Bitcoin Forum

Economy => Economics => Topic started by: ChiliPowder on July 25, 2014, 08:55:36 PM



Title: Buying Silver
Post by: ChiliPowder on July 25, 2014, 08:55:36 PM
I was thinking about buying 50+ ounces of silver and just a little worried about not only the speculation of silver but where to buy it for the best +spot price. I was looking at apmex which seem to be the best, but if buy silver for 1 dollar over spot where do you then sell that silver? if it goes up 5 bucks and I take it to a silver/gold place arent they allways going to offer underspot? Is Craigslist or ebay the only option to sell for a fair price? Do you guys have any recommendations on where to buy and what to look out for? I am pretty sure I am going to get bars over coins.

Edit- I was going to do the easy thing and just purchase SLV but there seems to be a lot of bad news about that ETF and I jsut want to have silver in hand.


Title: Re: Buying Silver
Post by: Possum577 on July 25, 2014, 10:10:26 PM
There are some people selling silver in the Marketplace and Auction sections of this forum.

Other than that, you could order silver directly from the US, South Africa, Canada, Australia, China, and New Zealand governments (just a few of many.) They'll always charge a tad more than spot because they need to make some money off the sale, but you're buying to invest right? The objective would be to hold onto the sliver until the value exceeds the spot and premium you paid.

You can also go to your local coin shop and buy silver.

To sell it, you can definitely go to your local coin shop but you can also find people on this forum and eBay to buy your silver.

Worst case scenario, if the dollar were to really decline in value having silver on hand might be wise at least as a store of value (and if things get really bad as an exchange for goods and services.)

The government mints I mentioned above make really beautiful silver and gold coins.


Title: Re: Buying Silver
Post by: Yakamoto on July 26, 2014, 06:43:18 PM
There are some people selling silver in the Marketplace and Auction sections of this forum.

Other than that, you could order silver directly from the US, South Africa, Canada, Australia, China, and New Zealand governments (just a few of many.) They'll always charge a tad more than spot because they need to make some money off the sale, but you're buying to invest right? The objective would be to hold onto the sliver until the value exceeds the spot and premium you paid.

You can also go to your local coin shop and buy silver.

To sell it, you can definitely go to your local coin shop but you can also find people on this forum and eBay to buy your silver.

Worst case scenario, if the dollar were to really decline in value having silver on hand might be wise at least as a store of value (and if things get really bad as an exchange for goods and services.)

The government mints I mentioned above make really beautiful silver and gold coins.
This is a good guide.

There are quite a few reputable stores in the US, Canada, South Africa, Australia, China, etc. That sell silver rounds or bullion that you can go buy from. They do have about a $2-$3 mark-up (Or at least the one place in Canada I order from) but holding will most likely allow for it to be paid off very soon

Just make sure that you keep track of what you paid for it, since the government will want your capital gains tax if you sell it.


Title: Re: Buying Silver
Post by: Dalmar on July 26, 2014, 07:28:34 PM
Trading physical silver is cumbersome and a waste of time. Do not buy it for trading, only buy it as 'insurance' or 'savings'. 

If you want to trade silver (not recommended), just use the ETFs or silver miner shares.


Title: Re: Buying Silver
Post by: giveBTCpls on July 26, 2014, 10:44:17 PM
Yeah physical goods are meant to be stored and only sold when you really need it. For example since im poor as fuck the other day I had to sell some gold rings from my family. Really sad, as it was just to pay some bills.


Title: Re: Buying Silver
Post by: unpure on July 27, 2014, 05:21:28 AM
Also watch out from fake one.

For physical metal, only buy from physical store.


Title: Re: Buying Silver
Post by: joshraban76 on July 27, 2014, 09:08:00 AM
Silver seems to be pretty stable and when I started to buy it I found that yard sales are a pretty good way to go. I bought a loupe, neodymium magnet, high precious scale and an acid kit and have done pretty well with it. I also have found decent deals at pawn shops, gun shows and local coin shops.  To sell craigslist seems to be the best way. These people that stack silver at willing to pay more then the coinshops as they don't have the overhead.


Title: Re: Buying Silver
Post by: Tbone123 on July 27, 2014, 08:42:43 PM
I agree if you have the time I have made some nice finds at garage sales but you have to be early. Otherwise buying from the local coin shop is a good idea no waiting and the dealer has already done the inspection. When you need money the local coin shop can quickly convert it back to cash for you.


Title: Re: Buying Silver
Post by: boraf on July 28, 2014, 05:31:15 AM
Silver at this level is a good buy. It is 60-70% off its all time high.


Title: Re: Buying Silver
Post by: tee-rex on July 28, 2014, 08:57:51 AM
Silver at this level is a good buy. It is 60-70% off its all time high.

In 1980 the silver price rose to a peak of $49.45 per troy ounce due to market cornering by the Hunt brothers. This is approximately $145 per troy ounce in today's inflation-adjusted prices. With silver price around $20-22 right now, this makes only 13-15% of its all time highs.


Title: Re: Buying Silver
Post by: superresistant on July 28, 2014, 12:48:59 PM

You're so lucky to live in USA.
In European countries like France, you pay 20% tax when buying and then pay 35% capital gain when selling.



Title: Re: Buying Silver
Post by: joshraban76 on July 28, 2014, 01:34:09 PM
I would definitely be very careful when buying silver, with something of this much value people are going to try and con with fake silver which is always something that catches people out. Do research, spend time looking around and finding the best places to that do genuine silver and price match them. With quite a bit of time and patience you are guaranteed to find good silver at decent prices.


Title: Re: Buying Silver
Post by: fdiini on July 28, 2014, 02:13:35 PM

You're so lucky to live in USA.
In European countries like France, you pay 20% tax when buying and then pay 35% capital gain when selling.



Deal locally. You don't have to report these transactions.


Title: Re: Buying Silver
Post by: tee-rex on July 28, 2014, 03:34:09 PM

You're so lucky to live in USA.
In European countries like France, you pay 20% tax when buying and then pay 35% capital gain when selling.



Deal locally. You don't have to report these transactions.

It may be dangerous (mildly speaking), local criminals would know that you have silver and may pay a visit to your home. And yet more so if you are going to buy on a regular basis.


Title: Re: Buying Silver
Post by: joshraban76 on July 28, 2014, 08:08:06 PM
Yes, dealing locally even if it may seem like a good idea can lead to all kinds of different problems especially if it is made well known that you are delaing silver locally. Being the target of thieves would be the last thing you would need especially with something so valuable.


Title: Re: Buying Silver
Post by: TheButterZone on July 28, 2014, 08:22:04 PM
Do European banks for proles
A) Have armed security guards
B) Have safety deposit boxes not subject to government raids

If yes to both, stick that silver in a box.


Title: Re: Buying Silver
Post by: Yakamoto on July 29, 2014, 12:02:22 AM

You're so lucky to live in USA.
In European countries like France, you pay 20% tax when buying and then pay 35% capital gain when selling.


We're talking about FRANCE. They sue people for quoting their media. They have taxes on everything.

20% and 35% (55% loss, which is idiotic, what government did they out in office) are really big. I can't believe that they have a total of 55% tax, plus markup.


Title: Re: Buying Silver
Post by: Alchemix on July 29, 2014, 05:52:43 AM
I have been into stacking Silver bullion for a long time.
I buy junk silver as often as possible, its just a fun hobby on the side i guess.

BTC, gold and silver are the 3 things i invest in currently.
I have zero faith in the US stock market, and even less faith in fiat.


Title: Re: Buying Silver
Post by: leezay on July 29, 2014, 06:01:32 AM
Lots of fake coin and bullion are being sold on Ebay and Craiglist.

Watch out and buy from only reputable sources.


Title: Re: Buying Silver
Post by: tee-rex on July 29, 2014, 08:18:04 AM
Do European banks for proles
A) Have armed security guards
B) Have safety deposit boxes not subject to government raids

If yes to both, stick that silver in a box.

I think no bank and its deposit boxes are immune to government raids (neither in Europe, nor anywhere else). So the best option would be to bury your silver in the backyard of your home under the screen of night. ;)


Title: Re: Buying Silver
Post by: oceans on July 30, 2014, 08:34:53 AM
Shopping around to find the best prices is always a method I would suggest on anything that has a high price tag. It's quite easy for people to search on places like the internet and find a good deal and then get something else such as fake goods which will leave you losing out. It's going to take time if you want to find decent silver, time and patience though can lead to more in the long run. Any websites on the internet such as you mentioned Ebay and Craigslist may offer great prices and some may even be genuine but it is always wise to be sure until you find someone you can trust.


Title: Re: Buying Silver
Post by: MoonRise on August 29, 2014, 03:05:57 AM
I don't think silver has so much of profit to buy it and hold it ?Does it,seriously I havent used it anyways


Title: Re: Buying Silver
Post by: cinder on August 29, 2014, 11:10:27 AM
I was thinking about buying 50+ ounces of silver and just a little worried about not only the speculation of silver but where to buy it for the best +spot price. I was looking at apmex which seem to be the best, but if buy silver for 1 dollar over spot where do you then sell that silver? if it goes up 5 bucks and I take it to a silver/gold place arent they allways going to offer underspot? Is Craigslist or ebay the only option to sell for a fair price? Do you guys have any recommendations on where to buy and what to look out for? I am pretty sure I am going to get bars over coins.

Edit- I was going to do the easy thing and just purchase SLV but there seems to be a lot of bad news about that ETF and I jsut want to have silver in hand.

SLV is an ETF that hold future contract, which is nothing but paper and promise. You will also need to pay fee on it every month when they do roll over.

If you are determine to buy silver, buy the one with large bar on apmex. They usually carry less premium when comparing to coin.


Title: Re: Buying Silver
Post by: yunkie on August 29, 2014, 12:02:11 PM
I gave up on silver and gold, all in on bitcoin, may god help me


Title: Re: Buying Silver
Post by: Damnyo on August 29, 2014, 02:36:53 PM
I sold my silver for BTC and dont regret it.