Silver buying questions

[Pinball]

I have read on here about people taking their clad from the past year and buying silver bars and coins. I just have a couple of questions about where and how much.
Where do you buy your silver bars or coins from? eBay, local coin shop, or someplace else online?
Lets say silver is $16.5 an oz...is a 1 oz bar $16.5 ? If so how do the people selling it make any money, and if you have to buy it for $18 then that stinks because you would have to have silver go to $18 an oz to break even.
Do you like buying older silver coins, new silver coins, silver bars...and why?
Maybe I am over thinking this and should just buy some coins on eBay with my clad, but I just wanted to hear from some people who have purchased silver before on why they buy what they do.
Thanks for the help

 

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[Argentium]

You are correct in assuming that no one in business will sell you precious metals at spot. I recommend that you go to the precious metals forum here - ask your questions about what formats, where to buy , all that stuff . Take your time !

 

[ChampFerguson/TN]

There are rare individuals that will sell PM's at spot. Typically, they make their money by buying large lots (estates, etc) and paying way under spot. They want the quick turnover to keep their money from being tied up.

To find the best deal, youre gonna have to put in some work. Visit coin shops, small pawn/we buy gold places, etc and spend some time getting to know the owner and let him getting to know you. If he knows you know about PM/coins/etc, + knows you will be a long term customer, he will hopefully be inclined to give you his best deal.
Oh, and always pay the man in Cash. You don't forge relationships with plastic.

 

[fistfulladirt]

Lots of people buy PM's from reliable online businesses such as Provident Metals and APMEX. Check, CC, money orders, etc.

https://comparesilverprices.com/

 

[Old Bookaroo]

There can be a problem with bars and privately-issued rounds if and when you wish to sell. How does the buyer know the bar is silver?

If you have a government-issued coin you may well find it easier to liquidate. Every "investment" needs an exit strategy.

Good luck to all,

The Old Bookaroo, CM

 

[Chadeaux]

My late employer ran an ad each week in the local shopper's guide saying "We buy gold and silver". He's been gone 5 1/2 years, and we still get people coming in selling silver coins.

When I have some cash, pay 80% of spot.

Even wrote an app for giving me the amount for each coin or a number of coins.

http://www.ahgweb.com/myfiles/coins.swf or download the executable at http://www.ahgweb.com/myfiles/coins.exe - File was clean when built and uploaded, but this is the internet so scan before running.

It's a flash ap, so probably won't work on tablets, definitely won't work on I(ncompatable)Pads.

In the setup put the percentage of spot you want to pay.

Click on a pic of the coin you are buying. Enter how many and spot silver then press calculate.

Spot price will stay if you change coins, but can be changed if price changes during the day as well.

 

[BigWaveDave]

I have a soft spot for foreign bullion, and silver rounds.... I'll go to my local coin shop, once a year, after New Years to flip my md clad. I do pay a very small amount over spot, but I don't worry about it too much.

 

[Pinball]

Thanks for the info on buying silver. I think I will find a local coin shop and look around and if I just don't see a price I am comfortable with I will jump on eBay. Morgan Dollars have sure caught my eye What a great looking coin! Thanks again.

 

[ChampFerguson/TN]

You're gonna pay some of the largest premiums on Morgans as that's what the market likes. But this is about what YOU enjoy so have at it!
You also might look for some coin shows in your area. Often the larger shows (free!) will have several dealers with junk silver laying around waiting to go home with someone. I once found a small dealer that was selling out her stock and got the silver under spot. You never know unless you ask.

 

[FreeBirdTim]

There are a lot of counterfeit silver rounds and bars on eBay right now. I'd stick with large lots of worn U.S. silver coins. They call them cull or junk lots on eBay. Just remember that the current melt value for U.S. coins is around 12.5 times face value. Buy by the total face value of the lot and not by the pound.

Watch out for dealers selling you a pound of silver coins and then charging you 16 times the current melt price. That's a common eBay scam. Silver coins are only 90% silver, so you'd lose 10% in value right off the bat.