Hi all my name is Dean i live in the uk and i am new to all this but have heard a lot about how i should invest in precious metals etc, i have been reading for last few days on the net and seems like a decent investment (has to be better than putting money in bank) any way i purchased a 1oz coin yesterday it costs 22 pounds then add the postage and VAT and comes to nearly 28 but thats just to get ball rolling, i dont have great amounts of money to spare but i do have a around 300 pounds to invest then maybe 100 pounds every month, i have many questions a few listed below 1, is silver a good investment and is it likely to continue to rise in price 2,is the spot price the price that companys are buying it for ? 3,anyone have any good sites for the uk to read and learn or to buy 4,Big question is it better to buy bars or coins Many thanks for reading and any help would be great sure these have been asked a million times Thanks Dean
1, Dunno 2, Spot price is the price for a contract of 5000oz of silver on the exchanges (NYMEX, GLOBEX ETC...) 3, Not me but some here 4, I have heard 1kg coins are good for tax purposes in Europe?? 5, Your body weight, make an mini statue of your self Stay away from bargains... they are usually scams/not real Ag, concentrate on value. Here's 4 tips for you 1). Research 2). Research 3). Research 4). Research
1. Silver is going down in value, so as an investment over the short term, no. We hope and believe that in the long term the price will rise, people used to believe the world was flat. Who knows? For silver to go up in value there has to be a worldwide financial crash (or a new use for silver) There are a lot of players (governments) heavily invested in there NOT being a world wide crisis and they will do everything they can to prevent it. 2. Some dealers may give you spot price but most will pay you less than spot. The gerneral public will pay more. Spot is the paper value for people who trade imaginary silver. 3. Not really, when I was in the UK there was not much available, boot fairs were good for old coins but never cheap or plentiful. 4. Personal preference, yours and the person who will buy them off you. Bars are cheaper, more silver for your . They are also easier to fake if anyone wants to. You can also drill holes in them and fill them up with other metal (mostly a problem with gold bars, not heard of it in silver). Coins are harder to fake but they are being faked and there are some good fakes out there. Bars will only ever be worth the price of silver plus a small premium. Coins MAY go up in value if they are rare of interesting. A lot of coins, actually drop in value once you buy them so be careful. The Mints of the world are churing out over priced rubbish, try and avoid gimmiky coins, those with colour pictures on them or holograms or funny shapes. Wait until you have more experience before you go there, but always have it in the back of your mind because the right coins can really go up in value. Best to buy some coins and some bars, some old junk coins (just make sure you buy silver ones and not cupro-nickel) you can also buy cutlery or jewellery. try not to limit yourself to one area because if that takes a hit you will be in trouble. Buying one coin at a time is expensive, in postage and in volume breaks. Try and buy with a group of people, if you can get enough coins the price usually goes down per coin and you all save, look out for group buys here to see the bargains. Buying one large bar is cheaper than buying the same weigth in smaller bars. Make one large purchase instead of several smaller ones, keep the money in the bank in the meantime. Keep emergency money, if you are forced to sell some silver to pay a bill you will lose money. Always have enough cash to last a month of expenses, when you have that you can start buying silver with anything spare, safe in the knowledge that if you lose your job or need a car repair or hospitals or whatever you will not have to sell your silver in a rush. Try and buy tax free precious metals, most normal people don't charge VAT so go for second hand silver if you can. 999 Gold is tax free if memory serves me well, that is like a 20% discount of the cost of precious metals, 20% extra free! It might be worth buying gold if you can afford it. Anyway, there is lots of information on this site so read the threads and ask questions. Good luck
1.silver is an investment...is it good? time will tell ..but there is a reason we are all here 2.i dont know but i dont think so... 3.sorry cant help you here 4.coins are nicer and some of them attracts a better value,bars are cheaper easy to move 5.decent amount of stock? once you get into it,nothing is ever enough
thanks a lot for help thats great, will try to invest in coins and bars as u say, is the price of silver reletevly cheap now compared to earlier years prices ? also is a global meltdown doesnt happen will there still be a chance of silver prices going up and up ? anyone know any decent sites for the uk silver market ? what were the high prices or silver ? Thanks for help Dean
silver generally goes for just under $10oz but if your reffering to most recent years, well it went up to $50 last year and now it's steradily been going down, so overall if your into historical data, no it won't be going up, it will mopst likely come back to normal levels. perhaps wait until it either goes up to $30 or down to $20 before you get too excited
what is best sites to buy from in the uk ? i have a few but need a few more, seems to be around 28-29 pounds a ounce over here is that relativly low ? would love to invest in gold but just too expensive at the moment lol, il take it the prediction is that the price will eventually rise ? think will start investing but only in small affordable bits like i said earlier maybe ounce a month but might put a few hundred pounds into it first, just recieved my first ounce earlier very nice coin thanks Dean Desperate for decent uk sites
Use the search feature & have a read of some Ladybird threads ,she's been buying from UK dealers & has figured it out
Hey Deano3, I just thought I would write this post to welcome you to Silver Stackers, I am writing this because I was not that long ago in the same position as you are now. When I first discovered this website I spent hour upon hour reading post after post, as I have done so every day since. I can remember getting my first 10 oz Perth Mint bar from Steve at Aurora Et Luna a dealer here in Australia, and literally falling asleep holding it in my hand in bed. I still feel the same excitement now as I did then when I think about it as I'm sure you feel now. Enjoy the ride and my only advise to you would be try to be as patient as you can when making a purchase all the charts and research in the world cant beat your own intuition I believe. I would also like to add after reading this post it also inspired me to join up as a paid member and I would encourage others to do the same. Regards Dags
Hi. Long time since you posted, but had you considered sterling silver items? I have bought stuff from UK, where it seems plentiful, but postage to Australia expensive. Flatware, compacts, plates etc can be bought at or below spot with no VAT.
When starting out I'd steer clear of high premium silver and stick to bars with lower premium to get your ounce count up.
Also new to this. My first coins i have purchased ( and waiting for ) are SSBS coins Slave Queen and trivium. really liked them and they will start off a new hobby. I am also interesting in LONG term investment into Gold and Silver for my children... Is this a wise move? If so would it be better to get lots of silver or save for gold bars Or am i wasting my time investing and just put the money in a bank account Thanks.....
Start here http://forums.silverstackers.com/forum-22-welcome-new-members.html http://forums.silverstackers.com/topic-14520-i-have-x000-what-should-i-buy.html And than use the search button ALL your question have been asked before & have been answered more than once