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 Replies: 14 / Views: 3,787 |
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Valued Member
United States
104 Posts |
My father in law knows I have caught the coin bug but my passion is in numismatics. Tonight before my wife and were leaving her parents house he said he wanted to talk to me. He said he wanted to know if I could help him purchase some silver bullion. I said that in our state if you spend over 1500 bucks then there is no sales tax which he replied "I have 5k to spend on silver bullion".
In the city where we live I buy half of my coins from our local coin shop which is huge in size compared to most brick and mortar coin shops and I know they have always shown me love in respect to buying rare coins but with bullion I wanted to ask the community if somebody was to spend 5k in physical silver in coins or bars from and ounce to kilo bars is there any one particular company that is known to be the cheapest? It would be nice to know so I have an idea when I go to the LCS tomorrow and see what how much over spot they charge. I know buying in kilo bars is the cheapest and gets more over spot as you move down in weight. It doesn't matter what mint either.
Thanks
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Pillar of the Community
United States
1475 Posts |
Any reason your father in law wants silver over gold? In my opinion, when he is ready to unload, few gold coins will be so much easier to sell versus selling silver. This is from my experience where few years ago, I sold few gold 1 oz bullion coins and 200 silver 1 oz maples.
Edited by Coconutjoe
05/04/2017 03:40 am
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Bedrock of the Community
United States
11951 Posts |
I would check the large bullion sellers first. (online) APMEX JM BullionProvident metals I like 1oz. silver -American silver eagles -Maple leaf -Australia Perth Mint coins For bars I like 5oz. and 10oz. Tombstone and prospector bars are my favorite. I did check APMEX, 2017 1oz, Kangaroo's come in a 250 coin sealed box. They have them for little over $4600. That would leave money for a few 5oz. bars. If it was me, I would see how close my local shop could get to online prices. |
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Pillar of the Community
United States
3079 Posts |
I have purchased from Sivertowne and JM Bullion. One thing you have to understand is that it will take longer to get the silver and gold than in there stated information on their sites. Could be a week to two longer. Unless he has a favorite in the rounds or bars there is no reason to pay the extra premiums they have attached to them. Another thing is I wouldn't buy 100 ounce or above, as the are harder to sell locally, around here Metro Detroit area there is usually an extra discount from the total purchase price $20/$30 dollars. Because other than to the processors they are harder to sell. It is also 14 troy ounces to the troy pound so you can figure the weight. The other item of interest is some of the bullion selling companies have little to no PM inventories on hand. they use the same refiner/mint to fullfill the orders so that can also add siome time to the weight. Edited by Circus
05/04/2017 07:48 am
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Valued Member
 United States
104 Posts |
Coconutjoe- about why silver over gold he and I have not had that conversation in a while. A while back when we did talk about silver over gold the thinking was silver looked better because of certain indicators like for example the silver/gold ratio being high. Even right now its at 75/1 or something like that. I don't know if that is still his thinkikng but I'm curious and get your point which I appreciate GR58- appreciate your reply as well and do kangaroos hold a premium like silver eagles do when it comes to sell. I know the LCS will give a buck over spot for any silver eagle and I wonder if it's lime this for other the Perth Mint and Canadian mint too. At 4600 bucks for a sealed box of 250 kangaroo 1 oz rounds that is 18.40 an ounce which seems like a good deal go me. I will check out JM Bullion and APMEX in the morning. Thanks guys |
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Pillar of the Community
United States
2637 Posts |
Are you sure you would trust Provident with the Elemetal concerns (Elemetal owns Provident).
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Pillar of the Community
United States
2130 Posts |
If he is truly looking to just stack some silver I would look around and find the very best deal I could get on American Silver Eagles. He would never have a problem selling these in the future. If he wants more of a variety then you can't go wrong with GR58's recommendations above.
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Pillar of the Community
United States
1068 Posts |
I like buying from these guys. They are located in Texas. I recommend asking for Chris Whiddon, as he is my coin guy and a pleasure doing business with (oh and I don't get no payments or anything for recommending them). https://www.1stamericanreserve.com/But if I had $5 grand just to spend on precious metals I would buy gold over silver (especially pre-1933 coins). But good luck and let us know how everything goes!  Edited by Bryan78
05/04/2017 10:55 am
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Pillar of the Community
United States
1475 Posts |
Thanks for the info Benny.
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Pillar of the Community
Canada
3049 Posts |
PM's make for a bad investment but a good preservation of wealth. The time frame for a GSR swap can be decades. In the past month we've seen drops in both gold and silver... but silver is the one taking a real bath between the two.
The conservative play if you're looking to hold onto something that is physical and has value would be to go for gold.
If your father in law (FIL) is looking more at this as some opportunity to flip (buy then sell) in a relatively short time frame I would then recommend you buy through a broker (paper silver) on something like SLV.... you'll save yourself a lot of money on premiums, you can buy and sell the silver at market prices without leaving the safety and security of your home and even when coin shops and the like are all closed.
The online sources for silver that were mentioned by GR58 are all very well respected. I have never tried any of them. When I buy silver I like to throw my money down and pick my silver up. I don't get the "selection" that the other online places can provide but in my opinion I'm just buying a hunk of silver I don't care what is stamped in it!
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Pillar of the Community
United States
509 Posts |
APMEX is selling 100 ASE on ebay right now for $1942 with free shipping.. you could get 200 for $3884 and $1250 for 1 ounce gold maple leaf from them on ebay right now as well... I have no idea if this is a decent deal, just happened to have the 100 eagle deal saved on my ebay app
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Moderator
 United States
54282 Posts |
JMBullion is still running their special (one per customer) 10 one ounce silver rounds for SPOT with free shipping. I hove found their pricing to be competitive, shipping is always free. They do have different prices for credit card paymnets, and different waiting times for checks. At this exact moment APMEX 100 ASE check price $1,970 JMBullion 100 ASE check price $1,934 APMEX 100 Sunshine Mint check price 1 oz $1,780 JMBullion 100 Sunshine Mint check price 1 oz $1,739 500 quantity prices are slightly lower at both places. Both places have a link for "deals" or "on sale now" which should always be perused.
Edited by nss-52
05/04/2017 12:44 pm
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Pillar of the Community
United States
4211 Posts |
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Bedrock of the Community
United States
11951 Posts |
Quote:GR58- appreciate your reply as well and do kangaroos hold a premium like silver eagles do when it comes to sell. I know the LCS will give a buck over spot for any silver eagle and I wonder if it's lime this for other the Perth Mint and Canadian Mint too. Benny The current Kangaroo's are sort of new .. I am not sure what type of premium they will hold. I do think they will be a little better than silver rounds. ASE's are my favorite bullion coin, but do pick up different ones each year. There will be some balance ASE's sell back at higher price, but cost a little more when purchased. Then there is ... silver has been trending down a little the past few weeks. If I was spending 5k right now .. I might break it up. Buy 1K right now .. wait to see if it will go down more. If it does .. buy a little more .. if it starts climbing up .. buy the rest of your funds. |
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Valued Member
126 Posts |
I would just buy generic rounds as close to spot as you can.
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Replies: 14 / Views: 3,787 |
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Posted 05/04/2017 03:53 am
