Gold or silver?

"More knowledge" doesn't make you better in investing/collecting. Just because you are 50+ years old does not mean you are smarter than everyone around you. I mean how do you know if the safe I buy can be opened easily? What if I buy it on craigslist for real cheap and it's a $300 safe or if my friend gives me one for free? If it's free does it mean it can be opened with one drop? Also I want to buy a safe because I will be buying more silver, I wont just keep 4 bars for 10+ years. I do need to ask questions before I start investing/collecting, are you saying I have to go into that blind?

And yes you are not entitled to reply, no one is making you reply, you're choosing to reply.

 

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You need to calm down Lasers, he's trying to help you not insult you. Any safe worth having is going to cost thousands of dollars. You don't need one unless you are afflicted by extreme paranoia. Even people with large amounts of PM's or high dollar coins don't usually own safes. They rent safe deposit boxes, and you aren't anywhere close to having enough metal to need one. He is trying to prevent you from wasting money needlessly.

 

Oh I thought he was one of those people that try to not get more people into investing/collecting just so they can keep everything to them selves. Sorry about that, rysherms.

Also, I don't trust my brother (who lives with me) with my silver, I don't trust him to even look at it. He is the only reason why I want to buy a safe.

 

The masses truly are asses

Such an important quote which proves to be true even in this day and age

 

Go on and try to explain to him proper silver storage....

 

1) familiarize yourself with the definition of "entitled"
2) i am in my 30's, now granted, i may only be 7-8 years older chronologically, however, maturity is a whole different arena
3) regarding your hypothetical safe...you said you "found $40 on paypal and are buying a safe with it" - please go on youtube and look up "cracking a safe with a paperclip" or "opened a safe by dropping it" ....i am not just throwing silly catchphrases out in my advice to you bud, i am speaking from experience. oh, PS, i worked for a locksmith for 2 years in college, i know safes.
4) you have magically skipped over the most relevant parts of my advice, you only address the silliest of concepts and your arguments supporting it are just ridiculous
5) of course you should ask questions, and if you ask, that means you are expecting answers....what did you think, you would make a statement about your $40 safe and all of a sudden everyone would praise your ingenuity and all of the cat burglars would start kicking the ground because now they have wasted 6 months of time figuring out how to mission-impossible-rappel into your apartment to snag your 4 bars of the most common silver available?

there are so many things wrong with your plans, your reasoning, etc, again, i really am not trying to insult you, it was more like watching a blind, deaf elderly person crossing the road, and a semi-truck is barreling towards them on icy roads....as a human, i feel obligated to shout "look-out", but it seems you are like the guy that sues mr incredible for bodily injuries after saving him from committing suicide or the guy who sued mcdonalds for making coffee to hot.

 

Okay to be honest this was probably the funniest comment on here. Like I said, I'm sorry for all the trouble. I didn't really think you can crack any safe out there Plus I lived in this house for almost 3 years now and I have never had any burglars but if I ever do I would want to give any amount of silver at least some security even if the safe can be cracked with one drop.

 

Like others have said, just slow down and learn. Do some research on investing in precious metals before you buy anything else and take your time. Don't try to jump into the deep end of the pool when you're only ready to dip your toe in the kiddie pool.

 

Do you know any sites that I can go on to study silver and everything needed to know about silver? Or any book titles that have everything about silver?

rysherms, now I understand that you are only trying to help me out. Sorry. Any more of your opinions and facts would be greatly appreciated.

 

"Correct, Earthling. Our silver bars are untouched by human hands..."

 

This gentleman is just trying to help you, sir, and is absolutely "entitled" to both "read any of this" and/or express his opinions if he wishes to do so.

He knows because a $40 safe (as opposed to a $300 safe purchased for $40) is not going to offer you anything more than a false sense of protection. Even the average $300 safe is not going to be as safe as you seem to think.

Regardless... this too doesn't matter. The point is that, by your own words, you're not yet a position to need a safe, especially considering your financial limitations and obvious fear of losing money. Prior to liquidating, I once kept hundreds of times the value of the metal you're looking to buy in the basement of a rental property I own, without a safe or any other kind of "secure" protection, so surely you are not in absolute need of a safe, which screams "VALUABLES" to anyone and everyone that sees it. However, if you want a little safe, that when it comes down to it, will offer very little in the way of protection, go right a head and buy it, but there is no reason to catch an attitude over someone simply trying to help you.

Yes... he is "choosing to reply", which is something that he is "entitled" to do. Threads here are not owned by their originators and are open to the participation of all members.

This is not only ridiculous, but is absolutely WRONG.

 

Like I said earlier, I just want the silver not to be pawned by my brother... that is why i am getting a safe.

 

its all good my man. i think one of the first things you should do is watch mike maloneys series called "hidden secrets of money." my wife hates coins, hates monetary policy, but i made her watch the first 2 episodes and we dont argue about coins or investments anymore. just how much i spend on them. which is acceptable. but they are incredibly informative, simple to understand and hysterical.

second, not only do i have experience with safes, i also have been burglarized TWICE. luckily this happened before i had anything of real value, however, i did learn something very important. any safe can be opened, but that i already knew. either get a safe that will take too much time to open to be worth the risk to the criminal (thousand$, but you need to have TEN$ OF THOU$AND$ of valuable to justify that) or put your valuables where noone is looking. i had a junkie roommate in college. never got any of my stuff, got my roommates stuff, but not mine. i used to tape an envelope with cash in it under the bottom drawer in my dresser, so you couldnt physically see it, because if the drawer is open, there is only 2 inches of clearance. hide your stuff. my wifes engagement ring made it through the burglaries because it was in a pocket of a shirt in the closet. our jewelry was jacked out of a dresser drawer (they just pulled the whole drawer out) our electronis were gone, cameras, etc. but the stuff that was in weird places made it. be creative. save your money and buy more PMs.

 

Thanks for the advice, would it be a good idea to hide each bar in different places so that if someone find one of the hiding spots they will only find one bar and not all? I'm sorry to hear about that! Hope you didn't lose to much.

 

Safety-deposit boxes are so cheap, especially at credit unions, that you might as well get one now and put everything inside that you don't want to look at every day. For instance, down the line, a 5 x 10 box (way bigger than you'll need) is $42 per year at my credit union, and that size will just hold $1000 face in junk silver. When filled, it will weigh roughly 68 pounds, so choose one about 18 to 24 inches off the floor, not one where you have to reach over your head. In case the vault room floods (an actual flood or defective sprinkler, etc.), don't get a box in the very bottom row.

The smallest size shouldn't run more than $22 or so; a bank will charge double that amount. Folks can save a LOT of money by "banking" at a credit union. Don't select a state-chartered credit union - their deposit insurance is shaky, IMO. Your homeowner's or tenant insurance does NOT cover the contents.

 

Wow I did not know that it is that cheap! I'll keep that in mind

Doug444 why do you buy junk silver?

 

As your original statements said you were getting into silver for investment purposes just be aware that based off what your buying generic silver bars. It's likely you'll never recoup the premium your paying to obtain said bars.

Apmex $24.61 $25.35
Sunshine $24.71 $25.45
Morgan design $24.58 $25.32
Johnson $24.88 $25.63

Now I'm assuming your not sending a money wire for so little money, I'll assume CC pricing $101.75 +$9.95 shipping and assuming no tax as in my state and your at $111.70. Silver spot is currently $21.84 and averaging your paying roughly $27.95 per oz. Just off your initial investment you'll need silver to gain $6.08 to be able to break even just selling the generic bars at spot. Now Apmex themselves will only buy all those bars back at basically right around spot or a few cents more and you'd have to be selling $10,000 worth of silver to get that pricing. In reality most dealers won't even pay you spot for generic 1 oz silver bars, you'll realistically get offered a couple dollars back of melt. So your probably looking at silver around $29-$30 an ounce to break even at this point. I know your new to all this but that is why people recommended junk silver as it's easier to get close to melt and sell close to melt. Or silver eagles which generally retain the premium you pay to acquire them when liquidating. Best of luck though and hopefully you hold long enough to not lose any of your initial expenditure.

 

Since junk silver has no premium or little premium where can I get it? I know doug444 said craigslist and flea markets but I'm really new to this so I do not know how to tell if a silver coin is fake or not... Also are there any sites that tell you the amount of silver in coins and how much that coin is worth?

 

Yes most of us use http://www.coinflation.com/ to see U.S. 'junk' silver coin values. You can buy junk silver from most online dealers, a local shop if you have one, Ebay, etc. You can also sometimes find a better deal by people using the trading section of this forum and selling junk silver. I'd recommend taking your time to purchase though and find the best deal you can for your money without rushing into it. I know someone earlier mentioned a roll of silver dimes and that would be a perfect first purchase and you should be able to find a roll for less than your $100 target range. I also wouldn't really worry to much about receiving fake junk silver if your purchasing dimes, quarters or half dollars. Although not to say fakes don't exist but they are usually pretty poor looking and easily identified and pretty rare in general imo for common junk dimes, quarters, etc.

Just to add- personally I'd avoid purchasing war nickels though. Although they can be bought for pretty cheap they generally aren't as easily liquidated as 90% silver is and they usually don't even sell for melt when selling demand is so low.

 

nvm