Buying silver bars. Help please

[dex378]

So I've been buying some 1 oz. silver bars from a variety of places ( I've paid as little as 9.50 and as much as 16.75 in the past month ). At the price of silver now what is too much? I have a chance to buy 100 oz. @ 13.00 bucks each tomorrow from a private sale. I know the person and have done business with him before. He is 100% legitimate so I'm not worried about a scam, just concerned about the price. Thanks. I'm just going to put these in the safe so not really worried about resale for at least 15 - 20 years if ever.

 

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[jim4silver]

So I've been buying some 1 oz. silver bars from a variety of places ( I've paid as little as 9.50 and as much as 16.75 in the past month ). At the price of silver now what is too much? I have a chance to buy 100 oz. @ 13.00 bucks each tomorrow from a private sale. I know the person and have done business with him before. He is 100% legitimate so I'm not worried about a scam, just concerned about the price. Thanks. I'm just going to put these in the safe so not really worried about resale for at least 15 - 20 years if ever.

Since you are planning on holding them for a long time, 13 per oz is probably worth getting since that is what they are selling for right now on the Apmex website (1297 for a 100 oz bar).

I am not used to paying that much over spot so I have been buying 90% halves, since the premium is not so high. Normally I would be getting one oz and ten oz only. I would not buy a 100 oz for two reasons, if the price does go way high you cannot sell bits and pieces but would have to sell the whole thing at once. And also is the minimal risk of a drill and fill bar (one hollowed and refilled with lead). This happened a bit in the 80s from what I have heard when silver was way up. But lots of people buy such bars and the coin dealers I go to buy them regularly, so I guess nobody is much worried about them today.

Jim

 

[SC_hunter]

Jim...what are you paying for the 90% halves

 

[jim4silver]

Jim...what are you paying for the 90% halves

SC,

Yesterday I got some junk Walkers for 8.5 X face. I was able to get there as the price dropped a bunch. I call around to the different coin shops and find the lowest price for the day. This is still a higher premium than before the big fall started, but proportionately it is better than bars and rounds and especially silver eagles, etc.

Most places don't have much loose in, and I have been able to buy out a couple on past days getting their 90% halves. I cannot afford nor do I want to invest enough to get a whole bag (1000 face), so I get whatever halves they have loose.

Jim

 

[SC_hunter]

I was checking ebay the other day...man, those are some inflated prices for what I call junk silver coins. Thanks for the info.

 

[jim4silver]

I was checking ebay the other day...man, those are some inflated prices for what I call junk silver coins. Thanks for the info.

SC,

From what I have read, Ebay sucks for buyers of silver. It can be good for sellers, because people will pay jacked up prices out of desperation. I never buy or sell anything (PMs) online.

If I was gonna buy online, I would buy from this place. I have seen nothing but good reviews from them on other gold and silver blogs.

http://www.apmex.com/Category/503/Silver.aspx

Jim

 

[dex378]

As for drill and fill bars, fortunately these are 100 1oz bars. So the consensus is 13 bucks is ok?

 

[jim4silver]

As for drill and fill bars, fortunately these are 100 1oz bars. So the consensus is 13 bucks is ok?

Dex,

I would say that it is not a great deal, but you are not getting ripped off either. 13 is about 2 bucks over spot as we speak. Coin dealers here are selling them (if they have any) anywhere from 1.75 to 2.50 over spot. So 13 is fair. If it is a private seller, maybe you can use today's drop in silver to get a bit of a discount. I would buy them if I planned on putting them away for a long time and didn't need that money for anything.

If they are not Engelhard or Johnson Matthey, perhaps you should get some kind of discount. For example, if they are "art bars" or happy anniversary or happy birthday bars, then 2 bucks is kind of high. You know the kind I mean, the assorted "generic" kind that (before the great fall in price) most coin dealers threw into a box and let go for 40-50 cents over spot.

Jim

 

[dex378]

Thank you Jim. I went and bought them for $1175. A bit better! By the way they are all Madison mint if that means anything

 

[BBcardsRI]

Madison Mint would make them your run of the mill art bar, nothing special.

But 11.75 a piece ain't too shabby at all. Buck over spot... I'd take'em.

~Dave

 

[jim4silver]

Thank you Jim. I went and bought them for $1175. A bit better! By the way they are all Madison mint if that means anything

Sounds like a good deal for bars in the current market.

Jim

 

[jim4silver]

I bought some ugly a$$ Merry Christmas, happy graduation, happy birthday, etc, "art bars" today for 11.70 each (one oz bars). The coin shop wanted 13.25 for Engelhards. No way was I gonna pay an extra 1.55 just for the name on the bar, and I am a huge Engelhard and JM fan. I guess these bars today will be the first to go when I sell someday. I tried to stick to ones that listed the company that made them, such as National, Madison, etc. But a few had to manufacturer on them. Makes me a bit nervous but I can tell they are silver by their appeance, such as a bit of toning.

Actually, the premium on these .999 bars is less than for average priced junk 90% halves.

Jim

 

[bradyboy]

a buck over spot - im in -whos selling?