ChiliPowder (OP)
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July 25, 2014, 08:55:36 PM |
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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.
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Possum577
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July 25, 2014, 10:10:26 PM |
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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.
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Yakamoto
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July 26, 2014, 06:43:18 PM |
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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.
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Dalmar
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July 26, 2014, 07:28:34 PM |
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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.
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giveBTCpls
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July 26, 2014, 10:44:17 PM |
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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.
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unpure
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July 27, 2014, 05:21:28 AM |
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Also watch out from fake one.
For physical metal, only buy from physical store.
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joshraban76
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July 27, 2014, 09:08:00 AM |
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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.
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Tbone123
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July 27, 2014, 08:42:43 PM |
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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.
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Internet of People - USA North Chapter Leader
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boraf
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July 28, 2014, 05:31:15 AM |
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Silver at this level is a good buy. It is 60-70% off its all time high.
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tee-rex
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July 28, 2014, 08:57:51 AM |
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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.
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superresistant
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July 28, 2014, 12:48:59 PM |
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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.
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joshraban76
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July 28, 2014, 01:34:09 PM |
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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.
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fdiini
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July 28, 2014, 02:13:35 PM |
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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.
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tee-rex
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July 28, 2014, 03:34:09 PM |
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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.
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joshraban76
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July 28, 2014, 08:08:06 PM |
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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.
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TheButterZone
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RIP Mommy
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July 28, 2014, 08:22:04 PM |
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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.
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Saying that you don't trust someone because of their behavior is completely valid.
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Yakamoto
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July 29, 2014, 12:02:22 AM |
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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.
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Alchemix
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July 29, 2014, 05:52:43 AM |
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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.
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leezay
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July 29, 2014, 06:01:32 AM |
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Lots of fake coin and bullion are being sold on Ebay and Craiglist.
Watch out and buy from only reputable sources.
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tee-rex
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July 29, 2014, 08:18:04 AM |
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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. ![Wink](https://bitcointalk.org/Smileys/default/wink.gif)
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