Buying Silver..

[zerocool]

Hey everyone,

Just really started thinking about prepping and preparing for the times. Getting food and such ready but wondering what about buying silver in case currency takes a huge fall.

Anyone have any advice for a new buyer? Is not a good time to buy? What kind and where to buy?

Thanks for the advice.

Zero

 

[acarnahan]

Id suggest looking at the 30,60,90, and year price history. Then try to average when is a good time. Giving a static prices doesn't work so currently its about $29. If you can buy one or two every few weeks, thats a good start. There will be a point at which you'll have a price in mind that you'd then want to buy a 5 or 10pk. I generally go with Scottsdale Silver if I buy online or Gunshows & local coin shops when I'm driving through town.

 

[zerocool]

Thanks Acarnachan, I think that is a good idea buying a little a few times a month. Should add up fast.

Would you suggest coins, new 1 oz rounds or bars?

Thanks for the help. I will check out Scottsdale Silver

 

[XtremeVel]

Many threads here on this subject... Do a search and you'll have plenty of reading.

You will see varying opinions on whats best to buy... Whether it be the 90% coin silver, ASE, or bullion bars or rounds...

Do your homework so you will know the best buy. I have always been fortunate and have a great local dealer who is very reputable and has always treated me fairly.

 

[Irukanji]

Provident metals has always been good to me

 

[diablo750]

silvertown

I prefer silvertowne. I have bought from their website and its always been a positive experience. If you are investing in silver I would go with bars. If you think you will be trading silver Id go with 90% coins.

 

[commonality]

I use to buy silver eagles at my bank every pay check. Bought at $20 sold at $40. It wouldn't hurt to buy some every now and then.

 

[leftsock]

Hey everyone,

Just really started thinking about prepping and preparing for the times. Getting food and such ready but wondering what about buying silver in case currency takes a huge fall.

Anyone have any advice for a new buyer? Is not a good time to buy? What kind and where to buy?

Thanks for the advice.

Zero

As part of your preps, having some barter material on hand sounds like a good idea. With silver and other precious metals, you can't eat it, you can't drink it, it won't keep you warm at night, and you can't defend your family with it.

So, the role silver plays in your preps depends on the sort of situation you're prepping for. Financial collapse/recession/inflation: good. Long-term gov/infrastructure collapse/TEOTWAWKI: bullets are probably more valuable.

BTW, awesome username.

 

[BigMatt]

I was in the same situation about 4 months ago. I decided to get my financial collapse stack going first, so I was hot and heavy into 90%. It is plentiful and you can buy as much or as little as you want. I bought halves and quarters for a while, and then bought some dimes for every day barter spending/change making.

After I was satisfied with my 90% stack, I started buying Silver American Eagles and generic bars/rounds. I prefer Eagles since they are very recognizable - which is why they carry a small premium over generic silver.

After I was satisfied with my silver stack in general, I started buying fractional gold. That is where I am now.

I will still buy Silver Eagles if they are priced right, or I just feel the need to buy some PM's. Since gold is so much more expensive, I have to think long and hard before I buy it.

I suggest you go to The Lost Dutchman Rare Coins on Franklin Road and also to the Kitco.com gold forum and do a lot of reading.

You can come up with your own plan, or you can read about everyone else's plan and decide which is right for you.

I just read a thread on Kitco Gold Forum where people were discussing the precentage of PM's to other assets in their portfolios.

There are like minded individuals on there, and there are a lot of lurkers (like me).

Enjoy!

 

[zerocool]

I was in the same situation about 4 months ago. I decided to get my financial collapse stack going first, so I was hot and heavy into 90%. It is plentiful and you can buy as much or as little as you want. I bought halves and quarters for a while, and then bought some dimes for every day barter spending/change making.

After I was satisfied with my 90% stack, I started buying Silver American Eagles and generic bars/rounds. I prefer Eagles since they are very recognizable - which is why they carry a small premium over generic silver.

After I was satisfied with my silver stack in general, I started buying fractional gold. That is where I am now.

I will still buy Silver Eagles if they are priced right, or I just feel the need to buy some PM's. Since gold is so much more expensive, I have to think long and hard before I buy it.

I suggest you go to The Lost Dutchman Rare Coins on Franklin Road and also to the Kitco.com gold forum and do a lot of reading.

You can come up with your own plan, or you can read about everyone else's plan and decide which is right for you.

I just read a thread on Kitco Gold Forum where people were discussing the precentage of PM's to other assets in their portfolios.

There are like minded individuals on there, and there are a lot of lurkers (like me).

Enjoy!

BigMatt

Thanks for the info. I am interested in the 90% as well. How much above melt value should I pay for quarters and halves? Is lost dutchman a good place to buy?

I like your plan. This is really what I had in mind as well.

Any additional pointers would be appreciated.

Zero

 

[zerocool]

Thanks for all of the help everyone. I made my first ASE purchase with Provident to test the waters.

Next I want to stock up some 90% but I need to do more reading and get some help on the best places to buy and how much I should pay over melt.

Thanks again!
Zero

 

[BigMatt]

Lost Dutchman is a good place to go. They even have a special for INGO members for 90% under melt. See here: https://www.indianagunowners.com/fo...69326-90_coin_silver_for_sale_under_melt.html

They do charge tax though, which is a negative on overall value, but according to them, Indiana law requires them to charge it and I agree.

There are places you can go that won't charge you tax, but I don't think you can go anywhere with more knowledge or friendlier people than Lost Dutchman. I like to talk to Evan and get his thoughts on things.

I went there yesterday and they had a lot of 90% quarters. Friday they had over $100 face value in 90%.

I recommend calling them if you are going for anything specific.

Most small jewelers I have found sell 90%. Rosco jewelry in Irvington sells 90% and bullion when he has it. The jewelry store on Main Street in Beech Grove sells 90%. Some We Buy Gold places sell it, but some can't because they don't have the right license.

Don't go to Universal Gold and Silver on 10th street. The store is very weird, the customer service is bad and they will rip you off.

You just have to find your mix of places to visit.

 

[zerocool]

Lost Dutchman is a good place to go. They even have a special for INGO members for 90% under melt. See here: https://www.indianagunowners.com/fo...69326-90_coin_silver_for_sale_under_melt.html

They do charge tax though, which is a negative on overall value, but according to them, Indiana law requires them to charge it and I agree.

There are places you can go that won't charge you tax, but I don't think you can go anywhere with more knowledge or friendlier people than Lost Dutchman. I like to talk to Evan and get his thoughts on things.

I went there yesterday and they had a lot of 90% quarters. Friday they had over $100 face value in 90%.

I recommend calling them if you are going for anything specific.

Most small jewelers I have found sell 90%. Rosco jewelry in Irvington sells 90% and bullion when he has it. The jewelry store on Main Street in Beech Grove sells 90%. Some We Buy Gold places sell it, but some can't because they don't have the right license.

Don't go to Universal Gold and Silver on 10th street. The store is very weird, the customer service is bad and they will rip you off.

You just have to find your mix of places to visit.

Thanks BigMatt. I really appreciate it. I will check them out. I am going to start out with a mix of 90% quarters and a lesser amount of dimes, ASE's and some misc silver rounds. Anything that I have missed in my mix? If I was going to put $1000 to start what % mix would you recommend?

Great info.
Zero

 

[Brandon]

Lost Dutchman is a good place to go. They even have a special for INGO members for 90% under melt. See here: https://www.indianagunowners.com/fo...69326-90_coin_silver_for_sale_under_melt.html

Great place to do business with! They are honest, willing to answer all of your questions, and will remember you the next time you come in. Great group of people up there.

 

[Hemingway]

Something to keep in mind: IN charges sales tax on gold/silver sales. IL does not. That's a 7% savings right there. Maybe not worth driving to IL just to purchase but if you're over there anyway... I have family in PA--they do not tax gold/silver either--so I stock up there when I go back. For whatever reason, their prices are ALWAYS much less than the prices in IN. Not sure why.

Personally, I have had the best luck purchasing off CL locally. Better prices than any company, no tax, anonymous, etc.

I have used Lost Dutchman and highly recommend them if you are looking for stores.

 

[BigMatt]

Thanks BigMatt. I really appreciate it. I will check them out. I am going to start out with a mix of 90% quarters and a lesser amount of dimes, ASE's and some misc silver rounds. Anything that I have missed in my mix? If I was going to put $1000 to start what % mix would you recommend?

Great info.
Zero

It is hard to go wrong with any of those items. IMO, it depends on whether you are stacking for a financial collapse or a hedge against inflation.

In the case of a financial collapse, I would stick with more 90%. These are very recognizable, relatively small denominations and are easily traded.

In the case of a hedge against inflation, you want all the silver your money will buy, so I would stick more with generic rounds/bars.

I personally am preparing for both, and I feel like the Silver Eagles are a good compromise. They offer the recognizable look of government minted coins along with being pure silver. They also carry a premium that will help you hedge against the price of silver dropping.

I will buy bars and rounds from APMEX, Engelhard, Johnson Matthey and Silvertowne. I don't buy bars/rounds if they don't have the maker and silver content stamped on them. I like them to have serial numbers on them too.

Maybe I worry about it too much, I just like my silver to be as marketable as possible. If you buy more generic silver, you are taking a chance someone won't buy it because they don't KNOW what it is..

Like was said before, you can buy stuff off Craigslist, but I would stick with Eagles and 90% since they aren't as easliy faked. If you are going to buy generic stuff, I would stay with your local coin store.

 

[CarnageRush]

I've been buying 90% coins for a little while, I try to pick a little up each time I'm in the city. Some good info here.

 

[Rock River]

While I understand (somewhat) the value of silver or gold in a SHTF scenario, I think it's value is highly over estimated. I do build up my own silver stockpile but more for collecting on it as its value increases in poor financial times. When it comes to surviving in desperate times I don't think a handful of silver coins is going to be worth much compared to a handful of items you can eat, drink, sleep in, stay warm with, defend with, etc. I'm not saying precious metals shouldn't be part of your plan, just not one of the top priorities if your trying to allocate a limit prepping budget.

 

[Sailor]

It can be very valuable if you believe that our society will experience shifts vs a full blown SHTF.

 

[BigMatt]

It can be very valuable if you believe that our society will experience shifts vs a full blown SHTF.

Exactly!

There are quite a few examples of hyperinflation in modern times that silver/gold would have been the difference between life and death (or a very uncomfortable existence).

Read this:

Hyperinflation - Wikipedia, the free encyclopedia

This is a first hand account/interview transcript of experiences during hyperinflation in Argentina:

http://www.peakprosperity.com/page/transcript-argentina-case-study-how-economy-collapses