online metals trading?
CoinCoins
Posts: 698 ✭✭✭
this might sounds dumb, but.. i assume there's a place online where i can set up an account and buy/sell metals right there on their website, and transfer money in and out of my bank account whenever i want? like an e-trade thing for metals?
there are probably a few i'd imagine
going to the local shops and hoping they have what i want/hoping they'll buy what i'm selling is something i'd like to eliminate
any advice?
there are probably a few i'd imagine
going to the local shops and hoping they have what i want/hoping they'll buy what i'm selling is something i'd like to eliminate
any advice?
0
Comments
<< <i>Physical PM's for me, I wanna hold it in my hand, JMO. >>
Bingo!!! This is the safest way to buy actual metals.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>i hear ya, but i think i'd really enjoy being able to punch in & out at any given moment. i'd be fine with numbers on a screen i guess
Buying physical is still the best method, but if you insist in speculating...you can wet your appetite here.
Pool accounts
so every move i make is free as long as i've got $2500+ in there?
i basically want a little area that shows what metals i've got, and how much cash is onhand.. and to be able to swap those back and forth as much as i want, even if it's like 20 times a day. does it work like that? and if i need the cash i can transfer to my bank within a couple days. am i asking too much?
sorry to be a NOOB.. what can i say. anyone here use this? i'd love to hear what you've got to say about it
"There's frequently a bit of a delay in completing a purchase/sale. Not a HUGE delay, but say 1 business day.."
a day? what?? i imagined this was instant
<< <i>"Starting February 3, 2011, an administrative fee of $14.99 will be applied to any purchase or sale that involves Kitco pool, if the total transaction value is less than $2,500.."
so every move i make is free as long as i've got $2500+ in there? >>
No. If you have $4K in there and sell half you will get hit with the fee since the transaction was less than $2500. Every deal you do must be at least $2500 minimum.
Like the others I recommend you also have a long term physical stash.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>Kitco pool accounts >>
pool FAQ
to buy it costs $45.97
if i sell i get $45.55
so if i buy, and it goes up 42 cents, then i sell.. i made 0?
nevermind, i ain't interested.......... that's ridiculous.
<< <i>so spot is $45.74..
to buy it costs $45.97
if i sell i get $45.55
so if i buy, and it goes up 42 cents, then i sell.. i made 0?
nevermind, i ain't interested.......... that's ridiculous. >>
Yep it would have cost you a .9% premium to get in and get out. A daily movement of 3%+ is not uncommon for silver spot price. What's ridiculous is paying a 5-8% premium for a silver eagle and then having to possibly pay to ship it to a buyer.
A .9% premium to get into and out of an ounce of silver is ridiculously cheap, especially considering your only effort is to fund the purchase and push a button to make the sale. If you come across anyone who will do the trading for you for free and pay to store the metal, let the rest of us know. Unfortuanately, the bookie always gets a cut.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>so spot is $45.74..
to buy it costs $45.97
if i sell i get $45.55
so if i buy, and it goes up 42 cents, then i sell.. i made 0?
nevermind, i ain't interested.......... that's ridiculous. >>
Plus if you took delivery, you probably paid freight both ways. You know, kinda like a farmer; you buy at retail, sell at wholesale and pay freight both ways.
eduted to add: It is a lot of fun to be able to get in and out of trades quickly
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>on a 42 cent jump you would net 420-55.00=365 >>
That's on a 1000 oz purchase of futures contracts. Is that their minimum?
Big difference between the futures contracts you would be buying for a 55.00 fee and the allocated silver bullion that the pool account offers for a .42 per ounce round trip fee.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
etrade is an easy/safe place to play.
The AU mini symbol is YG
The AG mini symbol is YI
..............
They also either have or will soon have "mini-minis."
100 OZ AG
10 OZ AU
............................
If you can't find the info on their site, they have an 800-number
that will give you full details.
<< <i>I buy via Bullion Direct. Never had a problem using them. In fact my shipment of silver bullion arrived from them yesterday. >>
Thread is about trading metals on line, not buying them on line. Glad your purchase went well.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>
<< <i>I buy via Bullion Direct. Never had a problem using them. In fact my shipment of silver bullion arrived from them yesterday. >>
Thread is about trading metals on line, not buying them on line. Glad your purchase went well. >>
You can also have it stored via Sterling Trust if you have a Roth or roll-over 401k.