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Any recommendations on companies to buy physical gold or silver from to keep in home safe?
Posted on 1/24/24 at 4:33 am
Posted on 1/24/24 at 4:33 am
Interested in starting a collection of physical silver. Are there any good reliable companies that ship it to you? Even if just 100-200$ per month type of thing?
Posted on 1/24/24 at 5:05 am to Cow Drogo
I’ve used Gainesville coins a few times. Haven’t had any problems.
Posted on 1/24/24 at 5:45 am to Jimbowie397
Do you typically buy coins or bars?
Same type, or mix it up?
Same type, or mix it up?
Posted on 1/24/24 at 6:41 am to Cow Drogo
Posted on 1/24/24 at 7:33 am to Cow Drogo
Scottsdale mint makes fantastic stuff and it’s well priced. Silvergoldbull and monument metals are where I buy generics
ETA Costco has been offering very well priced silver eagles and pamp gold bars, but they drop them randomly on their website so you’ve gotta scoop them up quick
ETA Costco has been offering very well priced silver eagles and pamp gold bars, but they drop them randomly on their website so you’ve gotta scoop them up quick
This post was edited on 1/24/24 at 7:41 am
Posted on 1/24/24 at 8:16 am to Cow Drogo
JM bullion its pretty good
Posted on 1/24/24 at 10:04 am to Cow Drogo
if you can catch them when in stock, Costco online sells 1oz gold bars at spot price (limit 2 per member). They sell out quick though.
Posted on 1/24/24 at 11:04 am to Cow Drogo
quote:
Interested in starting a collection of physical silver.
IMHO, you are way too late to that game. The only people making money in Silver right now are the guys selling who bought 4 years ago when it was at $12 per ounce.
Dont listen to the Silver Bugs. They’ve been claiming it’s going to $50 for years. We’re also not going back to either a gold or silver standard.
Premiums are way too high right now. Currently asking $28 plus shipping for an a one ounce ASE with an underlying actual value of $22 in silver. If you try to sell that same coin a broker will offer you at or below melt.
Stacking can be fun. The time to buy is when the economy is really cooking and nobody is considering metals. Political instability and recessions generally cause prices to rise and then opportunities to sell may be created.
Metals are heavily manipulated and absolutely should not be your primary investment. They don’t match or beat the stock market except in very small cherry picked windows that nobody can predict.
The other problem with silver is that after time you need a considerable amount of space. Gold takes up a lot less space, has lower premiums and less volatility.
Posted on 1/24/24 at 12:18 pm to Cow Drogo
Next question that I am curious about.
How do you sell it without getting ripped off?
Regardless of when/where it was bought. What is the best way?
Then, what percent do you keep (not sell) in case there is some event that makes you wish you had kept some physical gold?
How do you sell it without getting ripped off?
Regardless of when/where it was bought. What is the best way?
Then, what percent do you keep (not sell) in case there is some event that makes you wish you had kept some physical gold?
This post was edited on 1/24/24 at 12:25 pm
Posted on 1/24/24 at 1:08 pm to dstone12
Metals dealers operate on the spread. Sell with a premium; buy at a discount. So sell for more than the actual value and buy at below the actual value.
They make their living off the difference between the two. They typically want cash or a money wire. Most will accept credit cards; but, charge an additional fee which makes the premium even higher.
You can get around this by buying and selling from other private sellers. There are FB and Reddit forums like “pmsforsale”. As users complete transactions they are tracked and you can find people with enough feedback to be relatively sure that you aren’t being scammed. This is not without risk, dealers have the resources to ensure that the products they sell are genuine. Most private individuals do not. Scammers are a thing. One of the more notable scammers in recent years was actually from Baton Rouge.
Generally, on forums like these the items offered are significantly discounted compared to a dealer. In many cases at spot price plus a very small premium or shipping fee.
The key with investing in physical gold or silver is you cannot be married to it. You bought at specific price. Then you determine the price that you are willing to sell it. If you paid $1,000 an ounce and want a 50% return; you sell when it hits $1,500.
If it goes up to $1,550 the next day; so be it. You got the 50% you agreed to. The whataboutism of potentially missed profits keeps many from selling at all. Then the SHTF and they need money and sell at, below or near what they paid.
Once that price has been reached, you sell the entire stack. Wait for the price to drop significantly; buy again…. Then rinse and repeat.
This is where things often get challenging. Finding a buyer willing to buy a small amount isn’t all that difficult. If you have accumulated pounds or kilos; suddenly, the number of potential buyers gets much smaller. Suddenly you are forced to deal with a dealer, jeweler or pawn shop.
It’s not easy to make money as a private buyer/seller. The unfortunate truth about precious metals is that they are usually fear marketed and often targeted at vulnerable populations like the aging or elderly. The number of people ripped off by magazine ads, QVC and the like is staggering.
They make their living off the difference between the two. They typically want cash or a money wire. Most will accept credit cards; but, charge an additional fee which makes the premium even higher.
You can get around this by buying and selling from other private sellers. There are FB and Reddit forums like “pmsforsale”. As users complete transactions they are tracked and you can find people with enough feedback to be relatively sure that you aren’t being scammed. This is not without risk, dealers have the resources to ensure that the products they sell are genuine. Most private individuals do not. Scammers are a thing. One of the more notable scammers in recent years was actually from Baton Rouge.
Generally, on forums like these the items offered are significantly discounted compared to a dealer. In many cases at spot price plus a very small premium or shipping fee.
The key with investing in physical gold or silver is you cannot be married to it. You bought at specific price. Then you determine the price that you are willing to sell it. If you paid $1,000 an ounce and want a 50% return; you sell when it hits $1,500.
If it goes up to $1,550 the next day; so be it. You got the 50% you agreed to. The whataboutism of potentially missed profits keeps many from selling at all. Then the SHTF and they need money and sell at, below or near what they paid.
Once that price has been reached, you sell the entire stack. Wait for the price to drop significantly; buy again…. Then rinse and repeat.
This is where things often get challenging. Finding a buyer willing to buy a small amount isn’t all that difficult. If you have accumulated pounds or kilos; suddenly, the number of potential buyers gets much smaller. Suddenly you are forced to deal with a dealer, jeweler or pawn shop.
It’s not easy to make money as a private buyer/seller. The unfortunate truth about precious metals is that they are usually fear marketed and often targeted at vulnerable populations like the aging or elderly. The number of people ripped off by magazine ads, QVC and the like is staggering.
This post was edited on 1/24/24 at 1:19 pm
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