Where to buy precious metals, and what to get.

[Whynotnow?]

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!

 

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[BennyV]

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!

Want to know as well

 

[Blackfoot58]

Obviously you want to buy as low as legally possible. Bouillon coins are normally closer to “spot” price than say collector coins. IMO gold and platinum are better investment-wise than silver. $10k in silver is physically a lot harder to move than $10k in gold.
If you plan on spending these eventually (collapsed economy “prepper” style) you’ll want some smaller denominations. I can’t imagine finding anyone with change for a gold double eagle, so to speak.
There are a lot of avenues for this venture. I just caution, know who you are dealing with before handing over your money. There are unscrupulous people out there amongst the legit ones. Good luck

 

[opalboy]

Dollar cost averaging, money you don’t need for everyday bills, put into metal.
silver rounds are the least expensive, ten ounce bars are good, 100 oz bar might be harder to sell down the road.
gold, any sovereign coin is good, krugerands probably have the lowest premium.
I have used SD Bullion online. With cash , find a local coin shop or jeweler that sells them.

 

[Gulf Coast Pirate]

Local coin shop

 

[opalboy]

I forgot constitutional silver (‘64 and earlier silver coins) people will recognize them.

 

[Gulf Coast Pirate]

Silver to gold ratio is historically 16/1. It is currently around 93/1. Buy silver it's going to be the bigger mover.

 

[Mackaydon]

I shop for pricing online then go to my LCD to leverage that price against the onliners. Buy in quantity (two or more) and ask for a discount. Small discounts start to add up to beer money.
Don in SoCal.

 

[fistfulladirt]

I forgot constitutional silver (‘64 and earlier silver coins) people will recognize them.

You’d think. I’ve been a collector since the mid-1970’s, a few years ago I’d perform tests on my co-workers-all lineman. Not one could ID a pre-‘65 silver coin. I tried educating some, and they‘d call me if they found a ‘64 nickel in change. Very few under 60 years old can readily ID constitutional.

 

[Gulf Coast Pirate]

You’d think. I’ve been a collector since the mid-1970’s, a few years ago I’d perform tests on my co-workers-all lineman. Not one could ID a pre-‘65 silver coin. I tried educating some, and they‘d call me if they found a ‘64 nickel in change. Very few under 60 years old can readily ID constitutional.

They couldn't read a four digit date?!?!

 

[fistfulladirt]

Read, research then collect what you like. If you‘re expecting big returns, forget it. The metals have been on a roller-coaster ride for years, silver spot is down half it‘s 2011 price, even more when inflation is considered. I started at the local shop, then graduated to online buys with vendors in good standing. Monument Metals is my current favorite price-wise, I’ve also heard good things about Hero Bullion.

 

[fistfulladirt]

They couldn't read a four digit date?!?!

After I educated them yes, before that, cluelessness.

 

[Gulf Coast Pirate]

After I educated them yes, before that, cluelessness.

How could they perform their job as linemen then if they can't even comprehend what 1964 is?

 

[fistfulladirt]

How could they perform their job as linemen then if they can't even comprehend what 1964 is?

Their occupation has nothing to do with a knowledge of silver coinage. Everyone knows 1964 is a point in time. Not many are aware the time frame that silver coin was minted. They became aware after a short education.

 

[Gulf Coast Pirate]

Their occupation has nothing to do with a knowledge of silver coinage. Everyone knows 1964 is a point in time. Not many are aware the time frame that silver coin was minted. They became aware after a short education.

Thanks for clearing that up. In the post you said "not one could identify a pre-'65 silver coin" what you meant was your co-workers were unaware when silver coins were minted. Huge difference.

 

[pepperj]

Current street price for a 1oz maple is $42.85. A $9.00 premium over the paper market price for a 5000 Oz bar. (Canadian)

Buying from a local brick & Mortar store is probably one of the best things as you can build up a relationship with them.
There's a lot of speculation-price for this 2 oz. bar was $80 an oz. once the tax and buyer's premium is added.
So there isn't any short term here.

Folks are in fact buying small denomination coinage for barter/purchase power. As stated it would be really hard to get change while walking around with a 10 oz. bar of gold.
In Canada if I owned the 10 oz. bar and sold it-I would be subject to capital gains tax. Though owning 10-1 oz bars a person falls under the radar when selling.
Keep an eye on the spot markets as for gold it dropped a $1 US a gram just the other day from going up a few days before.
There's a lot of belief that silver is undervalued as previously stated. Here are the historical gold/silver charts from 1985-2023

 

[fistfulladirt]

Thanks for clearing that up. In the post you said "not one could identify a pre-'65 silver coin" what you meant was your co-workers were unaware when silver coins were minted. Huge difference.

What I meant was that before educating them, they couldn’t tell the difference between a silver and non-silver, mostly through a lack of interest on their part.

 

[pepperj]

What I meant was that before educating them, they couldn’t tell the difference between a silver and non-silver, mostly through a lack of interest on their part.

It's so true that many have no idea about this topic.
Especially under 45 yrs old.

 

[ARC]

JM Bullion... APMEX.

 

[unclemac]

precious metals rise and fall, but over time rise. But if you educate yourself on collectable coins, especially Spanish Colonial, you can get some real great deals.. provided you resell and are not a collector. Here is a hint... for instance, Canadian coin auction sites often have American coins in their listing... BUT... little interest...SO... I have done real well picking up these sorts of deals.