Skip to comments.Vanity: Seeking advice on buying silver
Posted on 02/14/2014 6:43:09 PM PST by Kolath
Looking into buying silver and needed advice (do's and don'ts). Was thinking of both 1oz and fractional coins (1/2, 1/4 and 1/10 an oz).
Where can I buy (recommendations) and how can I properly store them?
Was looking to spend under 1k.
Buy something that throws off dividends.
Farm land to lease out would be what I would buy iffin I had 2 nickles to rub together.
I have used Blanchard & Co. out of Loiusiana in the past. I was pleased with the service and time to delivery.
Buy “junk” silver. This is circulated U.S. sliver coins minted before the silver was sandwiched with copper.
It is the least expensive way to go and you can still use them as money, if necessary.
A bag of face value $1000 junk silver will cost you $16,580.00 at Affordable Jewelry & Precious Metals in Portland, OR (ajpm.com). Or you can sort through your pocket change religiously, which some people do.
Just my .02.
Spread out your choices. 1 oz rounds are good but try getting change for them. Buy some Rounds and then buy some “Junk” Silver... they are the 90% quarters and dimes. They usually come in $500 and $1,000 face bags. You can use them in smaller quantities and not need change.
Ann Barnhardt agrees with this, buying bags of old silver coins
Find a local coin shop, get to know the people there. You’ll save on shipping, and you’ll pick up the rhythms of the metals market through conversation and observation.
I like dimes and a variety of 1 oz silver rounds. The Perth Mint makes some beautiful coins.
Better to buy lead.
Whatever you decide, buy the stuff on Monday as Silver just crossed a major resistance level ($20.60) and is set now to potentially outperform gold, which is already kicking the stock market’s butt this year (reversion to the mean as the reverse was true last year).
I would not touch the stock market. Even if we do not have a crash for a while, the fact that the market has done exceedingly well the last few years is setting itself up for underperforming. Too many people are bullish on the stock market, which is a sign of a top, just as too many people (especially at the end of 2013) are bearish on the precious metals, a sign of a big breakout (contrarian signals).
I read somewhere that “junk silver” is a good way to secure fractional silver. It consists of coinage containing percentages of silver and they come in large bags. As far as gold goes, you might want to check reputable dealers like one I researched named Golden Eagle Coins located in Laurel MD. They have a very loyal online customer base. Very nice people and they ship out faster than any of the large named corporations.
Whole heartedly agree.....
Try www.apmex.com They have a good selection on-line and you do not have to speak to an “advisor.” You just fill up your cart and check-out.
If you want silver, try to get the best price per ounce that you can, and not pay too much premium for fancy grading, or packaging. In my opinion, the only exception to that rule and the smart play is 1 oz American Eagles, various dates. Fractional silver coins have too much of a premium for my taste.
I like Gold coins too, but I don’t know if walking around, post collapse, with a $1,500 coin in my pocket to go buy some milk and bread is a smart play.
That would be dimes and quarters 1965 and under, as I understand.
1k? Don’t worry — just buy something. I like having a small bucket of junk silver. Consider it a long term investment and don’t sweat the premiums. Keep it in your desk draw where you can quickly access it and let it run through your fingers.
One important warning; kids think it is just regular money and will steal it and buy candy. Not that I would know this.
Northwest Territorial Mint has a great selection of fractional silver coins and bars. They take forever to deliver though.
reputable pawn shop. i bt 1k year ago
I have purchased through Kitco (kitco.com) several times. Good reputation and reliable.
I can offer no sage advice on silver vs land or such. I believe that a few hundred ounces of silver is a wise move if you have the discretionary income to spare.
But...if you can afford to buy some silver, then I honestly believe you should go to Sams or the grocery store and buy $500 worth of canned veggies, meats, potatoes and beans. Then buy several 36 packs of TP, a couple dozen rolls of aluminum foil, a couple dozen toothbrushes and dental floss and a dozen or two tubes of toothpaste. A couple dozen bars of bath soap. Everything I’ve listed you will use regardless of what happens in the future. So you can’t lose and have a lot to gain from having these things around. It’s not that much money.
ALL families should have 2 good firearms and 500 rounds of ammo for each.
Long answer for a short question.
They are the single most trusted silver medium in the world.
Ingots from a reputable mint/assayer are also well trusted, but it does depend on the mint/assayer.
Stay far, far away from anything purported to be Asian as they are proven to be fakes in most cases. The real stuff is out there, but why take the chance?
You will pay a slight premium for Silver Eagle coins, but you'll also be buying almost universal trust and "re-saleability".
Ironically, some of the best deals I've gotten have been off Ebay.
Expect to pay 2-4 dollars above spot, but find the Free Shipping ones and you'll do okay. Look for specials and deals for first time buyers.
Also, if you can find Junk Silver at reasonable prices, snatch up as much of it as you can.
Go here: www.coinflation.com, and you will find more information than you ever really wanted to see.
I have made a lot of money in silver and my father made his life's fortune in it, but there was a hell of a lot of luck involved in that.
My father was able to take advantage of the Hunt brothers fiasco, years ago, and made a hell of a killing.
I don't think that's possible at this time, barring an apocalyptic scenario of some sort, in which case, gold will be the go-to metal.
All of the above is my personal opinions and beliefs.
Your mileage may vary.
In re-reading your question. Your plan works if you’re trying to keep it under $1,000. Silver Rounds and if you can buy either 1/10ths and such will suffice. If you can find a local dealer that will sell you “junk” without buying the Bags will work as well. Silver gets very volatile due to “external” forces (read manipulation) so, don’t pay attention to the day to day gyrations and after hour shenanigans.
1964 if my memory serves me. 1965 was the year the sandwich metal coins were introduced.
Ask Bunker Hunt how it worked out for him.
Ask Bunker Hunt about how the Gov’t traded against America and the concept of Fiat Money. You’ve lost 95% of a dollar since 1971.
Don’t buy now. Silver is still in a long term down trend. It did break out of down channels in daily and monthly charts. But the overall downtrend is still apparent in the monthly charts. There is no reason to believe that this is anything more than a rally in a long term bearish market. I think that a lot of things like the stock market, real estate and some other things are overvalued and we are headed for a further down economy so I would not buy. If you believe that the economy will pick up or you will see inflation than you might think of buying. But it is still in a downtrend overall. I am a former commodity broker.
I haven’t seen a silver coin in circulation in decades.
Go into the morgue and rob the cadavers.
I got a quarter about a year ago.
Even more surprising, about 2 years ago I get some change back and thought “That nickle looks weird...”
It sure was!
A 1937 Indian head/Buffalo nickle.
Website for comparison of prices.
Tend to agree with other posters....suggest you wait before buying in a big way. It looks to be in a bear rally.
I got a '64 dime in change at Walmart, the other day.
I also got a 40% Kennedy from a convenience store clerk, who was complaining that he didn't have cash register drawer space for half-dollars.
So they are still out there, but damned rare.
Precious metals are used to preserve your buying power in case the US dollar loses value due to currency crisis. No more then 10 percent of your total assets should be in prec metals just in case the SHTF does not happen. Example if the Fed Reserve successfully tapers QE, interest rates in savings accounts will go up, thus cash will earn while prec metals value will fall.
If you buy silver for SHTF scenario, then get 1 oz bars or coins like American Silver Eagles, Canadian Maples, or Austrian Philharmonic coins. They a bit more expensive but well known. One oz bars allows one to liquidate small amounts to paper currency and you immediately spend it for food, fuel and essentials if hyperinflation hits. Historically gov step in after six months to reset currency and restore some stability. Surviving the six months should be the goal set. Figure how much you spend for food, gas, utilities, medicine, essentials per week. Divide that by the spot price of silver and that is the amount of silver oz you will need to survive per week. 26 weeks is half a year or six months. $ 1000 will buy you about 47 troy oz based on silver price 14 Feb 2014.
You can offset the cost of SHTF silver needs by buying essentials today. Example stockpile 6 months worth of toilet paper. Six months worth of tampons (for adult women). Maintain a six month stockpile of canned foods that you will use once the stockpile is achieved on a daily basis but replace the cans used. When SHTF you already have six month supply of items and use the silver to buy perishable items. Banks close if SHTF and people will panic and fight over food in stores. Even waiting in line for gov rations can be very challenging. You still have some time to prepare.
Buy pre 1964 dimes, quarters and halves. Junk silver on $1k is your best bet.
I’d like to have some silver to have for contingency purposes. Maybe buy my way out of a fix.
Do and don’ts. Do not buy numismatic coins whose price is based on historical and rarity. When SHTF the pawn broker will base price on silver content.
Good vendors I have used are; www.apmex.com; www.bulliondirect.com; www.providentmetals.com; www.monarchpreciousmetals.com.
My only luck in finding old coins is metal detecting. I have found about 10.00 total old siver in the past three years.
Thanks for that I wasn’t sure. I go through my quarters every time I get them, I have a pretty good stash. I really enjoy doing it too, the quarters today look like slot machine money.
ten dollars face value is about $150 silver content...
Yep. Paid for the detecor.
even better to buy both.
1964 and under.
I always tell people, once you have all your other ducks in a row and all your other preps in place, THEN dive into silver and gold. I buy some here and there, have been doing it for years, I stash it away, and I buy locally from a local dealer. Its much easier that way, cash and carry, no credit cards no one knows I own anything.
Guy I know is from Kansas. His dad died a while back, but his mother is still alive.
When silver went out of circulation in 64, his dad started saving every silver coin he came across.
My friend will someday get his inheritance, which is a couple (3 or more) 5 gallon buckets full of quarters, dimes, and halves.
Probably 100K or more...
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