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Message
Anybody Buy Gold and Silver?
Posted on 1/20/14 at 10:58 pm
Posted on 1/20/14 at 10:58 pm
I just bought a 110 ounces of junk silver coins at $20.09. Good move or bad?
3
Posted on 1/20/14 at 11:00 pm to RhodeIslandRed
Depends on why you bought it.
Posted on 1/20/14 at 11:05 pm to I Love Bama
quote:
Depends on why you bought it.
Let's see, why do you think I bought it?
Posted on 1/20/14 at 11:07 pm to RhodeIslandRed
I honestly have no idea why someone would buy that. Hence the question....
Posted on 1/20/14 at 11:20 pm to I Love Bama
quote:
I honestly have no idea why someone would buy that. Hence the question....
Junk silver coins are those minted before 1965. They are in such shape as to have no value to collectors, but are 90 percent silver so some people buy them for their metal content. They rule of thumb is that you can sell the coins for 14 times their face value and buy them for 16 times their face value.
I bought 10 rolls of quarters and 10 rolls of dimes. There could be one or two that a collector would want, but I'm not planning and researching the value of 900 coins.
This post was edited on 1/20/14 at 11:25 pm
Posted on 1/20/14 at 11:26 pm to RhodeIslandRed
quote:Wasn't that when silver was selling for $30/oz?
They rule of thumb is that you can sell the coins for 14 times their face value and buy them for 16 times their value.
If you know that much about silver, then I don't understand why you would ask on a message board if you made a wise purchase?
Posted on 1/20/14 at 11:34 pm to LSURussian
quote:
If you know that much about silver, then I don't understand why you would ask on a message board if you made a wise purchase?
I only got interested in this about a week ago. Maybe I'm a quick learner or maybe I got hosed. That is why I asked the question.
This post was edited on 1/20/14 at 11:36 pm
Posted on 1/21/14 at 10:05 am to RhodeIslandRed
quote:
RhodeIslandRed
quote:
I bought 10 rolls of quarters and 10 rolls of dimes. There could be one or two that a collector would want, but I'm not planning and researching the value of 900 coins
10 rolls of dimes at spot price of 19.82 (current) is worth $716.90.
10 rolls of quarters at spot price of 19.82 (current) is worth $1433.80
Your coins have a silver value of $2150.70 and you said you paid $2209.90. Thats approx a 3% premium. Thats a good deal in my book.
LINK
Posted on 1/21/14 at 11:02 am to RhodeIslandRed
I may be wrong, but I thought quarters were 90% silver up until 1964, when they switched the composition of them to there current state (very little silver)...?
ETA: Coinage Act of 1965 was the change in a quarters composition. So any quarter dated 1965 or after is not 90% silver. The 90% silver coins will have a date stamped 1964 or earlier.
ETA: Coinage Act of 1965 was the change in a quarters composition. So any quarter dated 1965 or after is not 90% silver. The 90% silver coins will have a date stamped 1964 or earlier.
This post was edited on 1/21/14 at 11:05 am
Posted on 1/21/14 at 11:19 am to mkibod1
quote:
So any quarter dated 1965 or after is not 90% silver. The 90% silver coins will have a date stamped 1964 or earlier.
Bingo! Except nickels minted from 1942 through 1945 contain 0.0563 troy ounces of silver. Kennedy halves minted from 1965 through 1970 are 40 percent silver (0.1479 troy ounces).
Posted on 1/21/14 at 11:30 am to RhodeIslandRed
Yeah I just read that about nickles and half dollars. Not a terrible investment, if you don't mind sitting on it for some time. The 90% nickle/dimes are your best bet, right after the 1984 half dollar, which is almost pure silver. May take some time to really capitalize, but not a bad item to have in a personal portfolio.
Posted on 1/21/14 at 11:34 am to mkibod1
quote:
Not a terrible investment, if you don't mind sitting on it for some time. The 90% nickle/dimes are your best bet, right after the 1984 half dollar, which is almost pure silver.
Well, I'm also thinking about buying some gold. My old man left me some silver coins that do have value to collectors. I'm thinking of taking those to a dealer and exchanging them for gold bullion.
Posted on 1/22/14 at 7:58 am to RhodeIslandRed
I personally believe you overpaid for 90% silver.
The advantage is that if you need to sell, with junk silver, and with silver eagles you wouldn't be required to pay for assay. In theory anyway. Same goes for MS70 graded gold, if it is sealed and certified.
If I was going to buy junk silver, I'd make sure I the dealer agreed to buy it back, and find out at what premium discount.
The advantage is that if you need to sell, with junk silver, and with silver eagles you wouldn't be required to pay for assay. In theory anyway. Same goes for MS70 graded gold, if it is sealed and certified.
If I was going to buy junk silver, I'd make sure I the dealer agreed to buy it back, and find out at what premium discount.
Posted on 1/22/14 at 9:38 am to Iowa Golfer
quote:
If I was going to buy junk silver, I'd make sure I the dealer agreed to buy it back, and find out at what premium discount.
Too late for that now. I bought it with expectations that the dollar will sooner or later fall out of bed. If it does and everyone else is carting their paper money in a wheel barrow to buy a loaf of bread then all I'll have to do is show up with one of those quarters in my pocket.
Posted on 1/22/14 at 9:41 am to RhodeIslandRed
I buy silver with the intent to pass it on. I am working my way through the eagles currently. Would like to get one of each year for each kid. Have the 80's and most of the 2000's, so I should be able to close out the 90's by the end of the year. Also would like to get 20 Morgan and 20 Peace dollars, almost there with the Morgans and need about 10 Peace dollars.
I also have an 1826 Capped Bust half dollar in pretty good shape. Probably the best/coolest piece I own.
I also have an 1826 Capped Bust half dollar in pretty good shape. Probably the best/coolest piece I own.
Posted on 1/22/14 at 9:50 am to RhodeIslandRed
quote:
Too late for that now. I bought it with expectations that the dollar will sooner or later fall out of bed. If it does and everyone else is carting their paper money in a wheel barrow to buy a loaf of bread then all I'll have to do is show up with one of those quarters in my pocket.
I think you are wise. At some point, when silver manipulation comes crashing down, you are going to be very happy. The futures contract sellers are going to get bailed out, as they are generally too large to fail, but you will own the real thing.
In the interim, while you stack physical silver, you can trade the paper. It is almost predictable.
Posted on 1/22/14 at 10:15 am to RhodeIslandRed
quote:
everyone else is carting their paper money in a wheel barrow to buy a loaf of bread
Posted on 1/22/14 at 10:40 am to LSURussian
quote:
LSURussian
I was thinking the same thing...I bet this guy was on an episode of doomsday preppers
Posted on 1/22/14 at 11:27 am to iAmBatman
quote:
I was thinking the same thing...I bet this guy was on an episode of doomsday preppers
No, dumb arse. Did you sleep through high school history class? It was a tongue in cheek reference to the Weimar Republic.
This post was edited on 1/22/14 at 11:32 am
Posted on 1/22/14 at 11:34 am to RhodeIslandRed
quote:Because, as we all know, the U.S. is in the exact same economic condition and political situation as post-WWI Germany was.....
It was a tongue in cheek reference to the Weimar Republic.
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