I am thinking about buying silver bars to hold on to for a long-term investment. I am not wealthy by any means so I figured I could buy a couple ounces a month. I wanted to know if anyone knew if APMEX was a decent company and if buying Sunshine Silver Bar .999 Fine (V2) was a smart purchase. Thanks for the help.
Starting to buy Silver
- Thread starter Promo
- Start date
Silver seems kind of high right now. But it may not go down. I always bought the silver coins. I wouldn't be comfortable buying silver online, but that's just me.
If you buy silver locally through a retail outlet, you generally have to pay a premium of 10% or more to purchase it and then you have to securely store it which is another expense. And when you want to sell it, you may have to sell it at a discount. It would be better in my opinion to buy an Exchange Traded Fund (ETF) that buys and holds the silver for you (e.g. TICKER” SLV”). ETF’s can be easily and cheaply purchased and sold through a brokerage account.
Do you have any links that you could provide so I can start reading about EFT's.
Do you buy your Silver coins locally? I've been looking around and since I can't afford to buy several hundred ounces at a time the shipping cost is really expensive. I am trying to find a reliable place I could buy small amounts of silver from at a reasonable price.
Thanks for the link Joe
You are welcome, you also have to worry about fake silver bars if you buy and hold silver directly.
http://www.fbi.gov/philadelphia/abo...-cases-stolen-gold-coins-and-fake-silver-bars
http://about.ag/Lead100OunceBars.htm
After hours of reading I found Silvertowne bars for the best price, everything I read states its pure silver. So I think I'm going to buy a few ounces and try them out.
I haven't purchased any recently; however, years back I could buy them at the local mall. I think I paid less than $5.00 an ounce, and that was retail. We have sellers all around town now, but I also live in a large city, so that's expected. Just be aware that there are scams out there that sell silver plated bars (eBay). I've also heard of people getting burned buy their local dealers.
I’ve seen quite a few of the eBay sellers with small print that state “silver plated”. I think I’ve found a decent place online that’s only 1.80 above market value but doesn’t charge shipping or what seems the be the standard %3 CC fee. My logic behind buying silver is I hope to accumulate quite a lot before I pass so I could leave it behind to my kids. Maybe by the time they are much older and wanting to buy a home or retire silver will be triple digit prices and they can cash out.
Being the paranoid person I am, I don’t put too much faith in the Dollar lasting long term, or do I trust stocks, bonds, IRA’s, or even life insurance. If the economy crashes Silver would still be used (I hope) along with the growing solar energy market which uses silver, I think silver has nowhere to go but up in price, Just my thoughts.
Hope you got in that etf - just started a bull run on silver - probably at least to 36 bucks an ounce before we see a top.
eyeswideshut
Registered Senior Member
In these line of thoughts maybe the ETF is not best option for you because of the counter party risk, remember MF Global.
When buying physical there is no counter party risk beside buying a fake silver, which should be avoided by doing your homework,
there is lots of videos on youtube about investing silver.
There is many ways to invest in silver, I have diversified my buying,
I got bars (from reputable sources),
925 sterling numismatic with face value,
999 pure rounds,
"antique" silver coins,
sterling silver objects
and some silver in physical silver trusts.
I dont have any ETFs, in the long term I dont trust the paper market which have ballooned over 100 times of the actual physical market.
Its not easy to find it below or around the spot price, but in the other hand, if it is too cheap,
be aware, there can be something fishy going on.
There is few ways to test silver beside acid test, sound is very telling and rare earth magnets can give some indication.
Do your research and happy hunting !
Physical silver is owned in order to buy bullets when things are Fucked.
Etf s are to get in and get out. Yes they paper...backed by holdings...supposedly audited. Now listen up...its the best and easiest way to invest in metals.
I have physical silver..I will hopefully never use it. If you want to buy and sell physical silver..it is a pain in he ass. Money was shipped in bags...but still tiny holes..and it tarnished. I would clean them if I needed to buy guns and ammo...really a moot point by then.
As an investment etf is best...hopefully your bank can give a good trade cost like mine..only cause I have a nest egg worth them
Etf s are to get in and get out. Yes they paper...backed by holdings...supposedly audited. Now listen up...its the best and easiest way to invest in metals.
I have physical silver..I will hopefully never use it. If you want to buy and sell physical silver..it is a pain in he ass. Money was shipped in bags...but still tiny holes..and it tarnished. I would clean them if I needed to buy guns and ammo...really a moot point by then.
As an investment etf is best...hopefully your bank can give a good trade cost like mine..only cause I have a nest egg worth them
eyeswideshut
Registered Senior Member
Yes, probably best in the short term, I would diversify in the long term.
I will sell some on the way to the top (at the right moment I hope), use some for collateral for a loan if needed, get numismatic coin auctioned on the net and so on. Buying has been easy only in numismatic 925 silver coins, often 10 - 35 % discount pure silver spot price basis solely, + numismatic value, great deals. Over 50 deals on the net and no hick ups, it has work for me.
It all depends on your strategy, what suits for you may not be so good for someone else.
For Promos need; long term limited monthly buying for next generation; Not so sure about ETFs in this economic climate.
Physical sounds good, no counter party risks, no hassle with passing it on, just stack it in the safe so to speak.
There is great deals to be found in physical markets, but sure it takes time and effort.
Nice, its all good, glad to see that you too have been in silver.
eyeswideshut
Registered Senior Member
He hee, what do you think, am I ?
Actually why you think its a suckers game is more interesting...?
I don't think there are suckers in this game. I just don't see any reason why the cost of silver (or gold) would go down. Of course it's good to buy it low. Although silver is probably better off as a family heirloom; a pile of silver that sits in the safe for generations.