Investing in Silver

[ThatCopperSound]

In what form is silver the best investment? I am looking to start investing in silver, but I want to pay melt value or as little over melt value as possible. Although, I am only 17 years old, my goal is to start a retirement fund.

 

[blackbeard1717]

You better off buying silver bars. Try to find a coin shop that sells silver bars at 1.00 over spot. you buy quarters at this price you going to pay about 5.25 on a quarter with a buy back from the coin shop at about 3.75 to 4.00. If you want Coins you better off buying VG Morgans great coin to own.

 

[clovis97]

A very good thread!!!!

ArkieBassMan gives top-notch and excellent advice.

Like he said, pick a number that you can live with each month, and follow it. It will be amazing when you turn 40...you will look at that stack of silver, and be stunned.

I took some bad advice when I was about 20, and listened to someone who said "silver will never be worth anything." If I could go back and change some things in my life, that would be one of them. I'd be a very rich man had I bought $20 a week in silver, especially when it was $4 an ounce.

I am very bullish on silver. If you think fuel is going to be an issue in the future, you might agree that the cost of getting silver out of the ground is going to get cost prohibitive at some point. I believe silver will sky rocket at some point.

At the same time, you might do well by diversifying your investments. Maybe $30 a month for silver, and $30 a month into some high yield dividend stocks? BPT is paying 6.7%, LLY is just under 5%, T is 5 or 6%, AEP is 4.6%, KO is 2.7%, SCCO is 9%. Those little dividends, if reinvested, will add up over the next 40 years!!!

 

[ThatCopperSound]

Very informative everybody. I really appreciate the information!

I will probably go the route of investing in 90% coins and possibly American Eagles and Maple leaves. During the school year I will be working about 16 hours per week (minimum wage job). I could easily put aside $40-$60 per month to invest in silver. I am also saving for a car and am getting pretty close to having enough money. Unfortunately, with my luck and in light of current foreign affairs I will probally end up buying a car, only to see gas prices reach $8 a gallon this summer.

 

[mts]

Why hasn't anyone suggested the obvious? This is the CRH forum right?

Buy 90% silver at face value from your bank or credit union.

Because for most of us, after you count your time, it is cheaper to just buy the silver you want. I would never suggest CRH'ing to someone who is just looking to invest in silver. CRH'ing can be fun and makes for a great hobby. But unless you are in a very silver-rich area (which I am not) then you are losing more money than you are really gaining. That's the whole "bending over dollars to pick up pennies" aspect I keep harping on. Don't get me wrong... I'm guilty of doing it too. But I know exactly what I'm getting myself into.

 

[ThatCopperSound]

I made my first splash in the silver realm. I took the advice of some of you guys and bought 90% coins (20 Mercury Dimes) on Provident Metals. They are one of the coolest looking coins in my opinion. I plan on stopping by my local coin shop on Saturday or next Monday to see if there prices are fair.

ThatCopperSound

 

[mts]

Congrats! 90% mercury dimes are some of my favorites. Now go get some of those walker halves and you are all set!

 

[ThatCopperSound]

Congrats! 90% mercury dimes are some of my favorites. Now go get some of those walker halves and you are all set!

Walker halves are beautiful coins as well!

I got my shipment today and I realized I made a rookie mistake. I bought my 20 Mercury dimes from Provident Metals. I live in South Texas and Provident metals is located in Texas. I got charged for state sale taxes. Its a learning experience I guess. I will definately be checking out other companies that are out of state. I know Apmex and Bullion Direct are good, any others?

 

[mts]

Congrats! 90% mercury dimes are some of my favorites. Now go get some of those walker halves and you are all set!

Walker halves are beautiful coins as well!

I got my shipment today and I realized I made a rookie mistake. I bought my 20 Mercury dimes from Provident Metals. I live in South Texas and Provident metals is located in Texas. I got charged for state sale taxes. Its a learning experience I guess. I will definitely be checking out other companies that are out of state. I know Apmex and Bullion Direct are good, any others?

Yeah, sales tax can really hurt. Technically, I'm supposed to declare/pay the sales tax on my Provident Metals purchases on my state tax forms. But nobody ever does. The local coin stores all charge sales tax as well. But most of the vendors at our monthly coin show do not charge sales tax which is why I try to buy there when the deals are good. Which is funny, because pretty much all of the vendors at the show own coin stores and they would charge me sales tax to buy the same item in their store.

I'm hearing good things about GoldMart but I've never ordered from them myself. I've used APMEX and Provident Metals for all of my online purchases.

Just be careful. Silver tends to multiply rather quickly. Once you've got a little in your hand you can't wait to get more and more.

 

[ThatCopperSound]

Congrats! 90% mercury dimes are some of my favorites. Now go get some of those walker halves and you are all set!

Walker halves are beautiful coins as well!

I got my shipment today and I realized I made a rookie mistake. I bought my 20 Mercury dimes from Provident Metals. I live in South Texas and Provident metals is located in Texas. I got charged for state sale taxes. Its a learning experience I guess. I will definitely be checking out other companies that are out of state. I know Apmex and Bullion Direct are good, any others?

Yeah, sales tax can really hurt. Technically, I'm supposed to declare/pay the sales tax on my Provident Metals purchases on my state tax forms. But nobody ever does. The local coin stores all charge sales tax as well. But most of the vendors at our monthly coin show do not charge sales tax which is why I try to buy there when the deals are good. Which is funny, because pretty much all of the vendors at the show own coin stores and they would charge me sales tax to buy the same item in their store.

I'm hearing good things about GoldMart but I've never ordered from them myself. I've used APMEX and Provident Metals for all of my online purchases.

Just be careful. Silver tends to multiply rather quickly. Once you've got a little in your hand you can't wait to get more and more.

I tried by local coin store and they did charge tax. It does help to not have to pay shipping though.

And you're right. Silver does multiply

 

[tmjones550]

In what form is silver the best investment? I am looking to start investing in silver, but I want to pay melt value or as little over melt value as possible. Although, I am only 17 years old, my goal is to start a retirement fund.

If you have a little money left over after each pay check or allowance,buy you a silver Eagle.You can't go wrong with .999 pure silver.

 

[klava]

OK.....

Alot of people disregard copper. At your age I would be focused on getting as much of this as possible at face value. You cannot lose in a face value investment unless its FRN's. If that isn't sexy enough for you try.....

Yard sales, flea markets, thrift shops. Buy jewelry and coins. Sure you run on fakes from time to time. In the past five years I have bought 100+ ounces of silver each year for 42% below spot.

IMO never buy above spot unless you have disposable income. If you are on a fixed income buy cheap. Never cheat but if a great deal is presented then do your thing!

 

[ThatCopperSound]

In what form is silver the best investment? I am looking to start investing in silver, but I want to pay melt value or as little over melt value as possible. Although, I am only 17 years old, my goal is to start a retirement fund.

If you have a little money left over after each pay check or allowance,buy you a silver Eagle.You can't go wrong with .999 pure silver.

I wish I still got allowances. I remember when I was five years old, I'd get a dollar a week and buy five packs of Juicy Fruit.

I am only working about 12 hours a week at a Sonic right next to my house because of baseball and school. I will be working 35-40 hours during the summer though.

OK.....

Alot of people disregard copper. At your age I would be focused on getting as much of this as possible at face value. You cannot lose in a face value investment unless its FRN's. If that isn't sexy enough for you try.....

Yard sales, flea markets, thrift shops. Buy jewelry and coins. Sure you run on fakes from time to time. In the past five years I have bought 100+ ounces of silver each year for 42% below spot.

IMO never buy above spot unless you have disposable income. If you are on a fixed income buy cheap. Never cheat but if a great deal is presented then do your thing!

Thanks for the feedback. I have been doing about three-four boxes of cents a week. I get about 18% copper. I really like the cents because of the high probability of getting a "keeper" and it is always fun to find Wheats.

So far, I have only been to a flea market once. I need to better educate myself on how to tell if an item is silver though (non-coins). I saw a few spoons, cups, and plates, but I couldn't get myself to pull the trigger. Do you know of any good sites that has information on how to know if an item is made of silver?

 

[MIhunter]

In Michigan it is simple.

There is no sales tax on coins that are legal tender, therefore I buy 90% silver coins at 10-15% below spot, usually pawnshops.

There is no minimum so if all I have in $10 to spend I buy a 3-4 dimes. Keep them in plastic tubes.

Stay away from "premium silver" you are better off with more Ozs of 90% US dimes/qtrs/halves than American silver eagles.

 

[fistfulladirt]

Stay away from "premium silver" you are better off with more Ozs of 90% US dimes/qtrs/halves than American silver eagles.

Why is that, MIhunter?