I tried to buy some silver today and learned some things

Discussion in 'Financial Cents' started by Hess, Dec 1, 2009.

  1. Hess

    Hess Monkey++

    <!-- / icon and title --> <!-- message --> Been working towards being prepared for what may come and I'm most of the way there. I decided to try to buy a few (20-50) Silver American Eagles round out things and I called two major brokerage houses that the talking heads on the radio suggested.

    This is what I learned today.

    1. I must open an account and place money in it by check or wire transfer. After the money is there they will place an order for me.

    2. They won't take checks on bullion. Money must be taken from an account with my social security number connected to this account. It was explained to me that this is a Federal requirement from a 1933 bullion act. I guess if they want it back like good old FDR did they will know right where it is.

    3. New Silver Eagles count as bullion, but the older ones don't. I can buy those with a credit card and only pay an extra 6 or 7 bucks per coin each.

    4. These brokerages don't keep their stuff on site. I can commit money, they make the deal and take their slice (money changers) and I'll get it when I get it. I decided to go right to the U.S. mint site.

    5. Oops, I can't buy from the mint direct. I have to buy through an authorized broker (parasite, homey, whatever) so they get their money for sitting on their fat rear ends and doing nothing.

    I'll call two more brokerage houses tomorrow and will probably get more of the same smug insider news. It's a bad thing when an honest guy just trying to look out for his family has to fight these obstacles, nepotism, and a corrupt system to try to give them an edge.
  2. Clyde

    Clyde Jet Set Tourer Administrator Founding Member

    buy face to face a at a coin shop. Pay cash. That is the answer
  3. SLugomist

    SLugomist Monkey++

    Just goto APMEX.com reputable, fast shipping.
  4. CraftyMofo

    CraftyMofo Monkey+++

    Gold, silver....hmmm.

    I believe lead is the only honest deal out there, as far as PMs go.

  5. ghrit

    ghrit Bad company Administrator Founding Member

    +1 (and both ways that is taken.)
  6. Brokor

    Brokor Live Free or Cry Moderator Site Supporter+++ Founding Member

    You could also purchase gold by the gram, which comes with certification card and is an excellent barter item. Of course, PM's are only worth as much as people are willing to accept it as (on the free market). Silver is easier to obtain in larger quantities, and I myself have purchased large amounts through Ebay (although buyer must beware). As mentioned earlier, APMEX.com is very reliable and prices aren't too much over spot, but you might want to buy in bulk to save $.

    The last thing you want to do is buy on record, with credit card, or from a gov't outlet.

    And I agree that LEAD in all calibers is an outstanding investment :p
  7. UGRev

    UGRev Get on with it!

    free shipping. I've ordered from APMEX and TB and rec'd the same products only I didn't pay shipping @TB and APMEX RAPES YOU on shipping.
  8. Brokor

    Brokor Live Free or Cry Moderator Site Supporter+++ Founding Member

    Very nice! [applaud]
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