Looking to diversify my portfolio with some precious metals. Where do y'all get your silver these days.... Way back I knew of NW mint but that company is gone. It's hard to tell online which companies are legit and which are fake or sell fake.

Do you get coins? Bars?

Edit: is apmex a reputable source for silver and gold bullion purchases?

I buy from APMEX and am pleased every time.

I buy mainly from..... wait for it........ EBAY! But seriously their are4 main companies that are very reputable and that I have bought from each multiple times.

Apmex- great selection but prices are a tad high
Provident metals- company out of Dallas. Good selection and good prices.
JM Bullion- another company out of Dallas that has a good selection and good prices.
SD bullion- another good company to buy from.

These four are highly trusted in the precious metals community.

Now to take it a step further... I buy 99% of my gold and silver on eBay. I do this because all of the companies I mentioned above have eBay stores. So you are not buying from some random person who could be selling you fake metals. You are still buying from these big box metal retailers but just through the eBay store. eBay is a good option because a lot of the time, you can get cheaper prices on eBay and also use your credit card to get points back to make your purchase even cheaper. If you have any questions please feel free to ask. I have been buying for a long time and have a lot of does and don't s when it comes to precious metals.

I use to buy junk silver from a guy in south Austin that I got the name on here years ago. Mia places the number and don't know if the guy still comes to texags. If the contact is still on here I would like the number again.

I'll second APMEX

Outdoorag011 said:

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I buy mainly from..... wait for it........ EBAY!

Now to take it a step further... I buy 99% of my gold and silver on eBay.

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Is there a way to test and make sure the bars you get on eBay (or anywhere) are real? I know that there have been reports of counterfeit bars being sold there

You can buy a precious metals verifier. That is what I use to test all of my metals. However they are expensive. If you are only going to buy a little bit, the best way to make sure it is real is to take it down to your LCS (Local coin shop) and most places will test it for you for free. Once again though, I don't buy any metals on eBay from random people. I only buy from the big box dealers like apmex that have eBay stores. A lot of the time the credit card price on eBay is even cheaper than the wire payment price on the actual apmex website. Now if you want to get even further on getting precious metals as cheap as possible on eBay, since up for Ebucks.

Provident metals or ar15.com. apmex seems crazy overpriced. https://www.ar15.com/forums/Equipment-Exchange/Precious-Metals-Coins-Watches-andamp-Jewelry/149/

Anyone use texas precious metals in shiner?

I haven't used them.

ls1aggie09 said:

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Anyone use texas precious metals in shiner?

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When I was in Victoria, there were several operators who purchased from there. But I never went. But I have heard of them and they spoke highly of them.

~egon

I am interested in why more people are getting into precious metals? I have been preaching them for years but now every other day someone is asking me questions. What do y'all think has changed? I know why I stack but am interested in yalls opinions.

Thanks

Outdoorag011 said:

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You can buy a precious metals verifier. That is what I use to test all of my metals. However they are expensive. If you are only going to buy a little bit, the best way to make sure it is real is to take it down to your LCS (Local coin shop) and most places will test it for you for free. Once again though, I don't buy any metals on eBay from random people. I only buy from the big box dealers like apmex that have eBay stores. A lot of the time the credit card price on eBay is even cheaper than the wire payment price on the actual apmex website. Now if you want to get even further on getting precious metals as cheap as possible on eBay, since up for Ebucks.

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All good advice, thanks.

I wonder why it is so cheap on eBay? Don't sellers have to pay like a 10% fee to eBay for each sale or something? (perhaps if you sell large enough volume then the % goes down?)

Also, where do you guys go when you finally want to cash out on a precious metal? Surely not the local pawn shop. (?) I googled online but there are so many websites buying and selling gold and silver that I wasn't sure which ones offered the best prices. (It seemed like a lot of them make you fill out a form to get a quote.)

For the average joe like myself and you, we have to pay 10% when we sell items. However the bigger companies pay a fraction of that. I wouldn't be surprised if apmex is only paying 1% per item sold. I usually sell at a local coin shop. The big box dealers are also an option to sell. It will take a little longer to get your money because they have to receive your metals first before they pay you. However sometimes you can get better deals from them. Where are you generally located? Houston area?

I've purchased from Monex in the past. Very easy to work with.

I actually live near St. Louis now. I am sure there are some local coin shops I could check out here as well. When you say big box dealers, you are talking about the ones listed above in this thread? (Apmex, etc.)

Also, what percent of spot price do dealers usually pay? Like 95% or something?

Also, from what I have read, when you sell the metals, you are taxed at capital gains rates? (either short or long term depending on how long you held it)



Edit: added questions

Matt @ South Austin Coin Exchange is a good Ag.

Link

Matt. That's the guy.

What is a reasonable price to buy (% above spot?) and a reasonable price to sell (% above spot?) ?
For both silver and gold.

Yes apmex, JM bullion, provident metals, SD Bullion, bullion exhanges and the list goes on. All of these companies are reputable/big box dealers and they all have eBay stores as well as a website. In regards to show much dealers pay, it honestly depends on your area and what you are selling. Most places for generic silver and gold will pay 3-4% under spot price. However I have seen some dealers who pay 99% which is a great deal. If you are selling something that has numismatic value, they may give you a little over spot for it. Like for instance, a coin shop in Houston will pay 50 cents over spot for BU American silver eagles.

In terms of capital gains... yes you are taxed depending on how long you hold it. I know quite a few people who only sell to individuals and not companies as to avoid capital gains tax. That's risky but a ton of people do it.

Never pay more than a $1 over spot for generic bars and rounds. Also generic bars and rounds will usually only bring 95-97% of spot when you go to sell. Government minted coins like Canadian maple leafs and ASE can bring spot price or even over spot.

Anyone interested in some Canadian Maple Leafs? I've held them since 2010 and am debating unloading them now.

If so, let me know.

Where do you all keep your precious metals?

Safety deposit box.

Update: I took all of this information on here and decided to buy local from a shop in DFW area that JM bullion listed. I had great experience with C R Coins, Gold and Silver in North Richland Hills. Really nice staff and their prices were the best that I found for 2020 American silver eagles. I will be back there for sure.

If anyone else is near the St. Louis area, Scotsman Coin and Jewelry is great on pricing and friendliness of staff. Went there the other day and they are going to be my go-to for bullion buying/selling now.

https://www.usmoneyreserve.com/

Been my bulk buying from Philip for years. Austin

In multiple locations. I never keep all of it in one location. I also never keep it in a huge gun safe that jut screams "break in to me". I keep them in small fire/water proof safes and store them in location no one on earth would ever think to look. I never keep mine in a bank safety deposit box. If you don't hold it... you don't own it. The last thing I want is to need my metals and the bank be closed.