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Gabriel80
12-19-2012, 5:46 PM
Does anyone think this is a good time to BUY silver??

If silver is at $31.15/oz., is paying $2 or $3 over spot value for .999 troy 1 oz. coins a good or bad deal?

Is dropping $1000 on some pure silver coins a good idea right now?

crya79
12-19-2012, 6:08 PM
I've been buying some silver this past year. I'm still learning though. There are a few factors to consider. First, online may advertise lower premium over spot, but then you've got shipping. Your local coin/silver shop probably has a little higher premium to keep the lights on, and sales tax. So, you gotta kinda figure out where your best bet is. Two or three dollars over spot is actually a little high if you're just looking for some bulk pure silver coins or bars.
Silver actually dropped a little two months ago I think. I think it was down around 27-28, but now it's back in the low 30s. I buy when I'm able. Besides, you'll have to hold it at least long enough for the spot price to be higher than the gross price you paid anyway. So just buy where you can.

I think if you spend over a grand on metals you don't have to pay sales tax, at least I think that's the rule. Check out Apmex.com. THey have everything. I also really like what Scottsdale Silver has. You can always spend hours trying to score a good deal on silver on ebay but I've found inevitably the auction price ends up pretty close to spot plus some premium.

adonis
12-19-2012, 6:17 PM
+1 on Scottsdale silver! I've got a few of their 20oz silver eagle rolls and will be adding more.

Good discounts if you wire transfer and get a few people in on the action.

DRH
12-19-2012, 6:25 PM
If you have some extra money that you won't need right away and want to diversify your existing investment portfolio, silver and gold are a good option.

In California you would want to spend $1,500 minimum to avoid sales tax, purchases above that amount are considered an investment and are sales tax exempt. Expect some more volatility in the short term and be ready to ride that out and go long.

A 2-3 dollar premium would be OK for higher end coins like Silver Eagles, but for generic .999 bullion you should be able to do better.

As for timing, no one can predict the future. Silver is trending down currently and the commercial shorts are still pretty high. I personally would wait a bit longer, but I already have a stack.

johnny1290
12-19-2012, 6:43 PM
I buy silver dimes. cheapish verifiable not faked easily convertible well known

fat chance I'd take a new prod silver coin or bullion. they're faked by the million in china

check out fake silver on YouTube and make sure you know what you're getting.

they fake old silver coins in China. they're amazing, pros get fooled so I have no chance.

wjc
12-19-2012, 9:46 PM
I'm buying ammo at the moment to boost my stockpile.

I'll pick up some more silver if the price drops a little more.

Gabriel80
12-19-2012, 10:17 PM
I'm new to buying silver too. I did have to spend over $1500 to avoid the sales tax, and that was fine, I can pawn off $500 at cost to a buddy if I want.

I've hunted on eBay and found the same conclusion, auctions end at not much of a deal.

I've researched online and the best I found before this thread was KitcoSilver which sells all precious metals at very slightly above spot. However they have a $2500 minimum and then I have to pay shipping with insurance and do a bank wire transfer.

The local store I found, which is a reputable coin store, nothing shady, sold me pure silver Troy ounce coins at $33.9 / each. It's a little high I felt, but I also had the money on hand and am honestly a tad impatient to keep digging around.

I never thought about the idea that I was buying counterfeit, from what I've read most 1oz and 10oz coins aren't worth the time to fake. The bars of 100oz an over can often be filled with junk metal inside and surrounded by silver, they must be drilled to prove real.

The store did offer US Mint silver eagles but at $2 more per coin I didn't think it made a difference. I'm not really second guessing my purchase, I'm happy to have some silver in the house now. If it never offers me a huge return (it wasn't really a HUGE investment to begin with) I will at least feel confident I own something I could barter with in a SHTF scenario, or be able to immediately liquidate in an emergency.

Gabriel80
12-19-2012, 10:19 PM
Oh and I bought a couple hundred dollars of 7.62x39 ammo too. Holiday prepping I suppose!!

Gabriel80
12-20-2012, 3:14 PM
Great reads, thank you DRH for the links, I read all 3.

Seems like now is not a bad time to buy. Silver is about $3 lower than it was on 12/12/12.

Might be a safe to time to buy a little!

As for the counterfeits, I totally agree– buying on eBay is sketchy business!

IVth Horseman
12-20-2012, 4:34 PM
I tried to buy today but my local coin shops had nothing to sell! Gonna have to buy online now, I just hate shipping charges and tax.

johnny1290
12-20-2012, 6:18 PM
They fake *everything*. One ounce coins, quarters, dollars, old, new, you name it.

I wouldn't buy *anything* without a scratch test, and even then.

I buy the dimes since they haven't bothered faking those as best I know anyway. I've bought hundreds off ebay (I don't care if anybody knows come find me) and haven't gotten burned yet at least according to the acid test.

I think I paid around $130/roll of dimes. Somewhere around spot plus 5 or 10%.

If silver goes to 27 I'll buy a helluva lot more. I don't have enough invested in it to get too worked up over the price one way or the other.

I think I said it before, check out the youtube and fake silver vids. They fool pros, they're so good. They use worn dies to simulate old silver dollars. Perfectly legal in China.

Even weight only helps so much as they're so close to the real thing. Before I invested real money in them I'd maybe buy one and have it tested.

I don't care if it's from a 'reputable' coin store or not LOL Coin stores have been shady since forever! LOL

a silver testing kit with a stone and acid is only a few bucks off amazon, and a gold testing kit around $20 or so.

MARLANDO
12-20-2012, 6:32 PM
Placed an order with Scottsdale Silver Today! Tube of 1OZ Eagles !;)

problemchild
12-20-2012, 6:40 PM
Signal hill coin and silver (liberty coin) (http://www.libertycoin.com/Default.asp)

Great shop, prices and lots of stock......

I have 20 10oz bars at spot + 1 if anyone wants all 20

blakdawg
12-20-2012, 6:54 PM
I bought some silver American Eagles yesterday as gifts for family & employees. Was planning to buy some more but am rethinking that in favor of stocking up on ammo.

problemchild
12-20-2012, 8:11 PM
I bought some silver American Eagles yesterday as gifts for family & employees. Was planning to buy some more but am rethinking that in favor of stocking up on ammo.

Good luck finding any

bill_k_lopez
12-20-2012, 8:22 PM
I'm going to let you all in on a little secret. Make friends with a jewler.

You can often get silver below market. Don't believe me - fine. But I've been buying below market for a while. Not $$$ below market but enough of a discount that its WAY better than buying anywhere else.

Its also better to buy biscuits - when you buy coins, part of what you're paying for is the minting cost.

Gabriel80
12-20-2012, 11:29 PM
I understand now; don't buy any silver anywhere, everything is fake. Don't buy on ebay, China makes perfect fake coins in all donomination. However, everything on eBay so far has been legit. LoL, I love CalGuns!!!

All good advice, it's important for me to hear all the sides and make decisions, according to what makes me comfortable of course.

I think making friends with a jeweler is extraordinary advice, I have one in the family, and I will be heading that route next!

glockwise2000
12-22-2012, 8:38 PM
The silver is trending downward at the moment. I think it's wiser to stock and hoard ammo. It's the new gold.

edgerly779
12-23-2012, 1:35 PM
I was selling junk silver american coins for spot plus 2% 10 days ago but as price went down I pulled them. Sold couple guns and ar upper and may buy now . They are around for spot plus couple percent.

pats1911
12-23-2012, 1:46 PM
no i wont buy silver it use to be $3 a oz now its $30 i dont feel right buying at todays prices i should still be able to buy it at $3 a oz

Gabriel80
12-23-2012, 2:58 PM
Where should you be able to buy silver at that price?
When was the last time silver was under $5/oz?

Stormfeather
01-02-2013, 2:27 AM
Where should you be able to buy silver at that price?
When was the last time silver was under $5/oz?

Silver didnt start going up until around late 2004 if I remember correctly. Back then it was $4.90 or so an ounce.

shafferds
01-02-2013, 3:17 PM
Anyone buy the silver bars from china?

speedrrracer
01-02-2013, 3:31 PM
Anyone buy the silver bars from china?

Seems like trust would be an issue. China's rep as the King of Counterfeit would make me think, "Oh, they've figured out a way to make tin appear like silver to all the standard tests".

For the OP, asking about investment advice on a gun forum is probably not the best plan. PMs are surely a part of a balanced portfolio, but only you or your financial advisor knows your complete situation.

And someone posted above about finding American Eagle silver dollars -- they're all over the place. You can even buy them directly from the US Mint. They're very expensive, so I'm not sure why you would want them, unless you're some kind of collector.

wjc
01-03-2013, 2:12 AM
Anyone buy the silver bars from china?

I wouldn't buy silver from China. Too shady.

1capt.
01-03-2013, 7:58 AM
This is today's latest fm my favorite place to buy. As long as you buy generic rounds and NTR bars, it's by far the best price I've seen.
I live nearby, so I don't pay shipping.
And when it's time to sell, their price is one of the best.

https://libertycpm.com/silver/

geeknow
01-03-2013, 8:09 AM
I've been buying silver for nearly 25 years.