My best friend of 30 years wants to buy metals now. Beginner suggestions?
bennybravo
Posts: 1,950 ✭✭✭
I have a wide range of Bars, rounds, 90%, government issue from many countries, etc. What would you tell a good friend to start with?
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He's looking at 300 a month to start stacking.
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90% silver is about your best bang for the buck. I'd look for UNC Kennedys or other UNC denominations for maximizing weight and value. Often there is no (or little) premium when compared to the "junk" 90% out there.
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Franklin 50c. Not BU, but nice. They are all 90%, no need to know which dates.
Thanks! My first inclination is to say if you like American eagles, go ahead and get 3, 5 or 10 at a time, but I know there is better bang for the buck. Thanks all for the opinions!
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90% plus brand name bars that you can get close to spot, Sunshine, Silvertowne, etc...
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Stack the cash, wait for a better entry point, study your product options. Especially with silver right now.
brand name bars are solely englehard and johnson matthey
no 100oz bars!
i love this. Keep hitting me up with ideas folks,
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Junk silver since it has the lowest premium and is extremely liquid, but I'd also tell him to wait. Prices are historically high for the gutter metal. Buy low not high.
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Sell him your 2009 High Relief
understand what premiums are, how they vary, and why they vary (resell)
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spend some time watching the silver etf - SLV
and watching spot prices on kitco
Buy what you like.
Private party if available to cut out the middle man and premiums.
90% or other marked silver
.999 , .925... Etc.
BUY by actual weight not by the piece.
Get the tools to verify the material is legit PREFERABLY before you buy.
Lots of good ideas here. Entry prices are tough in a wide-swinging market. 6 months ago prices, that were good for like 5 years, are out the window today.
I like the idea of BU 90% with as little premium as possible. I also like the idea of ASEs as close to spot as possible. Bars, brand named, as close as possible to spot, are also great. And when I say close to spot, that might be $1, $2, or $3, depending on what you are buying.
Buy for him on BST or introduce him to that resource and then vouch for him for a transaction or three. Teach him to fish...don't give him one!
You can never go wrong with SAE's! Make sure you teach about over priced issues with dragons and pirates and avoid the artificial "low mintage" crap from all Mints. Also show this person afew graded 70 proofs and BU issues that now
have milk spots in the holder (what a waste of time and money).
Bars are great but a new stacker may get caught up in chasing "rare bars" which makes you more of a baseball card collector than a stacker.
Loves me some shiny!
Save cash and buy silver on a big dip..... ASE's in circ condition. Cheers, RickO
pay little premium now, get little premium when you sell
Premiums tend to be close on the buy and the sell side. Buy what will be easiest to resell: 90%, ASEs, 10 oz. Royal Canadian Mint bars.
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I'd recommend starting with rolls of unc dimes in pre '64 dates of course. They feel good, look good, are affordable and you can get a couple of rolls a month (or so).
bob
1964 JFKs are my weapon of choice when it comes to 90% silver.
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I'm a half and dollar guy, I'd vote Fraklins and Morgan/Peace for 90%. SAEs at the lowest premium, JM/Eng bars at the lowest premium, and honestly any of the big mint bullion silver when they are on sale are absolutely fine (maples, kangaroos, libertads, etc).
Most importantly make it something they like. A pile of frustrating silver is...frustrating. I have some generic silver, and it's absolutely fine, but it doesn't spark the fire so I avoid them as much as possible.
Show him your collection and let him choose an ounce to take to start his.
Liberty: Parent of Science & Industry
From an accounting standpoint, I'd stick to only one or two things so that he can easily figure his cost average as time goes forward.
Strategically, I would find a good source and buy once a month on a regular basis in order to "cost average in".
My preference in silver bullion is either silver eagles or 90% silver coin. I wouldn't go with uncirculated 90% because you will unnecessarily be building in a premium.
However, I wouldn't go with Mercury Dimes, Standing Liberty Quarters or Walking Liberty Halves either unless a visual inspection reveals that there aren't alot of worn coins in the batch.
I knew it would happen.
I like rolls of 90% quarters and halves to start. Then move on to ASE's and name brand 10 oz- 100 oz. bars.
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If I were you and he were my friend, I'd sell him some of my stuff. On another note, you could send him my way
Was gonna say, they are your best friend for three decades and now they want to buy their very 1st silver?
Liberty: Parent of Science & Industry
When I first began "stacking" I was buying all kinds of weird stuff - Franklin Mint, colored ASE's and Giant 100 dollar bills made of silver... A few months rolled by and my good friend who was a longtime coin collector promptly slapped me twice, told me to knock it off and introduced me to filling Franklin albums with 90%... it got better from there.
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Trust me my friend, not the first time it's come up. I have pointed him in the right direction over the years. I like that you spotted that though.
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Remember 3 or 4 dollar an ounce silver in the early 90's? I was his crazy metal hoarding friend then too.
We're talking right now though.
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Creepy that you know i have a 2009 high relief gold coin. Good research i guess searching through old post, but still creepy! Kudos to you....I guess?
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And best of luck to you Jim. I've never really worried about what other folks had in the coffers, but I hope you're set and doing well!. Good luck to you!
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no ASE's for the newbie?
ISO 1978 Topps Baseball in NM-MT High Grade Raw 3, 100, 103, 302, 347, 376, 416, 466, 481, 487, 509, 534, 540, 554, 579, 580, 622, 642, 673, 724__________________________________________________________________________________________________________________________________ISO 1978 O-Pee-Chee in NM-MT High Grade Raw12, 21, 29, 38, 49, 65, 69, 73, 74, 81, 95, 100, 104, 110, 115, 122, 132, 133, 135, 140, 142, 151, 153, 155, 160, 161, 167, 168, 172, 179, 181, 196, 200, 204, 210, 224, 231, 240
There ya go! lets get some bargain silver in here. Baley, this person needs a good deal. Help them out! You are our moral guide for sure. Give this person a great spot deal after my 2009 high relief purchase that wasnt to your standards.
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Let me apologize for purchasing directly from the U.S. mint when I purchased my 2009 high relief 1 ounce. Baley is about to sell a bunch of bullion here at great prices as he's offended at my method of aquiring bullion directly from the mint. Stay tuned. Can't wait to see his offerings.
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I apoogize to Baley. He didn't mention the 2009 Eagle thing. Holy crap though. Do we have to fight over the most innocent post? Again, Sorry to Baley. Wrong guy.
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Again, sorry to Baley. Baley is a good dude. That dude who is watching what I buy though......
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JimTyler. That was the guy. He seems really good at research. Found out I'd purchased a 2009 high relief. Sorry I accused the wrong person. Again, I apologize to Baley with all my heart. Creeped me out that I had a stalker.
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To get back to the original post, thanks for the suggestions!
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I saw it too
https://forums.collectors.com/discussion/1045455/2009-high-relief-eagle-20-gold-eagle-1-ounce
right there on the BST
Kudos to you too!
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back to the original post, what do you buy?
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And I'm sorry folks. It's hard to just post a opinion request on a metals kinda thing. What are your opinions? Please don't look at my for sale post. Just asking what people think are good buys for a buddy. Just wow.
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And omg i have a roosevelt dime for sale in an ngc holder. I apologize in advance to the easily offended folks.
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a good deal on ASEs was once $2.50 over spot
now you are looking at paying several dollars over spot. that's a premium premium.
i'm apprehensive on recommending anything in this premium premium environment but the safest and most liquid thing to buy are ASEs.
Good suggestion! I was leaning ASE's too
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I'm willing to help but am not feeling the love.
5 ounce common date silver quarter aka hockey puck.
Let the greenhorn hold / own a real chuck of silver.
Good Suggestion!!!
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The 5 oz silver America The Beautiful quarters (aka hockey pucks) are quite impressive. They are by far the largest and heaviest US Mint legal tender coin ever made.
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
the good puck designs carry a premium premium.
perhaps the buyer's state or favorite vacation spot will have a regular premium.
I discovered that I bought 2 of the same puck from the Mint last year. Argh. At least it was before their outrageous price increases.
The thing about silver is that it's good in most any form. Really.
I knew it would happen.