Request Advice on buying Gold and Silver.

[Deep1]

I go a different route.
I buy from pawn shops.
When they sell their scrap, they do not get spot.
I pay spot, no more.
If you buy from big sellers, you pay spot plus. You're already in the hole.
Check some the reputable? local pawn shops. You'll probably find 1 willing to sell.
As a novice, be careful, stay away from gold at first, especially gold coins.
Start with pre-64 common date silvers coins. Less chance of fakes.
Once you build trust, you can move into silver bars and gold, if you choose.
If you do, it is important to have a quality gold/silver test kit.
I won't buy ingots/bars without testing. They're too easy to counterfeit.
Silver coins are the most profitable at resell, they're easily sold on private markets at spot or better.
No big buyer is going pay spot for bullion, you'll lose up 10%, depending on buyer.
If you buy a 5% over spot and sell at 10% under, prices have to rise 15% before you break even.
That means at the current price of $1288.50, gold would have rise to $1481.78 an increase of $193.28, before you break even.

 

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[fistfulladirt]

I go a different route.
I buy from pawn shops.
When they sell their scrap, they do not get spot.
I pay spot, no more.
If you buy from big sellers, you pay spot plus. You're already in the hole.
Check some the reputable? local pawn shops. You'll probably find 1 willing to sell.
As a novice, be careful, stay away from gold at first, especially gold coins.
Start with pre-64 common date silvers coins. Less chance of fakes.
Once you build trust, you can move into silver bars and gold, if you choose.
If you do, it is important to have a quality gold/silver test kit.
I won't buy ingots/bars without testing. They're too easy to counterfeit.
Silver coins are the most profitable at resell, they're easily sold on private markets at spot or better.
No big buyer is going pay spot for bullion, you'll lose up 10%, depending on buyer.
If you buy a 5% over spot and sell at 10% under, prices have to rise 15% before you break even.
That means at the current price of $1288.50, gold would have rise to $1481.78 an increase of $193.28, before you break even.

The popular buyer that I’m looking at as of now is buying 1 oz. gold ASE’s at $1291.89, spot currently at $1289.39. I could be wrong, but is that price not over spot? Also, why would you not want 1964 halves, quarters and dimes. Are they not 90% silver?

 

[cougar14]

I've been buying in small quantities (10 or so oz) from JM Bullion for a while now. They offer a one-time starter offer of 10 1 oz. rounds for spot, no tax or shipping. After that, I watch spot price rise and fall, and their sale items. Usually buy at 49-69 cents over spot on a good dip. Sticking with 1 oz rounds and bars. They have gold too if you're so inclined.

 

[Johnnybravo300]

Junk silver! Woop woop! Junk is my favorite but I also like the many varieties of generic bars and rounds. Anything near spot means more ounces for me. I'm not that picky.
Same goes with gold but nuggets are my favorite and they arent pure. I like fractional gold when I find it and a few one ounce coins. The 50 gram breakable bars are prime IMO.
I have two trusted dealers and buy online.
All the online dealers have spot price deals of different sorts. Good way to build the stack!

 

[Mitch Dickson]

A hedge against SHTF is US coins, pre 1964. There is not now or will there be an argument about value. They are all 90% silver. Concentrate on dimes and quarters. Easier to trade. Gold is right pricy. Platinum is about useless for SHTF. All bullion coins should be avoided. People know what a US quarter is. They ain't too sure about a bullion coin just because it says .999. Lots of fakes out there now. There will be no trust at all after SHTF. If you try to move into PMs because you don't trust the dollar, the current markets are fake. Control by paper markets creating artificial shortages. A couple of thousand dollars in Junk US coins is a great idea. Trying to bet against Chase and JP Morgan will get your lunch ate

 

[erte]

if i personally had 50k to invest i would only buy 5-10 pieces very fine condition roman/byzantine gold coins that were authentically graded... then some 20 years later i think that this 50k investment would be worth 60k or more

 

[fistfulladirt]

A hedge against SHTF is US coins, pre 1964. There is not now or will there be an argument about value. They are all 90% silver. Concentrate on dimes and quarters. Easier to trade. Gold is right pricy. Platinum is about useless for SHTF. All bullion coins should be avoided. People know what a US quarter is. They ain't too sure about a bullion coin just because it says .999. Lots of fakes out there now. There will be no trust at all after SHTF. If you try to move into PMs because you don't trust the dollar, the current markets are fake. Control by paper markets creating artificial shortages. A couple of thousand dollars in Junk US coins is a great idea. Trying to bet against Chase and JP Morgan will get your lunch ate

You want to keep the 1964’s also. Those are silver too.

 

[Johnnybravo300]

I remember the last big run up in prices. A local burger joint was doing a special, "burger and fries for only $2.50 in silver change", or pay the regular $6. He had people lined up down the street for that deal and it went on for awhile. It's amazing what people will do when they think they are getting a smoking price! It was so big it was on the radio and no one could understand how he could sell food so cheap!
I bet mom and pop couldn't wait to take the kids out with gpas coin collection and get their $30 meals! Haha

I wouldn't count on many people understanding the value of metals in shtf. Even less people than that will have anything you'd want or could use anyway.
A cheese sandwich would be worth more to most people than an ounce of gold in reality.
Now if you have cheese or better yet, peanut butter sandwiches?! Now you can buy some assets!
Metals would be useful once an economy is reestablished but not much use before that.
People dont care about silver or gold when their stomachs are growling and their children cry.

 

[Mitch Dickson]

Look, Silver stacking is a waste of time and money if your buying rounds and bars. The 13 states that just made Constitutional money legal again only state "Mint Issued". Your rounds and bars inspire no confidence at all! A 1964 Kennedy half is government certified and of a known value to all, not just stackers. No one really knows if that Panda is even real silver! So your rounds and bars would have to be re-asseyed so it will only bring scrap price if you sell it later. Stacking mint issued coins is smart. All others are iffy at best! Gold is completely different. It is so hard to extract from the ground, there will always be more demand than supply. At least there has been for the last 6000 years But there is no shortage of silver. We prospectors trip over silver ore constantly! Remember, the government cast the entire Comstock load into coins. They also cast the entire east and west coast gold rushes into Eagles. You don't think they were stupid enough to melt those do you? There are billions and billions of coins in Fed storage somewhere. Example, when Morgan in O mintmark went to about $150 average, all of a sudden, entire pallets of BU Morgans were put to market by the mint!!!!! (said some crap about accidentally finding them) Collectors lost their rears! Hard to do anything with an entity that owns the original dies But there is opportunity here. Become a silver seller, not a buyer!!! Hunt you some good Galena. Now high grade is 40% silver to lead. But even medium grade is profitable. You see one man by himself can, by the Parks Method, make about 20 pounds of silver a day! Not ounces, pounds. Now at $14 an ounce that is $168 a pound. Times 20 is $3360. With a good garden and a fat hog, you can get by on that LOL! But you best get at it while the nuts on Ebay are buying and stacking bullion! Soon, Chase Manhatten and JP Morgan will hand them their hat. Gold? Every speck you can get!!!!