Hello all, my name is Chris and I am on the Sunshine Coast QLD. I figured it was about time that I bought some insurance for my portfolio in the form of precious metals and stumbled upon this fantastic forum. Some great posts read already and I am sure many to come. I am looking initially to start stacking some silver in one hit and slowly add to the collection. With the recent pull back in the silver price I figured it is the best time to do so. So a question while I am here. What is the most efficient way to purchase bullion/coins at or as close to the spot price as possible. Looking to start of with maybe a couple of hundred ounces in as small amounts as possible ie ounces as opposed to kg's. Thanks in advance. Chris
Thanks Matrix and Sammy, what sort of premiums to the spot are expected for perth mint etc gear, not really collecting for collecting purposes just looking to get as many ounces on board as possible. Cheers Chris
Welcome Chris. Unfortunately "close to spot" and "coins" are almost mutually exclusive if you're talking about 999 bullion. You can get silver very close to spot if you target pre-decimal silver, which comes in 50% and 92.5% flavours. If you're targeting a few hundred ounces, there's nothing wrong with stacking bars - one good exercise to do is pick a goal, e.g. 200oz - and then find the price of the cheapest possible silver for that amount, e.g. 2 x 100oz bars. Work out that total cost if you were to purchase 200oz in that manner, e.g. $6944 right now at Perth Mint for 2 x 100oz, then using that as your budget, work out how many ounces you could buy of progressively smaller bars and coins - e.g. $6944 would only get you 163oz of 1oz Kookaburras, but would get you 188oz of 1966 50c for example. Once you've done those sums, decide how many ounces you're willing to lose as the cost of premium for the smaller more liquid pieces.
Thanks Gold Pelican, I am thinking for now the biggest single item will be in the 10oz bracket for ease of offloading if necessary. Is buying direct from the Perth mint the closest I will get to the spot price on the commercial market? Sorry for all the newby questions, but am serious to get into some metal as soon as possible. Cheers Chris
Perth Mint is out of stock of anything smaller than 100oz (bars). You can try some of your local dealers or site sponsors here or the trading forums. It's almost impossible to get near spot rates for anything short of 100oz or 15kg bars. Smaller denominations have more premium in general and coins have even more premium.
I like 10 and 20 oz bars. Just remember, most of the time you get the premium back if you sell anyway.
Spannermonkey, can you please give some more info on the $10 Silver coins and where they can be bought?
Welcome Chris, Just do what Goldpelican said in his post above. When you have decided than CALL PERTH MINT and ask for prices and availability -- write it down call the dealers in Brisbane, ( ainslie or such ) ask for prices and availability - - write it down and approach the dealers here on the forum and ask for prices and availability and than decide who is best for you out of all of them.