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Old 12-08-2010, 11:54 AM
KDOG KDOG is offline
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Default Buying gold and silver - most reputable vendors?



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I'm interested in the buying gold and silver. Where would be the best place to buy from? I'm REALLY new to this whole gold/silver buying thing. Whats going on with silver? Is there a way to buy smaller quantities of gold for us po' working folk? Say 1/10 oz at a time? Thanks in advance....
Old 12-08-2010, 11:58 AM
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Small quantities - probably local coin or pawn shop to avoid shipping costs

Medium quantities - give APMEX or Gainesville Coins a look

Large quantities - I suggest tulving.com
Old 12-08-2010, 12:09 PM
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I use coin-rare.com / westminster mint
Old 12-08-2010, 12:17 PM
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Question

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Originally Posted by KDOG View Post
I'm interested in the buying gold and silver. Where would be the best place to buy from? I'm REALLY new to this whole gold/silver buying thing. Whats going on with silver? Is there a way to buy smaller quantities of gold for us po' working folk? Say 1/10 oz at a time? Thanks in advance....
Everyone is probably tired of me pumping www.gainesvillecoins.com. I have no financial interest in that business at all. Someone else on this board recommended it to me when I started getting into PM's last spring. I'm sold on their service. Packages insured, they won't leave it at your house in the mailbox. If you aren't home to receive it, you will go to the post office to pick it up and sign for it. Competitive prices. The down side is the shipping cost -- but you're going to pay that from any online vendor. You can also pick junk silver coins at your local pawn shops. I paid $22 for late 1800 silver dollars a few weeks ago when spot price was around $28.00.

Yes, you can buy fractions of gold on various pm sites (including gainesville coins). My take is silver has more upside potential than gold - but that's just one guy's opinion. You can buy a lot of ounces of silver for the price of one ounce of gold. I would rather ride 43 ounces of silver up $1.00/ounce than one ounce of gold up $20.00
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Old 12-08-2010, 12:18 PM
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My suggestions would be to go to www.coininflation.com and look up the weights or melt weights of coins then you figure out how many of what coin makes an ounce multiply that by what silver or gold is trading for that day on the market and add 5% over spot (spot refers to what it is trading at for any given day).
Example it takes approximately 14 1/2 dimes to make an ounce of silver based on their silver weight per dime. So if silver is trading at $29.00 for the day you would divide $29.00 by 14.5 = $2.00 per dime plus 5% over spot or $2.10.
Example of buying by the roll. A roll of dimes is 3.617 ounces so you would multiply that by $29 =$104.89 plus the 5% over spot or = $110.14 per roll of dimes.
Only rarely do we buy something if it is more than 5% over spot price. We find some good deals at antique malls, flea markets, garage sales, estate sales etc only rarely have we bought from coin dealers because we have found most the time they try and rip you off.
Do the research and educate yourself on melt weights of coins or bars. What you are looking for is called junk silver coins that have no numestic value. Good luck to you.
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Old 12-08-2010, 12:20 PM
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Everyone is probably tired of me pumping www.gainesvillecoins.com. I have no financial interest in that business at all. Someone else on this board recommended it to me when I started getting into PM's last spring. I'm sold on their service. Packages insured, they won't leave it at your house in the mailbox. If you aren't home to receive it, you will go to the post office to pick it up and sign for it. Competitive prices. The down side is the shipping cost -- but you're going to pay that from any online vendor. You can also pick junk silver coins at your local pawn shops. I paid $22 for late 1800 silver dollars a few weeks ago when spot price was around $28.00.

Yes, you can buy fractions of gold on various pm sites (including gainesville coins). My take is silver has more upside potential than gold - but that's just one guy's opinion. You can buy a lot of ounces of silver for the price of one ounce of gold. I would rather ride 43 ounces of silver up $1.00/ounce than one ounce of gold up $20.00
Good deal for you kudos on your find. That was what we paid for our last ones as well. This weekend the antique mall we bought them from has 25% off everything we are going to go back and get some more.
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Old 12-08-2010, 12:21 PM
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I am in the same situation that you are...namely not knowing anything about buying/selling coins.

There are a few posts on here about buying from websites and 3 sites kept appearing with good reviews. I checked them out: APMEX, Tulving, and Gainsville.

Tulving's website is confusing for me. Additionally, you have to buy more than what I wanted.

So, it was between Gainsville and APMEX. I chose APMEX because they had a Black Friday special for free shipping, so I went with them.

Their customer service was awesome. I did a wire Xfer and my banker actually called up the rep I had spoken with and the APMEX rep guided him through the whole thing.

I am very leery of coin dealers. Since I don't know what I'm doing, I'm afraid I would be paying too much. If I knew of one that was reputable, I would have no problems dealing with them. The issue for me is finding that one dealer. No one I know buys coins and if I told them I was buying junk silver for when TSHTF, well....it just wouldn't be good. (Any suggestions on how to find reputable dealers welcome)

You could do research on what coins were going for on eBay or the sites above then let that guide you in a coin shop.
Old 12-08-2010, 03:01 PM
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I used to be pretty down on APMEX until someone showed me the benefits of them using USPS for their shipping. USPS fully insures your shipment, where UPS and FedEx have some interesting fine print that will cause large orders to probably not be covered if something were to happen. APMEX is a bit more than other vendors (I've used Bullion Direct before, they have very good prices), but their shipping seals the deal for me.

If Gainesville coins would accept personal checks, I'd probably try them. APMEX and BD both accept personal checks which keeps payment fees to a minimum at the expense of having to wait for your check to clear.

If I want to purchase just a few coins, I'll go to a local dealer. On large orders it's significantly cheaper to buy online.
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Old 12-08-2010, 06:32 PM
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APMEX is also a bit higher on the convenience side, in that you can use a credit card and avoid delays to clear your check. They take a couple of extra days for that first cc order to establish your identity and the validity of the charge. Once you are a repeat customer, they get a bit quicker.
Old 12-08-2010, 06:45 PM
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I've spent a lot of money at gainesville and have been more than satisfied.

I'd advise against buying much 1/10 oz. I have about 30 and bought when gold was at 1345. It will have to hit 1500 just for me to recover the cost of my premiums.
Old 12-09-2010, 04:07 PM
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Ok wait a minute. Dimes are made from silver? So $1.45 worth of dimes melted down is worth $30??? Something doesn't sound right about that.... Wouldn't they know some how that you smelted down a bunch of dimes to do that? Have I got this right? Head spinning....
Old 12-09-2010, 08:25 PM
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Quote:
Originally Posted by KDOG View Post
Ok wait a minute. Dimes are made from silver? So $1.45 worth of dimes melted down is worth $30??? Something doesn't sound right about that.... Wouldn't they know some how that you smelted down a bunch of dimes to do that? Have I got this right? Head spinning....
Only pre-1964 dimes and quarters.

As for buying PMs, I use APMEX.com as they have a huge selection and you don't have to deal with a broker.
Old 12-09-2010, 09:08 PM
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My son likes Delvalleysilver.com
Old 12-09-2010, 09:24 PM
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PhilsCoins.com is my local coin shop, they also have an online presence, and just about the best prices I can find on the street or online.

He's been running the same coin/collectibles shop since I was in grade school, when I used to go in there once a week to get a pack of baseball cards. More on the coins & bullion now since the cards aren't so popular anymore.

I assume when you mentioned 1/10 ounce at a time you were talking about Gold . . . I highly discourage buying anything less than 1oz quantities, the premium you pay for smaller amounts is staggering. 1oz Gold Eagles sell for about $1,450 per oz right now, but for a 1/10 oz coin you'll pay $160+, or roughly $1,600/oz, more than $200 over spot price!

I prefer silver anyway. You can buy in smaller quantities and not get gouged over the spot price. Plus, easier to divide up later too. If I get desperate and need $500 in cash I can't sell 1/3 of a Gold Eagle . . . but I can pretty easily sell 18oz silver
Old 01-05-2011, 04:51 PM
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Sorry posted my post in its own thread because honestly it didn't answer the OPS question.
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Old 01-05-2011, 05:04 PM
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I go to a local coin shop..No shipping or insurance charges...Cash then out the door...
An important tip for large investors always take physical control of the PM's you buy...Don't let someone sell you some and then you pay for storage every month in some place that is several states away...
Old 01-05-2011, 05:14 PM
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I have dealt with APMEX and a local Coin Dealer. Thumbs up to both of them.
Old 01-05-2011, 05:53 PM
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Here is a $5 off coupon for Gainesville Coins

Promo code: NIAUS
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Old 01-06-2011, 05:04 PM
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I went to a local pawn shop just now. Here are the prices I got:
American Silver Eagle proof, 99.9% silver: $55
Morgan silver dollars, 40% silver: $35

That was not promising.
Old 01-06-2011, 08:58 PM
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A friend bought coins from Gainesville Coins and Northwest Territorial Mint http://www.nwtmint.com/, said NWT Mint was a little cheaper.
I found it interesting that NWT(?) brand (Stagecoach) coins and bars were divided
into 4 1/4 oz on the back... so one can break coin/bar into 4 pieces if needed...
https://store.nwtmint.com/product_de...r_1_Ounce_Bar/
may come handy I thought to myself
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