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Author Topic: Looking to buy Silver Bullion for BTC  (Read 5454 times)
SaltySpitoon
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September 12, 2012, 04:22:25 PM
 #1

Hey guys, because of the Litecoin Silver Mutual Fund Asset that I am setting up, I'm looking to buy some silver.

https://www.litecoinglobal.com/security?s=LTC-SILVER
https://bitcointalk.org/index.php?topic=108485.0

For now, I'm just looking for a few ounces, until I have a big enough bankroll from outside methods where I can start buying larger amounts.

I've contacted a few of the regular silver sellers on this forum to get quotes, but I will open this up to the general forum users that want to get some BTC (or LTC if you want) for Silver bullion. That being said, at this point I'm looking for 1/2 Oz, 1 Oz, and maybe a 2 Oz bullion or something along those lines, but I will be interested in 5 or 10 Oz bullion down the line.

I will test all Silver bullion in a non destructive way, so please do not waste both of our time sending me junk. If you feel so inclined to send me fake silver, I will be happy to ship it back to you, assuming you pay return shipping costs.

Thanks for reading, and your PMs.

SaltySpitoon

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September 12, 2012, 05:49:14 PM
 #2

Just a question are you looking just Bullion like american eagle etc?
Or are you looking for any silver coins 90% ,40%,30% etc?
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September 12, 2012, 05:53:56 PM
 #3

Just a question are you looking just Bullion like american eagle etc?
Or are you looking for any silver coins 90% ,40%,30% etc?

Bullion like eagles works, .999 Fine silver bars, shot, or generic rounds also work. I'm not looking for anything besides .999 fine silver.
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September 12, 2012, 06:10:08 PM
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Hey guys, because of the Litecoin Silver Mutual Fund Asset that I am setting up, I'm looking to buy some silver.

You might want to check out https://glbse.com/asset/view/METAL.SILVER and benefit from this fund's experience.

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September 12, 2012, 06:39:23 PM
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You might want to check out https://glbse.com/asset/view/METAL.SILVER and benefit from this fund's experience.

Yes, actually, those assets are what gave me the idea to start a similar version for Litecoins. I have fairly similar terms, except I will make sure to maintain some form of small 1 gram increments in case someone, for whatever reason, feels the urge to withdraw 1 gram increments. My basic goal in doing this was to put as few restrictions as possible. You are free to do what you want, when you want with your shares. If someone wants to pay 200% spot value for your shares, so be it, if you want to spend 5 grams worth of silver to have 1 gram shipped to your door, so be it (although I make sure I mention I don't recommend it)

What Litecoin has that better suits it for a Silver bond is, Silver, although considered a fairly safe investment, does not grow 33% per week, like we have seen Bitcoin do before. Sometimes, you are better off just holding your bitcoins and waiting for a favorable moment to sell, rather than wrap them up in a commodity that may or may not increase in value as quick as BTC itself. Over the last month, Litecoins have been between $.035-$.04 fairly steady. What Litecoin needs right now is something to upset the stable price, hopefully for the better.
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September 12, 2012, 06:50:40 PM
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You might want to check out https://glbse.com/asset/view/METAL.SILVER and benefit from this fund's experience.

Yes, actually, those assets are what gave me the idea to start a similar version for Litecoins. I have fairly similar terms, except I will make sure to maintain some form of small 1 gram increments in case someone, for whatever reason, feels the urge to withdraw 1 gram increments. My basic goal in doing this was to put as few restrictions as possible. You are free to do what you want, when you want with your shares. If someone wants to pay 200% spot value for your shares, so be it, if you want to spend 5 grams worth of silver to have 1 gram shipped to your door, so be it (although I make sure I mention I don't recommend it)

What Litecoin has that better suits it for a Silver bond is, Silver, although considered a fairly safe investment, does not grow 33% per week, like we have seen Bitcoin do before. Sometimes, you are better off just holding your bitcoins and waiting for a favorable moment to sell, rather than wrap them up in a commodity that may or may not increase in value as quick as BTC itself. Over the last month, Litecoins have been between $.035-$.04 fairly steady. What Litecoin needs right now is something to upset the stable price, hopefully for the better.

Let me know if you find a good source for 1 gram coins/bars, 99% of the ones i've seen have a very high premium attached to them. 50% seems the norm for 1 gram unless its shot or junk silver.
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September 12, 2012, 06:52:23 PM
 #7

Let me know if you find a good source for 1 gram coins/bars, 99% of the ones i've seen have a very high premium attached to them. 50% seems the norm for 1 gram unless its shot or junk silver.

Alright, I'll let you know. I have one idea, but I'm not quite entirely sure how well it would go over. I'll do some research into it before I announce any plan to do it. I've got no problem using shot, as long as its in a sealed bag from a reputable company like APMEX when I get it.
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September 12, 2012, 07:23:15 PM
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I have silver from 1 oz. upwards.

Just a friendly reminder that 1 gram silver bullion carries quite the premium, so it may not be the most economical. That being said you can always charge the customer but then they would get less silver for the dollar/btc.

If you ever do decide to deviate from 99.9% bullion, I have access to lots of 80% canadian junk silver. If that does not suit you then you can always purchase larger silver from me. My website should be under my avatar.

Have a nice day!
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September 12, 2012, 09:27:12 PM
 #9

I have silver from 1 oz. upwards.

Just a friendly reminder that 1 gram silver bullion carries quite the premium, so it may not be the most economical. That being said you can always charge the customer but then they would get less silver for the dollar/btc.

If you ever do decide to deviate from 99.9% bullion, I have access to lots of 80% canadian junk silver. If that does not suit you then you can always purchase larger silver from me. My website should be under my avatar.

Have a nice day!

You were one of the regular Silver sellers that I was going to pm, but then I remembered that you were in Canada, so the shipping cost might not make it economical for the cause.
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September 12, 2012, 09:38:53 PM
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coinabul.com

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SaltySpitoon
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September 12, 2012, 09:43:54 PM
 #11

coinabul.com

Not that I don't like coinabul, they are a great service, but for my purposes, I don't believe they are a good fit. They are a tad bit expensive, but what you get with that expense is a dedicated service. I don't necessarily need a dedicated service.

But thanks for the suggestions guys. I don't mean to be difficult, but I'm trying to offer the shares as close to spot value as possible, so I've got to do a little bit of shopping around.
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September 12, 2012, 10:27:08 PM
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shipping is about $5 without tracking, and about $17 for tracking
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September 12, 2012, 10:39:03 PM
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shipping is about $5 without tracking, and about $17 for tracking

pmed, I thought shipping would be higher for some reason.
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September 13, 2012, 06:06:38 PM
 #14

Still looking for quotes if anyone has any silver to sell.
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September 15, 2012, 12:00:06 AM
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Your best bet is probably to find some coin shop around where you live to sell you silver. That way you can avoid shipping and perhaps an added service charge/premium.

That said, I sell silver art bars here:

http://www.bonanza.com/booths/SolidSilver

These are priced above spot because they're collectible. Also I prefer to ship FedEx which is more expensive than USPS. I would never send anything untracked. Even tracked with USPS is more of a gamble than FedEx, but FedEx is pricey. As a seller, the peace of mind that it will get there is worth the added cost. If it gets lost in the mail, I'd feel it was up to me to make it up to the buyer.

I never send silver without payment up front- I have 100% good feedback on Bonanza. I never sell more than three ounces at a time, and I wouldn't sell more than one ounce at a time for bitcoin.

I have a friend who has lots of 999 silver one-ouncers for sale right now... he sells to me at a buck or two over spot and then I'd have to tag on another buck or two to pass it on to you. Again, your best bet is to just find a local coin shop around where you live.

Right now the trend for silver is up, so there's not much incentive for holders of silver to sell. You're going to have to make it worthwhile for someone to sell. 

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September 15, 2012, 12:24:51 AM
 #16

Thanks, I'll check it out. I found a local dealer who sells eagles for $3 over spot, so I'm going to see what other rates he can offer me. I went over today to buy a few ounces, but there was a sign on the door that said that they were closed for the day to attend a funeral. Guess I'll be checking back tomorrow.

edit* Yeah, I'm not looking for art bars. My investors want to buy silver for the silver, the picture on the front doesn't mean much to them. I'm trying to buy as close to spot as possible, so I can sell shares for as close to spot as possible.
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September 15, 2012, 12:43:37 AM
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If you can't find a local dealer, I think this place offers the best prices-

http://www.bulliondirect.com

Also I think it's going to be hard to find fractional 999 silver (less than 1 oz troy) at anything close to spot. A better idea might be to pay out in 90% coin silver, ie pre-1964 dimes and quarters. You could buy them by the roll. These might be so small that you could send them out by regular mail and you wouldn't have to worry about tracking etc. Also sometimes you can find good pricing on so-called "junk" silver.

You can check the melt value of individual coins here:

http://www.coinflation.com

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SaltySpitoon
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September 15, 2012, 12:47:20 AM
 #18

If you can't find a local dealer, I think this place offers the best prices-

http://www.bulliondirect.com

Also I think it's going to be hard to find fractional 999 silver (less than 1 oz troy) at anything close to spot. A better idea might be to pay out in 90% coin silver, ie pre-1964 dimes and quarters. You could buy them by the roll. These might be so small that you could send them out by regular mail and you wouldn't have to worry about tracking etc. Also sometimes you can find good pricing on so-called "junk" silver.

You can check the melt value of individual coins here:

http://www.coinflation.com

If you find this helpful, send me a donation!
1Der277TZjY3UHS1j9FV7iRMRKc4N985mS

Thanks for the suggestion, but my investors voted no on 90%, so I will only be getting .999 bullion. I know the premium is going to hurt, but hopefully not too many people will want to pay the shipping costs to cash out on 1 gram increments. I'll be talking to my local guy to see what he has for fractional.
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September 15, 2012, 04:34:35 AM
 #19

If you can't find a local dealer, I think this place offers the best prices-

http://www.bulliondirect.com

Also I think it's going to be hard to find fractional 999 silver (less than 1 oz troy) at anything close to spot. A better idea might be to pay out in 90% coin silver, ie pre-1964 dimes and quarters. You could buy them by the roll. These might be so small that you could send them out by regular mail and you wouldn't have to worry about tracking etc. Also sometimes you can find good pricing on so-called "junk" silver.

You can check the melt value of individual coins here:

http://www.coinflation.com

If you find this helpful, send me a donation!
1Der277TZjY3UHS1j9FV7iRMRKc4N985mS
Best price I could find on fractional .999 was around 30% over spot.

That is why i weigh all my junk silver/non .999 to verify the silver content lol.

Also to protect against forgery(Yes they are more common on gold coins, but it does happen on silver coins also)
a mint or near mint coin will have a very very precise weight.

Did you have an idea how much you are willing to pay over spot on 1oz .999 coins?
Also you willing to pay in LTC?





 
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September 15, 2012, 08:39:59 AM
 #20

I have 10-15 1g "art bars" for sale if interested.
How much would you pay including international shipping?

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