay tax when exchanging currency. If you exchange dollar bills for american eagles, you are just changing currencies. That was my thought as well. That is the main reason I own rounds and a krugerrand. That big gov't will tax you any chance they get. My dealer also must report over $10,000 exchanged in a year. But they don't seem to keep a record of cash sales linked to a personal name. In ND we do not pay taxes on purchases of eagles, etc. Must be a state thing. |
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Note, investing over $1000 on pm's is investing. Buying less than $1000 in pm's is buying, and that has sales tax. TXL Maybe different in TX, but in NV you only pay tax if it is a coin with a $value stamped on it- i.e. Eagles, dimes, etc. Rounds and bars are tax free. That seems exactly opposite from the way it should be. Why would you pay tax when exchanging currency. If you exchange dollar bills for american eagles, you are just changing currencies. That was my thought as well. That is the main reason I own rounds and a krugerrand. That big gov't will tax you any chance they get. My dealer also must report over $10,000 exchanged in a year. But they don't seem to keep a record of cash sales linked to a personal name. In ND we do not pay taxes on purchases of eagles, etc. Must be a state thing. Yes, it is state specific. Actually, it may even be a County tax, can't remember what he said. |