Guide to buying silver in Australia (resurrected)

SilverDJ said:
You are missing what's called the buy/sell spread. Take Goldstacker for example, you buy for $24.75 and sell back for $19.25 (about $1 below spot price). That's a 22% loss, or silver has to go up by that amount for you to just break even.
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Ok, thanks for expanding on that. I didn't quite understand what he meant by that, but this fills in the blanks.

SilverDJ said:
Compare that with say the Perth Mint online depository. Buy $20.45, sell $20.17.
You pay a HUGE price for holding physical metal yourself.
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Ahh ok, I see. Fortunately, I have a couple of mates who have decent sized collections and are willing to shift various pieces at spot as they need the cash at present. So I save on any premium the retailers add, plus shipping and insurance, as they are close by.

SilverDJ said:
You can get better rates of course by selling on this forum or other places, but it's much more PITA.
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Are people more after coins on these forums, or it's a bit of everything? Is there something that is widely known as hard to shift?
 
Keep an eye on some the bigger bullion shops in your capital city. Some of them have various items on sale be them silver bars, gold and silver coins etc. It's usually buy back stuff so quality isn't guaranteed but purity is.

ABC in Sydney had a sale on 1 oz silver coins the other week. They were returned silver Eagles, Maples, Kanga's and some others which they allocate at random when you purchase... no choice you get what they give you, but for the price I paid being AUD22.00 each it wasn't a bad deal. Ended up with a batch of perfect Maples for a good price as opposed to their retail price at the time.
 
Oddjob said:
ABC in Sydney had a sale on 1 oz silver coins the other week.
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Ahh nice. How do I find out about these? Sign up to various newsletters, or the sales are posted here on this site?

One of my mates is parting with some maples, eagles and kangas at spot, so I'll be snaveling some of them too. And some Lunars.
 
some dealers don't do buy back, most will, majority will take in anything; others may take in selections
this is a free markets, you will need to check them out...they may change from time to time and into the future
subject to market conditions
 
I wouldn't completely rule out eBay, but it depends what you're looking for

If you just want generic rounds, bars etc then eBay isn't the place to go, but if you're into more numi/limited mintage stuff or anything else really you can get some amazing deals on eBay if you know what you're doing and are willing to put in the time to search regularly

It's not often I find great prices for "Buy It Now" stuff, but I've won many auctions and got some crazy bargains because I regularly searched certain key words etc and put in the time, which isn't that much actually, maybe 10-20 mins a day or so if you know what you're wanting. Auctions aren't great as a seller, but as a buyer and in this current market, you can really scoop a deal
 
Soprano16 said:
I wouldn't completely rule out eBay, but it depends what you're looking for

If you just want generic rounds, bars etc then eBay isn't the place to go, but if you're into more numi/limited mintage stuff or anything else really you can get some amazing deals on eBay if you know what you're doing and are willing to put in the time to search regularly

It's not often I find great prices for "Buy It Now" stuff, but I've won many auctions and got some crazy bargains because I regularly searched certain key words etc and put in the time, which isn't that much actually, maybe 10-20 mins a day or so if you know what you're wanting. Auctions aren't great as a seller, but as a buyer and in this current market, you can really scoop a deal
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for a new buyer i wouldnt recommend it as I wouldnt know if it is right price, good quality, etc.
 
PS I brought my first new stack of silver... and 1 ounce of gold.

I am looking for more ways to know how to get it at right price, etc.

I brought it in brisbane via Ainslie bullion and they charged me 714$ for 1 kg. is there any other place you get it for cheaper.
 
Ziax said:
for a new buyer i wouldnt recommend it as I wouldnt know if it is right price, good quality, etc.
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Well that goes without saying.

For anyone new to metals, I would strongly suggest you do fair amount of research to build your knowledge base - that in turn will educate you and help you make better purchase decisions

Ziax said:
PS I brought my first new stack of silver... and 1 ounce of gold.

I am looking for more ways to know how to get it at right price, etc.

I brought it in brisbane via Ainslie bullion and they charged me 714$ for 1 kg. is there any other place you get it for cheaper.
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This thread, and many others on this forum will give you plenty of information about all of the available dealers we have here in AUS

In regards to the 1KG bar you bought, there are other dealers who are selling them cheaper than $714, but then you'd have to factor in postage too, so $714 F2F isn't bad

This forum is almost always the cheapest way to buy
 
Very informative. Appreciate the effort put into thread. Time to start stacking.

Cheers
IvyKoin
 
Yep ... that's a pretty good deal.
The jewellery stores are charging about $740 for 1kg perth mint bars at the moment.
 
sgbuyer said:
$600 for a 1kg bar?
https://www.gumtree.com.au/s-ad/que...s/1-kg-abc-bullion-cast-bar-silver/1212337544
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This is a 1 kg bar of pure silver. Current sale price from ABC Bullion is $738.10.
This price represents over $100 discount. Note the buy back price is $663. This is a bargin.
The bar has certificate of authenticity.
Note: the posted photo is identical to the bar for sale but has a different serial number.
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Why not just sell it back to ABC bullion?
Why is it a different serial number?
 
He's probably got several bars, all with different serial numbers.

As for the low price ????
Desperate to sell fast?
Typo ?
 
Hmmm you've probably hit the nail on the head.

To be honest I didn't even consider scammers.

Goes to show, it's not worth making a PM purchase online without eBay / PayPal style buyer protection.
 
Number 47 said:
Hmmm you've probably hit the nail on the head.

To be honest I didn't even consider scammers.

Goes to show, it's not worth making a PM purchase online without eBay / PayPal style buyer protection.
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It's choc a bloc full of people wanting insane prices or people dodgy af. Thieves and worse. Saw one idiot trying to sell a 1930 penny for about five grand under fair value. Tried to say he found it in his grandfather's drawer. One small problem - it looked exactly like the aliexpress Chinese knockoff version.

It probably didn't occur to this person that anyone can look at images online and that sane person would take it to a dealer and get it appraised, given the high value of a real one. No rational person would just put it on gumtree and stiff themselves out of 5k.

Crystal meth is widely used in Australia unfortunately and is well known for what it does to people. I would keep your eyes well in front of your head buying any coin or bar on gumtree. There are a few people with a large collection they are trying to sell off in their older age for whatever reason, but typically imo these people have the idea that you are going to pay the price you would in a shop or even more. Yet they pay no tax, no overheads.
 
back in the days when I lived in Perth, I had an ad on Gumtree looking for big stashes of round 50 cents. I would get one or two real bites a month and meet them in the lounge of my bank two blocks away. Paid spot price. Lots of bozos just calling to know why I was buying, too, but that goes with the territory ;)
 
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