So I inherited $5000 and I want to buy silver and gold coins... what would you recommend?

the one thing you have to remember is that gold and silver bullion are commodities and are subject to not-insignificant price swings over a medium term (few year) basis. And this swings are not predictable. There are lots of gold and silver bugs who will tell you that precious metals are a hedge against inflation, but plot precious metal prices against inflation—you will see that the curves do not correlate in any meaningful manner.

If you are wanting to use your $5,000 as an investment, buy a key coin in a series that has lots of collectors. No modern coins, especially if you are trying for condition census coins. Be sure that the coin is slabbed by PCGS or NGC and defiantly get a CAC approved coin. Then hold onto it for a decade (and then compare its/their value against the rise/fall in bullion prices).

 

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Yup, if the OP decided to go this route then he should buy (6) $1k PCGS MS silver type coins.

 

pay down your debt first. buy a coin you have wanted for a very long time but could never afford. put the rest in the bank for a rainy day.

 

About 2 month ago I bought 200 oz of silver rounds from Silver Towne. They had a sale on rounds (200 limit) at spot + 30 cents. I have never seen such a low price for silver RDs.

 

I agree with you there....A large part of my portfoloio consists of ASE, Canadian Maple Leafs, Austris Philharmonic and Mexican Onza's. I love Englehard and Johnson Matley 10oz bars and of course I will take 90% silver ALL day ANY day. Thanks for your input.

 

The one coin that I always wanted is the Silver Tetradrachm Owl Coin. I have always wanted this coin, but was out of my reach at certain times of my life. Maybe I will get this and buy a little bullion and put the rest in savings. I guess I will decide after the weekend. Thanks for everyone's input as it is greatly appreciated.

 

Buy 50 MoD sets.

 

I followed your link, but I can't possibly be reading the same document you are.

The $1000 limit is for currency exchange.

The $3000 limit is for money transfers (like Western Union) and cash purchases.

The limit for cash deposits or withdrawals is still $10000.

But none of this is relevant to the OP, anyhow, unless his inheritance was delivered in the form of foreign currency or money orders. Most likely, his was like mine -- delivered as a check, or perhaps a balance transfer. Neither of those have any special reporting requirements, because they already leave a paper trail (and always have).

What am I missing?

 

I'd save it until June 30th. Get family and friends to buy 65 Truman C & C Sets.

Only 17,000 made with the new "coin of the century", the reverse proof presidential dollar......

 

I've got some of those Athena-Owl coins of Athens. Want to trade your $5,000 for my owl tetradrachm? Just kidding of course. (Unless you really want to throw 5k$ at me).

You can get a really high-end Athena-Owl tetradrachm for less than $1,000. Please do much shopping & consult with the folks in the ancient coin section BEFORE you make the purchase.

If you want gold, this little owl (made of electrum) sold at auction twice in recent months. One time it sold for about $300 & another time it sold for about $1,200. I was hoping to grab it before it went for moon money.

 

How about $20 for a 2015 American Silver Eagle and the rest of the $5,000 for a nice vacation to a place you have never been before. Use the ASE as a pocket piece.

 

Thanks! That should make it easier for me to get my 5 sets.

 

Probably the best advice so far.

 

That would completely depend on your situation. Do you have an 8 month emergency fund and enough in retirement? If so, maybe old gold because if gold goes down, you can always sell them for their numismatic value.

 

Gold & Silver, huh? Something like 80% of people who inherit money lose it within 5 years - buying into a declining metals market should accomplish that.

 

Yeh, glad I sold off silver when it was $32 an ounce. I have rolls of Barber and Mercury dimes along with other coins with little to no numismatic value from lots I am holding on to till silver goes up. Seems like it will take forever now.

 

The link went to the law as written back in 1970. The feds never leave things alone when they can be nosey, busybodies and since 9/11 the Bush and Obama Administrations have tweaked it many times until now guidelines are even found in the Counterterrorism Watchlist Guidance Manual that outlines cash transactions could make you a terrorist. Try Googling "Banks to report deposits and withdrawals of $5,000" here are just the first few articles that pop up:

Government Orders Banks to Call the Cops When Customers Withdraw $5,000 or More http://washingtonweeklynews.com/gov...he-cops-when-customers-withdraw-5000-or-more/

Justice Department rolls out an early form of capital controls
http://www.sovereignman.com/trends/justice-department-rolls-out-an-early-form-of-capital-controls-in-america-16640/

Government Orders Banks to Call the Cops When Customers Withdraw $5,000 or More
http://thefreethoughtproject.com/feds-banks-inform-law-enforcement-customers-depositingwithdrawing-5000-cash/

And don't forget the Civil Forfeiture (scam) law that allows cops, DAs, judges, alphabet agency agents to seize and sell your property without ever charging you with a crime, much less convicting you ... all they have to do is claim your cash, car, home, bank account, etc. was/is being used in a crime and you lose it. Then there is this story reported in the NY Times last fall:

Law Lets I.R.S. Seize Accounts on Suspicion, No Crime Required
http://www.nytimes.com/2014/10/26/us/law-lets-irs-seize-accounts-on-suspicion-no-crime-required.html?_r=0

I was forced to take the IRS to Court a few years ago over seized business assets, and the judge ruled in my favor, throwing out completely the claim of the IRS against my money and property. The result was the IRS audited me for the next 8 years ... the government does not like being told they were wrong, and they do not have to play by the same rules as the rest of us mere citizens have to live by. It doesn't matter what party is in power or who voted for who, but give a lowly government agent a little bit of authority over others and he will let it go to his head every time.

 

Civil forfeiture is a separate issue, one that no paper trail or righteous life can protect you from. But do you really think that $5000 in cash tucked away somewhere in your house is somehow less likely to be stolen, er, forfeited, than $5000 in a savings account? Everyone should be up in arms about civil forfeiture, but again, it has nothing to do with the OP's situation.

 

I'd say buy a lot of junk silver. Low premiums, low weight (makes them easier to use when needed in situations like tipping or in the case of money going out), and fun to look at and collect.