I’ve been buying silver and gold coins for years - very tough to find at decent prices right now.
You can buy online but they premium on silver coins is very high (www.apmex.com) - best bet is to try local coin stores, I stick with American Eagles, Morgan Dollars, Peace Dollars.
There’s another FR thread discussing something related to your topic of concern. See here:
https://freerepublic.com/focus/f-bloggers/3933932/posts
My only advise: Avoid numismatic coins.
Numismatic simply means stuff that has some sort of value to collectors beyond its melt value. If you accidentally inherit a silver coin worth a thousand bucks, great. Sell it. But don’t buy one, at least as a SHTF hedge.
I bought 400 1oz silver maple leafs a couple years ago.
It was either that or American Eagles.
I also got some 10 oz bars
Bullion. Coins and bars that aren’t collector’s items and close to spot price plus premium.
You want what’s called “999” or “9999” fine silver, which is 99.9% or 99.99% respectively.
Buy from a reputable dealer either online or in person.
You can also get “junk” silver or “constitutional” silver, which are pre-1965 quarters, dimes, and half-dollars which are 90%silver
Coins.
don’t store in a bank. The banking sector is the government’s secret police. Feds can force the banks to close and seal your SD box.
Seems to me that lead and brass are better barter items
If you are new to it, buy coins with a wide market recognition - US Silver Eagles, US Gold Buffalos, Canada Maple Leafs. Stick to the most common and popular items.
Those people on cable TV or on radio selling their own gold and silver products are not necessarily scammers, but they will charge a premium going in, and their products are not widely accepted in the market, so if/when you sell, they will only sell at a discount to market.
I think SD Bullion is a very reputable seller.
Any established coin is fine, American Eagles will be at a high premium, “rounds” like the Buffalo are great, junk silver (pre-’64 silver coins which are 90% silver) is great too.
Yes - local shop is best source, by far.
Two local shops in my area regularly beat both buy and sell prices significantly, plus it’s good to establish a relationship.
Silver American Eagles are the standard for 1 oz silver, but any 1 oz silver ingot or 'coin' will do just so long as it's real. I've read that there are fake silver rounds out there so just pay attention.
I've seen that Apmex.com is a legit place to buy, or even AJPM.com and there's another one but I can't remember the web address. Ebay is good but be sure to do a background check on the seller (feedback rating, etc.).
Some thoughts. One of the Chinese billionaires was creating fake gold bars so good that they were accepted by multiple Swiss banks without being detected. He also sold some unknown, but presumed substantial number, to the Chinese government. (He was, apparently, a member of the CCP. I don’t know what, if anything, has happened to him.)
The problem for a person off the street purchasing anything is authenticity and storage. I have read several articles about companies that sell and store but there have been accusations that they collectively have sold much more than they have. That shoe may drop at any time. Anther problem is the cost of verifying to anyone you might sell the material to that it is what you purport it to be. Also, a person off the street is going to pay a premium that it will take a long time to overcome regarding making a “profit.” (Gold doesn’t really make a profit. It has only historically stayed at the same relative value while the money it requires to buy it has devalued.)
Buying “rare” coins requires a level of knowledge that it takes a while to acquire. Then, you have to eventually find someone who wants that “rare” item and is willing to pay the asking price. Not easy unless you deal in that item.
I have a good coin collection I mostly acquired as a young man in the sixties and early seventies. As much as I’d rather have the cash, I am unwilling to invest the time it would take to sell these items. If I turn them over to a broker, the broker’s fee will probably cut deeply into any “profit.”
Unless you have an interest beyond investment, I’d recommend you find something else to invest in. There are, for example, real estate companies that you can buy stock in and actually get a portion of the resulting rents. I have a friend who has done well but I think the minimum in the one we discussed was $100k. I’m sure there are investments to fit evert purse, though.
I wish you much luck.
This is NOT financial advice as I’m not a “certified financial planner”.
Buying physical silver such as coins, bars, etc. comes with a high premium right now....and a lot of places are pretty much “sold out” as well.
However, one can buy shares of a sliver trust, such as PSLV, that’s backed by real silver holdings in a vault. Or perhaps silver mining stocks.
Personally, I stay away from the paper contract stuff that are held by stocks/ETFs such as SLV.
FWIW, I’ve been buying a little silver for a couple of years now, but stopped when the premiums got high. Instead, I did the next best thing and bought into a silver trust such as PSLV....but that’s just me. Like I said, I’m no “financial advisor” by any definition of the words.
Feather River
Personally I think that silver as money is history, not the future. For buying groceries I use a credit card and usually get a 5% discount. If you want to invest in silver I’d recommend the silver mining ETF SIL which at least pays a 1.91% dividend.
The premiums are completely insane right now on physical. March silver is about 27.40. A typical dealer price (APMEX) on a generic 10 oz silver bar is $325-335 in onesies. That is a 22% premium, just ridiculous. I am used to silver having a “buck an ounce” premium. This is $5 an ounce. You’d need a 30% rise in silver just to break even. Is it possible? Sure, why not.
I can’t recommend buying bullion here, even though I like it and own it.
The etfs are better bets, IMO. The argument that the etfs will collapse in a physical shortage is, IMO, ludicrous, but you can believe what you want to believe.
I *do* agree with the thesis that inflation will potentially become embedded in the economy and interest rates will rise. The question is; will gold/silver be the best & brightest reflector thereof? Although stocks have traditionally hated inflation, my own belief is that this inflation (if it happens) will show up in stocks triple or quadruple the amount showing up in gold.
YMMV.
If you have no silver at all, you might want to dip your toe in the pool, but if you already have some - take a chance and stay out. Junk silver coins have a 30% premium (now at $27 - break even at $35). Silver Eagles are even worse, going for $40 an ounce.
I say “take a chance” because Congress is exceeding their previous spending, with bills costing trillions of dollars now, which means BAD inflation is coming and precious metals might explode any day when people wake up.
Yeah, they might not “explode”, but how bad off would you be if you didn’t act compared to the opposite?
It has the lowest premium over spot.
Problem: YOU HAVE TO TAKE DELIVERY if your future contract expires and STORE IT.
You could also buy the SLV exchange traded fund (ETF), but the drawback to that is that there is more money in the fund than the actual silver to cover the position.
Next step, consider junk silver coins followed by Maple leafs, silver eagles, etc. High premium over spot, but hey, you are holding silver.
When you’re ready, I’ll trade you some toilet paper for it. ;)