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Need advice on purchasing silver

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Need advice on purchasing silver

Postby Mark Vicki » Sun May 01, 2016 4:58 pm

Hi,

We are newbies here. Which website is best for purchases of precious metals? There are so many. Also, are we better off buying from locals such a pawnshops? Any advice will be welcomed.

Thanks,
Mark
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Re: Need advice on purchasing silver

Postby Pedro wyoming » Sun May 01, 2016 5:20 pm

Welcome to APN Mark Vicki. Buying from a reputable local dealer is preferable in my opinion. If you do enough business with one, they may call you when a good deal comes their way. This establishes a long term relationship and keeps money in the local economy. Pawnshops are not usually the best option as they tend to be overpriced for what i have seen for sale there.
\If you are gonna do online business for PMs, then Kitco is probably the best i have seen...fair, quick, and reputable.

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Re: Need advice on purchasing silver

Postby Lifelong Survivalist » Sun May 01, 2016 6:06 pm

Hello Mark, Welcome to APN from a Western Montanan. Recently (in the past couple of months or so) there has been a lot of discussion and MANY Posts on both Gold and silver and purchasing it for physical possession and not just on paper. You will find related posts in several Topics and sub forums. This subject has been beaten with a stick. First of all, I suggest you go online and and do a thorough search on precious metals, the metals market the commodities market and keep up with the daily spot market prices. What you need to make sure of is physical delivery and insured shipment. Expect to pay a fee and maybe shipping as well. There are crooks and cheats in the market as well, and you need to avoid them. You might be well advised to also check with a reputable Broker in your area for assistance. Above all be careful and do your homework before purchasing. Don't learn the hard way and don't get cheated or taken advantage of. Do NOT PURCHASE METALS IN ANY PAWN SHOP, EVER...PERIOD. THEY WILL CHEAT YOU EVERY TIME. You can use a safe search engine online to get Truthful info. I use Norton safe search with Ask. Use several "key words" in your search There are several ways to buy. I prefer smaller increments and avoid large coins and large bullion. Because they won't spend well or barter well. I do not want to shave of slices and and cut off chunks of large pieces. Denominations are better that range from grams to parts of an ounce. Large coins and bullion are beautiful and for long term investment and personal stash. They are not easily sellable. Make sure your metals are guaranteed and CERTIFIED AS PURE .999 %. Hence the Broker advice. Try to buy from a reliable source. I like the official Canadian Government Mint. Do not order from overseas such as Europe, Asia, or other suppliers. Period. When ordered by yourself or a Broker on your behalf be sure the shipment has a tracking number and an expected delivery date. Thee daily spot market price on PMs fluctuates, sometimes from one hour to the next. Use the U.S, market price as you will be paying in U.S. Dollars even if you buy from the Official Canadian Mint. Old U.S. silver coins are only meant for collectors and are over market price. When you do your internet search you will see actual photos of the types and examples offered for sale. Some come in wafers with increments which are easily separable. Avoid Sterling. It is not .999% pure. It is meant for jewelry, table ware, and teapots and service sets. 32 grams approx. equals 1 Troy ounce. I am sure that someone will also post here before long to offer more info. on the subject and more advice and options. Lifelong:-)
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Re: Need advice on purchasing silver

Postby MrDanB » Sun May 01, 2016 6:08 pm

Bullion Exchange in NY, Apmex, kitco, JMbullion, goldsilver.com, etc. There are MANY out there. I tend to agree with Pedro with buying locally. Face to face in a storefront is less shady. Pawnshops are typically the LAST place I would go! If you want US minted coins, why not try a coin shop? The owners typically love talking to their customers and helping them. You can do pretty well at a coin shop or local metals type place. I have purchased from ebay repeatedly because there are a handful of reputable sellers who buy in huge volume and resell for less margin than the average shmoe could.
I would highly recommend that you spend a little time reading up and learning about the types of precious metals. You can see the "live" spot price of metals at http://www.kitco.com/silver Use the links on the left to navigate to other metals. You can use their charts to see historical levels. Seems that when the dollar is doing ok, metals stay flat. When the dollar is shaky, metals start to move. They have been up and down quite a bit over the last decade. My own opinion is that they are going to go parabolic once the people wake up to the fact that the dollar is backed by nothing. China now has it's Shanghai exchange running and they only deal in physical metals.They are starting to price metals higher than we do in the US. We primarily deal in paper ETF's on Wall street, so when investors here get wind that their making less on Wall Street, they will want to shift over to the Shanghai exchange. Since everything is on paper and they have oversold what they physically have on hand, they will be unable to pay out in physical. Always buy physical metals and hang onto them. In very bad times (Great Depression), those who had a stash of metals not only survived, but actually flourished due to how many dollars it took to equal the metals value.
Some will say that you can't eat metals. This is true. Never buy metals to eat them.lol Always buy metals as a store of wealth. A hedge against the currency. When the POTUS starts blurting out "everything is fine, you have nothing to worry about", THAT would be the time to make final preparations. Happened in Argentina, Zimbabwe, Bosnia and a handful of other smaller countries in the last 50 years...
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Re: Need advice on purchasing silver

Postby Blondie » Sun May 01, 2016 7:00 pm

MrDanB wrote: Happened in Argentina, Zimbabwe, Bosnia and a handful of other smaller countries in the last 50 years...


And Puerto Rico wll default in the morning.

Nothing to add other than look at prices. Silver is headed for $18. Was at $14 + change just a few weeks ago. My belief is that it will go higher until the Brexit vote in June. Prices may become more reasonable if the UK decides not to exit.
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Re: Need advice on purchasing silver

Postby BK in KC » Sun May 01, 2016 7:48 pm

Buy local when you can. For online purchases I've used providentmetals.com, they always ship promptly and their prices are fair.
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Re: Need advice on purchasing silver

Postby karaokejr » Sun May 01, 2016 8:10 pm

99 cents over spot http://www.coin-rare.com/
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Re: Need advice on purchasing silver

Postby IceFire » Sun May 01, 2016 9:52 pm

I always buy from a local dealer...face-to-face, cash, no records. "They" can't take what they don't know you have.
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Re: Need advice on purchasing silver

Postby Lifelong Survivalist » Sun May 01, 2016 11:11 pm

They also can't take what they can't find. And if asked, I sold it to a total stranger...I can't even remember his name. Or, My home was burglarized and it was stolen. No, I did not file a police report, they couldn't recover it anyway. I'm sure the burglar has fenced it on the black market. Anyway, you'd actually need a Treasure map to find mine. So, first you'll need to find the Map, and be able to decode it. I just love Treasure Maps. But I'm not a Treasure Hunter. They still keep finding them and digging them up. But Oak Island is a lost cause no matter how they try or how much money those idiots waste on it. Fools and their money are soon parted. No matter how old the FOOL is. Proceed with caution in any case. :-) Lifelong
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Re: Need advice on purchasing silver

Postby Buzz » Sun May 01, 2016 11:49 pm

Take a look at https://comparesilverprices.com/#

I use this sight all the time.You will see that the lowest price changes from dealer dealer depending on which product you are buying. Also take into account the shipping cost. Sometimes the best price comes with a shipping fee but another dealer may be selling the same product at a slightly higher cost but is offering free shipping.

Good Luck,
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Re: Need advice on purchasing silver

Postby Lifelong Survivalist » Mon May 02, 2016 12:16 am

Yeah, shipping is sometimes included depending on the price and amount purchased. Some times a minimum purchase is imposed or necessary in order to get a better price, or "Free Shipping". I don't believe any thing is truly for free. I consider those words gimmic and sales hype. I have known many professional salesmen and dealers and some of them have educated me to their ways and such. Close the deal and make a decent profit is the goal. There are usually fees involved or commissions in precious metals purchases. All sellers are going to make a profit of some kind. Don't ever expect to pay only the exact spot market value. Every seller must make some profit in business. They can not afford to do it for nothing. Not even the Official Government Mints. I'm pretty sure you'll get a few more posts her so keep checking back. :-) Lifelong
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Re: Need advice on purchasing silver

Postby Vetmike » Mon May 02, 2016 8:58 am

I buy one ounce rounds locally. The markup is reasonable and I have the coin in my possession right away. I always pay cash so there is no record. Avoid on line marketers as some takes weeks to deliver and the mark-up can be quite high. I am also looking at buying one tenth ounce gold coins. More compact wealth as each coin is approximately $129 (on today's spot) which translates to about 8 silver rounds. And, as many here have pointed out, you cannot eat silver so make sure you balance your purchases. We only buy using 'spare' money.
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Re: Need advice on purchasing silver

Postby Mark Vicki » Fri May 06, 2016 7:15 pm

Thanks everyone for the advice.
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