Home Precious Metals

Advice for a newbie please.

Downtown1974Downtown1974 Posts: 6,666 ✭✭✭✭✭
Hi guys. I mainly collect cards, but I wanted to dabble a bit in coins and precious metals. I purchased some coins already from some great board members. Now, I am looking to purchase some 1 oz. silver bars to tuck away for my daughter. Do you reccomend buying online? Ebay?I was checking out the APMEX web site. Is there something in particular I should be looking for? Any advice you could give me to get me pointed in the right direction would be appreciated.
Thanks, Bob

Comments

  • derrybderryb Posts: 36,010 ✭✭✭✭✭
    study the spot, learn to recognize a good dip.
    be ready to pounce when you see a good dip.
    When looking at cost, be sure to factor in shipping and in the case of Apmex charge for using a credit card.
    silver is better for long term, have a good place to safely store it.
    good buys in small quantities are usually on ebay, 10 oz bars are my recommendation.

    The very best buys are a min. of 500 oz. at Tulving.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • How old is the daughter? Is this emergency money, or her entire college fund or something else? Unless she is an exceptional person, I would not give her possession of the silver because many young people will take it and sell it the first time they need money, and maybe only get 30 cents on the dollar.

    Anyway, for the average person, buying in a slow and steady manner is almost always the best way to go. For one ounce size, I would personally prefer American eagle or Canadian maple leaf coins, even though the premium over spot price is higher. For bars, 10 ounce seems the most popular size. If a person can find a reasonable price at a local shop, that is the best way, because there is no shipping, and the chance of fakes are much lower at a coin shop than on Ebay. Over time the buyer will also develop a relationship and that often leads to better deals down the road.

    /edit to add: if the local shop(s) don't have much, and Ebay becomes the primary venue, be sure to do a search on "Bing Cashback." This is a promotional program by Microsoft and merchants, and currently offers 8% cash back. When buying bullion 8% is a big deal, it is more than most high volume dealers make on each transaction. There are more than a few hoops involved in signing up for Bing, but it can be well worth the time.



  • Downtown1974Downtown1974 Posts: 6,666 ✭✭✭✭✭
    Thanks for the advice so far.

    derry, Not to be ignorant, but what is a dip? Is that the finish? As far as storage...these will be in my possesion for a long time before my daughter gets them. I have a large floor safe with humidity control. Also a safety deposit box at a local bank.

    Red, The silver bars would just be part of something I leave for my daughter for when I am gone. She is only 5 and I am only 36 so, I have plenty of time to pick them up a little at a time. Your comment about fake silver bars on Ebay is alarming. Its amazing that crooks find a way to counterfiet ANYTHING! So buying from somewhere like APMEX would eliminate any doubt of getting a fake right? There is a coin shop in my area, so maybe I will try that out. Although, I do not remember seeing any bars there.

    So what do you think I am better off with....bars or coins? I assume its personal preference. Since I have quite a few silver coins, I would like some of the bars.
  • RobbRobb Posts: 2,034
    Dip meaning drop in price.
    imageRIP
  • jmski52jmski52 Posts: 22,263 ✭✭✭✭✭
    Apmex is a good place to start. If you stick with the 1 oz. size and manufacturers such as Englehard, Credit Suisse, Johnson Matthey - there ought to be less concern about counterfeit bars.

    However, like Red Tiger I prefer the Silver American Eagles or Silver Maple Leaves.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • derrybderryb Posts: 36,010 ✭✭✭✭✭
    Not aware of one instance of counterfeit 10 oz silver bar being bought on ebay. If you are worried about counterfeit stay with a seller with 100% feedback and lots of sales. Shop where you can get the best price. The bing cashback mentioned by Red makes buying on ebay an even better bargain. Do a search here on the forum to find "Cashback instructions."
    I do agree with the others, that silver eagles and silver maples are your best choice, but you will pay a $2 - $3 premium over spot price for one.
    I recommend the 10 oz bars to give you more bang for your buck. Here's a good link to help you keep up with spot price. It doesn't update unless you refresh the page:

    Kitco spot

    Here's a link to silver at Apmex:
    Apmex silver

    And to Tulving (gotta buy bigger quantities, but cheaper):
    Tulving products

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • OPAOPA Posts: 17,103 ✭✭✭✭✭


    << <i>Not aware of one instance of counterfeit 10 oz silver bar being bought on ebay. If you are worried about counterfeit stay with a seller with 100% feedback and lots of sales. Shop where you can get the best price. The bing cashback mentioned by Red makes buying on ebay an even better bargain. Do a search here on the forum to find "Cashback instructions."
    I do agree with the others, that silver eagles and silver maples are your best choice, but you will pay a $2 - $3 premium over spot price for one.
    I recommend the 10 oz bars to give you more bang for your buck. Here's a good link to help you keep up with spot price. It doesn't update unless you refresh the page:

    Kitco spot

    Here's a link to silver at Apmex:
    Apmex silver

    And to Tulving (gotta buy bigger quantities, but cheaper):
    Tulving products >>



    Ebay is a great place to accumulate silver bars at a very reasonable cost, as long as you do a little research of what is being sold. STAY AWAY from Chinese Sellers peddling silver bars or for that matter, any Chinese silver bar.
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • RobbRobb Posts: 2,034
    Has anyone had problems with bars being shaved?
    imageRIP
  • PerryHallPerryHall Posts: 45,178 ✭✭✭✭✭


    << <i>Has anyone had problems with bars being shaved? >>



    I've never heard of such a thing. Wouldn't simply weighing the bar expose this practice? I can't imagine it's very prevelant.

    Worry is the interest you pay on a debt you may not owe.

  • bestmrbestmr Posts: 1,761 ✭✭✭
    There's a bunch of ways to go. Some people like bars. Some people like 90%. Others prefer silver eagles or the like. You can get a couple of each and then see what you like. Bars, for the most part, have the lowest premium. My local store sells them for .65 over spot(the current price of silver). For eagles, I try to find them for $2 or less over spot. For 90%, which is silver coins minted before 1964 and silver proofs minted 1992-present(but you almost never see them), the price ranges from 10x-14x face value depending on the price of silver, the amount you buy, and also, the age and condition of them. I prefer 90% and ASE's or maple leafs as I find them easier to store.
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  • mkman123mkman123 Posts: 6,849 ✭✭✭✭
    when you buy silver bars, always make sure they say 999 fine silver or something of that sort. There are some fake 1 oz bars, that are worded cleverly but in general you should be ok.

    Just do some research and ask questions on this forum, lots of nice people who can help you out some more.
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  • JeremyDie1JeremyDie1 Posts: 2,383 ✭✭✭


    << <i>when you buy silver bars, always make sure they say 999 fine silver or something of that sort. There are some fake 1 oz bars, that are worded cleverly but in general you should be ok.

    Just do some research and ask questions on this forum, lots of nice people who can help you out some more. >>



    I agree! The most common mistake I see with newbies are that they buy SILVER PLATED novelty coins or bars. My best advice for someone new is buy American silver eagles for now.
  • Downtown1974Downtown1974 Posts: 6,666 ✭✭✭✭✭
    Well I would like to thank everyone for the great advice. Atleast I have an idea of what to look for. I think Im going to start with some 1 oz. bars. Especially after looking at the silver bullion pics thread. I really like the way they display. That said, I will start looking around. If anyone here has some 1 oz. bars to get the ball rolling, please let me know.

    Thanks again all!

    Bob
  • OPAOPA Posts: 17,103 ✭✭✭✭✭


    << <i>Well I would like to thank everyone for the great advice. Atleast I have an idea of what to look for. I think Im going to start with some 1 oz. bars. Especially after looking at the silver bullion pics thread. I really like the way they display. That said, I will start looking around. If anyone here has some 1 oz. bars to get the ball rolling, please let me know.

    Thanks again all!

    Bob >>



    Bob don't confuse those silver "art bars" that you saw in that thread with the common bullion bars. A lot of the bars that jester listed are collectors bars and demand a substantial price over bullion. Some of the 1 oz bars in that thread will set you back over $100+ It's like comparing well circulated coins to proof or uncirculated coins.
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • Downtown1974Downtown1974 Posts: 6,666 ✭✭✭✭✭
    OPA, Thanks...I guess Im wording it wrong. The art bars are the ones Im looking for.
  • OPAOPA Posts: 17,103 ✭✭✭✭✭


    << <i>OPA, Thanks...I guess Im wording it wrong. The art bars are the ones Im looking for. >>



    ok, have fun in your quest & don't limit your search to the US. A lot of the desirable art bars that you saw, are seldom if ever sold by US Sellers.
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • Downtown1974Downtown1974 Posts: 6,666 ✭✭✭✭✭
    Scottsdale Silver any good? He has a nice inventory on ebay. Perfect feedback too.
    any thoughts?
  • i never buy bullion on ebay... all the competitors run the price up too high


    visit your local dealer/shop
  • OPAOPA Posts: 17,103 ✭✭✭✭✭


    << <i>Scottsdale Silver any good? He has a nice inventory on ebay. Perfect feedback too.
    any thoughts? >>



    Great looking stacker bars with free s/h... but they go for a premium, are very popular & you won't have a problem selling them. BTW APMEX has also 10 oz, but not the 1 oz, stacker bars, available at a lower price then the Scottsdale bars, but only if you pay by check and not cc.
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • gsa1fangsa1fan Posts: 5,566 ✭✭✭
    If silver reaches $25oz no one will care who made it. JMO

    Buy what you like and can afford.image
    Avid collector of GSA's.
  • ZubieZubie Posts: 1,160 ✭✭✭✭
    Downtown,
    I first saw Scottsdales fancy silver and website and bought my first few 10 oz bars there. Then, one of the guys on this forum told me about Apmex 10oz bar that are the exact same bar, just a different engraving for almost $10-20 less per bar!
    I'd go grab a few bars on Apmex, see what you like and then buy more. Some of my best deals were actually here on the Buy Sell Trade (BST) forum.
    Good luck and just keep asking questions. I was in your shoes 5-6 months ago and have learned a ton just reading all the old posts!!
    Tim
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    image


  • << <i> My best advice for someone new is buy American silver eagles for now. >>



    I concur with this opinion. Your daughter is only 5. She will derive enormous pleasure for a great many years before reaching maturity from these types of coins. It's US mintage, it's beautiful, it's intrinsically valuable ( as opposed to the cheap rubbish she is doubtless encouraged to regard as desireable by the advertising media.) She will someday recognise that she owns something of genuine value which she can compare/contrast with that long forgotten 'gift' she received 13 or 15 years previously and you will have the satisfaction of having taught your child something meaningful. She will retain that lesson long after you are gone and thank you for it. And transmit similar instruction to her children in turn.
    The premium will pale into insignificance. It means little and will soon mean nothing.
    God has truly blessed the child that has a parent so far-sighted as youself to consider such issues. I only wish every child on earth had one like you.
    Many, many perfect transactions with other members. Ask please.
  • ttownttown Posts: 4,472 ✭✭✭
    My best advise is to buy pre 65 coins (90% silver) silver and skip the fancy premiums.
  • percybpercyb Posts: 3,295 ✭✭✭


    Just buy some now and then buy some later on and then buy some more later after that.
    Don't try to time the market but know the spot market price for pms. Dips are good to buy if you've been following the market. But I'd jump in with a purchase right away.
    "Poets are the unacknowledged legislators of the world." PBShelley
  • KonaheadKonahead Posts: 1,476 ✭✭✭
    If you follow the spot price of gold lets say on Kitco.com you will notice that in the past 2 months the silver price has been as low as 15.25 and higher than 19.00. If you go on a site like Ampex you will see the pricing is changing along with the market (many times daily). It is not uncommon for the price to swing both ways in any given day. You look for the lowest dips in spot price and than place your order to get the cheapest price you can.
    PEACE! This is the first day of the rest of your life.

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  • spirityoda1spirityoda1 Posts: 272 ✭✭✭✭

    I like them but there is a high premium on them...


    Coin Junky...

  • Downtown1974Downtown1974 Posts: 6,666 ✭✭✭✭✭

    Weird seeing this thread. Well....you guys gave good advice back then!

  • CoinlearnerCoinlearner Posts: 2,459 ✭✭✭✭


    Now I see the post date :) ...Advice and knowledge of the forum has been mostly positive and helpful over the 15 or so years I been around.

  • rte592rte592 Posts: 1,380 ✭✭✭✭✭
    edited March 25, 2021 7:14PM

    @Robb said:
    Has anyone had problems with bars being shaved?

    I have a 25 ounce constitution bar that is a little light.
    Didn't see anything obvious to account for the weight loss.
    I'd have to dig it out again and double check with my current scale.

    Do be aware that there are plenty of 1 ounce fake bars floating around.
    Anyone buying PM's should verify their purchase.

  • Advice. Don’t read or listen to anything Derryb posts. You will for sure prosper in your endeavors!

  • derrybderryb Posts: 36,010 ✭✭✭✭✭

    sorry for your losses. lol

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

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