Hey all, im wanting to start collecting gold silver platinum metals in coin bar and jewelry form. Think of it as a retirement fund as i dont trust banks or pension companies. Would much rather have something in my own hand than trusts banks with electronic bytes. So im looking for advice on where to start. Where to buy and what to buy. Im totally new to this. Was given a couple of silver bars and a coin but they are soo small........
Where are you located and what's your budget? When starting off I always recommend to go for lower premium bullion (10oz and up from Perth Mint, ABC) and only buy from well known dealers such as Goldstackers, Perthbullion, Bullion List etc. Avoid eBay until you have a better understanding of the different products. And welcome
For retirement only, set up your own Self managed Super Fund (SMSF) and then you can buy as much shiny stuff as you want with your super money. The only problem is that they don't provide a compounded income stream. In fact they cost you every year to store and insure them. How long until retirement age?
Welcome Rebeldog. I suspect you are from USA ? Just picking up on the the reference to "pension companies" Your location will have some impact on potential advice from SS forum members. Eg, not sure if SMSFs would apply in the USA
Just keep looking at videos, articles, and try to gather as much info as possible. Try to stalk prices before purchases, so you'll have an idea on what "good deals" are. Oh, and welcome to da board!
Thanks for the welcome. Im UK and aged 33. I started collecting old computer and phone bits for the gold but its far too much outlay and work for a less than profitable return. So im thinking just buy coins and bars for my pot and maybe dabble in some broken jewelry from auctions when i have the knowledge to get the right stuff, then melt it down myself?? I paid a lot of money (over 1/3 of my wages for 2.5 yrs) into a pension company and then when i left was told i cant retrieve my money as i didnt pay in the minimum amount...... Then the company went bankrupt when the recession hit and its now gone for good. I want something i can see and feel in my own hand that also gives me something to do whilst collecting. Rare coins etc So im after advise on books to help me get a grip of what and where to buy, especially info on buying old jewelry and coins. Thanks
Welcome to the board, but be careful talking about your purchases, as some people get truly upset and call names. Seriously though...I like the reasoning behind your choice to purchases PM's. Good luck to you.
Welcome. Start here: http://forums.silverstackers.com/topic-14520-i-have-x000-what-should-i-buy.html Then read House's FAQ: http://forums.silverstackers.com/topic-49009-stacking-faq-s.html
Good advice. eBay has no limits to new stacker impulse buying. you will pay allot more than what it's really worth once you get the bug. After a while you'll be able to spot the fakes on ebay also if you do some homework on alibaba.
Everyone is going to have a different opinion on the best way to start. Perhaps there is no best way aside from keeping your average cost per ounce low right from the start, start an excel spreadsheet or however you wish to store your information so you can easily cost average, find your favorite bullion dealers in the UK and buy from them, i would also suggest buying what some call scrap silver which is old currency which has bullion value if you can get it close to spot, sometimes you can get a good deal on ebay but i agree with the previous advice to stay off there until your well versed.... Wishing you the best of luck with everything
Welcome. I started with predecimal silver coins and sovereigns. Went on to pure silver coins, switched to pure silver bars, then bought some pure gold coins and bars, then swapped the gold coins for silver and then went and bought sovereigns and pre decimal. As you are in the UK you are going to be paying VAT on silver but not on gold. So I would concentrate on Gold. It will take longer to save up enough for one tiny coin but it also saves on storage and you get a 20% discount through not paying tax. The bigger the gold coin/bar the cheaper it becomes so I would only buy small amounts if you have problems saving cash. Good luck with it
