I was just curious if anyone was able to get any precious metals close to spot in the latest dip. I tried 3 local dealers, all are still charging like silver's at $14, and the same is happening online. What's the secret to buying on these dips so cheaply?
There are several dealers who sell bullion coins & bars on line. A search can provide plenty of names. Others are now buying paper gold in the form of an ETF. SLV is the one for silver & GDX for gold. If you have a stock brokerage account you may buy either.
your best bet is to buy from kitco or apmex in quantity. Coin dealers will come down much more slowly since they bought their inventory at a higher price and they don't want to lose money on it.
just don't buy silver from those dealers... they have to realize no one will buy it from them for such a price! if they buy when silver at $7 then they won't sell under spot just because they bought it cheaper... so now when situation is reversed they have to assume a loss! sorry but this is how bullion market works..
I disagree. I think they will sell at such a price. A lot of coin dealers sell on market perception, not spot. Perception moves much slower than the market itself. Most people here are plugged in - they visit kitco or similar websites, and they are fairly up-to-date on these prices. Coin dealers sell to the general public, and I would be willing to bet a lot of those people just know they have recently heard that silver is 'hot'. Cave Troll had it right when he said they don't want to realize the sort of loss that results from a drop in the market. On the other hand, most people that sell larger sums are doing so because they know what the silver market is bearing, so the coin dealers have to purchase at some ratio of that expectation. The markets for silver and gold are still pretty optimistic, so some of these coin dealers are not adjusting their prices with the idea that it will rebound to some extent - so why drop the price today, if the market goes up tomorrow? They are a retail operation not a commodities broker. If the current price sticks for a while, they will adjust their costs.
If you are interested in buying physical silver for a low bid/ask spread close to spot, and don't care about taking possession, and aren't really interested in numismatic value, check out fidelitrade.com I can't vouch for them and have never used them but the description of their program might fit some people's needs.
Numismatic Gold or Silver? Since we're on the subject of finding decent prices, does anyone know of a site that has decent prices for numismatic gold ($10 Indians, $20 Liberties, etc.) or silver that is PCGS/NGC certified? Every site that I have come to seems to be overpriced for the current spot of gold.
You're not going to find any sites that are any different either. The $10 Indians and $20 Libs have numismatic value over and above the value of the gold. How much over depends on date, mint mark & condition.
