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

GOLDBRIX

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#42
  • IF it were me I would start with Junk Silver / Pre '64 silver coins of Dimes, Quarters, Half Dollars, and Morgan & Peace Dollars.
Of course Morgans & Peace Dollars are seldom found in Junk Silver. Even extremely worn silver dollars have value by their actual weight(s).

IF you live in the US I'd stick with US coinage as those will be what most Americans will identify with.
Silver American Eagles ( SAE) are also preferred and why there is a premium compared to silver rounds of 1 T.oz weight. People identify them as Government Backed where rounds are gonna be scratch tested for purity unless one owns expensive electronics to test with.
 

GOLDBRIX

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#43
DYODD on Ebay offers. There are good people/businesses and those who are not. If you go there learn the difference.
As has already been said "If it sounds too good to be TRUE, It probably is".

ALSO
Do not get "Paralysis by over Analysis".
AND
"Bears make money, Bulls make money, HOGS get slaughtered.

As a rookie you are going to make mistakes PLAN and SIMPLE. You simple want to minimize those mistakes and learn from them. Learn DOLLAR COST AVERAGING too
 
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solarion

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#44

gabriel2005

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#45
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!
Very great advice!
The first thing I know, is trust no one. I'm not even discussing with family or friends. Loose lips sink ships. The biggest thing I'm afraid of is being scammed. I need to do a ton a reading first.
I was already taken when I was in a financial strap and took half full coffee can to coin shop of Susan B Anthiny coins and walked out with only six hundred bucks or so! I went back in there a month later, and OMG! I saw my old coins and what they were selling them for! Furious!
I think I'm just going to start out with fifty bucks, take pride in that, even though some may think it's pocket change.
My mom has a safe she's offered, not because she knows about this, but for important papers, will, etc.
Thanks soooo much! :)
 

<===Foolsgold

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#46
: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!
I so want to disrespect you but won't.
 

gabriel2005

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#47
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.
Good advice!
I don't want to panic sell
 

gabriel2005

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#49
DYODD on Ebay offers. There are good people/businesses and those who are not. If you go there learn the difference.
As has already been said "If it sounds too good to be TRUE, It probably is".

ALSO
Do not get "Paralysis by over Analysis".
AND
"Bears make money, Bulls make money, HOGS get slaughtered.

As a rookie you are going to make mistakes PLAN and SIMPLE. You simple want to minimize those mistakes and learn from them. Learn DOLLAR COST AVERAGING too
Okay, I will do.
A lot of people are advising EBay
 

solarion

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#52
Good advice!
I don't want to panic sell
Panic selling is most oft a function of converting too much federal reserve phuny munny into less liquid assets like gold, silver, stocks, etc. Maintain a healthy stack of CASH(not debit/credit) and you'll be able to withstand market fluctuations much better. Plus instead of panic selling on dips you can actually take advantage of temporary market dips and stack moar real money for less fake money.
 

gabriel2005

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#53
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.
Lol...okay! Some of your words went right over my head, being wet behind the ears at this, but once I learn my stuff, I'm going to bop you back how your advice helped! Lol
I keep finding myself seeing that I don't want to be scammed at trade shows, I trust nobody, and being female only makes them believe I'm even more uneducated. Whatever.
I'm excited to be starting this silver buying, but don't want to be overzealous too soon?
Metal detector?
Uncle had one, and had silver and gold collection.
He's gone now, but maybe a few swipes in his old back yard in the middle of the night would be a thought!
Just kidding.
I bet not one person could find your stash, but though with much thought and consideration, I will have to sadly decline the offer to donate to charity you suggest! Lol
 

<===Foolsgold

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#54

gliddenralston

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#55
You'd be surprised how many elderly people have a can of junk silver sitting in their closets for decades, just ask, and treat them right...believe me it works.
 

Uglytruth

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#56
You should look into something like this. There was a thread on how to spot fakes that has a LOT of info in it.

 

solarion

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#58
^^ lol Really this thread is like a first date.
 

Fjpod

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#59
Not to cast a negative tone, but when you are buying and selling PMs, (notice I didn't say investing in), you have to be very aware of not being taken advantage of by unscrupulous dealers and marketeers. There are some good ones. But even with the good ones you will need to wait many years, or hit the jackpot of a sudden price rise to make a profit. In my experience, coin shows are not a good venue for profitable buying. ... But you will learn what a lot of products are selling for so you will recognize a good deal when you see one.

Think of PMs as a way of preserving the value of some of your wealth for the next generation over time.
 

birddog

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#60
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
Nice thing about coin stores is the anonymity. Buy with cash (under the $10,000 - I think they have to report sales over that) and it isn't trackable.

Sovereign means coins that are minted by a government mint that have a denomination value.

By 50/50, i meant that I usually split my buys between 50% gold to 50% silver. Some folks buy at the same ratio as the reported gold/silver ratio. http://goldprice.org/gold-silver-ratio.html Right now it is 1 oz gold to about 68 oz of silver.
 

Uglytruth

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#61
Some also play the ratio. When it's wide they buy silver & when it closes up they trade it for gold to increase ounces held with no outlay.
 

ttazzman

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#63
I think I'm just going to start out with fifty bucks, take pride in that, even though some may think it's pocket change
at $50 buy points you have limited choices.......IE.... 1 gram of gold +........2 oz of silver +........4$ face of 90%.......

point is at this buy level most precious metal products are way over priced and shipping is a issue.......i would suggest sticking to buying Junk (90%) silver at local coin shops cash n carry at this buying price point

90% silver is currently trading around $13 over face value........meaning for every one dollar of silver coinage you buy it will cost you 13$ of cash money.

90% junk silver is US coinage minted 1964 and before (dimes, quarters, halves, dollars)

advice on this thread will vary based on purchase points...at one point you mentioned 40K....another 50$......these represent totally different levels of commitment, risk and methods and advice will vary accordingly....
 
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GOLDBRIX

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#64
Check this site / Company. I have ZERO investment interest in this company but I have purchased from them.
They call Junk Silver "Fractionals" and they sell as low as Ten Dollar Face Value ( Yep, higher than $50.00 "Toe in the Water" first purchase) But at least you'll get an idea of what you are looking at from national companies.
HOME PAGE : www.moneymetals.com

FRACTIONALS / JUNK SILVER Page - https://www.moneymetals.com/pre-1965-junk-silver-coins-dimes-or-quarters/35
 

Goldhedge

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#65
In any case, what you have done correctly is stumble onto GIM!

There is a wealth of knowledge and help here. Folks here have a reputation and would like to keep it. :D

Post your questions on potential buys and someone will give you help and advice.

There's a buy n sell forum here as well. Sometimes there are things for sale!
 
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Duckworth

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#66
The first thing I know, is trust no one. I'm not even discussing with family or friends. Loose lips sink ships. The biggest thing I'm afraid of is being scammed. I need to do a ton a reading first.
Nobody needs to know that doesn't need to know. None of my friends have any knowledge of my interest in this. (family either except my wife) As far as getting scammed goes, buy silver and gold eagles from a reputable dealer like JM Bullion or others named here you can't go wrong. You can double down on that by purchasing new issues only and that eliminates the chance that they have possibly bought back any fakes as those will have come straight from the mint.
 

Son of Gloin

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#67
Go to eBay and find Apmex there. They sell at about all levels. From individual Silver Eagles, to rolls of Eagles, Morgans, silver halves, quarters, dimes, etc. all in various states of preservation. Then there's gold coins from mints all over the world, in various states, including American gold Eagles and Buffalos, fractional gold coins, British Sovereigns, European gold Marks, Kroners, Francs, Lires, Drachmes, etc. You have your pick of all kinds of stuff to view and compare and choose from. Plus, they're very reputable. I have always received my stuff, as ordered and in the state listed. If it would get lost in the mail (unlikely), they would take care of it, it's all tracked. Their only problem is they tend to grade a tad liberally, but it's negligible, in my opinion. Any way, you can buy at any level. From about twenty bucks, on up.
 
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Ensoniq

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#68
Buy the underlying metal value - don't pay a premium for a specific coin due to its scarcity or demand
 

Fjpod

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#69
I agree with not discussing your PMs with anybody.

Apex and such are great. I have made good purchases from them, but I have found a good lcs that consistently sells for less. I have probably visited 6 lcs, all but one were significantly higher.
 

ttazzman

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#71
You can purchase 10 ounces of silver for spot right now on JM's website. I think it's a one time deal, so if you have done it in the past, that's it. You get a nice velvet bag for your first 10 ounces to sleep in as well!
:) and free shipping......seemed like several of my family members names and addresses was used on that deal its a no brainer of a deal .......but it sure doesnt fit into the OPs 50$ buy point
 

GOLDBRIX

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#72
:) and free shipping......seemed like several of my family members names and addresses was used on that deal its a no brainer of a deal .......but it sure doesnt fit into the OPs 50$ buy point
BUT maybe Gabriel..., Has some "wiggle room" to make her first purchase. Plus if she dollar cost averages during her accumulation period it will work out for her in the long run.
I speak for myself I NEVER been able to hit an absolute low on a Buying Spree. I have always done well long term D.C.Aing.
AND
I NEVER sold at the all time high.

"Bears Make Money, Bulls make Money, HAWGS get SLAUGHTERED".
 

ttazzman

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#73
the REAL buy point is critical to soliciting good advice....90% of our advice for her does not fit a 50$ buy point......

practically speaking she said she was investing ~40k.........at 50$ buy points that is over 2 years of buying one unit every day ....just not efficient or practical....

nothing wrong with playing small ball....or big ball......each has its own set of rules....does absolutely no good to advise something she is not willing or able to do
 

gabriel2005

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#75
the REAL buy point is critical to soliciting good advice....90% of our advice for her does not fit a 50$ buy point......

practically speaking she said she was investing ~40k.........at 50$ buy points that is over 2 years of buying one unit every day ....just not efficient or practical....

nothing wrong with playing small ball....or big ball......each has its own set of rules....does absolutely no good to advise something she is not willing or able to do
Maybe you ought to go back to my original summary?
Hmmmm, seems like I said I welcome all good advice?
So what if I am hesitant about making a major change with the way I'm going to invest money?
Did you know everything at first?
So, with that being said, I've learned a lot from HELPFUL PEOPLE teaching me where to go, what to read, etc.
Oh, and by the way....I've gotten more than 90% advice that I will follow and use at my own comfort level and it's not your position to assume the 90% is too far from my reach and use.
 

Uglytruth

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#76
I think a lot here have bought in both big and small bites over a period time. Some high, some low, but doubt if many ever sell, they hold...... so it don't matter as much. Maybe their grandkids will be helped.
I never got any $7 silver or $400 Gold like many here did (some are so old they got $35 gold) but I'm comfortable in my decisions.
I also understand that metal prices are being manipulated so that gives me a level of comfort also.
Will reality ever return to the markets? Who knows. But like a good boyscout I have reached a level of comfort in being prepared as I feel I need.
 

ttazzman

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#77
Maybe you ought to go back to my original summary?
Hmmmm, seems like I said I welcome all good advice?
So what if I am hesitant about making a major change with the way I'm going to invest money?
Did you know everything at first?
So, with that being said, I've learned a lot from HELPFUL PEOPLE teaching me where to go, what to read, etc.
Oh, and by the way....I've gotten more than 90% advice that I will follow and use at my own comfort level and it's not your position to assume the 90% is too far from my reach and use.

Best wishes for the Holiday Season and good luck with your investing future......