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Author Topic: Buying Precious Metals?  (Read 1423 times)
ElMoIsEviL (OP)
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February 13, 2012, 11:25:37 PM
 #1

Anybody purchase precious Metals using Bitcoins before? Anybody done it across borders in say North America?

Anything I should know regarding levies, taxes etc?

I'm fairly new to this bitcoin thing. Been at it for around 3 weeks so forgive my "newbness"

Thanks.  Smiley

556j
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February 13, 2012, 11:35:51 PM
 #2

There are a few places that will sell coins or bullion but as with every BTC vendor they think because it's sold for BTC they can charge high prices for the novelty factor I guess. It just doesn't make sense to pay their joke of a price when you can just cash out the BTC at an exchange and buy the metals from apmex. Even with their credit card fees plus BTC exchange and withdrawal fees it will be lower. If you pay with check or money order it's cheaper yet.

Maybe you have a reason to want to buy directly with BTC? But you can do anonymous buys much cheaper pretty much anywhere not associated with BTC. And the company will be much more trusted than anyone you will deal with that uses bitcoins.
BitcoinWorld
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February 14, 2012, 10:06:10 AM
 #3

I saw some silver coins on Bitmit.net, but as mentioned previously, they are ridiculously expensive

I'm looking to acquire my first bitcoins and I also happen to be an amateur silver collector, if you would want to do an exchange, you can PM me and we could probably set something up through a third party like bitmit.net

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February 14, 2012, 09:36:44 PM
 #4

Do they send you the precious metal once you buy it? If not how do you know it exists? They send you a picture of it?

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aseldon
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February 16, 2012, 03:00:32 AM
 #5

They do send you the physical Gold/Silver but their prices are waaay over spot. I would love to use BTC to buy precious metals but at this time there isn't an affordable place to do that.
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February 16, 2012, 03:13:03 AM
 #6

*Waves*
As Rat mentioned, we sell gold and silver for Bitcoin!
We're very competitive against our USD competitors. We also have pretty good shipping times!
We're a legally registered company, we follow all legal regulations, all in all, we are THE place to buy gold with BTC.
We will send our products anywhere in the world.
Let me know if you have any other questions,
-Jon

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CheezWiz
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February 20, 2012, 04:03:28 AM
 #7

I have been trading BC for Amazon Gift Cards via BTCBuy.info and then buying Silver Eagles... Have to look for the vendors that do not rape you on shipping but expect to pay a little over spot.
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February 22, 2012, 09:46:35 PM
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Is there a place to sell pms for btc as I have some I would possibly sell

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February 22, 2012, 11:11:02 PM
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Is there a place to sell pms for btc as I have some I would possibly sell
We will buy any products that we sell on the site.

However, if you're looking to sell more antique items, you might do better putting them up on bitmit.

Thanks,
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February 23, 2012, 02:00:01 AM
 #10

For a more worldly perspective...
Apmex.com says:
Quote
Do you have a minimum order?

Yes. Our minimum US order is $50.00 (USD) per transaction, regardless of the payment method. For any orders shipped to Canada, our minimum order is $250.00(USD) per transaction. The minimum order amount for Europe and Australia is $1500.00(USD) per transaction.

That's why I've ordered from coinabul.com They ship worldwide, I never saw anything about a minimum on their site. And shipping cost was reasonable.

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February 23, 2012, 02:10:39 AM
 #11

There are a few places that will sell coins or bullion but as with every BTC vendor they think because it's sold for BTC they can charge high prices for the novelty factor I guess. It just doesn't make sense to pay their joke of a price when you can just cash out the BTC at an exchange and buy the metals from apmex. Even with their credit card fees plus BTC exchange and withdrawal fees it will be lower. If you pay with check or money order it's cheaper yet.

Maybe you have a reason to want to buy directly with BTC? But you can do anonymous buys much cheaper pretty much anywhere not associated with BTC. And the company will be much more trusted than anyone you will deal with that uses bitcoins.

Well argued. Sounds reasonable enough. thanks for the input.

It MIGHT be lower.

Keep in mind that no matter where you go, buying small quantities of (especially) silver or gold coins will cost a good amount above spot price (5-10% or so).  The closer you get to 1 oz., the closer to spot price you will pay.

Local coin shops in the area are selling silver American Eagles for $45-$50.  Spot price is ~$37 for the same coin.

Credit card fees + trade commission fees + withdrawal fees (and, don't forget deposit fees for exchanges -- even if you've kept your money sitting in there for months, it's still a factor) and you're cutting it really really close.

You can sometimes find some good deals in the marketplace section.  I got a great deal on an auction and was able to get some silver shipped for under spot price.
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