Hi, I just bought my first (Troy) ounce of silver bullion today, a silve maple leaf, which cost me $22 ($4 over spot). Is that the usual premium for mint issued bullion coins? The guy had silver bars for $1 over spot, but I've heard they're hard to sell because they have to be assayed and everything. Also, is the premium different for different country coins, like ase vs. Maple leaf vs. Kookaburra? Also if anyone could shed some light on what assaying and assay cards are, that would be much appreciated. Thanks!
1 oz silver bullion coins are anywhere from $2 - $4 over spot, depending on where you go to buy them. My secondary dealer sells the ASE bullions for $3 over spot, and he has SMLs for $4 over spot.
You got a typical but not particularly great price. No doubt it will attract a crowd of folks telling you how they recently bought cheaper. For a single coin purchase, it wasn't bad and you can frequently get better prices by buying in greater quantities. Maple leafs and ASEs generally sell closer to spot than things like Kookaburra's. One ounce silver bars are usually pretty easy to resell as long as they are from recognized sources. Edit: I don't know much about assays and would never buy anything that required assay.
Thanks for the replies. Right now I'm just collecting a type set of bullion coins because I like how they look, but bars seemed cheaper for actual bullion. So apmex bars be generally accepted without an assay?
Apmex doesn't require assay. If you do a search here at CoinTalk on silver bars and note the names that recur, you'll quickly get a good handle on which brands are reputable.
Thanks. So do you think silver is better to have than a savings account? It's not a lot of money, since I'm only 15, but it may be better to have my money in that form for college in a few years. Sorry if this is a bit off topic, I didn't think it was worth a new thread
Before you go emptying your savings account to buy silver do some research, talk to your parents. Precious metals are an investment and there is always a risk of losing your money with ANY investment. Having a couple silver bars is one thing, but cash is always a good thing. The thing you may not always read on this or any other forum is that most of the people investing in PMs or anything else have money in savings as well...At least they should.
Silver is never a substitute for savings. If you are going to need the money for college, keep it safe. Silver is an appropriate substitute for speculative stock investments.
I don't think you did too bad. If you search really hard and aren't in a hurry you can find it a little cheaper I got one for 14 dollars last summer about 2 bucks over spot. I just like the design and may buy a few more just to keep in my collection. I did hear the coins are easier to get rid of on flee-bay. I wouldn't dump my saving on silver but extra money why not. Ice
If you buy name brand bars like Englehard, Johnson Matthey.AMPEX, and a few others you will not have to worry about assaying them. I never have been ask or had a bar assayed in 25+ years. You will pay a bit of a premium for the top tier bars though.
I think that APMEX bars do not have to be assayed. I mean the 1-oz silver APMEX bars. APMEX is a very reputable online dealer and I think that those 1-oz APMEX bars are also reputable as well. Just my take on this.
I was in a coin shop a few weeks ago and this gentlemen comes in. He has a few ounces of .999 silver bars that he says he wants to get rid of. The dealer offers him about 90% spot for the bars. Then he turns around and asks for junk silver quarters. The dealer offers him 90% silver quarters for $3.70 a pop. This guy spends all he has just got from the bars on the quarters. Then he pulls out some gold shavings in a bottle, and asks what he get for that. "Nothing," replies the dealer. "I have no way of knowing if that is gold of just gold paint." When asked the customer replies that he wants the junk quarters because he's heard that the other bullion is hard to get rid of. A few lessons from this customer. The dealer had no problem accepting the .999 silver bars. He just looked at them, dropped them on a scale and made an offer. He never once questioned the authenticity of the silver bars. The gold shavings on the other hand, he didn't take. I don't know what the customer paid for the silver bars, but I'm sure it was more than the 90% of spot the dealer offered him. Then he turns around and pays $20.45 spot price for junk silver. What a waste of money. One thing to consider in buying is selling. Silver bars aren't difficult to sell. Gold flakes are. Silver bars and junk silver sell for less than spot (80%-95%) depending. Bullion coins usually sell for spot for slightly more.
I agree. A coin shop near me is currently paying $1 over spot for ASEs, but below spot for junk silver. Sometimes it is best to pay a bit more to have the assurance that you can sell when you wish.
