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HOW DO I GO ABOUT BUYING SILVER? TOTALLY NEW TO THIS

gabriel2005

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#1
:green tea:Over the past year, there is someone I know who has been investing in metals for a long time and I really believe this may be the best way to learn from all of you willing to teach, offer advice on smart ways to help me begin.
I'm being granted a court derived settlement and want to invest it as wisely as possible.
I know banks are not the way to go.
I know nothing about if investment is the way.
What I would like to do is purchase silver to start, learn the best way, the safest way, and observe if it will truly help me feel secure about my financial future.
I'm a single female, and yes, know this is is a largely dominated male forum site, so please, no female puns or disrespected needed, if you kindly mind.
Male or female, we all work hard for our money and want a secure future and retirement for ourselves.
Thanks for reading!
 

glockngold

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#2
It would help if you can tell more about your situation.
How much is your settlement?
Age (near retirement, or a young lady)?
Time clock puncher or self employed? (investing in your own business might be the way to go)
Think of metals as insurance, not an investment.
Gold takes a lot less space than silver.
Diversify because no one really knows which way things will go.
JM Bullion the site sponsor seems to have a good rep.
Walk into a local coin shop when they are not too busy. Explain your interest in getting started. But don't buy that day. Just get acquainted with what's available.
 
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gabriel2005

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It would help if you can tell more about your situation.
How much is your settlement?
Age (near retirement, or a young lady)?
Time clock puncher or self employed? (investing in your own business might be the way to go)
Think of metals as insurance, not an investment.
Gold takes a lot less space than silver.
Diversify because no one really knows which way things will go.
JM Bullion the site sponsor seems to have a good rep.
Walk into a local coin shop when they are not too busy. Explain your interest in getting started. But don't buy that day. Just get acquainted with what's available.
A visit will be in my future
Thanks
Have a good day
 

southfork

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#5
Do a yahoo search also for coin shows in your area, often prices are better as theres completion to sell at the show. Take cash.
 

birddog

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#7
Welcome - I'm one of the few females and been here for a bit - you do need think skin, but love the info so keep coming back.

Coin shows are good or find the local coin stores and stop in to chat. Lots of different ways to do it - you will get a different opinion from every single person. Read up and develop your own idea of what you want. Some folks buy the lowest premiums and some folks buy sovereign coins (USA, Canada, Australia, British, etc). Higher premiums, but you get some of that back when you sell. DYODD. I tend to buy sovereign coins at a 50/50 split between gold and silver.
 

oldgaranddad

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#9
Watch this site too. There is a thread on eBay Steals and Deals where members will post listings of good sales for the day that are of a good value, low premium, etc.
 

Weatherman

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#10
I think you are moving in the right direction, but I have two words of advice: Be Cautious!

Be cautious about who you talk to and what you tell them about your investments or metals, or whatever. People talk to other people. If any of those know who you are, then it is possible that bad guys might learn too much about what you have and where you have it. Silence is golden, and its great for silver too.

Be cautious about what you buy. Fakes are becoming plentiful and difficult to detect. For starters, you should be OK with buying from very reputable dealers, but it is a good idea to also have a scale and calipers so you can confirm weights and ALL dimensions of each coin or bar you purchase.

Be cautious about where you keep your metals. Storing them in any place that you cannot easily get to them without needing the help or permission from anyone else defeats part of the purpose for having metals.

Be cautious about deciding what your objectives and time frames are. It is easy to get enthusiastic about metals, but then to get disillusioned when the price suppression prevents them from reaching price gains you would expect. Buying a high price in excitement and then selling into a low price when disillusioned is a bad way to prosper. I think now is a good time to buy low prices, but I do not encourage people to think that prices will rise quickly (even though I hope that they will). Good luck!
 

skychief

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#11
The current low price of silver (compared to gold) makes it an excellent time to buy it[silver]. All precious metals are a good long-term store of wealth, but silver is especially attractive now because of its [suppressed] price.

Don't listen to naysayers who try to dissuade you by suggesting that silver will dip to $12. Even if it did, you haven't lost any of your investment unless you panic-sold what you had.
 

stAGgering

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#13
At your age, a safety margin of gold should be acquired.
This is coming from a silver addict, "Hello my name is stAGgering I am a silver addict." ..."Hello stAGgering".
Within silver there a many choices, bullion rounds/bars, numis(forget that!), coins, junk coins, bullets, beads, artistic, etc.
Consider looking at price of mainstay coins, eagles, maples, etc and others within $triking distance.
Those with far less minted, but fractional additional cost, may hold value more strongly when bullion tanks.
An example now; Somalia Elephants are similarly priced. Five year old versions hold value near or above price when purchased.
Not maples or smeagles as I call them.
Bullion purchased 5 years ago has one wishing for Elephants or Kooks or for big bucks then, Pandas.
You could sell 2011 Somalia silver and gain bullion weight, pay for 2017's acquisitions of same x2, or not.
I started with weight and state. Weight self explanatory. State for confiscation paranoia, product recognition, and lower premiums.
To repeat, I'd skip weight for Constitutional(junk) silver dime for size, stay with state, and add foreign lower minted coins.
If I had, I would be able to gain weight like crazy through Ebad and Paypal... and gleefully LAUGH !
Primarily, enjoy learning, buying, trading, selling, running through, your piles of silver... and specks of gold.

Apmex is top dollar.
Bullion Exchange, JMBullion, Monarch Precious Metals, Provident Metals, Quality Silver Bullion, & SDBullion all work.
If you are lucky, you live near one.
At shows, look, talk, and walk.
Never show want, just interest, and walk away to prove it.
Mark all your targets, and then buy in one pass, discretely.
Learn how to Specific Gravity Weight test - easy.
Be like pirate, gain, and store quietly, more than 2 feet deep... I am a metal detector operator.
Send 10% to stAGgering Charity @ P.O. Box 47, Silver City, O4747.

HAVE FUN storing time and wealth, which majority does not comprehend or even consider.
Best to you.
 

Chester-Copperpot

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#14
I would advise buying tubes of 1 oz rounds as close to spot as you can. Our sponsor JM Bullion are a very reputable and good company to deal with, as are APMEX. I'd also work out an end game. What's your plans for the silver? Wait for it to rise and then sell for a profit, or just hoard it for decades. If you plan to sell when the price is right, do some homework. I've been a newbie investor like yourself so will give you my advice based on my experience selling.

First thing I would do is phone all the local coin shops in a 100 mile radius. Just ask them what they are paying for 500 1 oz rounds and how much for 500 silver Eagles. You want to mark down how much each one is paying. I mention silver Eagles as some will suggest investing in them. Personally I wouldn't. You'll find this out from the offers the dealers will give you. Some will offer spot, a handful $1 over spot. You'll pay about $2.50 over per Eagle, so your throwing away $1.50 for every coin. Bullion can be had for $0.79 over and sold for spot pretty easily.

I like to keep it simple and have just bought tubes of 1 0z rounds over the years. It's easy to sell and you don't have to haggle to get your premium back.
 

90%RealMoney

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#16
I a
I would advise buying tubes of 1 oz rounds as close to spot as you can. Our sponsor JM Bullion are a very reputable and good company to deal with, as are APMEX. I'd also work out an end game. What's your plans for the silver? Wait for it to rise and then sell for a profit, or just hoard it for decades. If you plan to sell when the price is right, do some homework. I've been a newbie investor like yourself so will give you my advice based on my experience selling.

First thing I would do is phone all the local coin shops in a 100 mile radius. Just ask them what they are paying for 500 1 oz rounds and how much for 500 silver Eagles. You want to mark down how much each one is paying. I mention silver Eagles as some will suggest investing in them. Personally I wouldn't. You'll find this out from the offers the dealers will give you. Some will offer spot, a handful $1 over spot. You'll pay about $2.50 over per Eagle, so your throwing away $1.50 for every coin. Bullion can be had for $0.79 over and sold for spot pretty easily.

I like to keep it simple and have just bought tubes of 1 0z rounds over the years. It's easy to sell and you don't have to haggle to get your premium back.
I agree with the above. Everyone has their favorite dealer, or method of buying. I like to hit the Monday/Tuesday bullion specials on Ebay. JM usually has the lowest per ounce price of the Big dealers. They usually have a deal on one ounce rounds, or 5 and/or 10 ounce bars. Silvertowne will have low prices as well from time to time. Some of the newer one ounce rounds can almost have a proof like appearance too. They turn out a nice looking product nowadays.
 

Silver

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#17
Having bought and sold gold and silver since 2003, I would buy 4 sealed boxes of American Eagles with the 40k (and a tube so you can play with them without breaking the seal on any of the boxes) and forget about them for awhile. With sealed boxes, there is no counting, therefore no cheating on the count when time to sell (I was ripped off 5k when I sold a large quantity in 2011 when there was a selling fever - cheated on the count and I had done a lot of business with this particular dealer - lots of coin dealers are shady, think pawn brokers types.). Eagles are the most liquid of all silver, in other words, the easiest to sell for the highest price (if prices get very high this is important).

As far as the premium over spot - generic rounds and bars have the lowest premium, but you also will not get spot from a dealer on the sell, I've sold many oz's and it is always at least $1 under spot.

I've bought Eagles at $2 over spot ($2.50 is normal at this time) and have been offered $6 over spot by AMPEX for sealed boxes of 2003's with silver over $45 per oz. With Eagles you have liquidity, recognizable by everyone, bullion prices, and possible appreciation on the silver and the premium.

It's all about what you are comfortable with. My philosophy is that nobody ever regrets buying the best of anything - whether that be real estate, furniture, clothes, cars, tools, etc.

“Good equipment ain’t cheap, and cheap equipment ain’t good.”

“The most expensive suit is the one you only wear once.”

“Pay lots, cry once. Pay little, cry twice.”
 
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GOLDBRIX

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#18
... Be Cautious! ....
Be cautious about where you keep your metals. Storing them in any place that you cannot easily get to them without needing the help or permission from anyone else defeats part of the purpose for having metals..... Good luck!
WELCOME Gabriel..., Always nice to add to our female membership here.
The above post offers : "Be cautious about where you keep your metals".

That WARNING goes with bank SAFETY DEPOSIT BOXES too !

With you being a newbee there are plenty of threads that have gotten buried overtime where we discussed - bank accounts are not considered YOUR Money. Especially in case of BAIL-INs.
That goes with THEIR Safety Deposit Boxes too.
It is the old saying goes possession is 9/10th of the law.

Save some money for GM & Pb( Gun Metal & Lead) and training.

He/She who can fight and make Bad Guys run away becomes wiser for a fight another day. - Brixism
 

Uglytruth

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#19
All the above is good advice. Have a plan with what you are going to do with it once you get it. Maybe not all in one place........ As stated safety deposit boxes are anything but. Do you want this as an investment or barter in case of a break down? If so & silver goes to $100 oz..... kinda hard to trade for a loaf of bread unless it's up there also. My point is maybe you want 1/2 oz $50, 1/4 oz $25 or even smaller. But the trade off is a higher premium buying smaller coins.

Remember 1oz of metal was an ounce 1000 years ago, today & 1000 years from now. What changes is the value of the FRN's used to purchase it. Also remember Zimbabwe, Weimer Republic, Confederate & now Venezuela all have worthless money.

I always like stuff to say .999 fine & weight.
 

viking

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#20
Having bought and sold gold and silver since 2003, I would buy 4 sealed boxes of American Eagles with the 40k (and a tube so you can play with them without breaking the seal on any of the boxes) and forget about them for awhile. With sealed boxes, there is no counting, therefore no cheating on the count when time to sell (I was ripped off 5k when I sold a large quantity in 2011 when there was a selling fever - cheated on the count and I had done a lot of business with this particular dealer - lots of coin dealers are shady, think pawn brokers types.). Eagles are the most liquid of all silver, in other words, the easiest to sell for the highest price (if prices get very high this is important).

As far as the premium over spot - generic rounds and bars have the lowest premium, but you also will not get spot from a dealer on the sell, I've sold many oz's and it is always at least $1 under spot.

I've bought Eagles at $2 over spot ($2.50 is normal at this time) and have been offered $6 over spot by AMPEX for sealed boxes of 2003's with silver over $45 per oz. With Eagles you have liquidity, recognizable by everyone, bullion prices, and possible appreciation on the silver and the premium.

It's all about what you are comfortable with. My philosophy is that nobody ever regrets buying the best of anything - whether that be real estate, furniture, clothes, cars, tools, etc.

“Good equipment ain’t cheap, and cheap equipment ain’t good.”

“The most expensive suit is the one you only wear once.”

“Pay lots, cry once. Pay little, cry twice.”
How do you check your inventory and quality if you don't break the seal and check it out for yourself? And why are foreign coins cheaper then Eagles when it's the same amount of silver in the coin?
 

Goldhedge

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#21
Gabriel2005 I think you will find GIM is a non threatening place to hang out. We don't seem to have the usual 'perves' as on other sites. Pretty respectable gents here. If you get any flack just 'report' it to the mods and we'll take care of it. I don't recall ever having to deal with it and I've been here for over ten years!

FYI

Good advice here!

About 10 years ago the Chinese started making fake silver coins. They are very good fakes so avoid ebay. If it sounds too good to be true, it is! Also avoid "collectables". There is a premium paid that I call "blue sky".

I suggest you deal with reputable sellers.

Learn about "the VIG" - spot price is not what you buy and sell at. The dealer takes his cut coming and going. You pay the vig. It can be negotiated which is why you want to become friendly with a local dealer. Sometimes they'll work with you on price. Sometimes they'll call you when something comes in.

You can purchase "junk" silver which is US coins minted 1964 and earlier. They are 90% silver and a "bag" is $1000 face value (add it all up and it's $1k, but will cost @ $13k) It's the "poor mans" gold. If I remember, a bag weighs something like 75lbs!

www.coinflation.com is a good resource for determining coin values.

JMBullion has them, as does APMEX. Also, your local coin shop, but do check prices!

There are metals-based IRA plans as well. I don't know if any are Roths? One I looked at several years ago was camaplan.com but never pulled the trigger. Shop around...!

Some folks invest in junior miners.

Gold is good for compactness. 1 oz of gold is $1160 vs 1 oz silver $17. They weigh the same!

PMs are not an investment. PMs ARE NOT AN INVESTMENT!!

Think of them as insurance, because that's what it is!


Enjoy your stay here.

As always "Not investment advice!" DYODD (do your own due diligence) YMMV!
 
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Goldhedge

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#22
As for loose lips sink ships...

Years ago I anglicized PMs to everyone! I had just learned about how the money system was corrupt and controlled by bankers. I wanted to tell the world!!

I told a secretary about investing in silver yadda yadda...

Long story short, a few years later I ran into her at a restaurant and out of the blue she blurted out "are you still investing in silver and gold?" in front of a group of people!!

Not that I had all that much silver at the time, the point is hold your cards close to your vest! You don't want a target on your back!

I've since opted for junior miner shares in hand (not digits). Less weight and hassle! IMO
 
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Silver

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#23
How do you check your inventory and quality if you don't break the seal and check it out for yourself? And why are foreign coins cheaper then Eagles when it's the same amount of silver in the coin?
To check your inventory, you count your boxes. The quality is an unknown and adds to the value, collectors/dealers will pay a premium for sealed boxes on the possibility of finding high grade coins. As to your question of why Eagles are more expensive than other foreign coins, I don't know. Might be supply and demand or that the mint sets the price high? Foreign coins in similar sealed boxes are not much cheaper from what I've observed and some foreign coins are more expensive, like Mexican Libertads in sealed mint bags.

http://www.apmex.com/category/22115/silver-eagles-monster-boxes
 

Silver

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#24
Another thought concerning when it comes time to sell - coin dealers do not have unlimited funds and when prices are high, they pick and choose what they buy based on what their customers will buy. If you come in to a dealer with 5 beat up 100 oz bars of mixed origins and the guy next to you has a sealed box of Eagles, from my experience, the dealer will want the Eagles. 100 oz bars often go to the refiner and that involves steep discounts and the dealer ties up his money for longer. When people are lined up to sell, Eagles are more likely to bought and for much higher prices.
 

Duckworth

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#25
Consider where you are going to keep it... (hide it) You can fit $50k of gold in your hands... silver is a bit more bulky. It depends on what you are trying to accomplish. I think most here look it as insurance against what may be an inevitable financial collapse.
 

viking

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#27
I see the older the coins, the higher price for those monster boxes. Is that because they are rarer?
 

Silver

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#29

stAGgering

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#30
I like 90% US silver. Easy to trade later for gold when gold/silver ratio comes down.
Premiums go crazy and these disappear when silver rises.
Recognition of, would be my primary assumption, with mounds of supportive hearsay.
The LCS 90% rack dries up when silver price remains flat.
Easier to trade for basics when TEOWANKI happens... maybe.
2/3rds of world population works for less than value of a 90% silver dime.
Although in US, they get EBT card for FREE !



"Consider where you are going to keep it... (hide it) You can fit $50k of gold in your hands... silver is a bit more bulky. It depends on what you are trying to accomplish. I think most here look it as insurance against what may be an inevitable financial collapse." - Duckworth

Gold holds far more purchasing power per oz Duckworth.
Far to much in dire circumstances is a possibility.
Hide the gold for mansion and acres, consume the silver.
Then again, in the next ten years we may see roll reversal.
I could retire early, as it would be a miracle if I ever do.
 

GOLDBRIX

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#31
I have not done this in awhile but I have had good success going to Estate Auctions at THE ESTATE not hauled into a Auction House where all the Auctioneers Preferred Customers prefer to come.

At the Estate it is easier to spot any "pumpers" pushing the item's price up.
And of course DO NOT get BIDDING FEVER. Know what you are going after and the price you are willing to pay ( Remember most Auctions have percentage commission added to the winning bid so figure that into your objects) AND REMEMBER to be ready to walk away if the fever hits others.

I was at one auction where a 1/4 T.oz AGE was on the block. At the time gold was at $800.00 T.oz. Fever hit the crowd and the price was going well 0ver $300.00. I got up and went to check / look again at the 1/4 ounce just to make sure I had not gotten Item No. mixed up with a $5.00 gold piece also in the auction.
I did snatch up some Kennedy halves and some "Rosie" dimes at good prices.

But somebody went home with a light wallet and a Tootsie Roll Pop wrapper tattooed on his forehead. - College of Hardknocks
 

Goldhedge

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#32
I've also seen scam auctions.


The auctioneer is 'in' on the scam and he'll point to the invisible guy - behind everyone else (everyone is looking at the auctioneer!) and announce the next price just to get it up. They don't do it every bid, but enough to move the price.
 

Dude

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#33
Having bought and sold gold and silver since 2003, I would buy 4 sealed boxes of American Eagles with the 40k (and a tube so you can play with them without breaking the seal on any of the boxes) and forget about them for awhile. With sealed boxes, there is no counting, therefore no cheating on the count when time to sell (I was ripped off 5k when I sold a large quantity in 2011 when there was a selling fever - cheated on the count and I had done a lot of business with this particular dealer - lots of coin dealers are shady, think pawn brokers types.). Eagles are the most liquid of all silver, in other words, the easiest to sell for the highest price (if prices get very high this is important).

As far as the premium over spot - generic rounds and bars have the lowest premium, but you also will not get spot from a dealer on the sell, I've sold many oz's and it is always at least $1 under spot.

I've bought Eagles at $2 over spot ($2.50 is normal at this time) and have been offered $6 over spot by AMPEX for sealed boxes of 2003's with silver over $45 per oz. With Eagles you have liquidity, recognizable by everyone, bullion prices, and possible appreciation on the silver and the premium.

It's all about what you are comfortable with. My philosophy is that nobody ever regrets buying the best of anything - whether that be real estate, furniture, clothes, cars, tools, etc.

“Good equipment ain’t cheap, and cheap equipment ain’t good.”

“The most expensive suit is the one you only wear once.”

“Pay lots, cry once. Pay little, cry twice.”
Eagles are a solid buy, IMO. The mint charges their distributors $2 plus spot. They have minimum required buys each year. Silver was below $14 last December and the premiums were quite high but it appeared one dealer needed to sell, sell to raise cash for the upcoming initial buy for the 2016 eagles - at least that's what it kinda looked like to me. $2.29 over spot. Potential collector value as well as poster Silver mentioned. Look at 5 ounce ATB's as the dealers pay $2 over per ounce on those and the mint has only the 1 German machine (I think) that cranks those out. Quantity buys gets you the lower prices.

You might consider a Sigma Metalytics for under 1K to test if you venture into various ebay buys here and there. It's peace of mind for me. Bought one last year to test all my old gold from ebay I bought more than a dozen years back. Sweet confirmation. It does silver too.

I'd get at least 1 monster box of Eagles as poster Silver suggested, if not all 4. Granted, if silver fell $5 the next day, you'd take a loss on paper but there would be such a run on Eagles, the premium would probably go $2 higher than it was the previous day. A generic, probably not so much.
 

Chester-Copperpot

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#34
I wouldn't buy Eagles until you call round all your local dealers and find out what they are paying. Just my 2c. I've found Eagles to be the biggest pain in the ass when selling. Yeah easy to get spot, but getting much more than spot is hard. Your roll in to a dealer with 500 plus Eagles, you ain't getting your premium back. For the money you could have 500 Eagles or 555 silver 1 oz rounds. The extra 55 ounces will outperform the wasted premium your paying.
 

Scorpio

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#35
current prices at one dealer are:

Sell to you Eagles==20.45 (qty 20-99)

Buy from you Eagles == $18.31

Spot price ask at site == $17.15

Basically they are paying a little over a buck per over spot for Eagles, whereas on bullion stuff they are paying back of spot 70-75 cents

Net gain of Eagles vs Bullion when selling is just a bit under $2 per

Which effectively means that if you pay any more than $2 premium on Eagles, you are losing on the flop
 

ttazzman

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#36
KIS.......KEEP IT SIMPLE......at least till you become more sophisticated......I would suggest buying only from Known reliable dealers many are listed above....spread your buying out over some time....buy both silver and gold......buy US products because they are easier for a less knowledgeable person to sell...such as...90% silver.....silver eagles....gold eagles....do not buy any numismatics (slabed or rare coins)

KIS.......KEEP IT SAFE.......if you dont hold it you dont own it......loose lips sink ships.....

If you follow the above you will be fine......
 

gabriel2005

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#37
Do a yahoo search also for coin shows in your area, often prices are better as theres completion to sell at the show. Take cash.
What are the best type of coins to buy and how will I know if it's not coins I should buy?
Thanks
 

gabriel2005

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#38
I'm also going to go to a coin shop like others have suggested and ask questions.
Do you purchase them there?
Where do you purchase yours?
I will check out these sites....good reads. Thanks
 

gabriel2005

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May 4, 2016
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#39
Welcome - I'm one of the few females and been here for a bit - you do need think skin, but love the info so keep coming back.

Coin shows are good or find the local coin stores and stop in to chat. Lots of different ways to do it - you will get a different opinion from every single person. Read up and develop your own idea of what you want. Some folks buy the lowest premiums and some folks buy sovereign coins (USA, Canada, Australia, British, etc). Higher premiums, but you get some of that back when you sell. DYODD. I tend to buy sovereign coins at a 50/50 split between gold and silver.
I will be going to coin stores soon.
What are sovereign coins and what is 50/50?
thanks for the welcome!
Not one person has been judgemental, being a female, and yes, thick skin required! Lol
We're all out for the same thing.....not being taken by the "gooberment", as a friend of fine refers them.
I work too damn hard and don't want to be one of those people in their seventies working at fast food chain drive thru windows because I can't make ends meet