online metals trading?

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CoinCoins
CoinCoins Posts: 698 ✭✭✭
in Precious Metals
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?

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  • morgansforever
    morgansforever Posts: 8,512 ✭✭✭✭✭
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    Physical PM's for me, I wanna hold it in my hand, JMO.
    World coins FSHO Hundreds of successful BST transactions U.S. coins FSHO
  • CoinCoins
    CoinCoins Posts: 698 ✭✭✭
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    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 image
  • OPA
    OPA Posts: 17,166 ✭✭✭✭✭
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    Kitco pool accounts
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • PerryHall
    PerryHall Posts: 47,754 ✭✭✭✭✭
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    << <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

  • 291fifth
    291fifth Posts: 25,218 ✭✭✭✭✭
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    ... and after the court order opens the vault ... thin air.

    All glory is fleeting.
  • OPA
    OPA Posts: 17,166 ✭✭✭✭✭
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    << <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 image >>



    Buying physical is still the best method, but if you insist in speculating...you can wet your appetite here.

    Pool accounts
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • CoinCoins
    CoinCoins Posts: 698 ✭✭✭
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    "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?



    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 image


  • CoinCoins
    CoinCoins Posts: 698 ✭✭✭
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    been reading about it, and found this in a review..

    "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

  • BAJJERFAN
    BAJJERFAN Posts: 31,659 ✭✭✭✭✭
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    << <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.
    theknowitalltroll;
  • derryb
    derryb Posts: 38,608 ✭✭✭✭✭
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    OPA is right on. I have a Kitco Pool account and have used it to purchase and sell gold, silver and paladium. Have never had a delay, best to always phone order if during their hours of business. Always specify what to do with the proceeds (hold in cash account or mail check). Keep good tax records on cost/dates/gain/loss. Lately I have found more trading options with a Scottrade account; mining shares, ETFs etc. Plus you have the IRA option with a self-managed brokerage account. I recommend the Kitco pool account but I like the brokerage accounts better. To me, Kitco account is no more physical than stock accounts, they are both promises to pay. Paper is excellent for easy in and easy out with minimum expense. Kitco buy/sell spreads are cheap.

    Like the others I recommend you also have a long term physical stash.

    Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat

  • 57loaded
    57loaded Posts: 4,967 ✭✭✭
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    << <i>Kitco pool accounts >>




    pool FAQ
  • CoinCoins
    CoinCoins Posts: 698 ✭✭✭
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    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.
  • derryb
    derryb Posts: 38,608 ✭✭✭✭✭
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    << <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.



    Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat

  • BAJJERFAN
    BAJJERFAN Posts: 31,659 ✭✭✭✭✭
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    << <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.image
    theknowitalltroll;
  • BigE
    BigE Posts: 6,949 ✭✭✭
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    I agree, the premiums to trade kitco are too high. The only other way I have found is to buy and sell silver with a place like lind waldock, costs 55.00 to trade 1000 oz, you need about 10K to realistically get in. It would be very cool to trade mini mini's somewhere of say 100 ozs for a fee of 10.00 or so, maybe someday!-----------BigE


    eduted to add: It is a lot of fun to be able to get in and out of trades quickly
    I'm glad I am a Tree
  • derryb
    derryb Posts: 38,608 ✭✭✭✭✭
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    You do realize than anything over a 42 cent rise in silver spot is all profit with the pool account?

    Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat

  • BigE
    BigE Posts: 6,949 ✭✭✭
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    Yes, but you get to keep all the profit with a silver mini and only pay 55.00, on a 42 cent jump you would net 420-55.00=365
    I'm glad I am a Tree
  • derryb
    derryb Posts: 38,608 ✭✭✭✭✭
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    << <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.

    Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat

  • BigE
    BigE Posts: 6,949 ✭✭✭
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    Yes, as I remember the regular contract is for 10,000 ounces, and the mini contract is 1000. You just pay a 55.00 transaction fee each time to buy or sell. If you buy one now and silver goes to 70.00 you get 25,000 profit. But if I tanks ten bucks there goes your 10K you gave them up frontimage-------------BigE
    I'm glad I am a Tree
  • storm888
    storm888 Posts: 11,701 ✭✭✭
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    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.









    Folks Who Bite Get Bitten. Folks Who Don't Bite Get Eaten.
  • Moxie
    Moxie Posts: 25
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    I buy via Bullion Direct. Never had a problem using them. In fact my shipment of silver bullion arrived from them yesterday.
  • derryb
    derryb Posts: 38,608 ✭✭✭✭✭
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    << <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.

    Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat

  • ttown
    ttown Posts: 4,472 ✭✭✭
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    << <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.

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