newbie with general question. From Canada

Discussion in 'Silver' started by reggiemk, Mar 18, 2011.

  1. reggiemk

    reggiemk New Member

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    What are pm's?
    Should I be stacking in bits weekly regardless of price? Im paying about $38/oz at the dealers.
     
  2. THUCYDIDES79

    THUCYDIDES79 New Member Silver Stacker

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    Welcome to the forums,

    PM - precious metals

    Gold
    silver
    platinum
    palladium

    Id suggest that u do buy weekly regardless of
    price, unless your individual purchases each week
    are in excess of $1k.

    $38/oz is a good price
     
  3. pmfiend

    pmfiend New Member

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    welcome aboard reggiemk.

    On the forum "pm" = precious metal (gold, silver, platinum, paladium) or "pm" could mean private message.

    Might be worth saving up and making an order each month instead of each week depending on how much $ you can save. Buying in bulk is cheaper than buying an oz or two each week. Paying CAD$38/oz at $34/oz spot is pretty good for coins, just over 10% premium which I think is typical. You might be able to get cheaper if you buy bars.
     
  4. Load of Bullion

    Load of Bullion Well-Known Member

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    http://en.wikipedia.org/wiki/Precious_metal

    The wikipedia link should suffice.

    My advice: Just hold your breath and buy at your leisure. I tend to buy on the highs so I can't offer strategy.
     
  5. reggiemk

    reggiemk New Member

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    So I should bet a better price if the quantity I purchase is higher? Is it better to have a mix of coins and bars and different weights?
    Anyone predict where the price will be in five years? Trying to invest for kids university and not sure which way to go :0(
     
  6. pmfiend

    pmfiend New Member

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    Well, it all depends on who your buying from. You'll have to work out the savings yourself. Most dealers usually give you a better price with the more you buy. i.e. you might pay $38/oz for a 1oz coin, but only pay $37.5/oz for 10 x 1oz coins, and $36/oz for 50, etc. You need to factor in the shipping price too, when figuring out your best deal. The shipping will usually be $xx/kg and so its smart to buy as many oz as you can get without bumping the shipping fee up to the next bracket (so your total cost is spread over more oz).

    No idea where silver will be in 12months let alone 5 years. IMHO the world is pretty unstable right now and I think it will be an especially tumultuous 2 years up to 2012.
     
  7. Silvester

    Silvester Member

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    pm can also be for Perth Mint. Or afternoon...

    Five years? Seems to be enough of a challenge predicting tomorrow's price. There are many and varied opinions around here and elsewhere on where the price is going, and to what extent that matters. We all have to read up, get informed and make our own decisions based on our own situations and budgets.

    Personally I buy silver when I can afford to. Sometimes when I can't. I find the discussions on this forum give me the confidence that I'm generally doing the right thing. But I will keep watching, reading and learning.
     
  8. mintydent

    mintydent Member

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  9. reggiemk

    reggiemk New Member

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    the dealer i have been buying from just charges me cash no tax and he doesnt even know my name. Does that sound right?
     
  10. mintydent

    mintydent Member

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    He has a physical store and he's not charging you tax?
     
  11. reggiemk

    reggiemk New Member

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    apparently there is no tax on pure silver
     
  12. Load of Bullion

    Load of Bullion Well-Known Member

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    No

    How many loaves of bread for an ounce of silver in 5 years?.
     
  13. RMP

    RMP New Member

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    I buy from them all the time. They're actually the only dealer I am using now, as their premiums seem to be pretty good compaired to others. No problems. Have recommended them a few times.

    RMP
     
  14. SirMoz

    SirMoz New Member

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    This is correct Reggie. I can't find my link on the Revenue Canada site, but here is another reference: http://www.scotiamocatta.com/products/faq.htm#Do_I_have_to_sales_tax?

    Keep this tax exemption status in mind if you import pure gold and silver since the packages are also exempt from GST and duty (to any countries whith which we have "favoured nation" trade status agreements -- USA and our Aussie friends are two) at the border. If you do get charged duty or GST, you can file a claim with CBSA to get a refund -- I just got a handful of refund cheques back from the government for improperly assessed dut and tax -- seems the folks processing mail at the border aren't used to seeing ".999 Ag" on declaration forms.
     

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