Posted on 06/30/2009 7:48:24 PM PDT by CapnJack
Anyone here at FR purchase Gold and/or Silver through Apmex.com?
If so, what are your pros/cons?
Has anyone here had any experience with this company?
Are there other online companies/brokers that make it simple to purchase precious metals that you would recommend?
What denominations and forms of precious metal would you recommend (e.g. Bullion, coins, etc...). I am looking at some 10 oz. silver bars and 1 oz. silver coins and possible a 1 oz. gold bar or American Eagle.
/johnny
didn’t you hear, gold/silver is bad investment. Its better if you put it in stocks, houses and government bonds
I have purchased PMs from Apmex, and have been pleased with my purchases.
Another site (ugly, requires 500oz silver or 20oz gold purchase) that has high recommendations is Tulving.com.
The main question seems to be, since all credit card transactions are tracked, whether you are OK with the IRS knowing the details of your precious metals purchases or not. If not, then buy locally.
Also, while APMEX has lower premiums, they also charge for shipping; so be sure to compute the total and compare it with what your local coin shop guy will charge: premiums may be higher but you will have anonymity and no shipping charges.
bankers love that paper.worthless!
Good advice.
“The main question seems to be, since all credit card transactions are tracked, whether you are OK with the IRS knowing the details of your precious metals purchases or not. If not, then buy locally.”
Apmex takes money orders and checks. That would be the way I would purchase from them.
There ain’t much local to me, unless I head down to the big city.
APMEX = highly regarded, I’ve heard nothing but good reports.
Tulving = excellent, though they have larger minimums.
Be aware that purchases < $1000 (depending on which state you’re in) are typically subject to sales tax.
You may also wish to check out www.coinshows.com
For a $2-$3 entry fee, you can see some local and semi-local dealers, maybe score a cash deal. Cheap entertainment. Most exhibitors will be sellers of numismatics, but many of them sell junk silver = their rejects. Junk silver is a popular and practical form.
Here’s a few things to be aware of:
There are loads and loads of countefeit Chinese silver dollars showing up, esp at these coin shows. All I’ve seen have been Morgans. If you are buying strictly for bullion content, you’d avoid SDs anyway, because they carry a significant premium.
One of the important concepts regarding US junk silver coins is that they are (what I call) self-assaying. Theoretically, you could go to sell a nice 100 oz Englehard bar, and be asked to assy (or pay to have assayed such a bar. So not only do such bars sell at a slight premium to junk coins, they also carry the potential for an assay demand. OTOH, you’ll NEVER be asked to assay a 1963 quarter. In fact, junk silver typically has the very lowest premium-over-spot of any form.
Take note of the relative premium of “generic rounds” = 1oz “coins” (they cannot be legally called “coins”, hence they are called “rounds” vs US Eagles.
Eagles are selling at a small premium right now. I am not especially an advocate of Eagles over generics, but when you go to sell, the premiums in Eagles typically comes back.
A life-changing amount of silver weighs a lot!
Do NOT tell anyone you are gathering physical.
I’m not aware of bullion dealers taking credit cards. Some may, but I’d say that most will not. They usually insist on wire transfers or certified checks. The bullion game (from the dealer standpoint) has incredibly thin margins, hence, the 2-3% credit card fees would not be tolerable.
I have made several purchases from them; the service is great and delivery time is also very good.
Excellent advice.
Good info also on the counterfeit Morgans from China. Are there any ways you tell them—dates, marks, etc?
I’ve purchased from APMEX and have been very satisfied. I don’t know about 1 oz gold bars but the American Eagles are very cool looking.
You are correct.I have the 1000 oz. silver bars.They are heavy.
Real good advice folks.Heads up!
According to Joe Battigalia of Goldline, buying the little one ounce silver bars are not a good investment. Why don’t you try buying sets of PF70 West Point NGC-certified gold eagles that come in denominations of $5 (1/10 ounce), $10 (1/4 ounce), $25 (1/2 ounce) and $50 (1 ounce) beginning in 1987. The PF70 West Point NGC-certified silver eagle hold their value too.
I put $5K in a stock index fund in 1984. I left it alone. It was worth about $40K last I checked. That’s 8X. How did gold do?
I use Aurum investors. Their premium seems to be the lowest I have found for gold coins. They have silver rounds too. Can’t use a credit card. Must send funds and checks have to clear before it gets sent to you. Have had no problems with them yet. Goto: goldcoinsgain.com. You’ll have to fill out some info to open an account. Good luck
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