Newbie needs help buying silver bars

[goldgold]

hi guys,

i am new to precious metals. I would like to purchase silvers bars for investment.

I was wondering if Pamp Suisse 100 Gram Silver Bar would be a good product to start with?

should i be looking at 10oz? i wanted sealed bars so they maintain their appearance better.

The first priority for me would be re-sale, would i have any problems selling these bars back?

any other tips would be great.


thanks

[Chester-Copperpot]

Personally I wouldn't pay the premium for the Pamp Suisse bars. You will be a high premium, and struggle to get that premium back.

If you want to buy 10 oz bars right now, then check APMEX out. They are having a 24 hour sale, 99c over spot.

If your looking for sealed bars, buy a bunch of 1 oz bars by the sheet.

You wont find any difference in the price you get when selling sealed or unsealed. You'll get the same price either way

[Someone_else]

For someone just starting out, here is my suggestion. Go to a few coin shops if possible and ask what they have in "junk silver". These are old silver dimes, quarters, and halves. Right now, silver is 28.82, so $1 face value has $20.61 worth of silver. See if you can buy decent looking ones for around that price (avoid any that are so worn beyond recognition.) Ask what they normally pay when someone comes in to sell. (The difference between their buy and sell is their margin, and the lower the better.) You may end up trading off your junk silver, but this is a good place to start learning.

Also ask if they have any Silver American Eagles (SAEs) in their junk box. These would be coins that have some wear, scratches, or are otherwise not pristine. See if you can buy them for just a little over spot price. If you can get some, put two in your pocket and carry them wherever you go. Trust me, it will make you a happier person.

I would suggest buying small lots from your dealers and when you feel comfortable with everything, buy medium lots when you can. And every now and then sell back some to the dealers to get a good feel for which ones you want to deal with when you get really serious. You don't need a story, but you could pretend that you bought just a little too much last time and are a little short this week. Aside from you getting to know the dealers, they will get to know you, and this will be important later when things get chaotic and a history of trust and reputation really matter.

These are my opinions. All the best!

[goldgold]

do i have to worry about oxidation with silver?

will that decrease the value of the bars if they are unsealed.

i know i am not suppose to clean PM.


2. whats a good margin to look for in small shops 5%?


thanks

[voodoo1951]

When it comes to any tarnished Silver, just send it to me for a cleaning. I'll even cover the postage! On a more serious note, tarnish or not, you'll get the same price when you sell. It just looks prettier when it's all shiny. Best to stick with stuff that is well recognized like junk silver (pre 65' dimes, quarters, halves etc. and good old ASE's) I like the old style poured bars, anywhere from 1-10 Troy Ounces. Always try to buy the most weight for the least price... And welcome to GIM. You will learn alot here...

[Irons]

Get genaric 10 oz bars, whatever is on sale from the big online sellers. Don't get sucked into paying more for old pour, serial numbered or whatever cock and bull flavor of the day is being pushed.

Silver is silver, which is one step above copper. Once you have more than you can lift at once then get fancy.

[Weatherman]

i wanted sealed bars so they maintain their appearance better.
I agree that you should try to get the most weight per dollar in each category of silver (SAE, generic rounds/bars, 90%, etc.) that you like. I will add that you should be cautious about paying extra premium for items that are sealed. You may be confident that the source you purchased from would not sell any fakes to you, but the buyer you try to sell to later will not be so sure about your history. That buyer is likely to at least measure all the dimensions and the weight of the item before paying to purchase it. You can get close to the weight by measuring the item while still sealed in plastic (after subtracting your guess about the weight of the plastic), but it is almost impossible to accurately measure the diameter or the thickness while encased in plastic. The new buyer is likely to remove the silver from its plastic container to test it, and then he will not pay you any premium for having it sealed.

One last suggestion. Be very cautious about telling anyone (except your wife) that you have physical, even if you keep it outside your home. Silence is golden, and its great for silver too!

[glockngold]

I have to ask if a fellow with the handle "goldgold" might consider picking up some 1/10 gold coins (Krugerrands or Eagles) or small Mexicans instead of silver.
Gold is on sale as well.

[smooth]

.75 over spot if bought in bulk... believe they come sealed, All the ones I've seen were sealed... I would stick with 10 oz bars, nothing bigger
http://www.gainesvillecoins.com/products/157017/10-oz-silver-bar-ntr-999-pure-silver.aspx

[goldgold]

.75 over spot if bought in bulk... believe they come sealed, All the ones I've seen were sealed... I would stick with 10 oz bars, nothing bigger
http://www.gainesvillecoins.com/products/157017/10-oz-silver-bar-ntr-999-pure-silver.aspx

is their a premium with the smaller items under 10 oz?

when you end up selling these small silver items with the local dealer do they pay you in cash or check?

thanks for all the tips guys..

[goldgold]

I have to ask if a fellow with the handle "goldgold" might consider picking up some 1/10 gold coins (Krugerrands or Eagles) or small Mexicans instead of silver.
Gold is on sale as well.

hi glockngold,

my first PM purchase was a Gold Eagle. they look beautiful! I lock up all my gold in a secure location. I want to get something nice in silver that i could keep in my pocket.

[Dude]

The Johnson Matthey One ouncers with unique serial number for $1.50 over seems kinda cool on APMEX. The idiots on eBay are paying $2-$5 +shipping more than that.

[mitocondriac]

The Johnson Matthey One ouncers with unique serial number for $1.50 over seems kinda cool on APMEX. The idiots on eBay are paying $2-$5 +shipping more than that.

Always thought this was hilarious. When I first started I watched ebay alot, still do some. But watching how people pay over for silver plus shipping has got to just kill your cost dont really understand all this. :hmmmm2:

Im still pretty green but I started with junk silver to get acclimated to the idea. I ask these folks tons of questions and they are a great resource that I have found.:thumbs_up:

[curmudgeonista]

hi glockngold,

my first PM purchase was a Gold Eagle. they look beautiful! I lock up all my gold in a secure location. I want to get something nice in silver that i could keep in my pocket.
Sort of got it backwards, me thinks. You're going to carry a bulky silver bar around in your pocket? Why?

To me, the idea of carrying PM's on you is an issue of having emergency assets on-hand no matter where you go. A reasonable amount of silver to carry might be worth $30 or $60 and won't be as easy to convert as gold (i.e. the man-on-the-street at least recognizes gold as valuable jewelry).

If you want a pocket piece grab a well worn, common date Morgan silver dollar. Better yet, put your GAE in a bezel on a chain and wear it around your neck (tip: get a chain long enough to fit over your head and have the catch soldered closed). If that's too much, get yourself a 1/2 or 1/4 oz gold coin for that use.

[goldgold]

Sort of got it backwards, me thinks. You're going to carry a bulky silver bar around in your pocket? Why?

To me, the idea of carrying PM's on you is an issue of having emergency assets on-hand no matter where you go. A reasonable amount of silver to carry might be worth $30 or $60 and won't be as easy to convert as gold (i.e. the man-on-the-street at least recognizes gold as valuable jewelry).

If you want a pocket piece grab a well worn, common date Morgan silver dollar. Better yet, put your GAE in a bezel on a chain and wear it around your neck (tip: get a chain long enough to fit over your head and have the catch soldered closed). If that's too much, get yourself a 1/2 or 1/4 oz gold coin for that use.


i meant one coin ;) The morgan silver dollar seems like a good suggestion.

the silver bars will be locked up as well.

[notasockpuppet]

I have a Peace Dollar money clip, I like the irony of my real money holding my FRN's for me.

[smooth]

is their a premium with the smaller items under 10 oz?

when you end up selling these small silver items with the local dealer do they pay you in cash or check?

thanks for all the tips guys..

In my area (I almost always buy local) premiums are the same for generic silver 1 oz or 10 oz bars, a slight discount for 100 oz..... when i have sold at the LCS, it was cash in my pocket

[TiKi]

I can tell you right now that 10 oz will eventually tarnish. I had a generic tarnish on me in less than a year. Also have a sealed silvertowne bar with finger prints that was tarnished right when I got it. My NTR bars have not started tarnishing.

[southfork]

[QUOTE=TiKi;376144]I can tell you right now that 10 oz will eventually tarnish. I had a generic tarnish on me in less than a year. Also have a sealed silvertowne bar with finger prints that was tarnished right when I got it. My NTR bars have not started tarnishing.[/QUOTE

Dont know why but I've always had a bad feeling about buying those NTR bars.

[smooth]

[QUOTE=TiKi;376144]I can tell you right now that 10 oz will eventually tarnish. I had a generic tarnish on me in less than a year. Also have a sealed silvertowne bar with finger prints that was tarnished right when I got it. My NTR bars have not started tarnishing.[/QUOTE

Dont know why but I've always had a bad feeling about buying those NTR bars.

they look chrome.....

[Chester-Copperpot]

[QUOTE=TiKi;376144]I can tell you right now that 10 oz will eventually tarnish. I had a generic tarnish on me in less than a year. Also have a sealed silvertowne bar with finger prints that was tarnished right when I got it. My NTR bars have not started tarnishing.[/QUOTE

Dont know why but I've always had a bad feeling about buying those NTR bars.

I feel the same way about Scottsdale Silver. They look like great bars, just don't feel comfortable buying them.

[AguA]

[QUOTE=southfork;376150]

I feel the same way about Scottsdale Silver. They look like great bars, just don't feel comfortable buying them.

Why's that?

[Chester-Copperpot]

[QUOTE=superjoe;376152]

Why's that?

I just don't feel 100% confident buying there metals. I think it may be because they are fairly new, and don't have much history. I feel more confident buying from APMEX, or Silvertowne.
Probably being paranoid, but they just don't fill me with confidence.

[Tiger44]

You're going to carry a bulky silver bar around in your pocket? Why?

Easier than carrying around an acre of land.

[Gcubed]

[QUOTE=AguA;376210]

I just don't feel 100% confident buying there metals. I think it may be because they are fairly new, and don't have much history. I feel more confident buying from APMEX, or Silvertowne.
Probably being paranoid, but they just don't fill me with confidence.

They are made by Academy in New Mexico. No worries.

[Chester-Copperpot]

[QUOTE=superjoe;376217]

They are made by Academy in New Mexico. No worries.

I know your a gold man, but do you have any preferences if buying silver? The only bars, Ive bought are APMEX, Silvertowne, and Engelhard. Feel more confident buying them.

[Gcubed]

[QUOTE=Gcubed;376225]

I know your a gold man, but do you have any preferences if buying silver? The only bars, Ive bought are APMEX, Silvertowne, and Engelhard. Feel more confident buying them.

It all melts the same. ;)

[curmudgeonista]

Easier than carrying around an acre of land.
'Round my neck of the woods land is going for $50K+ an acre. 10oz of silver might pay for the title search... barely.

[AguA]

Easier than carrying around an acre of land.

Easier to carry around in a sock and thump the crap outta' anyone trying to take it from you too...:vollkommenauf:

[Tiger44]

'Round my neck of the woods land is going for $50K+ an acre. 10oz of silver might pay for the title search... barely.

$1,000 - $2,000 an acre for undeveloped land (forest, meadow, etc.) is still do-able in some places.