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 Replies: 16 / Views: 2,805 |
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Pillar of the Community
United Kingdom
4208 Posts |
Hello,
As a student, I dont work, but I want to build up a small silver stack (im aiming for 10 ounces by the end of 2013, 20 by Sept. 2014).
How should I go about doing this? I intend to stay steady and only buy when silver dips below $30 - but how should the silver be bought? Would it perhaps be better to try and buy it here?
I think my best option is to get bullion rounds and then trade them for the equivalent in junk coinage (my aim is to end up with a silver stack in coins).
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Valued Member
Canada
53 Posts |
If you are on a budget, go with junk silver. Silver junk then swap to Bullion, thats what I would do instead. As for buying, I would try do purchase locally to remove Shipping charges. Shipping can add up to free oz's over time and take a hit on your DCA.
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Pillar of the Community
 United Kingdom
4208 Posts |
Buy locally? I would, if anywhere sold. In the UK its quite difficult. Do you reckon a Jewellers would sell bullion?
To be honest, I would like to end up with a sack of junk silver coins. Perhaps a coinshop in america could send in a flatrate box. That would be very expensive though - 20 ounces at once.
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Valued Member
Canada
53 Posts |
I think ebay might be your best bet with pre1965 coinage? I don't do junk right now because its hard to find locally like yourself. Try 'We buy Gold' places to buy, maybe setup a craigslist ad or local add that you are a buyer for old silver items? |
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Bedrock of the Community
13014 Posts |
If your looking for US coins you best bet will probably be ebay and hope you find some UK sellers that have some. Unfortunately the shipping from the US to UK is going to make ordering from US dealers not worth it unless you got a significant amount. I dont know how accurate the prices are but on the USPS website flat rate basically starts at $20 for international |
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Valued Member
United States
148 Posts |
Things sound pretty tight, you might just stick to asking for silver as a gift for Christmas / Birthday and save the money you earn to pay your bills with.
If you buy silver with money you may need, and you do need it, you have an overwhelming chance of losing money on the deal as you will not make back the buy/sell spread. You'll have plenty of time after graduation to buy silver when you have no bad debt, an emergency fund in the bank, and a good paying job. Plus asking for silver for a gift your family will love because most people struggle with gifts for 20 year olds anyway!
Welcome
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Pillar of the Community
Canada
1502 Posts |
Was in the same boat not too long ago.
The rule of thumb I used is to always buy only with cash I won't miss. Else, silver stacking quickly becomes not an investment but a gamble. I've also quickly realized even the worst paying job pays better than investing a few oz in silver. If you're talking thousands (hundreds won't do either) of ounces, then it's another story. Until then, silver stacking is more a hobby than anything, so don't go penny-pinching obsessively over $30/oz v.s. $29.9/oz and just buy what you like with money you can afford to lose.
Happy stacking.
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Valued Member
United States
386 Posts |
I feel for you, BenbyField. I can't buy as much as I'd like to. poboxw has good advice about buying what you like. what you can enjoy. There will be time later to stack. Me? I forgo a nice wardrobe, shoes that will keep me dry this winter, for the sake of coins and silver. We do what we have to do and what we want most.
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Pillar of the Community
United Kingdom
4208 Posts |
Im buying silver more as a hobby to do - I'm only studying A Levels right now. I'm bartering with a forum member at the moment for some junk coins.
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Pillar of the Community
United States
3486 Posts |
Boy, this is going to sound lame.
The next time you have the urge for fish and chips, hit your fridge for leftovers and put the money you just saved in a jar.
Do this twice or thrice a week.
Then go shopping with this "found" cash and buy whatever silver you find.
Americans, forgo the pizza and open a can of beans.
Canadians, one less six pack! Tough, I know, but Canucks are strong!
Same advice for the Ozzies!
Throw the silver in a drawer and forget about it for six months.
Then, take it all out and count it up.
The fish and chips, pizza and beer will have been long forgotten.
The silver will be in the drawer. For as long as you want to keep it.
There is no BEST way to buy silver. Just a way with which you are most comfortable.
THEN, order a pizza or fish and chips, and beer.
CELEBRATE!
Repeat the cycle every six months.
Edited by matthewvincent
12/10/2012 3:08 pm
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Valued Member
United States
386 Posts |
You're a preacher with a silver tongue, matthewvincent.  |
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Pillar of the Community
United Kingdom
4208 Posts |
Thats some fantastic advice. And I have been doing something akin to this. I have 5 kilos of pennies saved (not much money at all unfortunately) and a pot of change. Wont get much, but its a start.
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Valued Member
United States
112 Posts |
I'm in a similar situation. Agreed with the good advice.
But do we see silver below $30 soon/in the coming year?
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Bedrock of the Community
13014 Posts |
Quote:
But do we see silver below $30 soon/in the coming year? Maybe, maybe not, no way to tell. The only thing you can really count on is generally a bad economy means higher prices and a good economy means lower. So whatever way you think that will go will dictate how you should proceed |
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Pillar of the Community
United States
3486 Posts |
Thanks everyone.
My tongue is not silver, but my intentions are.
Next to "Buy what you like" comes the advice, "Buy what is available for the money you have to spend."
After a while, you will look back and see what you have.
At this point, pat yourself on the back and tell yourself, " WELL DONE! "
Really, when you have been at this for fifty years you will realize that the the best deals of your life
have been made with your heart and NOT with your head.
Just my opinion, your results may vary.
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Valued Member
United States
112 Posts |
I am spending so much time learning and researching, and at some point I really need to know what I can spend wisely and get what I really want to see in my possession!
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Replies: 16 / Views: 2,805 |
Posted 12/09/2012 4:33 pm
