I bought some silver bars from APMEX, the prices are good in my opinion until you add shipping then they aren't so good. So I convinced my wife to let me start buying silver and hoarding it. I don't think the end of the world is coming but I do expect the price of silver and copper to skyrocket in the coming 20 years and we are a young couple working on our first kid at the moment... so I figure I can start on our retirement and our kid(s) college. Did I purchase from a good place? Should I be trying to find it other places? And one last question, my wife brought this up and I didn't know how to answer. She said... "Ok so we have silver and sit around and wait for years, then we decide to sell it. Where do we sell it?" I said.. well APMEX will also buy your silver. Then she said "for what it is worth?" I said "I don't kow" So I guess my question is, what good is it to have precious metal worth money if nobody will buy it for what it's worth? I mean some of you guys on this forum seem to think the world market is going to tank... If that happens WHO WILL HAVE MONEY TO BUY SILVER?
That turns out to be really difficult. I must have called 20 places within 50 miles of me today and everybody is BUYING but nobody wants to sell. One guy said he would sell to me for 10% plus the spot price... I was like... well he can be a backup option, and he is an hour drive away. Finally I found a local pawn shop that says they get silver in from time to time and they sell spot price +2 bucks. That seemed like an ok deal, but they said they were sold out currently and never know when they will get some in. Would craigslist help?
That first observation should give you a lot of confidence that there is value in silver. Spot + $2 is good value. If everyone else is selling for Spot + $3 or more you know that your silver has already appreciated and you are in profit. Auction sites might also be helpful if you want to sell. But the way the US$ is going, just like all those other people you contacted, it might not be something you want to trade your silver for.
Stick to reputable dealers and you'll have no problem with fake silver. You can sell back to many companies.. The real threat is the Goverments taxing all our profits away.
She brings up some excellent points,some which are conveniently ignored within the buzz of Precious metal euphoria.Having Pm's when there is a cash crisis on and not being able to sell them is no fun if you are relying on PM's for your emergency funds. Can't speak for the USA however Oz has been exposed to a cash crisis for at least the last 12 months. Spread your emergency and investment strategy over the entire family of sound medium of exchanges and growth potentials-These could be Pm's,Different world currencies,Tradable commodities,Realestate,land,blue chip shares,business enterprises etc. Investing 10% of your weekly wage on a stream of PM's over 20 years is a sound no loose situation without cutting into your cash flow. Small fractional low cost options are preferred because in the end its all about liquidity.Try liquidating a 1 oz gold coin as compared to a 1 gram gold piece,its a no brainer. Paying 10% above spot for good quality PM's should not scare you. Spot-15% are common values,just do your research and be objective using your Liquidity glasses as you view your product. Cheers REDBACK
Buy from trusted sources especially as you are starting out. Buy Physical and take delivery I prefer coins, harder to drill and fill. Being in the US I suggest sticking with American Silver Eagles and Buffalo's. Once you have a a few coins from reputable and trusted suppliers you will pick out fakes from a mile off. You'll know the sound, the feel and the weight.
The US govt has been known to do PM seizures during economic hardship. I don't think it is the govt's business what I am holding in a safe hidden somewhere.
http://www.tulving.com/ - But they have a significant minimum order. http://www.gainesvillecoins.com/ http://www.providentmetals.com/ All of the above are well known and reputable. You will have to do the maths about what order size to use to make the shipping worthwhile over buying a few ounces a week on your way home from work.
Just count yourself lucky that you don't pay spot + $3 PLUS 20% per coin as we do here in the UK. Stick to American Eagles and Canadian Maples before adventuring into the more exotic Pandas and Perth Mint silver coins. For good looking coins pay a little more and get yourself some Australian coins. If the price is not OTT the UK Britannias seem to maintain a premium over other coins as do the Chinese Pandas. My suggestion is buy tubes of Eagles ( 20 ) and Maples ( 25 ) for storage reasons and protection of the coins and add a few other coins to save on shipping costs. Don't dive in with all your cash, keep an eye on spot trends and buy when you feel comfortable. Be prepared to watch your investment drop maybe by 30% in the short term. Prices are volatile at present and there are no guarantees but silver should in the long term protect your wealth as fiat devalues. Making a profit is something we all hope for in the future, but holding value right now is very important.
I have three places within 20 miles of my home that will sell me 90% silver coins at face value times .71-.74 the price of silver. That works out to within cents of the silver value as taken from www.coinflation.com. I would think you should be able to get close to that price. Check coin shops, pawn shops and jewelry stores. I can buy all I want and the shops even let me pick through the coins. Just my advice.
