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 Replies: 19 / Views: 3,554 |
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New Member
United States
6 Posts |
I have an IRA and am thinking about withdrawing some money to buy Silver Eagle coins. This is partly investment and mostly to have the coins at home for true emergencies. Never hurts to have silver at home. Any help on getting started in buying Silver Eagles would be appreciated. Will probably buy online. Thank you.
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Pillar of the Community
United States
1804 Posts |
 Quote:
I have an IRA and am thinking about withdrawing some money to buy Silver Eagle coins. This is partly investment and mostly to have the coins at home for true emergencies. Never hurts to have silver at home. Any help on getting started in buying Silver Eagles would be appreciated. Will probably buy online. Thank you. Eagles are great. Might throw in some OPM or other rounds to hold the cost closer to spot. |
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Bedrock of the Community
Canada
11922 Posts |
to CCF! |
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Moderator
 United States
14463 Posts |
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Pillar of the Community
United States
1234 Posts |
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New Member
 United States
6 Posts |
Thanks for the welcomes and help.
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Pillar of the Community
United States
1200 Posts |
TO CCF!
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Moderator
United States
187702 Posts |
to the Community! I moved your welcome post to the appropriate forum for the proper attention.  |
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Valued Member
United States
105 Posts |
I don't know how old you are but watch for fees if withdrawing from and IRA and taxes. As fro buying online usually the more you buy the cheaper they are. Most places charge more if using a credit card. There are ways to use a credit card like buying on ebay. Don't be afraid to check out your LCS. My LCS is usually pretty close to any online prices especially if you include shipping charges. I think its a good idea to have a relationship with a local shop. My local shop knows that I'm currently looking for certain 90% silver so when I walk in he gets out exactly what I want to look at. |
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Valued Member
United States
269 Posts |
Welcome Ron Im not sure about using your IRA, but like you I just started collecting silver coins(90%) and in my case silver Bullion. I have found the best prices are online, like someone else said you need to be careful about payment with a credit card and shipping charges. Where I buy from I get the best deal using a check and its free shipping, you may find ebay is even cheaper for certain items. Someone mentioned your LCS (local coin shop) mine is just ok on price, my problem comes with taxes from there. |
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Pillar of the Community
United States
1454 Posts |
Most people here are going to come down against cashing out your IRA, ron. It's a prudent strategy to leave your IRA alone. I'm not even very conservative, but I'd still think pretty hard before making that move. Why? Because of the volatile nature of metals. They could just as easily drop back down to $5 silver and $300 gold, and then stay at those prices for the next 20 years, until the next big bull run. Essentially, it's a risky venture to cash out your IRA. Don't let anyone tell you otherwise.
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New Member
United States
6 Posts |
Thanks for all the advice. Having coins is just another way of investing. Taking a little money from IRA still won't be enough that I have to pay taxes. Little nervous about ebay. Thanks |
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Valued Member
United States
269 Posts |
Tried to mail you a good link Ron but you have your mail blocked
Dont think its allowed to put links to sellers in board messages
If you unblock it ill send
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Pillar of the Community
United States
1088 Posts |
to CoinCommunty! |
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Pillar of the Community
United States
808 Posts |
to CCF! Lots of solid advice so far. Don't touch the IRA. Buy the coins you know and like, avoid high premium specialty coins until you're ready. American Silver Eagles are a great place to start. Also consider Canadian Silver Maple coins as they have a lower premium than ASE's. If you're already a coin collecter you're probably already aware that 1964 and earlier coinage (dimes, quarters, half dollars, and "silver" dollars) typically contain 90% silver. This "junk" silver is easily on of the cheapest ways to buy silver at minimal cost over silver spot price. If you're looking for where to buy, several members here sell quality coins on ebay. There are also some major online bullion dealers worth considering for your first coin purchase. For example, APMEX.com and Provident Metals have been reliable sources for many years. Whoever you choose to buy from, be careful to read and understand their payment and shipping policies. |
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Pillar of the Community
United States
3789 Posts |
First of all, WELCOME to the community, glad you are here!  Secondly, no need to rehash what others have said, they are spot on. DONT pull from your IRA to get silver. Everyone is right about this and I agree 100% with them. Finally, let me say this. Stay away from the PMs for now. This is NOT the time to invest in PMs. You could speculate/trade but not invest. Taking it a bit further, silver should be avoided and rather, once conditions are better, stick to gold first. Both commodities are highly volatile, but silver is worse. If you want to buy a handful, sure why not. But rolls and rolls and boxes, would not be wise at this moment. If you are unsure where to buy, stay on these forums and you'll find there are so many many many helpful folks with various opinions and thoughts so thats going to help you big time. Again, welcome to our family. |
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Replies: 19 / Views: 3,554 |
Posted 04/01/2014 01:12 am
