Any recommendations online or just shop local for the best prices? Silver coins I see online have a 20% mark up over the spot price.
Buying physical gold/silver
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Last: 4 days ago by Outdoorag011
I wouldn't buy anything retail right now. The premiums have spiked after last week. Bullion is limited, especially the big names like Eagles and Maple Leaves. Watch eBay if you have the time and you might find a deal. I limit my eBay bidding to $30 per ounce right now. I may go higher for collectible coins. For example, I'm stacking coins from the Perth Mint so I'll go higher. Only bought one coin this week though. Of course, the risks of fakes on eBay is much higher than reputable dealers.
Edit: I'm exclusively in silver.
Edit: I'm exclusively in silver.
Apmex is who I use.
"But it is easier to purchase products that denote superiority than to be actually superior in economic achievement." - Thomas J. Stanley
You are going to pay a heavy premium right now. I would wait if you can.
Jaggf is a nice silver mine company I have owned for over a year not a bad stock.
Agreed on waiting for the froth to settle but Texas Precious Metals is awesome.
Reddit r/pmsforsale
I've bought a ton of silver at very low markup. Lots of sellers have tons of reputation, so as long as you buy from an established seller, very little risk.
I've bought a ton of silver at very low markup. Lots of sellers have tons of reputation, so as long as you buy from an established seller, very little risk.
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Why the heavy premium right niw? Because of covid/political unrest, etc.?Outdoorag011 said:
You are going to pay a heavy premium right now. I would wait if you can.
I agree with waiting. The precious metals market is extremely volatile at the moment and premiums are insane. I use JM bullion. They have a nice app. I bought some gold and silver (maple leaves and bars) on a Black Friday deal for $1.49/ounce premium on silver and $24.99/49.99 premium on gold bars/coins. Those were good deals but they aren't usually much more than that. Right now, the same silver is $7.99 /ounce premium and gold is right around $100/ounce premium. That is insane!!!!! Especially the silver at about 25% of spot. Gold is normally at $50-$75 premium over spot.
The last time markets were normal was before Covid. Since then they have just been all over the place. The market volatility of the last couple weeks with GME, etc triggered some precious metals craziness. My recommendation is to download the app and just follow the prices and premiums so you know when a good deal comes up. I would not be in a hurry to jump into the market right now. Not even close.
The last time markets were normal was before Covid. Since then they have just been all over the place. The market volatility of the last couple weeks with GME, etc triggered some precious metals craziness. My recommendation is to download the app and just follow the prices and premiums so you know when a good deal comes up. I would not be in a hurry to jump into the market right now. Not even close.
In reading their brief profile on bloomberg, they only referenced gold mine production. Do they also mine for silver?Ubitag said:
Jaggf is a nice silver mine company I have owned for over a year not a bad stock.
People are starting to slowly realize how sh*tty our financial system is. People will eventually realize that we are no different, that history will repeat itself like it has dozens of times. People will be forced to care about return OF capital and not return ON capital.
"They cease to wear their prosperity with moderation" - Plato.
"They cease to wear their prosperity with moderation" - Plato.
.sorry, it is a gold mine.Strat said:In reading their brief profile on bloomberg, they only referenced gold mine production. Do they also mine for silver?Ubitag said:
Jaggf is a nice silver mine company I have owned for over a year not a bad stock.
A real mine that actually produces precious metals.
I use APMEX
TAMU ‘98 Ole Miss ‘21
I've only ever used Texmetals but have been mostly impressed with their service.
I've used SD Bullion and BullionExchanges and have been happy with all purchases. I also use Ebay, but carefully consider a seller's reputation/feedback before purchasing.
I've stacked over 300 ounces in the past three months. Can't decide if I'm going after more, or cooling off for a bit.
I've stacked over 300 ounces in the past three months. Can't decide if I'm going after more, or cooling off for a bit.
thanksNastyNate said:
I agree with waiting. The precious metals market is extremely volatile at the moment and premiums are insane. I use JM bullion. They have a nice app. I bought some gold and silver (maple leaves and bars) on a Black Friday deal for $1.49/ounce premium on silver and $24.99/49.99 premium on gold bars/coins. Those were good deals but they aren't usually much more than that. Right now, the same silver is $7.99 /ounce premium and gold is right around $100/ounce premium. That is insane!!!!! Especially the silver at about 25% of spot. Gold is normally at $50-$75 premium over spot.
The last time markets were normal was before Covid. Since then they have just been all over the place. The market volatility of the last couple weeks with GME, etc triggered some precious metals craziness. My recommendation is to download the app and just follow the prices and premiums so you know when a good deal comes up. I would not be in a hurry to jump into the market right now. Not even close.
Physical Silver crossed $28/oz. Curious to see where it ends before the open tomorrow.
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Yeah, not a great time to be buying. You could try "coin roll hunting". I netted about $500 worth of junk silver coins a few years ago for just a little time and effort. Can be fun and/or frustrating.
APMEX is probably the best for physical buy or sell with one caveat. If you sell pre-1933 back to them they price based on their inventory primarily and secondarily on spot price. I have seen them offer less than spot at times if they were heavily overstocked on a given coin. Again, this is for pre-1933 coins and not bullion coins. Hard to beat their seamless system on straight bullion.
Premiums are still crazy high on both silver and gold. Silver is the play right now in my opinion. Sourcing the physical for dealers/distributors is becoming extremely hard. All it will take to send silver to the moon is for a big player to demand delivery from the comex contract and they not be able to deliver the physical. That would probably crash the comex. Will it ever happen? Eh maybe. I wish it would but I'm not holding my breathe.
Silver trending down the past several days. Looks to be at $25.36 today. I try to buy as it goes down, but the premiums are still ridiculous. Wish we could see sub $25 spot and reasonable premiums.
eBay Constitutional(Junk) Silver has been selling well over spot for awhile now. $1 Face Value has been routinely going for $22-$24 depending on the coins for sale.Aggiemike96 said:
Silver trending down the past several days. Looks to be at $25.36 today. I try to buy as it goes down, but the premiums are still ridiculous. Wish we could see sub $25 spot and reasonable premiums.
The real Silver price is still currently above $30 no matter what spot says it is. The hunger for Silver is real.
KEEP STACKING without overly worrying about price. It's still undervalued big time.
We need an official bullion thread on here. I guess we could always just roll with this one
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Sharing this website that's been helpful to me:
https://findbullionprices.com/
https://findbullionprices.com/
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Agreed. At this point price shouldn't matter. Get as much as you can. Pickings are slim these days and it will only get worse in the short term. Looks like you bought those maples from me at the right time!Lawrence Sullivan Ross said:eBay Constitutional(Junk) Silver has been selling well over spot for awhile now. $1 Face Value has been routinely going for $22-$24 depending on the coins for sale.Aggiemike96 said:
Silver trending down the past several days. Looks to be at $25.36 today. I try to buy as it goes down, but the premiums are still ridiculous. Wish we could see sub $25 spot and reasonable premiums.
The real Silver price is still currently above $30 no matter what spot says it is. The hunger for Silver is real.
KEEP STACKING without overly worrying about price. It's still undervalued big time.
Thinking about this and I wanted to know if people have better experiences buying from local brokers or online?
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Fightin_Aggie said:
Thinking about this and I wanted to know if people have better experiences buying from local brokers or online?
I buy all mine from APMEX. Always arrives in a couple days in the mail
TAMU ‘98 Ole Miss ‘21
Those of you with physical gold/silver, do you have any kind of insurance policy for theft? I'm assuming most of you keep it in a gun safe in your home?
In the past online was the way to go. It usually is way cheaper than local dealers. You can find some local shops that can match online dealers but that isn't common. Are you in Houston? Royal coins Houston have the best prices in the Houston area. Or at least they did before all the craziness.
Fightin_Aggie said:
Thinking about this and I wanted to know if people have better experiences buying from local brokers or online?
I've bought from a local coin shop, but moved to buying everything on Reddit to get better variety and lower premium.
I've also ordered from monument metals when they run a sale like $1 over spot on government bullion coins.
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nationwide has re-instated their intro offer of first 1 oz gold coin at spot with no shipping or credit card fees. just ordered it and had a prompt call for the payment.
https://nationwidecoins.com/product/government-issued-1-oz-50-gold-american-eagles-at-cost-copy/
https://nationwidecoins.com/product/government-issued-1-oz-50-gold-american-eagles-at-cost-copy/
Don't know if this impacts anyone's strategy or reasons for holding precious metals but sales of bullion and foreign coins are subject to IRS reporting via a 1099-B. US gold coins are exempt from this reporting (assuming because they are legal currency).
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