I went in a local silver & gold retail shop. They have nothing but silver and gold coins and jewerly. More coins then jewerly. My question is should average Joe walk in and pay for an 1oz. of silver based on the market (spot chart) or pay a few bucks more. I mean an oz. is an oz.. ex. I was quoted $22.00 for an 1oz coin with a .999 SILVER- INDIAN/BUFFALO stamp. Your thoughts and experience welcomed.
At the show I go to, their silver bullion is marked up $3 to $4 over spot (some are even higher). With the rise in silver prices, it'll be interesting to see how much they are now. The show is this Sunday. I'll post the results.
Sounds great ikandiggit! I'm 99% on that you will see cost above spot. I'm going back and approach the retailer on selling his for spot. I'll post results as well. The retailer told me he's more of a buyer not a seller and being in business for over 40yrs. he's sitting on a gold mine as it is.
$4+ is a scam unless its BU eagles or other collectible items. If you are buying retail then you should expect to pay around $1-2 over spot from a brick and mortar shop for 1oz rounds and bars but if you are buying online then you should expect to pay less then $1 over spot. If you are looking for a cheap place i would look here http://www.apmex.com/Category/520/Silver_Rounds_Secondary_Market__New.aspx
So, I went through the site and like all the rest there's always an upsale. After adding (1 APEX) silver coin to my checkout It said "I had to buy a minimum of $50.00". So I ended up with (3) coins for $21.93 each. So I continued to check out with the (3) and sure enough shipping was the upsale #2. Check or MO was $12.95 and paying through credit card was $14.86!!! NOW, I ship alot and I know I can send (3) small coins out priority mail for $4.95 USPS and with insurance an additional .70... Agin , I just wanted (1) coin that turned around to be (3) for a total of $80.65. So based on spot I could of bought an additional silver 1oz. coin. I never buy online unless it's free shipping and a flat rate cost on product. So online is a bigger scam then walking in the store front. just my 0.02
I'm sorry i did not realize you only wanted one coin. If you are only buying silver in vary small lots you are better off sticking with 90% coin silver that you can get off ebay for under spot if you keep your eye out.
Online is not a scam if you don't have the time or access to a bullion dealer in a retail location or one you even like to work with. Online is a convenience for those who opt to pay for the service of direct delivery of bullion products. APMEX are a fine company but better if buying large quantities as they really kill you on small orders. A like company that may be a little less fee heavy for you to consider is Provident Metals. I have ordered from both and have had only positive experiences with both companies.
Both make good points. My main focus is Bullion Silver Rounds and for what I see online and compared to my local shop the prices look the same. So this answers my question. PROFIT! PROFIT! for the seller. Accept the fact and move on for the buyer.
Fine a good dealer on e bay who will work with you on buying....besides you'll pay alot less buying from a dealer on e bay than from APMEX # 1 they may ship free #2 you don't need to worrie about buying 25 coins to get a break or a order limit as you sometimes see. #3 you can use a credit card or Pay Pal with out having your purchase hit with a premium like APMEX does. #4 If you do your home work and look for a dealer with good feed back and nice selection you can build a nice collection or a safe full of nice bullion coins. PM me and I'll give you a list of dealers who are larger enough to give you a good selection and small enough to give you great service and keep you posted on up and comming deals. Most of these sellers also have web sites owned and operated by them. looking to build their reputatios....and customer base.
You will do best to buy locally, saving on shipping costs over the long run and with multiple orders. No matter if you buy online or locally, a business is there to make a profit. How much that you are willing to agree to pay is the question. At some point, you don't want to get fleeced. Check out the Bullion Investing forums of CT and you will start to become attuned to what going over spot prices are and will be better able to decide what you are being offered is good or bad for you. Good luck in your research and investing! eBay is a risky place to buy bullion products if you are new to this. do your research on the seller, look at their shipping costs and MAKE SURE they have a return policy. With eBay you can earn eBay Bucks to reinvest into future purchases.
I have heard conflicting experiences here on CT in the past with northwest territorial. Maybe you can do an Advanced Search and see what you can dig up about them.
If I am buying silver as a PM and not for any collectors value I never pay spot or above, I usually get it for from 1 to 4 dollars under spot price,now I'm not buying fancy shiny silver coins, that collectors want, I buy silver,for silver, as a PM, not a collectible. you would be surprised at what you can find for under spot because it is tarnished or not in perfect shape, it is still an oz. of silver!!! Rarely find any deals online like this,this is a burning shoe leather face to face transaction type thing where you end up working and dealing with a certain group of sellers or/and buyers and end up knowing them by first name and asking how their families are doing when you walk in the door,shoot the breeze for awhile,look at the offerings,haggle a deal, and say see you next week as you leave.The longer term the relationship the better the deal!
I agree 100%! You hit the nail on the head as to wear I'm going with this (for the silver not the shine). Basically, I see lower deals @ local flea markets and there ugly peace dollars etc. that are going for $16.00 to $18.00. I still would like to have that nice shiny silver in 1lb+.
When I go to my main local dealer to buy 1-oz silver art bars, I will pay between $1.00 to $1.50 over spot for them since my local dealer treats (and prices) silver art bars as .999 generic bullion. When I go to a coin show, I will pay a premium ranging from spot to as much as $2.50 over spot for silver art bars. Buying local is generally cheaper than buying online since you do not have to pay shipping. The only other thing to watch out for when buying bullion locally is the sales tax rate in your state (if there is a sales tax in the state where you are buying PM's from). If you live in a state that charges a sales tax on bullion and you live close enough to another state that does not charge a sales tax on bullion, then you should go to that state that does not charge a sales tax on bullion to buy silver. Do this only if it you are close enough to that neighboring state. If you live too far away, then it is not worth the gas expense.
I agree with establishing long term relationships with a local dealer does help. Even though I do not pay under spot for silver art bars, I still get a very good deal from my local dealer when I go in there to buy silver art bars because I have been a long term and steady customer. $1 over spot for a 1-oz silver art bar is the lowest good deal for me considering that that these collectors items are a lot more expensive on ebay. I usually average about $1.30 over spot when I buy some silver art bars there.
