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Starting to investing in Silver? some help

Discussion in 'Financial Cents' started by 33percent, May 24, 2011.

  1. 33percent

    33percent Monkey+

    I just bought my first American Liberty 1 oz silver for $50(did I pay too much for it? ) at a local dealer. Thing is I question if it is too late to get in the game of buying silver?

    What is the best ways to buy silver without going through a dealer, and avoid mark up fees. Only options I know is

    http://www.apmex.com or SLV but SLV is just ETA I rather have the real thing. I know buying silver in bulk gives you a small discount but I want to buy Silver at its true market cost.

    Heard also find 50 cent coins pre 1964(90%) and 1965-1970(40%) find them at stores,walmart,etc or even where you work. If the dealers can go through the Mint getting silver wholesale why can't I? hell with them making profit. All it is the coins just sit there to look pretty in a walk in shop.

    I rather follow the steps what the wealthy people do to aquire silver. I highly doubt they spend their time at flee markets(no offence) or local dealers. They have ways getting silver somehow at wholesale cost.

    I'm going to be joining the military soon I'm planning on using 90% of my worthless paper salary to build a portfolio but I rather trade cash for assets that don't devalue. Than let the cash sit in the bank, and become less of its value.

    I just dont want to get ripped off. I just want to know where, how, and when to buy silver. I had $50 sitting in my scottrade so I bought 1 SLV for giggles.

    One thing I do fear is buying at the wrong time like now. My ultimate question is buying silver right now is the missing point or not? so I buy several thousand dollars of silver in the future.

    I fear is then the Fed takes money out of circulation to give the markets more purchasing power, and silver plumments. The Fed isn't stupid they first inflate then rob everyone by deflation then the cycle repeats. I just need some advice on investing in silver in these tough times.
  2. Gator 45/70

    Gator 45/70 Monkey+++

    Well i can tell you that if your finding silver 50 cent piece's at wallyworld and other location's then you had better jump on them and save them...
    I picked up a ''block''today.$500.00 worth of Kennedy halve's at the bank..
    I have picked through this about midway's and i have found...1..1965 Kennedy...Everything else is dated 1971 or better...
  3. melbo

    melbo Hunter Gatherer Administrator Founding Member

  4. tacmotusn

    tacmotusn Mosquito Sailor

    You can buy directly from the US Mint. I will give you a link below. Consider this, $25 Face value 90% Junk Silver sold on Ebay for $850 - $900 just recently when the spot on silver was about $48 an ounce.
    Now look at the offering at the link below for $1.25 Face value in 90% Silver Proof strike collectors Quarters for $39.95. If you bought 20 of those direct from the mint, your price would be right at $799. It would be a better investment than Junk Silver, and at todays present spot, actual silver value would be figured thus .... Silver Spot at $36.69 X .715 = $26.23 value per dollar face X 25 = $655.75. The fact that you are buying collector grade Proof strike sets of coins will ensure their increase in value in a stable world. In an unstable one it ain't a bad bet either. I just checked, shipping and handling would be $4.95 for 20 sets.
    U.S. Mint Online Product Catalog
  5. Gator 45/70

    Gator 45/70 Monkey+++

    I picked up these 7 from a coin dealer today....
    4 Kennedy 50 cent double stike...I think..Or from proof set's
    3 Ben Franklin's 50 cent double strike's..I think..Or from proof set's
    Not the greatest pict...It's a I-phone...
  6. UGRev

    UGRev Get on with it!

    omg.. stay away from APMEX.. they rape on you shipping and cc charges.
    Buy Gold and Silver Coins & Bars | Gainesville Coins Inc. is where it's at. Use coupon code NIAUS for 5 bucks off your order.

    Start reading this blog: Along The Watchtower
    1 oz coins (I buy buffalo's) are probably a good start. If you're in for the long haul of it (possible economic collapse) and aren't worried about the daily dollar up's and down's and can buy the dips, then I wouldn't waste money on eagles. Eagles are just over priced .. buffalo's are just as well known and if anyone came to me post SHTF trying to tell me an eagle was worth more, I think I'd laugh pretty good that day.
    Gator 45/70 likes this.
  7. VisuTrac

    VisuTrac Ваша мать носит военные ботинки Site Supporter+++

    I do all my 'silver mining' on Ebay. 90% Silver.

    typically stuff sells for around +/-10% spot price.

    I don't chase items with numismatic value, I could care less if there is only 5 of them in the world, to me it's worth silver value. If i do however snag one with numismatic value, i put it up for sale to buy more silver.

    I try to buy a little each week. Dollar cost averaging all the way.

    I am not in this to make money on the peaks and valleys but more as a hedge against our FRN's worthlessness

    Just my 1942-1945 silver war nickels worth.
  8. melbo

    melbo Hunter Gatherer Administrator Founding Member

    Everything I've ever bought from Apmex came with a flat-rate shipping charge of $19. Not bad when the orders were large. I never paid CC charges as I wired the cash to them.

    I have traded a lot of paper for metal with Apmex over the past 6 years and have always had stellar service and I suggest them to newbies so they know that they are paying a fair amount for their PMs without fear of getting ripped off by a coin dealer who smells PM ignorance on a new buyer.

  9. UGRev

    UGRev Get on with it!

    newbs won't be wiring money to anyone.. 19 is ass rape on shipping unless you're buying a significant amount.
  10. 33percent

    33percent Monkey+

    So buy some from ebay? like this link

    1+ oz Mixed Silver Coins 90% junk silver 1964 and prev | eBay

    but how is this guy selling listing after listing like he doing dropshipping or something. I want to buy to hedge against FRN because it is becoming worthless.

    Now did I do the math right so since there is 28 grams it will be around $102 worth of silver coins junk.?

    As a newbie I'm thinking putting a $100 or so with every paycheck into silver. What you guys advise, and how much do you buy that charges you $19 shipping?

    As for Eagle Coins that is pure 1 oz of silver, as for junk coins they have to melt it down and stuff or w/e right? I'm still kinda confused on this whole process.

    For investors, please click on the appropriate link for information on United States Mint American Eagle Bullion Coins or to locate a bullion coin dealer near you.
    On-Sale: The United States Mint is currently scheduled to release the 2011 American Eagle Silver Proof Coins on June 30, 2011. Please continue to check our schedule product listing page for any additional updates.

    this is what it says on the US mint.
  11. Gator 45/70

    Gator 45/70 Monkey+++

    Well 33,I have been through 1200 1/2 dollar's today and only found 1 keeper...
    I have done better with a metal detector...just sayn....
  12. melbo

    melbo Hunter Gatherer Administrator Founding Member

    On a small lot, yes. I was in the over (tens of thousands) category and thought it a bargain for registered/insured mail. Then again, I buy bags at a time and the last $1000 face bag of 90% that I shipped to Hawaii cost more than $19 in a flat rate box and registered.

    Apmex is a good price point sounding board when going out to purchase a couple SAEs at a local dealer.
  13. 33percent

    33percent Monkey+

    $10k holy sh!T all I can afford is nibbles for the moment. So best advice is go through the junk coins because coin dealers dont mark them up and it has silver regardless. Later work on Eagles....So I was right on the money correct?

    So going through Ebay is the best option for the moment for me but Apmex I dont have $10k to drop. Now what about gainesville?
  14. melbo

    melbo Hunter Gatherer Administrator Founding Member

    Reputable coin dealers will sell 90% Silver at spot + 3%, give or take. You really need to watch ebay and stay away from the auctions that are listed in pounds. You want to buy 90% (pre 65) silver by face value.

    Spot x .715 = X
    Multiply X times the face value you are looking at and expect to add a little bit of dealers premium to it.

    With Silver prices getting higher, I prefer to pay the premium at a dealer to know what I'm buying - lot of scammers out there and bound to grow. Cash and carry is cool.
  15. 33percent

    33percent Monkey+

  16. Gator 45/70

    Gator 45/70 Monkey+++

    4 Quarter's and a dime...Would be my guess of about 1 oz...
  17. UGRev

    UGRev Get on with it!

    I'm the "Eagles are worth the same as .999" camp. Aside from the fact that they are considered currency and subject to confiscation. Go buffalo's.
  18. Hispeedal2

    Hispeedal2 Nay Sayer

    Here is an important aspect to this:
    As Utah adopts gold standard gold nears record highs in pounds and euros | Gold Made Simple News

    Several states are getting ready to pass gold / silver legislation for intrastate commerce. The way most* of the legislation is worded is that any US gov't minted silver or gold piece can be used to pay for anything INSIDE that state at the price of spot. That does not cover Junk Silver as it has to be *pure* I believe. Maybe someone else will be along shortly to correct me.

    With that in mind, you could buy Junk Silver. Preppers cling to Junk Silver for its relatively small denominations. Who wants to give a Silver Eagle for a packet of seeds. And that makes sense to me for post SHTF. Right now, though, the economy is still standing (barely) and there is a push to go back to the gold standard: Forbes Predicts U.S. Gold Standard Within 5 Years - HUMAN EVENTS With that in mind, I would invest in Gold and Silver Eagles. Maybe do 5% of your income in gold / eagles and do 2.5% in junk? If the state laws stand, US gold / silver will be easier to use than foreign gold / silver. Keep that in mind as well.

    A good place to look is swap meets. I picked up some Junk Silver and silver eagles for well below spot at a swap meet in AZ. I once found a pure silver collectable coin for $20 in a pile of junk there too. The spot price at the time was about $33. It had no collector value from the scratches and the guy just wanted to turn it. Also, dig through your change pile. We found several quarters and others that were worth looking for. 1 hour of spare time might only net $3 in Junk Silver, but you may have something more in there.

    I have great spreadsheet where you just plug in the spot price to figure how much you are paying for Junk Silver. Its based on published silver content from the internet, so its only as good as the data I had on hand. It cover some common foreign coins too.

    Another thing on collecting PM coins. Invest in a decent way to carry them. I would get a zip up notebook and this vinyl coin holders. If you use the fold over coin holders, you can slip them in the vinyl sheets without fear of them falling out. The zip up notebook adds to the security. I came up with this method in my last move. (Moving as a prepper sucks)

    Attached Files:

  19. tommyboy4090

    tommyboy4090 Monkey+

    I am no expert of collecting and saving gold and/or silver even though i have some. I would suggest a good way to get into getting silver is to check yard sales and flea markets at the booths with all the old ladies selling jewelery and filter through and find the good stuff(silver/gold). I know some people that do it and do pretty good. That is how they get extra money to buy ammo and supplies which in a SHTF event will be worth way more than bullion in my opinion, but then again i don't really know anything about nothing.
  20. VisuTrac

    VisuTrac Ваша мать носит военные ботинки Site Supporter+++

    what you are going to get is 1 avoirdupois oz not 1 troy ounce.
    1 avoirdupois ounce = 0.911458333 troy ounce
    what you will get is about .82 troy ounces of silver in the 90% coins. Which is worth about 31.00

    A troy ounce of silver is about 1.40 face value of circulated us silver coins.

    what you are going to get with this auction is probably 1.10 - 1.15

    that auction went for 40.00 plus the 2.50 for shipping. so that was about 37% over spot price? Not a deal in my book by a long long shot.

    Buy on face value only as melbo had mentioned.
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