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Buying silver. How much over spot: ADDED

tccoxtccox Member Posts: 7,379 ✭✭
edited January 2016 in General Discussion
Am seriously thinking about buying a little silver. Seems like prices are all over the place. What is a real decent deal over spot.

One of the best deals I have seen is about .70 over spot. Anyone know where to buy at a better price? Will buy a few hundred ounces. Tom

ADDED: Just did a more detailed search and found MONEY METALS EXCHANGE sells 100oz bars for $1508 which is about .80 over spot. That is if paid for with cash, no credit card.

I can't do anything until next week since I don't know how to make cash xfer from my bank! I'm sure someone at the bank can help me out.

Oh yes, the shipping is free. T
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    mogley98mogley98 Member Posts: 18,297 ✭✭✭✭
    edited November -1
    Spot can usually be had for the cost of the adoption fee silver runs 13-14 and ounce.

    Seriously .70 over spot sounds pretty good
    Why don't we go to school and work on the weekends and take the week off!
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    texshootertexshooter Member Posts: 1,002 ✭✭✭✭
    edited November -1
    70 over spot is good. Generic bars are usually $1 over, and premium coins, such as eagles, libertads... 2.50 to 4.00

    I know a local guy that pays $1 over, and sell for $2 over, when he can get enough to sell.
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    Smitty500magSmitty500mag Member Posts: 13,603 ✭✭✭✭
    edited November -1
    If it's a really good deal why are they selling it?
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    wpagewpage Member Posts: 10,204 ✭✭✭
    edited November -1
    My coin guy generally sells $4.oo over spot for coins and up...
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    Don McManusDon McManus Member Posts: 23,506 ✭✭✭✭
    edited November -1
    quote:Originally posted by Smitty500mag
    If it's a really good deal why are they selling it?





    Usually because that is the business they are in.

    These are bullion / coin houses whose business is buying and selling silver. They buy for slightly under spot and sell for slightly over spot and pocket the difference. The current spot price, be it a good deal or a bad deal is not important other than to establish the baseline of the transaction.
    Freedom and a submissive populace cannot co-exist.

    Brad Steele
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    capguncapgun Member Posts: 1,848 ✭
    edited November -1
    quote:Originally posted by Don McManus
    quote:Originally posted by Smitty500mag
    If it's a really good deal why are they selling it?





    Usually because that is the business they are in.

    These are bullion / coin houses whose business is buying and selling silver. They buy for slightly under spot and sell for slightly over spot and pocket the difference. The current spot price, be it a good deal or a bad deal is not important other than to establish the baseline of the transaction.


    Still seems like if these fast talking gold/silver enthusiasts seriously thought metals were going up they would hold on to them and not turn them over quickly. I doubt if they are destitute and living hand to mouth. Leaves me thinking the dealers are just as unsure of the wisdom of holding gold/silver as I am.
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    skicatskicat Member Posts: 14,431 ✭
    edited November -1
    quote:Originally posted by capgun
    quote:Originally posted by Don McManus
    quote:Originally posted by Smitty500mag
    If it's a really good deal why are they selling it?





    Usually because that is the business they are in.

    These are bullion / coin houses whose business is buying and selling silver. They buy for slightly under spot and sell for slightly over spot and pocket the difference. The current spot price, be it a good deal or a bad deal is not important other than to establish the baseline of the transaction.


    Still seems like if these fast talking gold/silver enthusiasts seriously thought metals were going up they would hold on to them and not turn them over quickly. I doubt if they are destitute and living hand to mouth. Leaves me thinking the dealers are just as unsure of the wisdom of holding gold/silver as I am.


    Precious metals have a proven track record throughout human history as a stable foundation for an accumulation of wealth. It is really only recently that having a store of wealth in PM's is incorrectly touted as risky. Much better to fill your life with plastic crap from walmart bought with credit.
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    capguncapgun Member Posts: 1,848 ✭
    edited November -1
    Not true. If you look at the historical charts you will see that only in a very few, very short periods would you be ahead having held onto gold or silver. http://www.macrotrends.net/1470/historical-silver-prices-100-year-chart
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    dcon12dcon12 Member Posts: 31,956 ✭✭✭✭
    edited November -1
    quote:Originally posted by Don McManus
    quote:Originally posted by Smitty500mag
    If it's a really good deal why are they selling it?





    Usually because that is the business they are in.

    These are bullion / coin houses whose business is buying and selling silver. They buy for slightly under spot and sell for slightly over spot and pocket the difference. The current spot price, be it a good deal or a bad deal is not important other than to establish the baseline of the transaction.






    If I was buying Gold or Silver, I would listen to Don. Oh, and I would need some money. Don
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    gruntledgruntled Member Posts: 8,218 ✭✭
    edited November -1
    I'm thinking of going to the Long Beach coin show next week & I am thinking of buying $100 of junk silver coins. With so many dealers I expect that's the best way to buy. I will have to buy a little extra because in Kalifornia you need to buy over $1500 worth to avoid sales tax. It looks like the current price is about 13 times face.
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    skicatskicat Member Posts: 14,431 ✭
    edited November -1
    quote:Originally posted by capgun
    Not true. If you look at the historical charts you will see that only in a very few, very short periods would you be ahead having held onto gold or silver. http://www.macrotrends.net/1470/historical-silver-prices-100-year-chart


    Think about what having a store of wealth means.
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    capguncapgun Member Posts: 1,848 ✭
    edited November -1
    quote:Originally posted by skicat
    quote:Originally posted by capgun
    Not true. If you look at the historical charts you will see that only in a very few, very short periods would you be ahead having held onto gold or silver. http://www.macrotrends.net/1470/historical-silver-prices-100-year-chart


    Think about what having a store of wealth means.
    You said "a proven track record throughout human history as a stable foundation for an accumulation of wealth". Except for two blips no "accumulation of wealth" there. And after the last blip on its way down again.
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    skicatskicat Member Posts: 14,431 ✭
    edited November -1
    quote:Originally posted by capgun
    quote:Originally posted by skicat
    Originally posted by capgun
    Not true. If you look at the historical charts you will see that only in a very few, very short periods would you be ahead having held onto gold or silver. http://www.macrotrends.net/1470/historical-silver-prices-100-year-chart


    Think about what having a store of wealth means.
    You said "a proven track record throughout human history as a stable foundation for an accumulation of wealth". Except for two blips no "accumulation of wealth" there. And after the last blip on its way down again.
    [/quote

    You are still only thinking in terms of speculation.
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    capguncapgun Member Posts: 1,848 ✭
    edited November -1
    quote:Originally posted by skicat
    quote:Originally posted by capgun
    quote:Originally posted by skicat
    Originally posted by capgun
    Not true. If you look at the historical charts you will see that only in a very few, very short periods would you be ahead having held onto gold or silver. http://www.macrotrends.net/1470/historical-silver-prices-100-year-chart


    Think about what having a store of wealth means.
    You said "a proven track record throughout human history as a stable foundation for an accumulation of wealth". Except for two blips no "accumulation of wealth" there. And after the last blip on its way down again.
    [/quote

    You are still only thinking in terms of speculation.
    That is all buying gold and silver is. No one buys it to lose money, they hope for appreciation. If you are only interested in storing your wealth you can put your money in CDs, they don't make much but they are guaranteed to always go up, and your money is insured. Hopefully you are not in that make believe world where the dollar will collapse and you will buy a loaf of bread at the grocery store with a silver coin. Our country is so strong, our economy will have ups and downs but we have so many controls that in any of our life times it will just keep moving along. I remember Mel Tappen and his survivalist movement in the 1970s-80s. A fantasy world that faded when reality set in. It was fun, but completely unrealistic. Prepare for short term emergencies, but our country has proven itself to be very resilient.
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    skicatskicat Member Posts: 14,431 ✭
    edited November -1
    quote:Originally posted by capgun
    quote:Originally posted by skicat
    quote:Originally posted by capgun
    quote:Originally posted by skicat
    Originally posted by capgun
    Not true. If you look at the historical charts you will see that only in a very few, very short periods would you be ahead having held onto gold or silver. http://www.macrotrends.net/1470/historical-silver-prices-100-year-chart


    Think about what having a store of wealth means.
    You said "a proven track record throughout human history as a stable foundation for an accumulation of wealth". Except for two blips no "accumulation of wealth" there. And after the last blip on its way down again.
    [/quote

    You are still only thinking in terms of speculation.
    That is all buying gold and silver is. No one buys it to lose money, they hope for appreciation. If you are only interested in storing your wealth you can put your money in CDs, they don't make much but they are guaranteed to always go up, and your money is insured. Hopefully you are not in that make believe world where the dollar will collapse and you will buy a loaf of bread at the grocery store with a silver coin. Our country is so strong, our economy will have ups and downs but we have so many controls that in any of our life times it will just keep moving along. I remember Mel Tappen and his survivalist movement in the 1970s-80s. A fantasy world that faded when reality set in. It was fun, but completely unrealistic. Prepare for short term emergencies, but our country has proven itself to be very resilient.


    I am not even considering road warrior scenarios of trading bits of silver for food. If you think that is the only value of PM's, you have missed my point. I have a currency collection including 5,10,20, and 50 million mark notes which were no doubt used at one time to pay the interest on some Germans CD.

    Edited for excessive snarkiness.
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    capguncapgun Member Posts: 1,848 ✭
    edited November -1
    If you enjoy having gold and silver buy it. From historical charts, I just don't see it as an accumulation of wealth. I have some silver dollars from the 1880s. I like to hold them and think about where they were in the old days. Maybe someone plunked one down on a bar in Tombstone for a bottle of Rye. I am going to buy a $20 gold piece, just because I like the feel of gold in my hand. These old coins are historical artifacts. I think I will buy a 10 ounce silver bar, just to be able to look at chunk of silver. I'm just not going to think of them as part of my financial portfolio, when I see them go down in value it would spoil my joy of ownership.
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    MercuryMercury Member Posts: 7,810 ✭✭✭
    edited November -1
    https://comparesilverprices.com/


    That site has the low down on prices. Hard to beat Provident Metals and JM Bullion, especially if you are only buying a few hundred dollars worth.


    Merc
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    capguncapgun Member Posts: 1,848 ✭
    edited November -1
    quote:Originally posted by tccox
    Am seriously thinking about buying a little silver. Seems like prices are all over the place. What is a real decent deal over spot.

    One of the best deals I have seen is about .70 over spot. Anyone know where to buy at a better price? Will buy a few hundred ounces. Tom

    ADDED: Just did a more detailed search and found MONEY METALS EXCHANGE sells 100oz bars for $1508 which is about .80 over spot. That is if paid for with cash, no credit card.

    I can't do anything until next week since I don't know how to make cash xfer from my bank! I'm sure someone at the bank can help me out.

    Oh yes, the shipping is free. T
    You have be careful. There is now lots of fake bullion out there. My local coin shop says they see it everywhere. And it is getting good. So many fake silver and gold coins you have to not only weigh them but also measure them. Silver bullion bars that are part alloy. All properly mint marked. If you get a fake coin or bar from an established dealer who got fooled, he will simply say "that's not the one I sold him". This is just the tip of the iceberg- http://coins.about.com/od/worldcoins/ig/Chinese-Counterfeiting-Ring/
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    bpostbpost Member Posts: 32,664 ✭✭✭✭
    edited November -1
    I buy 10 ounces of silver a month. Not much in the larger scheme of wealth, but enough to add up over the years. I buy from Provident Metals because I want to, I like the quality of service from them.
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    pip5255pip5255 Member Posts: 1,631 ✭✭✭
    edited November -1
    http://www.ebay.com/itm/SPECIAL-PRICE-100-oz-Silver-Bar-Republic-Metals-Corporation-RMC-SKU-90371-/121686078498?hash=item1c550e3422:g:3t0AAOSw~gRViYp8
    just because you could doesn't mean you should
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