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Started By
Message
Silver bars
Posted on 1/16/16 at 7:04 pm
Posted on 1/16/16 at 7:04 pm
my dad is on this kick that he wants to buy some silver bars. I think he is crazy but whatever. Is this a good idea and where is the best place to buy them? Is it better to buy a bunch of 1 oz or buy larger like 10 oz?
4
Posted on 1/16/16 at 7:16 pm to diat150
Silver and gold are down 50% off their highs of a few years ago. Seems like a decent time.
Posted on 1/16/16 at 7:36 pm to diat150
Depends on what his motivations are. If he just wants to have fun collecting shiny things so be it. Nothing wrong with paying a little for entertainment.
If he thinks the world is going to hell and silver will save him, yes he needs his head examined. There have certainly been plenty of currency collapses in modern history but ownership of physical metal never helped much in a single one of them. People either resorted to some other currency or to barter to conduct their business - but never to metal. Better physical assets for a SHTF situation would be canned goods, ammo, etc.
Does he see it as an investment? For small quantities it probably isn't worth the trouble but for large ones ...
[quote]Silver and gold are down 50% off their highs of a few years ago. Seems like a decent time.[quote]
There are worse times than now. But no guarantees, that's for sure, and certificates are better than physical ownership for a number of reasons, security among them.
If he thinks the world is going to hell and silver will save him, yes he needs his head examined. There have certainly been plenty of currency collapses in modern history but ownership of physical metal never helped much in a single one of them. People either resorted to some other currency or to barter to conduct their business - but never to metal. Better physical assets for a SHTF situation would be canned goods, ammo, etc.
Does he see it as an investment? For small quantities it probably isn't worth the trouble but for large ones ...
[quote]Silver and gold are down 50% off their highs of a few years ago. Seems like a decent time.[quote]
There are worse times than now. But no guarantees, that's for sure, and certificates are better than physical ownership for a number of reasons, security among them.
Posted on 1/16/16 at 9:22 pm to foshizzle
I think his thought process is that silver will go up to 40-50 dollars like it did during the last recession. He is not looking to throw alot of money up, around $1k
Posted on 1/16/16 at 11:51 pm to diat150
Is $1.50 over the market price (I believe around $14) the best price that can be had for silver bars?
Posted on 1/17/16 at 12:03 am to diat150
Go with Silver Eagles. I also like the Canadian Maple Leaf. I like Peace Dollars and Morgans too.
Also check out 'junk silver', pre-1964 quarters, dimes, Ben Franklin .50 pieces, etc
Stay away from 'rounds' and silver bars.
If he is buying for a SHTF scenario, rounds and silver bars will be useless, US currency will be the standard.
Beans & bullets will be more valuable too.
Good websites: Gainesvillecoins, APMEX, ProvindentMetals. Try to find some good local dealers too.
Amazon, HSN are wayyyy over priced.
Watch these websites to get a feel of what the market price is for silver/gold.
Go to Books-A-Million and get one of them redbooks of coins. This is a good price guide.
Stay away from E-bay and other obscure webistes, you may find better prices but the probability of getting burned goes way up.
Fakes are getting easier to pass onto unsuspecting buyers.
The old magnet test for silver is no longer a 100% guarantee a coin is real silver.
Con artists are creating new ways to pass fakes onto buyers.
Be careful and do your research.
Coins collecting can become very addicting.
Also check out 'junk silver', pre-1964 quarters, dimes, Ben Franklin .50 pieces, etc
Stay away from 'rounds' and silver bars.
If he is buying for a SHTF scenario, rounds and silver bars will be useless, US currency will be the standard.
Beans & bullets will be more valuable too.
Good websites: Gainesvillecoins, APMEX, ProvindentMetals. Try to find some good local dealers too.
Amazon, HSN are wayyyy over priced.
Watch these websites to get a feel of what the market price is for silver/gold.
Go to Books-A-Million and get one of them redbooks of coins. This is a good price guide.
Stay away from E-bay and other obscure webistes, you may find better prices but the probability of getting burned goes way up.
Fakes are getting easier to pass onto unsuspecting buyers.
The old magnet test for silver is no longer a 100% guarantee a coin is real silver.
Con artists are creating new ways to pass fakes onto buyers.
Be careful and do your research.
Coins collecting can become very addicting.
Posted on 1/17/16 at 7:26 am to Reubaltaich
quote:
Go with Silver Eagles. I also like the Canadian Maple Leaf. I like Peace Dollars and Morgans too.
Also check out 'junk silver', pre-1964 quarters, dimes, Ben Franklin .50 pieces, etc
Stay away from 'rounds' and silver bars.
Can not strongly enough disagree with this for the OP's intended purpose.
10oz bars carry the least premium over spot at purchase and a simple assay will be required at sale.
Every situation is different but you are paying a premium for those eagles you will not fully recover in your scenario think $1-2 per coin.
some will certainly disagree but here are two links that explain a bit.
LINK
LINK
Check the spread between buy and sell prices on different quantities below from Provident and make your own decision.
LINK
Notice the difference between buy and sell price is $10.65 on a 10oz bar but 20.40 for 10 2015 eagles.
As the dollar is approaching all time highs a bit of silver is not a bad idea right now.
Posted on 1/17/16 at 8:13 am to cave canem
If he's looking at them as an investment check out CEF. Much simpler with no storage or insurance issues. Now if he's into end of the world scenarios that's a different story.
Posted on 1/17/16 at 8:14 am to cave canem
quote:
10oz bars carry the least premium over spot at purchase and a simple assay will be required at sale.
excuse my ignorance but what does this mean?
Posted on 1/17/16 at 8:53 am to diat150
quote:
excuse my ignorance but what does this mean?
That means the buyer will verify that what you are selling him is actual silver at sale with a very simple test.
Normally eagles do not require this, however I heard of some dealers doing one when silver hit $50.
I do not mean to state silver eagles are always a bad choice only that your scenario implies one purchase and one sale, if you are going to string both out silver eagles could become a better bargin. Again every situation is different.
Posted on 1/17/16 at 9:01 am to bovine1
quote:
If he's looking at them as an investment check out CEF. Much simpler with no storage or insurance issues. Now if he's into end of the world scenarios that's a different story.
Meh, physical silver sales below 10,000 are not reported, CEF will have tax consequences.
Physical silver can also be liquidated 24/7 for cash in lots of places, an exchange traded fund not so much.
This is my opinion, every situation is different.
As for storage 1,000 dollars of silver will fit in a crown royal bag, storage aint that big a deal.
Posted on 1/17/16 at 9:58 am to cave canem
Eagles wouldn't need assay either. At least that's conventional wisdom. At the risk of sounding like a conspirist, certificates and paper aren't the way to go. One need only to review the prospectus of SLV to be concerned. With respect to taxes, what is reported, and what one should actually pay taxes on are two different things. Not paying taxes on a gain of anything is risky. If you wanted to break a law, my recommendation would be break a state a law, not a federal law.
You can buy and sell physical silver as an investment. If it's physical it obviously requires more work than trading paper, but it's not overwhelming. I've done it for years. Now it is much, much easier if you have a local dealer that is trustworthy.
You can buy and sell physical silver as an investment. If it's physical it obviously requires more work than trading paper, but it's not overwhelming. I've done it for years. Now it is much, much easier if you have a local dealer that is trustworthy.
Posted on 1/17/16 at 12:40 pm to TrueTiger
anyone have experience with jm bullion? they seem to have good prices.
Posted on 1/17/16 at 6:04 pm to diat150
quote:.
anyone have experience with jm bullion? they seem to have good prices
Yes, they are legit. Never had an issue, just know if you pay by check they will wait until it fully clears before shipping. That seems to surprise some apparently.
Posted on 1/17/16 at 7:56 pm to cave canem
cool. I just purchased his stash. hopefully it works out for him. I bought a few for my daughter mostly as a novelty.
Posted on 1/18/16 at 10:39 am to djmicrobe
quote:
Silver or gold seem to merely be an insurance policy for hyper-inflation.
Someone who is seriously worried about hyperinflation should get 30 year fixed rate mortgages and build a little real estate empire. If you're paying 4% interest when inflation is 100% for properties that are just as physical an asset as silver, you're doing great.
ETA: You get more favorable tax treatment on real estate than on metal too.
This post was edited on 1/18/16 at 10:44 am
Posted on 1/18/16 at 11:03 am to TrueTiger
quote:
they even have styles for the OT:
I have one of these in my silver collection.
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