Where to buy precious metals, and what to get.

[ToddsPoint]

Here in IL there is no sales tax on coins. Many other states the same. That would add up if you’re buying a quantity of silver or gold.

 

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[Hunter1805]

What I have to say about this is.....A few points of interest . If your buy gold by the ounce and lets say gold goes to $3000/ounce and now you want to move it.. Not many people will be able to come up with 3k in cash. Many people like to buy 1/10 and 1/4 ounce gold because it is a lot easier to sell on a smaller scale..Many people trade their one ounce gold for smaller denomination bullion gold coins for that reason.
Now if you are new to this then ONLY BUY FROM A RELIABLE SOURCE .. You have no idea how many fake gold coins I have seen including fake bars... The stories are heart retching, the good money spent on these fakes and people have no idea until they go to sell. If I were to collect gold and was new at it I would buy from the US Mint or a very reputable dealer as mentioned in the above posts.. I like silver, but fakes exist, in silver. I have seen fake silver dollars posted here without any comments to their authenticity. I have seen one ounce rounds that are fake, bars that are fake they even fake American Eagles. Please educate yourself before spending good money. Many cheap fakes are magnetic, some are not. If you are serious spend $20 on a small gram scale to weight your items before you purchase, weight in hard to duplicate on small denomination silver or gold coins. 100 ounce silver bars are easier to fake they drill the insides out and had TITATIUM (?) Know your dealer, and enjoy. PS I like silver more of a upside.. PS. This just happen this past Sunday at a local coin show. A guy walks through the door and heads to my table, he shows me 8 US silver dollars all dated before 1800. I knew two were fake instantly, then I have issues with the others. I told the guy I know these 2 were fake and I would say the other 5 were fake and just 1 was questionable. He could not believe it... He had no idea. Every dealer said the same thing .. Sorry to say I bet he was out $15 K and it was sad... So Education, Education, Education .. Then buy from a trusted dealer . Ask them about fakes they will be please to educate you.

 

[Hbot37]

What I have to say about this is.....A few points of interest . If your buy gold by the ounce and lets say gold goes to $3000/ounce and now you want to move it.. Not many people will be able to come up with 3k in cash. Many people like to buy 1/10 and 1/4 ounce gold because it is a lot easier to sell on a smaller scale..Many people trade their one ounce gold for smaller denomination bullion gold coins for that reason.
Now if you are new to this then ONLY BUY FROM A RELIABLE SOURCE .. You have no idea how many fake gold coins I have seen including fake bars... The stories are heart retching, the good money spent on these fakes and people have no idea until they go to sell. If I were to collect gold and was new at it I would buy from the US Mint or a very reputable dealer as mentioned in the above posts.. I like silver, but fakes exist, in silver. I have seen fake silver dollars posted here without any comments to their authenticity. I have seen one ounce rounds that are fake, bars that are fake they even fake American Eagles. Please educate yourself before spending good money. Many cheap fakes are magnetic, some are not. If you are serious spend $20 on a small gram scale to weight your items before you purchase, weight in hard to duplicate on small denomination silver or gold coins. 100 ounce silver bars are easier to fake they drill the insides out and had TITATIUM (?) Know your dealer, and enjoy. PS I like silver more of a upside.. PS. This just happen this past Sunday at a local coin show. A guy walks through the door and heads to my table, he shows me 8 US silver dollars all dated before 1800. I knew two were fake instantly, then I have issues with the others. I told the guy I know these 2 were fake and I would say the other 5 were fake and just 1 was questionable. He could not believe it... He had no idea. Every dealer said the same thing .. Sorry to say I bet he was out $15 K and it was sad... So Education, Education, Education .. Then buy from a trusted dealer . Ask them about fakes they will be please to educate you.

Just for an example if you were going to purchase some silver, what would you prefer to buy right now? Does the brand/design on the bar or round come into play at all when you are deciding? Or do you typically just buy silver coins? Thanks for any help here you seem pretty knowledgeable.

 

[unclemac]

What I have to say about this is.....A few points of interest . If your buy gold by the ounce and lets say gold goes to $3000/ounce and now you want to move it.. Not many people will be able to come up with 3k in cash. Many people like to buy 1/10 and 1/4 ounce gold because it is a lot easier to sell on a smaller scale..Many people trade their one ounce gold for smaller denomination bullion gold coins for that reason.
Now if you are new to this then ONLY BUY FROM A RELIABLE SOURCE .. You have no idea how many fake gold coins I have seen including fake bars... The stories are heart retching, the good money spent on these fakes and people have no idea until they go to sell. If I were to collect gold and was new at it I would buy from the US Mint or a very reputable dealer as mentioned in the above posts.. I like silver, but fakes exist, in silver. I have seen fake silver dollars posted here without any comments to their authenticity. I have seen one ounce rounds that are fake, bars that are fake they even fake American Eagles. Please educate yourself before spending good money. Many cheap fakes are magnetic, some are not. If you are serious spend $20 on a small gram scale to weight your items before you purchase, weight in hard to duplicate on small denomination silver or gold coins. 100 ounce silver bars are easier to fake they drill the insides out and had TITATIUM (?) Know your dealer, and enjoy. PS I like silver more of a upside.. PS. This just happen this past Sunday at a local coin show. A guy walks through the door and heads to my table, he shows me 8 US silver dollars all dated before 1800. I knew two were fake instantly, then I have issues with the others. I told the guy I know these 2 were fake and I would say the other 5 were fake and just 1 was questionable. He could not believe it... He had no idea. Every dealer said the same thing .. Sorry to say I bet he was out $15 K and it was sad... So Education, Education, Education .. Then buy from a trusted dealer . Ask them about fakes they will be please to educate you.

tell us the tips on spotting non magnetic fakes of that age, they must have shown legit looking wear, etc.

 

[unclemac]

I know high quality (Chinese?) fakes are out there, I have bought a few but AS fakes. Japanese silver yen and the like but sold as fakes, for a couple of bucks. Really, really GOOD fakes.

 

[releventchair]

I wasn't sure which forum to post this in, so if the mods think there's a better place please feel free to move it. I am going to start buying up more precious metals as one way to diversify my investments and I have no idea where to start. I was hoping the good folks here could point me in the right direction. Where is the best place to buy this stuff, at a physical dealer, or online? Also does it make a difference what you get coins, rounds, bars as far as value and liquidity goes? Does the design or brand on the bar/round make a difference? Any help or resources that aren't also trying to sell me gold at the same time are much appreciated, thanks!

How much diversity? 10% ? How much is that?
(Don't answer.)
As mentioned , too much silver becomes a portability issue.
Yes you can convert a hundred pounds of silver into gold , BUT you'll pay a premium to do so.

Which mint can factor in popularity of a round or bar. You'll see that when looking at offerings.
Silver Eagles or Maple Leafs for example.
Englehard bars ect. What about gold chains?
Are you buying to flip or sell in short term if the spot price goes up? Or simply setting on gold or silver over a long term?
If it is silver or gold , it has a spot price value. Minus a premium depending on where you try to cash it in. (iF it's actual gold or silver , it's still gold or silver . How attractive the design stamped or shaped is secondary to base value.)
Premiums are paid for the form or popularity or scarcity.
An original one off design of a fancy gold ring is going to be priced far above spot price to the right buyer. Meanwhile rings are being sold at melt value somewhere.

Follow the market a while. Study offerings.
Investing shouldn't be gambling. (Should it?)
Buying at high priced peaks in volume vs small acquisitions over time should raise question of your objective. (Unless somehow you are paying less within the above mentioned many cautions! Don't expect to do so.) Ignore the market and buy small amounts at steady intervals if growing a pile up to a certain percentage of your portfolio is the goal. Be mindful of how you are going to store and secure it.
A pile of silver rounds or one ounce bars or a hundred ounce bar?
Fractional silver like a chocolate bar you can break off a gram at a time?
Or a mix?

Visit some coin shops. Beware. But be polite and state your interest in a little tangible silver.
See what a quarter ounce gold Eagle is going for.
By checking spot prices before you go you'll see the premium between a quarter ounce blob of gold and that Eagle. Plus you can ask what the shop charges as a premium on top of what you might find a coin or round or bar valued at.
The shop might have paid more or less than todays value. But they /an individual is not going to sell at a loss. Should they?

While there ask about "junk" silver coins. What they will cost you in relation to thier face value and silver percentage?
I bought a good handfull of them at one shop. I like them for what they are. But they have an understood value too.

Rounds ect. I like a particular mint I won't mention. You'll find interest when looking over multiple mints and or sources.
When the premium is low and shipping free , I'm more interested.
Seeing silver spot today my early buys are worth far more. However I've not made any money on what just sets there. And have to keep it secure.
What if most of what I owned in precious metals was being rotated in government bonds instead?

Yes I understand bonds are far from tangible precious metal holdings.
And faith in them and thier yield variations over the years are worth studying.
As are precious metals. Good for you for considering them.

What if we'd invested heavily in platinum in 95 ? (Just an example of what metals can do.)
We'd have had a tangible metal in our hands.
What would the fluctuation in value since have done if we were looking to continue to acquire more? Or if we were waiting to sell it at a profit? Or try to compete with or outpace inflation?
(You can look at the histories of other metals too.)

Platinum spot price, Live, Historical: Platinum Price - Money Metals Exchange

Check the latest platinum prices updated every minute. Track trends in the market to make informed bullion investments. Visit Money Metals today...

www.moneymetals.com

 

[Hbot37]

How much diversity? 10% ? How much is that?
(Don't answer.)
As mentioned , too much silver becomes a portability issue.
Yes you can convert a hundred pounds of silver into gold , BUT you'll pay a premium to do so.

Which mint can factor in popularity of a round or bar. You'll see that when looking at offerings.
Silver Eagles or Maple Leafs for example.
Englehard bars ect. What about gold chains?
Are you buying to flip or sell in short term if the spot price goes up? Or simply setting on gold or silver over a long term?
If it is silver or gold , it has a spot price value. Minus a premium depending on where you try to cash it in. (iF it's actual gold or silver , it's still gold or silver . How attractive the design stamped or shaped is secondary to base value.)
Premiums are paid for the form or popularity or scarcity.
An original one off design of a fancy gold ring is going to be priced far above spot price to the right buyer. Meanwhile rings are being sold at melt value somewhere.

Follow the market a while. Study offerings.
Investing shouldn't be gambling. (Should it?)
Buying at high priced peaks in volume vs small acquisitions over time should raise question of your objective. (Unless somehow you are paying less within the above mentioned many cautions! Don't expect to do so.) Ignore the market and buy small amounts at steady intervals if growing a pile up to a certain percentage of your portfolio is the goal. Be mindful of how you are going to store and secure it.
A pile of silver rounds or one ounce bars or a hundred ounce bar?
Fractional silver like a chocolate bar you can break off a gram at a time?
Or a mix?

Visit some coin shops. Beware. But be polite and state your interest in a little tangible silver.
See what a quarter ounce gold Eagle is going for.
By checking spot prices before you go you'll see the premium between a quarter ounce blob of gold and that Eagle. Plus you can ask what the shop charges as a premium on top of what you might find a coin or round or bar valued at.
The shop might have paid more or less than todays value. But they /an individual is not going to sell at a loss. Should they?

While there ask about "junk" silver coins. What they will cost you in relation to thier face value and silver percentage?
I bought a good handfull of them at one shop. I like them for what they are. But they have an understood value too.

Rounds ect. I like a particular mint I won't mention. You'll find interest when looking over multiple mints and or sources.
When the premium is low and shipping free , I'm more interested.
Seeing silver spot today my early buys are worth far more. However I've not made any money on what just sets there. And have to keep it secure.
What if most of what I owned in precious metals was being rotated in government bonds instead?

Yes I understand bonds are far from tangible precious metal holdings.
And faith in them and thier yield variations over the years are worth studying.
As are precious metals. Good for you for considering them.

What if we'd invested heavily in platinum in 95 ? (Just an example of what metals can do.)
We'd have had a tangible metal in our hands.
What would the fluctuation in value since have done if we were looking to continue to acquire more? Or if we were waiting to sell it at a profit? Or try to compete with or outpace inflation?
(You can look at the histories of other metals too.)

Platinum spot price, Live, Historical: Platinum Price - Money Metals Exchange

Check the latest platinum prices updated every minute. Track trends in the market to make informed bullion investments. Visit Money Metals today...

www.moneymetals.com

Thanks for the great thorough response. This gives me a lot to think about. I am going to check out a local dealer or two this week just to ask questions and will plan to do a bit more research before I jump in head first. Thanks again!

 

[Tedyoh]

Hero Bullion has the lowest online prices I've found....5 oz silver bars are $10 cheaper than APMEX and the other online big dogs....

 

[oneguy]

Been using Provident Metals (online)for 9-10 years of stacking gold (quit silver stacking yrs ago) and added 2 more ozt. 2 weeks ago. Same great prices and service as before, never a problem. Premiums now are thru the roof and appears to be with ALL dealers? Big fan of the 1 ozt. .9999 fine Canadian Maple Leafs.

Good luck whatever you decide

 

[unclemac]

Perth mint used to have the reputation as being the highest assured purity too. Oz has some nice bullion.

 

[ARC]

How much diversity? 10% ? How much is that?
(Don't answer.)
As mentioned , too much silver becomes a portability issue.
Yes you can convert a hundred pounds of silver into gold , BUT you'll pay a premium to do so.

Which mint can factor in popularity of a round or bar. You'll see that when looking at offerings.
Silver Eagles or Maple Leafs for example.
Englehard bars ect. What about gold chains?
Are you buying to flip or sell in short term if the spot price goes up? Or simply setting on gold or silver over a long term?
If it is silver or gold , it has a spot price value. Minus a premium depending on where you try to cash it in. (iF it's actual gold or silver , it's still gold or silver . How attractive the design stamped or shaped is secondary to base value.)
Premiums are paid for the form or popularity or scarcity.
An original one off design of a fancy gold ring is going to be priced far above spot price to the right buyer. Meanwhile rings are being sold at melt value somewhere.

Follow the market a while. Study offerings.
Investing shouldn't be gambling. (Should it?)
Buying at high priced peaks in volume vs small acquisitions over time should raise question of your objective. (Unless somehow you are paying less within the above mentioned many cautions! Don't expect to do so.) Ignore the market and buy small amounts at steady intervals if growing a pile up to a certain percentage of your portfolio is the goal. Be mindful of how you are going to store and secure it.
A pile of silver rounds or one ounce bars or a hundred ounce bar?
Fractional silver like a chocolate bar you can break off a gram at a time?
Or a mix?

Visit some coin shops. Beware. But be polite and state your interest in a little tangible silver.
See what a quarter ounce gold Eagle is going for.
By checking spot prices before you go you'll see the premium between a quarter ounce blob of gold and that Eagle. Plus you can ask what the shop charges as a premium on top of what you might find a coin or round or bar valued at.
The shop might have paid more or less than todays value. But they /an individual is not going to sell at a loss. Should they?

While there ask about "junk" silver coins. What they will cost you in relation to thier face value and silver percentage?
I bought a good handfull of them at one shop. I like them for what they are. But they have an understood value too.

Rounds ect. I like a particular mint I won't mention. You'll find interest when looking over multiple mints and or sources.
When the premium is low and shipping free , I'm more interested.
Seeing silver spot today my early buys are worth far more. However I've not made any money on what just sets there. And have to keep it secure.
What if most of what I owned in precious metals was being rotated in government bonds instead?

Yes I understand bonds are far from tangible precious metal holdings.
And faith in them and thier yield variations over the years are worth studying.
As are precious metals. Good for you for considering them.

What if we'd invested heavily in platinum in 95 ? (Just an example of what metals can do.)
We'd have had a tangible metal in our hands.
What would the fluctuation in value since have done if we were looking to continue to acquire more? Or if we were waiting to sell it at a profit? Or try to compete with or outpace inflation?
(You can look at the histories of other metals too.)

Platinum spot price, Live, Historical: Platinum Price - Money Metals Exchange

Check the latest platinum prices updated every minute. Track trends in the market to make informed bullion investments. Visit Money Metals today...

www.moneymetals.com

Um... what if you would have invested in gold in 95 ... heh

Sheesh even in 2000... @ $272.65

 

[ARC]

Edited.

 

[releventchair]

Um... what if you would have invested in gold in 95 ... heh

Sheesh even in 2000... @ $272.65

A co-worker years ago asked what to invest in. (This when I wouldn't have had a dollar to invest.)
I looked at the newspapers figures of going rates (ha ha) and suggested platinum looked good.
It happened to go up in value quite a bit shortly after.
Of course neither of us had bought any....

I know a gold story (not mine) of someone cashing in an inherited multi cache pile with a high value.
Table at a shop I frequented was alleged to have been covered.
More caches were claimed to exist . But the surviving spouse was content with the current situation/standard of living.
( Of course I offered the buyer my service should further recovery help be desired by the seller....)