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Got some money, want to buy silver..

8K views 58 replies 30 participants last post by  97guns 
#1 ·
Hey all, not real sharp when it comes to PM's. I would like to buy some silver. Have searched on here, just looking for some more opinions about what I should buy. Maple leafs, eagles??

Thanks in advance....

Cheers!
 
#52 ·
lemme give you a little bit of advice if i can...find some gold jewelry that people are selling..either through a flea market or a garage sale...typically you can pick this up very very very cheaply...sell it for scrap and buy what you want or hang onto it sell it when you need to. i know about a half dozen people who do this every single week...it's out there!
 
#10 ·
i agree with the others, if you are in accumulation phase buy the cheapest and get the most and that usually equates to junk 90% or generic .999 bullion. if you have a position established and are just topping off you can tolerate some bigger premium stuff like the gov't issued stuff you mention..
 
#11 ·
if you want to trade with it, buy something that people are going to recognize (pre '65, or well known mints - e.g., maple leafs) - you could trade these with anyone for their full value

if you want to preserve wealth buy silver which is closer to the spot price (sliver rounds by relatively well known mints - e.g., kitco rounds) - you would likely have to go to a metals dealer to extract the full value

if you want to preserve wealth due to inflation, but don't think the world will fall apart, consider the GLD ETF - your brokerage will trade this in at full value for you quickly
 
#13 ·
cost average your buying. Start by making a "base" purchase and then all future purchases can be averaged against that.

The best silver to buy is junk silver, also known as pre-1965 US dimes, quarters, and halves. This will give you the most ounces for the fewest dollars. Try to get all dimes since these are better for barter.

DO NOT buy paper silver like an ETF. If you don't hold it, you don't own it. Only buy physical silver and keep it in your possession - not a safe deposit box or anywhere else where someone else will have a claim against it.

Remember the number one rule is... If you don't hold it, you don't own it
 
#16 ·
Bettersafe: while tulving.com is consistently the lowest price dealer, they have too high a minimum order for what the original poster said he can spend.

I would recommend that you find a local dealer that you can trust and that has reasonable premiums and try to establish a relationship with that store. Beyond that, I believe you'll find that on any given day - either apmex.com or gainesvillecoins.com or providentmetals.com will have the lowest price.
 
#17 ·
My bad - you are correct - tulving essentially requires you purchase 500 ounces. A year ago $10K would have been enough for that amount...but times have changed....maybe Tulving needs to lower their minimum. :)

Aside from them I would try a local dealer but check their premium vs. the 3 dealers mentioned by HogSnapper making sure to include shipping costs.

As far as what type of silver - pretty much a personal choice. Bars, rounds, junk - I don't think there is a wrong answer although I wouldn't get bars bigger than 10 ounces each.
 
#21 ·
Junk silver is ok if you only plan on bartering with it at some future date but one should consider that at some future date the price of Ag is going to be much higher than it is right now, at some point it will be traded by weight not face value. Coins with a lot of wear will be worth less than uncirculated or lightly circulated, you might also consider generic rounds or bars.



DS
 
#24 ·
Diversify, even with 10k you want to spread it around.

Look at auctions on Ebay. Yeah, I know ... but once you know the prices you can spot a decent deal.
Just don't forget the shipping costs on the larger consignments.

Sites you and any other PM collecter must know about;

http://www.kitco.com/charts/livesilver.html

http://www.coinflation.com/

Silver has jumped more than Gold and has more room left to jump, but Gold still has lots of wiggle-room since the investors are not even close to being "all-in".
 
#27 ·
Speaking of halves, I just saw an offer for 12 of them on Ebay for 179$, I offered 155 and he came back with 165$.
Makes me wonder too.

So, you have 10,000 to spend, all on PMs?
Well, if you must....

Wait a couple of months, word is that Gold might dip one last time, before it goes through the roof again. Might want to set 2,000 aside to wait for an opportunity.

6,000 for Silver, large ingots are good to avoid the mark-up on individual pieces. A couple of Kilo bricks and one-ounce rounds by the dozen. Only about 15% of what I have is old US coins, called "junk" silver.

Old Canadian dimes are only 80% silver, other foreign coins are at least as bad, that's what I would call junk!

Don't be tempted by Copper and Platinum in a big way. A little is fine, but it sounds like you are not a prepper like some of us here ... those metals will loose value in an economic slow-down and industrial demand plummets.

You live in two states? Well, there should be a good dealer in one of the places you live. Go find an honest one and write some prices down, gives you another yardstick and you might get lucky enough to find the best deals locally.
I did.

Hope that helps.
 
#28 ·
Silver has been pretty unstable lately. I have a mix of silver that is about 45% dimes and quarters, then 25% peace and Morgans, 10% eagles, 10% maples, 10% of these Mexican 30g 90% silver coins, that are the roughly the size of an ASE but have the silver content of a US 90% dollar. I picked them up for $3.16 ea. The way I figure if we have to BO we can head north or south with out currency issues.
I have bought from old people, Craig’s list, eBay, even at flea markets and at garage sales, I try and stay away from coin and pawn shops or silver brokers and companies, because they charge high premiums, although I did get two SAE for $19.00 way back when, from Investment Rarities Inc. through an add they put out, my father bought a half bag of dimes from them but the premium was to high for me at the time I was getting better deals on eBay. He did double his money and cashed it all out really high, I sold some then too but bought back even more when the prices dropped.
Since eBay has started keeping records of silver, I rarely use them unless its extremely undervalued. Craig’s has been full of garbage lately. I have seen adds that have gold or silver but they had to raise the price from what the add offered, I’m not sure if it was a bait and switch or if it was the huge price fluctuation. I have noticed that when the Jap quake hit and when we killed osama the price dropped a lot. And people panicked and sold good quantities for cheap. Keep an eye out for that.
 
#29 ·
The Silver market is small. Historically, the volatility has always been high.

These drops are buying points for people.

The fundamentals haven't changed. Precious metals will do fine in the coming years.

Just don't spend the rent money. Don't borrow to buy precious metals.

Realistically, any bullion purchased for less than $50 is fine.

Silver might test $31, again.

Average in and out of positions. Don't try to time the bottoms or tops.
 
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