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Replies: 37 / Views: 6,292 |
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Pillar of the Community
United States
6478 Posts |
Poll Question
You have $1000 to spend on precious metal, what do you do?
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Pillar of the Community
United States
898 Posts |
I would buy a lot of silver, and I would spend it on 90% US "Junk" because that will gain some numismatic value too. ASE's graded 70 will have a premium to get, and don't do much for me either so personally I would get it in junk and try to make a set or two out of it.
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Pillar of the Community
United States
7375 Posts |
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Bedrock of the Community
Australia
21786 Posts |
Buy a range of different gold and silver coins that attract you, up to your $1,000 limit.
If bullion coins are what interests you, then so be it, but with $1,000 to spend, you may also be attracted to coins with some numismatic value.
With $1,000 discretionary optional money to spend, take your time, have fun, and spend wisely; I think that is the best way to get value for money.
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Pillar of the Community
Canada
3692 Posts |
Keep the $ amount out of it. Decide how much metal you need and why.
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Pillar of the Community
Canada
576 Posts |
Quoted from above: "Keep the $ amount out of it. Decide how much metal you need and why." I'd be grateful for more explaination of this entry. It has my thoughts running in circles. Deciding how much metal one needs is an amazing question. A jeweler or metal smith probably can define his or her needs per month from a business stand point but I'm sure they would want more if they could get more. From a stackers point of view or a collector the only thing I can come up with is more. Maybe I should get counciling. <<<smile>>> The why part of this I'll leave to others more wise than my self. Kindest regards, respectfully. Liverpool
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Pillar of the Community
United States
7375 Posts |
Quote: "Keep the $ amount out of it. Decide how much metal you need and why." I didn't quote it, but I'll take a whack. I guess it's not wrong to throw $1000 at silver. What are your intentions? Strict investment? In my case, I like 90% silver, and buy a little every year. It's not really an investment for me. More of a hedge. I buy a little until I have "enough." That amount varies, but I don't put a $ amount on it. I have enough now, so I'm not buying, but might buy a little more if the price drops. I like 90% silver for the silver content, the numismatic value, and the fact it's spendable if necessary, and it's in small pieces. I'd hate to have to deal with an ounce of gold if the economy died.
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Pillar of the Community
United States
2368 Posts |
I'm more into the numismatic side of coins, so I'd get tons of US junk silver coins.
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Pillar of the Community
Canada
3049 Posts |
When I buy gold I like to buy gold by the ounce.. It's just cheaper in premiums...
Numi gold however is a different beast all together.
So if this question is strictly bullion related.. I would say spend the $1000 on silver..
Unless storage is an issue for you... storing one or two coins worth $1000 is a lot easier than 40..
If you're talking numi coins.. well.. then find what you like.. it really doesn't matter as long as there's a pretty standard rate over spot as to what dealers would pay for it..
There's really a multitude of answers to this question.. but the best answer I can come up with is "buy what will make you happy"....
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Pillar of the Community
United States
3789 Posts |
I'd stay away from buying any coins for now, for me I am looking for various coins that arent bullion but are gold and silver coins.
Why? Because IF I had only 1,000 to buy, I am going to get the most coin out of these dropping prices.
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Pillar of the Community
Canada
814 Posts |
Old gold coinage is the best (junk silver is nice also). you can get it for spot, with no premiums. I like old British sovereigns and old gold Russian coins.....good way to buy fractional gold without the premiums.....I also find its a lot easier to sell junk silver and gold to the LCS than bullion.....
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Pillar of the Community
Canada
3692 Posts |
What I'm saying with that is your question needs to be specific. Saying I need silver or gold is strange unless it has some purpose beyond storing it. One can buy silver mine stocks and the ilk, one can buy jewellery, or coins... And no, no jeweller I know would want extra stock lying around for no reason. There are services for that where you don't need any stock (refiners and caster, for instance). It's more cost effective this way. Same with stones - I can't count how goldsmiths I know have stones that were bought because they are "purdy" but have them lying around for 10+ years because they never get around to it or they never learn to set stones.
Anyways, please tell us why you want a certain element, and how much is enough. The form is very important. Maybe you're a mineralogist/geologist and want raw ore, or a coin collector, or a smith, or an investor, or a hoarder, or a survivalist. It will lead our answer to a better direction because most of the answers you'll get here are skewed into what a certain member will personally collect. Myself, having enough metals I can be of some help because my mind isn't in the acquiring-mode that new collectors find themselves in.
Good luck with your quest! Let us gear towards something you'll enjoy.
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Pillar of the Community
 United States
6478 Posts |
I think you are overthinking it. Pearson above me.
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Pillar of the Community
United States
7375 Posts |
I don't think he's over thinking it. For 10 bucks yes.....overthinking it. But $1000 is a lot of money and should be spent as wisely as possible, imo.
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Pillar of the Community
Russian Federation
5172 Posts |
If I have to spend it all on "precious metal", lots of silver coins (from various places). Realistically, very huge amount of bargain bin coins (possibly including a little bit of silver) and maybe one little gold coin because as it is I don't have any (still mentally kicking myself for that one $40 tiny gold coin I didn't buy back in 2010).
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Pillar of the Community
Canada
576 Posts |
Libertad, thanks for the insightful response. You have some wisdom to share, thanks. Now the original question about the $1000.00. At this time I have more important thing to do with the money but let's say it was a prize that had to be claimed in gold or silver. Easy to respond to now. Junk USA silver or buying out some poor slob that lost his way buying PMs, sadly I could get premium bullion at spot and he would be grateful.
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Replies: 37 / Views: 6,292 |