Where should I buy silver? APMEX?

I want to buy silver online because I heard a lot of stories about people getting scammed when buying silver from people, I don't really know where I can buy silver in my town so I was wondering if there are any HIGHLY trusted websites that sell silver bars/coins. I heard APMEX and Provident Metals are trusted but I would like to hear that they are trusted from more people that have actually bought from them. Thanks!

 

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I've bought from Apmex a couple of times. Two gold coins and three ounces of silver. Prices are fair and shipping was very fast.


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When they shipped the silver and gold did you have to sign for any of it when it came to your door?

 

You can have them ship it with signature required so they won't just leave it the mail box. If no one is home when the mail person comes he/she keeps it and depending on the local postmasters' policy you may have to go to the post office to get it or they will try and deliver it again the next day.

 

In my neighborhood we have keys on all our mailboxes, since people can't get into the mail box unless they have a key is there an option for the mail man/lady to leave it in the mailbox? The mail comes here at 1:00 PM everyday and at that time I'm either at college or at work and I also get home late so I wont be able to go to the post office...

 

lasers...my boy...i read on another thread of your recent anticipated venture into metals. where to start. in your other thread, you said you are working with $100. just know that buying online is going to cost you roughly $5-$8 in shipping, whether they charge it directly on the invoice or factored into the premium. that is 5-8% of your investment. i commend your decision to invest in this medium, but you are getting hung up on the most minor of details. counterfeit silver is by far the exception and not the norm. i think your best bet, at this stage at least, is to buy some american eagles, or some junk silver. go to a coin show. get a feel for what you are about to dive headfirst into. no matter what anyone says, even the big boys like APMEX and Provident have gotten their hands on bad supply and it has trickled out to the little fish. you can also buy on ebay, which offers you multiple levels of protection. i suggest a coin show because you will pay less over spot. if you are patient on ebay you can snipe a deal. sheesh, i am doing it right now in another browser window. its just that simple. if you get this paranoid before you even take the first step, you wont be able to enjoy it...and she might change her mind.

 

Well I do want to know all the risks of buying silver before buying it... I'll check out some coin shows when I can. Thanks!

 

I only signed for one of the gold coins since it was worth over 500 but the others were put in the mailbox. Although I live in an apartment so the mailbox is locked.


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I recomend you buy a few ounces and find whom you prefer to deal with. Silvertowne has free shipping offers which I like as I am just buying in 5 ounce increments at the moment. I also use their PayPal link. I do not believe that they charge any extra though if you use a CC. Other sites that may offer free shipping tend to have larger purchase requirements to take advantgage of it plus many charge higher prices for CC purchases.

 

I get my stuff from other collectors on the online forums as well as coin shows and coin stores. Occasionally a craigslist listing.....not all are scammers

 

Lasers....

This gentleman made some good points, so take them to heart. In the other thread I suggested that you slow down and learn before jumping in, and this still stands.

To add to the above: in the other thread someone suggested APMEX, and while in itself a fine suggestion, we must consider your desire to profit. To use your $100 or so on-hand cash as an example, let's say you decided to purchase four ASEs from APMEX and throw in the extra to do so. You would be charged $9.99 on top of the premium you're already paying for said coins, so by the time they're delivered to your door, the individual cost is about $30 a pop (I was originally going to post this Friday in the other thread, and have since forgotten the exacts). Anyway, you do know what spot is now, right? Even though ASEs often sell at a premium, you're starting out at over $8 top of spot, which is a lot of ground to make up just to break even. You also may want to consider how you would sell when the time comes to do so, and remember that there can be costs to sell no matter where or to whom you deal with. This can be anything from ebay fees, to gas, to postage, etc, etc. The point, and this goes back to the earlier suggestion, is that you need to learn and truly understand what you're doing before taking any money out of your pocket. As others have said, it is easy to lose money in this game, and this particularly true for someone with limited funds and/or paying full retail premiums.

The fact that you're asking others what you should tell you that you're moving too fast. The fact that you're concerned with fakes should tell you that there is more to learn. If you want to run out and buy a little metal as a collectible or just to have, that's fine, but if you're going to worry about losing money, chances are you will not enjoy it. With the full understanding that $100 may be a lot of money to some, even the best case return is just not worth the stress it may bring you.

 

If you're looking to use APMEX you may want to do it through the APMEX store on EBay instead of their direct website. The reason I say this is that APMEX usually provides free shipping when you buy through Ebay but not on their own website. Don't understand the logic behind that but something to take into consideration.

What I normally do when I'm going to be buying silver is create a spreadsheet and list prices from several different dealers. Besides APMEX I've used Provident Metals, Mint Products, Gainesville Coins, Modern Coin Mart, and Silvertowne. Make sure to include any shipping costs and then take a look at which dealer will give you the most bang for your buck.

 

I ordered about $130 worth in silver from Provident Metals, next time I buy silver I'll make a spread sheet too just to save some money.

 

The logic is that more sellers are not charging for shipping to compete for your business. For example, two sellers have the same item in a buy it now listing at the same price, one is asking X amount for shipping and the other has free shipping. Who would you buy that item from? APMEX is forced to provide free shipping for their items on eBay to compete with the ones who also have free shipping. For direct buyers through their web site shipping is an added cost most buyers expect.

 

Apmex and Gainsvilles are good, but I usually don't buy too many second hand rounds or bars.

 

If your buying small amounts, factor in shipping! Try and buy locally such as flea markets, craigslist, coin stores, etc since your dealing in such small amounts

 

i like buying from Provident because they have their own original designs..

 

I have preferred Provident over APMEX for small orders. Also the US Mint has a subscribe and save 10% option.

 

I went to a coin store and they want $27 per 1 0z bar and $32 per 1 oz coin. That's ridiculous.

 

I know a coin store who tests their silver just by using a magnet, no acid, no weight. They bought the silver and then resell them to the public. Also, there are coin stores who only sell silver when the price is high, the day when silver dropped to below 30, they refused to sell, but willing to buy.