Silver Stacking Help
wheathoarder
Posts: 169 ✭✭
I am looking to start collecting silver in large quantities, should I focus on 1 oz rounds 1oz bars, 10 oz bars 90% silver coinage. And where is the cheapest location that you know of to buy at?
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<< <i>I am looking to start collecting silver in large quantities, should I focus on 1 oz rounds 1oz bars, 10 oz bars 90% silver coinage. And where is the cheapest location that you know of to buy at? >>
Welcome to the world of metal, yes, on line.
Welcome
<< <i>What in your opinion is the cheapest currently for the most silver >>
The 10 ounce Sunshine Mint bars from JMBullion at $.75 over spot look good. There is a thread about them.
"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
APMEX and MCM are good sources of supply. For bar silver I like the 100 oz Canadian .9999 and the 10 oz German Geiger-Edelmetalle. For coins I would go rolls of USA ASE (20 per roll) or rolls (25 per roll) of the 2014 Canada Maple Leaf. The US product is more widely accepted but the new Maple Leaf, with enhanced security features, is a very nice coin.
Just my .02
Cash is king. Go around wherever you live with a pocket full of cash, don't be afraid to flash it to every local coin store dealer you come across, they will know you're serious then. Demand quantity discounts because you are paying with cash. This is, by far, the best way to get the most bang for your buck. All it's costing you is your gas money, which in some cases is cheaper than the shipping you will more than likely have to pay buying online depending if you live in a populated area that actually has coins stores/pawn shops, jewelry dealers, etc..
If you live in the boonies, then consider online. Otherwise, shop locally with cash.
<< <i>Every place mentioned so far is credit card related. That tells me no one has cash and is using their credit card to fund their precious metal cravings. That is not a good thing.
Cash is king. Go around wherever you live with a pocket full of cash, don't be afraid to flash it to every local coin store dealer you come across, they will know you're serious then. Demand quantity discounts because you are paying with cash. This is, by far, the best way to get the most bang for your buck. All it's costing you is your gas money, which in some cases is cheaper than the shipping you will more than likely have to pay buying online depending if you live in a populated area that actually has coins stores/pawn shops, jewelry dealers, etc..
If you live in the boonies, then consider online. Otherwise, shop locally with cash. >>
That's a pretty big assumption. No one here mentioned a credit card purchase and just because all the major dealers accept credit cards does not mean no one has cash and that everyone is financing their purchases. These dealers do offer cash discounts that outweigh any CC rebates one might be tempted to collect. Because a business ALSO accepts credit cards does not mean no one has cash. It only means the business offers more than one payment method. FWIW all of my ebay purchases are put on credit cards - same price as cash except I collect CC rebates AND have another avenue for buyer protection. This does not mean however that I am financing my purchases. Credit cards are cash when paid in full each month.
"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> Credit cards are cash when paid in full each month. >>
Better than cash, when you take into account the interest you earn on your float ( not much of an issue with today's interest rates) and the rebate offered by the cc.
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
And you will also pay more using a credit card than paying with cash locally in quantity. So even if you have the cash to pay the credit card charge with an online bullion dealer, you paid more than you had to just for the convenience of using the credit card. Not only that, you now expose your credit info. even more using it to make an online purchase. Different strokes.... just not for me when there's apx. 15-20 local coins stores and a big monthly coin show all within 45 miles of me.
<< <i>
<< <i>Every place mentioned so far is credit card related. That tells me no one has cash and is using their credit card to fund their precious metal cravings. That is not a good thing.
Cash is king. Go around wherever you live with a pocket full of cash, don't be afraid to flash it to every local coin store dealer you come across, they will know you're serious then. Demand quantity discounts because you are paying with cash. This is, by far, the best way to get the most bang for your buck. All it's costing you is your gas money, which in some cases is cheaper than the shipping you will more than likely have to pay buying online depending if you live in a populated area that actually has coins stores/pawn shops, jewelry dealers, etc..
If you live in the boonies, then consider online. Otherwise, shop locally with cash. >>
That's a pretty big assumption. No one here mentioned a credit card purchase and just because all the major dealers accept credit cards does not mean no one has cash and that everyone is financing their purchases. These dealers do offer cash discounts that outweigh any CC rebates one might be tempted to collect. Because a business ALSO accepts credit cards does not mean no one has cash. It only means the business offers more than one payment method. FWIW all of my ebay purchases are put on credit cards - same price as cash except I collect CC rebates AND have another avenue for buyer protection. This does not mean however that I am financing my purchases. Credit cards are cash when paid in full each month. >>
^^^This.
I would not feel comfortable or safe keeping a large wad of cash on me and "flashing it" at local coin dealers. Also, my time is valuable, so I'd just as soon not waste it trying to find a local dealer who may or may not have what I'm looking for.
<< <i>Go around wherever you live with a pocket full of cash, don't be afraid to flash it to every local coin store dealer you come across, they will know you're serious then. >>
BST Transactions (as the seller): Collectall, GRANDAM, epcjimi1, wondercoin, jmski52, wheathoarder, jay1187, jdsueu, grote15, airplanenut, bigole
As far as time being valuable, I completely agree, but know that you are paying more for what you are purchasing online in the long run for that convenience combined with paying more using a credit card in most cases, not all but most. Like I said, different strokes...
<< <i>LMAO at the paranoidness (word?) and thinking that using a credit card on the internet is safer than walking around armed with some cash on you.
As far as time being valuable, I completely agree, but know that you are paying more for what you are purchasing online in the long run for that convenience combined with paying more using a credit card in most cases, not all but most. Like I said, different strokes... >>
If someone compromises my CC, I'm possibly out some money and also time and effort getting it all resolved. If someone follows me knowing I am carrying a big wad of cash, I'm out money and possibly some body parts, too. Definitely different strokes...
Getting it back on topic...as KentuckyJ pointed out, the OP's overall goals will be a determining factor as well.
Thats at least $10 in fuel plus wear and tear and 2 hours of time. Better to just use the credit card. Transaction done in 5 minutes leaving 115 minutes to chase the wife around the house.
Knowledge is the enemy of fear
"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>Most bullion dealers will take credit card orders to accommodate those customers that want the security that the credit card companies provide them and many just find it more convenient to use a credit card. In almost every case the bullion companies charge more for a credit card order since the credit card companies take a percentage of each transaction
And you will also pay more using a credit card than paying with cash locally in quantity. So even if you have the cash to pay the credit card charge with an online bullion dealer, you paid more than you had to just for the convenience of using the credit card. Not only that, you now expose your credit info. even more using it to make an online purchase. Different strokes.... just not for me when there's apx. 15-20 local coins stores and a big monthly coin show all within 45 miles of me. >>
Another possibility is to note the cash price and if agreeable to the seller, send them a check for that amount. Once it clears, they simply issue the credit back to your CC account. Sending checks usually means it will take nearly 3 weeks to get your stuff. Not an issue if you're not in a big hurry. Buying for cash locally is a good way to keep things private provided they will sell to you at a competitive price.
Counterfeit bars have been popping up. Have not heard of fake Silver Eagles, yet.
<< <i>LMAO at the paranoidness (word?) and thinking that using a credit card on the internet is safer than walking around armed with some cash on you.
As far as time being valuable, I completely agree, but know that you are paying more for what you are purchasing online in the long run for that convenience combined with paying more using a credit card in most cases, not all but most. Like I said, different strokes... >>
A couple/3 gallons of gas and an hour or 2 of my time are worth using a CC online for what I can't get at my LCS. I'd need to be talking about a 4-5grand min order for it not to be worth whipping out the CC to save the 3%, as would most here I assume.
I'm not one to stop/browse into the LCS a few times a week to walk out with whatever MIGHT be in stock that suits my needs. My guy doesn't carry bulk bullion, so nickel and diming a months worth of visits to drop maybe a grand on some stuff I might not have really wanted costs way more than making an online purchase of say 5gs using a card.
$20~ with the CC fees and shipping on my usual orders, don't even blink an eye on that. You're talking what, an extra $0.20/oz on generic silver if not in bulk - 100-500. Sweating that $100 on a 10 grand order is a sure fire way to drive yourself batty.
To the OP: what kind of 'bulk' are you referring to? You'll get deals on quantity everywhere online over 100oz basically.
POM: to add, I'm a 99.95% cash guy offline, and armed.
<< <i>
<< <i>LMAO at the paranoidness (word?) and thinking that using a credit card on the internet is safer than walking around armed with some cash on you.
As far as time being valuable, I completely agree, but know that you are paying more for what you are purchasing online in the long run for that convenience combined with paying more using a credit card in most cases, not all but most. Like I said, different strokes... >>
A couple/3 gallons of gas and an hour or 2 of my time are worth using a CC online for what I can't get at my LCS. I'd need to be talking about a 4-5grand min order for it not to be worth whipping out the CC to save the 3%, as would most here I assume.
I'm not one to stop/browse into the LCS a few times a week to walk out with whatever MIGHT be in stock that suits my needs. My guy doesn't carry bulk bullion, so nickel and diming a months worth of visits to drop maybe a grand on some stuff I might not have really wanted costs way more than making an online purchase of say 5gs using a card.
$20~ with the CC fees and shipping on my usual orders, don't even blink an eye on that. You're talking what, an extra $0.20/oz on generic silver if not in bulk - 100-500. Sweating that $100 on a 10 grand order is a sure fire way to drive yourself batty.
To the OP: what kind of 'bulk' are you referring to? You'll get deals on quantity everywhere online over 100oz basically.
POM: to add, I'm a 99.95% cash guy offline, and armed.
JMBullion charges about $18 more to accept a CC for a roll of ASEs which adds nearly a dollar per coin to your cost. This means that silver has to go up by about $1 to get you to your break even point. Also, you pay $6 more for a roll if you can't make the price break point for 5 rolls or more. Some folks are happy making $20 on a roll, but you'd be sitting around waiting for it to go up even more so that you could make a buck a coin.
<< <i>Go with Silver American Eagles from a reputable dealer like Apmex, at least until you know what you are doing.
Counterfeit bars have been popping up. Have not heard of fake Silver Eagles, yet. >>
Good suggestion too, esp. if you can swing a monster box of them.
lol, I think you're the only one that got that little stipulation I put in there. Who walks around with a pocket full of cash and isn't armed these days? Apparently some here thought me based on some responses.
Anyway, to the OP. It's good that you asked for some advice because obviously there's more than just one way of going about it. Most here seem to prefer the on-line route and pay with a credit card for reasons stated by them.
I just wanted to give another side to it and what I have been more successful with. I tend to find the items I'm looking for more in going the local route than on sites like APMEX, etc. And if APMEX does have the unique silver I collect, they want too much, way more than what your lcs will. If it means spending some of my time and gas in the process, so be it. It's the same as the premium you're going to pay for the convenience of shopping on-line in your underwear at home, don't let anyone tell you differently. Pay for the convenience of on-line or pay for some gasoline, either way it can be viewed as " the premuim."
Again, all just from my experience and best of luck to you in your hunting.
Typically, I put as much as I can on my cards in order to get the cash back/reward points. For buying silver, I want to keep my cost as low as possible.
<< <i>POM: to add, I'm a 99.95% cash guy offline, and armed
lol, I think you're the only one that got that little stipulation I put in there. Who walks around with a pocket full of cash and isn't armed these days? Apparently some here thought me based on some responses.
Anyway, to the OP. It's good that you asked for some advice because obviously there's more than just one way of going about it. Most here seem to prefer the on-line route and pay with a credit card for reasons stated by them.
I just wanted to give another side to it and what I have been more successful with. I tend to find the items I'm looking for more in going the local route than on sites like APMEX, etc. And if APMEX does have the unique silver I collect, they want too much, way more than what your lcs will. If it means spending some of my time and gas in the process, so be it. It's the same as the premium you're going to pay for the convenience of shopping on-line in your underwear at home, don't let anyone tell you differently. Pay for the convenience of on-line or pay for some gasoline, either way it can be viewed as " the premuim."
Again, all just from my experience and best of luck to you in your hunting. >>
I'm a silver commoner, that is mostly ASEs and sometimes bars. Unless my LCS had a favorable large walkin deal, chances are that I can buy my silver from the same place they do and at a similar price.
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