My first big silver purchase
IronHammer
Posts: 33 ✭✭
I purchased 120 Silver Eagles from BullionExchanges.com Sunday evening, completed the wire transfer the next morning and my package FINALLY shipped at precisely 5:31pm Friday. So BullionExchanges says they will ship in 1 to 5 business days. They were true to their word and shipped at the latest possible moment on the 5th day. Although I am not happy it took them that long I did get them for $2.48 over spot. But I also paid a $20 wire fee through my bank which increased my cost 16 cents per coin. I am anxious to see if they all are 2019 BU as they should be. Ultimately, I think I will mail them a check next time and just learn to be patient. They had the cheapest price I could find at the time, which is awesome. Many lessons learned for my first big silver purchase.
Comments
99.99% likelihood you'll get 2019 BU coins if that is what you ordered. Did you consider a mini-monster box of 100? 6 tubes is a significant purchase for most people, keep us posted when they arrive.
Coincidentally I decided to order a tube of 2019s this weekend and just dropped a check in the mail ($371). I went with SD Bullion who was at $3 over delivered.
Wow... that is a nice pile of silver eagles... let us know how they are when you get them.... Cheers, RickO
BullionExchange always ship to me in 2 days or less
Sounds good.
My YouTube Channel
The fact that you purchased SAE's puts at the front of the new stacker line! well played.
Loves me some shiny!
@IronHammer
You put the hammer down on that purchase.
I am the same way with purchases that exceed a certain threshold, i.e, “I want it now!” But, I have learned to wait the 1-3 days it takes..... sometimes.
Stack on!
Congratulations on your new purchase. Please keep us posted !!!
Pics!
Shipment arrives today by Fedex. Signature required (would expect nothing less). One poster mentioned that BE asked him for a photo ID for his large purchase but I never got asked for that. I am very excited to see these arrive a week and half after placing my order!
Thanks. I am not a "man of means" but I had a real nice windfall and knew that if I didn't convert some of the funds to something like silver or gold then it would be spent. Silver seems more liquid to me than gold. Converting to silver gives me some peace of mind knowing I have 1) a way to put back money that's harder to spend but fairly easy to liquidate , 2) a hedge against inflation, 3) purchasing power in a SHTF scenario, and 4) a potential investment (hopefully).
I am looking forward to seeing all my silver in a big pile. I plan to take pictures this evening and post if I can be sure the photos won't have location tags in them.
We look forward to your 'pile' of silver eagles....
Cheers, RickO
It would be cool if they sent me a min-monster box and one tube. I didn't consider the mini-monster box when purchasing.
Welcome IronHammer! How did you learn about this forum?
Here's the reason I agree with you most about:
1) a way to put back money that's harder to spend but fairly easy to liquidate
And thanks for your feedback on Bullion Exchange, it elicited another positive review about them, and since I've never dealt with them, it's good to have the feedback for future reference.
My advice - start keeping a good record of this purchase and since this was a windfall purchase, just file the ASEs away. Then, start saving for another purchase later, be it every other year or even longer. Don't ever stretch to make a PM purchase. Make sure that your other contingencies are well covered before you buy.
Some do great buying on a regular basis, but I think it's better to bite off larger chunks at a time, simply for the ease of tracking your cost structure for future tax reporting.
And, it's smart that you are aware of the photo/location tag issue.
Lastly, have fun looking at the coins!
I knew it would happen.
I originally joined because my son and I have started collecting coins, which naturally led to me investigating precious metals. I did a LOT of research on which PM's to buy (bullions vs coins) and settled on ASE's as having the most liquidity and acceptance.
My initial assessment of BE wasn't the greatest due to them taking so long to ship my order but I realize now I just need to learn patience ;-). Their prices beat sdbullion and jmbullion so I'm happy I went with them.
I have started keeping a spreadsheet of both my inventory and a log of my purchases with all the gritty details such as original purchase price, spot at the time of purchase and other things.
Agreed. Larger purchases allow for getting a better deal usually.
Thanks! I have about 50% ASE's and 50% constitutional silver with some US Mint collectibles so I have a nice starter "pile" so far. It feels good knowing I am planning for the darker days ahead but I know it will take a LOT more metal to provide during those dark times.
It never hurts to have that rainy day fund. I remember selling tubes of ASE's for car repairs or other bills. At the time I knew nothing about stocks so I kept my money in something I could see. Years later now Im gad I did what I did. Now Ive liquidated some metals and have added more stocks, still wanting to keep metals as a fall back, but not nearly the same % of my net worth as I once had. Working for a bullion dealer has its perks though...
Include the wire transfer fee in your cost basis
120 is a good start. I hope you get a few more like that
Shipment arrived today at 5pm safe and sound! Very happy to see every tube had brilliant, minty 2019 uncirculated silver eagles. They did not send the mini-monster box. I sure enjoy snapping pics for insurance purposes!
I tried to post pics but I had a heck of a time getting them to go through. Ultimately it said something about being approved so they may still show up in this thread. I decided to snap a couple of pics of my whole lot of silver as it stands right now. You may even notice a couple of a chocolate Washington quarters just for fun ;-)
I see you got yourself an Apollo!
Sometime this work-around works for posting pics:
Type the text part. Post. Edit post. Insert pics. Post.
Important: Keep a copy of the text, just in-case it does not work and purges the text when you save.
Another important: Multiple edits in a short length of time will cause the same issue about comment approval and you’ll lose the entire post.
I'm a huge fan of the Apollo program. Had to get it along with the Half Dollar clad set.
Figured this one out! Thanks!
Looks like a great stack. Well done. I saw your comment on taking pictures for insurance. Just remember that your homeowners policy has special limits on coins/money and only covers a very small amount ($200).
Didn’t know that about insurance. Is there any way to insure my metal holdings?
Check with your insurance company. They may have special riders/amendments for bullion coins and the like.
Hugh Wood offers insurance through the ANA (American Numismatics Association)
https://forums.collectors.com/discussion/comment/11673893#Comment_11673893
This is a handy site for shopping for ASEs: https://comparesilverprices.com
"So BullionExchanges says they will ship in 1 to 5 business days. They were true to their word and shipped at the latest possible moment on the 5th day. Although I am not happy it took them that long I did get them for $2.48 over spot."
Why are you not happy? They shipped on the 5th business day ... just as promised.
See http://www.doubledimes.com for a free online reference for US twenty-cent pieces
Thanks, I was unaware of this site. I've added it to favorites.
Here's another one for the 'other' metal ... https://comparegoldprices.com
See http://www.doubledimes.com for a free online reference for US twenty-cent pieces
Added TO Faves. Thx.
Brings back memories. Love stacks of Silver as much as the Pirates must have.
Nice group. It's addicting.
100% Positive BST transactions
Maybe a galleon is what we need.
Take the go bag to sea.