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Request Advice on buying Gold and Silver.

wilspeak

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#1
Hello, I am interested in buying Gold and Silver. I don't trust the paper currencies, 401K, and IRA plans. I want to start saving some of my small income in Gold and Silver coins, bars and ingots. Can someone Please tell me what is the best and most profitable way to invest in Gold and Silver coins or bars? What are the best companies to buy from? and how do I sell the Gold or Silver if I had to cash them in? Also please include any other advice that someone new to buying Gold and Silver should know. Thank You
 

hammerhead

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#7
Hi wils, never bet the farm. IOW, don't over extend your financial means. Just like every other thing that you can put money into, you don't have control of the market. Enjoy the ride.
 

newmisty

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#10
Hello, I am interested in buying Gold and Silver. I don't trust the paper currencies, 401K, and IRA plans. I want to start saving some of my small income in Gold and Silver coins, bars and ingots. Can someone Please tell me what is the best and most profitable way to invest in Gold and Silver coins or bars? What are the best companies to buy from? and how do I sell the Gold or Silver if I had to cash them in? Also please include any other advice that someone new to buying Gold and Silver should know. Thank You
I suggest studying up by browsing various old threads on this and related topics and watching a few we have regarding SALES & DEALS that get bumped regularly.
 

newmisty

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#11
I think you mean don't invest in gold and silver that's on paper get the REAL thing, not futures on paper.
If you don't hold it, you don't own it.
 

ttazzman

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#13
to new buyers i allways refer them back to this list....its old but still applies...a lot more at the link that is useful information but i posted the start of the page

https://the-moneychanger.com/answers/ten_commandments_for_buying_gold_and_silver

Ten Commandments for Buying Gold and Silver

  1. Always take delivery.
  2. Never buy premium if you can avoid it.
  3. Buy bullion for business, numismatics for fun.
  4. Buy silver first, then gold.
  5. Buy small gold first, then large.
  6. Never buy exotic coins or modern rarities or anything you don't understand.
  7. Know your dealer.
  8. What governments can't find, they can't steal.
  9. Never swap bullion coins for U.S. $20 gold pieces.
  10. Never break the law.
 

newmisty

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#14
Check your or surrounding areas for coin shops. Don't buy until you research. We've all made mistakes but with that comes knowledge.
Thought I was wrong once, it turns out I was mistaken.
 

Bottom Feeder

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#16
best and most profitable way to invest in
Hummm. I think you need to first identify why you want PMs.
It ain't really an 'investment' it's more of an 'insurance'.
best, of course depends on what you want it for. Tiny assed gold coins are more expensive to purchase but would work well to sell bit at a time. A ten ounce gold bar is about the cheapest way (in a coin store price range) you could buy but it might be a burden to get rid of.
And silver? <heh> silver, that old dog. Loved her at 7.00, and then all the way up to 45.00 then back down to 13.50, last August.
Just listen. That's the best advice I can give ya.

BF
welcome aboard
 
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#17
Do your homework before making large purchases, ie. where you can buy and sell locally. Ask your dealers what their buy back prices are and keep up to date because not only do spot prices change but so do premiums. Online dealers that I like are Provident and JM Bullion. I use Apmex a lot on Ebay. You can sell to online dealers too but you will pay shipping and have to wait awhile. I like to diversify where I buy. Hunt for deals online and also throw my local dealers business too because I might want to sell to them too. I suggest thinking long term. I like to know how much buy back prices are but I haven't sold much at all. Think of buying in large lump sums or Dollar Cost Averaging. Look up DCA if you need. to. Welcome and build that stack!
 

Silver

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#18
JM Bullion has been reliable to buy from and to sell to, but things can always change, so - Do Your Own Do Diligence.

https://www.jmbullion.com/
 

Someone_else

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#19
Check your or surrounding areas for coin shops.
Buy something. A few bucks of premium will inform you. Later, ask about his spread on gold or silver. If he does not give a dollar amount, he is an asshole. Don't go back. The spread may vary from US mint coins to Sovereigns to bullion rounds, but an honest dealer will tell you the sale and buyback price -- And what he wants to take from the difference.

My four experiences over the last four decades has been three okay coin shops, not great, but not dishonest. And the last one was an asshole. I explained to him that my bag of 40% was 215 ounces of silver, and I would take a hit because it was more expensive to refine. Just being reasonable. But the ASSHOLE give me an offer of about half its worth. NO! I am glad to see that he is no longer in business. I don't know, but I hope he is dead.
 

oldgaranddad

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#21
I’ll just add, have a plan and a goal for procurement, storage and ultimately liquidation. Precious metals are for the preservation of wealth. What eventually do you plan to do with that wealth? That’s something you should consider and plan for then use precious metals as a vehicle to get you to your goals.
 

newmisty

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#22
...and stay clear of open cabin boats.
 

stAGgering

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#23
wilspeak,
Welcome to GIM2.
Consider the value of anonymity in todays world, where privacy is essentially absent.
Your local coin store which takes cash, supplies such.... carry no phone, park down street.
To reiterate stated by others above:
Metals are primarily insurance, not investment.
The gold to silver ratio is extremely important for knowledgable long term gains.
Begin with poor mans gold, and always hold some, regardless of ratio... insurance.
Entering the market consider spending a touch more, for coins which MAY maintain some value over spot, look back.
Junk silver, coins, rounds; stay mainstream for product recognition ease of sale.
Look at your current possessions, sell what you do not truly use or need, buy silver with gains.
Enjoy your search of knowledge and separation from the investing majority, whose head is in the sand.
Study what was, what is, and what my be, before significant aquisition.
Coin shows, coins shops, coin threads, coin vids, metals market, once you recognize the patterns, use for gains.
EVERYTHING is cyclical, most is slower than modern brains can grasp.
"History does not repeat itself, it rhymes" - Mark Twain.


Bold Precious Metals
Bullion Exchange
JMBullion
Monument Metals
Tried 'em and no problem.
https://findbullionprices.com Not exactly up to date 24/7 but helps.

APMEX is just to damn expensive to use.
SDBullion would not take a return and is not cheapest unless bulk purchasing.
 

Someone_else

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#25
Your local coin store which takes cash, supplies such.... carry no phone, park down street.
That's great if the asshole doesn't insist on offering you 60% of melt, when you have already proven to him that you know a bag of 40% has 215 ounces. The gun store gave a much better deal.
 
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#26
That's great if the asshole doesn't insist on offering you 60% of melt, when you have already proven to him that you know a bag of 40% has 215 ounces. The gun store gave a much better deal.
I get 91% of melt for my 40% halves. Took me awhile to find the guy but now I get most of my stuff from him because his deals buying, selling, trading are very fair.

People have been talking about PM's as insurance which I agree with. I also do it because I like to hoard. Buying PM's replaces my need to buy worthless crap. All I am doing is converting Fiat to real money. I get a rush out of it.