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Been talking PMs with a buddy for years, he goes and does...

DrBusterDrBuster Posts: 5,378 ✭✭✭✭✭
in Precious Metals
his first silver purchases over the last couple of weeks. Showed me what he got last night, wasn't clear on wether it was craigslist or ebay or what - I was leaving when he showed up.

10oz Englehard bar, generic, no privy's or anything
6 dollars - 4 morgs/2 peace lot

I didn't get to look at anything but pics, so I couldn't judge the dollars. Some toning, nothing special. In those at $36/ea. Seller got him with 'numismatic/collector value'.
Englehard bar...in it at $40/oz.

Sigh. At least it's a start.

I told him he'd have to come with me to the local shop at the very least next time he got the urge to splurge like that. Thought the teaching was clear on premiums et al, but I guess not so much.

Comments

  • SwampboySwampboy Posts: 12,987 ✭✭✭✭✭
    Sounds like me at the start.
    I was buying eagles at $12 when silver was $9.
    I won't mention what I was paying for silver dollars.image




    edit to say; Wish I had a buddy giving me advice at the time.

    "Inspiration exists, but it has to find you working" Pablo Picasso

  • DrBusterDrBuster Posts: 5,378 ✭✭✭✭✭
    I was just happy he started on the stack finally. I didn't have the heart to tell him he probably left 3~oz on the table though.
  • jmski52jmski52 Posts: 22,822 ✭✭✭✭✭
    When you take him with you to the local shop, get quotes on that same stuff and see if you can get him some "deals". He'll get the point if you negotiate better pricing on more of the same stuff for him.

    And hey! It's better than having him go along in life thinking that his money is safe in the banking system. He's obviously done some thinking about it somewhere along the line...
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • secondrepublicsecondrepublic Posts: 2,619 ✭✭✭
    rookie mistakes... could have been a lot worse.
    "Men who had never shown any ability to make or increase fortunes for themselves abounded in brilliant plans for creating and increasing wealth for the country at large." Fiat Money Inflation in France, Andrew Dickson White (1912)
  • PerryHallPerryHall Posts: 46,111 ✭✭✭✭✭


    << <i>I told him he'd have to come with me to the local shop at the very least next time he got the urge to splurge like that. >>



    That's too much like showing other fishermen your favorite fishing spot.image

    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

  • DrBusterDrBuster Posts: 5,378 ✭✭✭✭✭


    << <i>

    << <i>I told him he'd have to come with me to the local shop at the very least next time he got the urge to splurge like that. >>



    That's too much like showing other fishermen your favorite fishing spot.image >>



    Ha, true. My fishing hole could support it though easily for what I get and what my buddy would be looking at. Even at his regular 'retail' pricing he would have beat the dollars by $5-6/ea and the Englehard by $3-4/oz.
  • OnlyGoldIsMoneyOnlyGoldIsMoney Posts: 3,358 ✭✭✭✭✭


    << <i>rookie mistakes... could have been a lot worse. >>



    The proliferation of fakes plus silver clad junk will unfortunately trip up some unwary new buyers. image

    All told I believe the OP's friend made a good start.
    NO END IN SIGHT LIB $2.50'S CAC ONLY
    https://www.pcgs.com/setregistry/gold/liberty-head-2-1-gold-major-sets/liberty-head-2-1-gold-basic-set-circulation-strikes-1840-1907-cac/alltimeset/268163
  • bestmrbestmr Posts: 1,776 ✭✭✭
    We all do the same things. It's how we learn. I used to have a couple rolls of war nikles and 40%. Found out they aren't as liquid and take up too much space. Traded them for 90%.
    Positive dealing with oilstates2003, rkfish, Scrapman1077, Weather11am, Guitarwes, Twosides2acoin, Hendrixkat, Sevensteps, CarlWohlforth, DLBack, zug, wildjag, tetradrachm, tydye, NotSure, AgBlox, Seemyauction, Stopmotion, Zubie, Fivecents, Musky1011, Bstat1020, Gsa1fan several times, and Mkman123 LOTS of times
  • DrBusterDrBuster Posts: 5,378 ✭✭✭✭✭


    << <i>
    All told I believe the OP's friend made a good start. >>



    This. I gave him some positive reinforcement about it for sure.
  • percybpercyb Posts: 3,324 ✭✭✭✭
    At least he's started. I don't think he did too badly. But he'll learn, just like we all did.
    "Poets are the unacknowledged legislators of the world." PBShelley
  • nibannynibanny Posts: 2,761 ✭
    We have all done some sort of mistake at the beginning. My first coin was 1 ounce of gold that I paid $1289+$4.95 for shipping when gold was a little over $900! image

    Joking aside, in my first few months as a collector/stacker I overpaid for almost every single coin I bought! Though, I feel like it was a great way to learn and see many coins/bars on hand.
    It did cost me few hundred bucks but was able to get the idea of the market.
    The member formerly known as Ciccio / Posts: 1453 / Joined: Apr 2009
  • DrBusterDrBuster Posts: 5,378 ✭✭✭✭✭
    I can't say much myself after 2011. Especially after a 10oz Kook and 10 Pandas during the $42-44 span that I'm sitting on....or the P pucks...urgh.
  • guitarwesguitarwes Posts: 9,266 ✭✭✭
    The way things are going today it won't be long until he's even.

    Some people just want to do things themselves. Right or wrong, they just want to do it themselves and you can't do a dog gone thing about it but preach to 'em. Eventually they'll most likely get smart. All we try to do is help them shortcut the "eventually".
    @ Elite CNC Routing & Woodworks on Facebook. Check out my work.
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  • perkdogperkdog Posts: 30,595 ✭✭✭✭✭
    I cant say I been doing any better. Since I arrived on the scene I been buying Morgans off of Ebay in the $35-$40 range and I bought my first 10 oz Englehard Bar for $371, sure I overpayed but Im in it for the Silver investment. I know its a gamble but if Silver goes up in value down the road as many people here have suggested I dont think its all that bad.

    Where do you guys get your Silver for less money? Ebay sales seem to be in the $35-$40 range for Morgans and I see a Ton of Silver being bought for more than $37 an Ounce, I am new to the Coin / PM world so please post advice.
  • gecko109gecko109 Posts: 8,231 ✭


    << <i>I cant say I been doing any better. Since I arrived on the scene I been buying Morgans off of Ebay in the $35-$40 range and I bought my first 10 oz Englehard Bar for $371, sure I overpayed but Im in it for the Silver investment. I know its a gamble but if Silver goes up in value down the road as many people here have suggested I dont think its all that bad.

    Where do you guys get your Silver for less money? Ebay sales seem to be in the $35-$40 range for Morgans and I see a Ton of Silver being bought for more than $37 an Ounce, I am new to the Coin / PM world so please post advice. >>





    Try your neighborhood coin shop, or a local coin show. There is plenty of silver to be had (even name brand stuff) for as little as $1/oz over current spot price.
  • slincslinc Posts: 480 ✭✭
    I've found(the hard way of course) Ebay to be about the worst place to buy bullion. only decent deals you can get are to find a newly listed bin/make offer thats reasonable. my local B&M goes by melt for 90% so thats mostly where I go. I'd say your better off going with provident then ebay even with the shipping.
  • perkdogperkdog Posts: 30,595 ✭✭✭✭✭


    << <i>

    << <i>I cant say I been doing any better. Since I arrived on the scene I been buying Morgans off of Ebay in the $35-$40 range and I bought my first 10 oz Englehard Bar for $371, sure I overpayed but Im in it for the Silver investment. I know its a gamble but if Silver goes up in value down the road as many people here have suggested I dont think its all that bad.

    Where do you guys get your Silver for less money? Ebay sales seem to be in the $35-$40 range for Morgans and I see a Ton of Silver being bought for more than $37 an Ounce, I am new to the Coin / PM world so please post advice. >>





    Try your neighborhood coin shop, or a local coin show. There is plenty of silver to be had (even name brand stuff) for as little as $1/oz over current spot price. >>




    Thats the thing, I have not been able to find any Shows in my area. The local Coin Shop sells Silver for $37 an ounce or $39 an ounce for 10 oz Bars and $42 each for Morgans.

  • 08HALA2008HALA20 Posts: 3,066 ✭✭✭
    Check out this site for MA shows.


    This weekend in Westford MA right off 495 will have plenty of silver at good prices.

    I believe gainesvillecoins sets up there.

    I have bought and sold to them at good prices.

    I haven't been there in about 6 or 7 months but there is always lots of bullion there.

    Joe


    MA coin shows
    EBAY AUCTIONS
  • perkdogperkdog Posts: 30,595 ✭✭✭✭✭
    Thanks again Joe image
  • Kd5ddoKd5ddo Posts: 208 ✭
    I have been pleased with provident metals for some but bulliondirect.com for most of my purchases. Bulliondirect works like stocks with the current bid/ask for the coins, only for this is for physical metals and not paper. Take delivery as often as you want. Or you can buy from their catalog if you'd prefer. Sometimes you get better prices with the catalog if silver is trading down.

    As an example right now on their exchange they have:

    Symbol Description Bid Ask
    SIAE001 US Mint American Eagle Silver Coin (1.000 oz.) $36.00 $36.60
    SIAP001 Austrian Silver Philharmonic Coin (1.000 oz.) $35.25 $36.37
    SIB999:0001 Silver Bullion .999 pure [Bars/Rounds] (1.000 oz.) $34.50 $35.19
    SIB999:0001:B Silver Bullion .999 pure [Bars only] (1.000 oz.) $35.23 $35.25
    SIB999:0001:EHP Silver - Engelhard *Prospector* [Rounds] (1.000 oz.) $35.00 $35.75
    SIB999:0001:MX Silver - Mexican *Libertads* [Rounds] (1.000 oz.) $35.40 $37.10

    Remember that the market can stay irrational longer than you can stay solvent.

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