Who should I sell to?

That's great, you can be a gentleman who is constantly worried about his very high storage fees.

If you bought with the hype at $30 to $40 per ounce, today you have lost 33% to 50% of your riches. If you bought in 2006-2007 and still haven't sold, well, you know the answer. If you bought in the nineties and sold before 2006, you tied up valuable capital and were lucky to break even. That was nothing more than a dormant pit or plateau. How does one get wealthy and stay wealthy, while tying up capital and losing money?

 

Log in or Sign up to hide this ad.

Also keep in mind that if you are in debt such as credit card, student loan, car, etc., you should not be purchasing PM because you yet to have any wealth to protect. You owe that money to someone else. I think too many people buy before they should and end up having to sell to pay bills. What a waste.

 

No! Low premium on those in the future.

 

Everything has a fee associated with it, whether monetary, time, inconvenience, etc. the question is where your break even point is, but I'm assuming you get that...

I think we might be debating about the wrong thing... I'm not advocating to acquire silver to build wealth. My original intent was just to debate that in the simplest terms, if you had a lot of silver right now, you might be considered wealthy. If you had that million ounces (again, at the simplest point, taking the other associated costs out of it and assuming it came at zero cost basis to you), you'd have a considerable net wealth if you converted that into paper money.

I don't advocate using silver to build wealth, I personally view it as a hedge and an emergency vehicle. To build wealth you obviously need to make your money work for you, so you should toss that into whatever vehicles get you the highest ROI and make your money work for you to build and compound. Silver or gold isn't going to do that for you. But, I'd rather stack PM's than keep cash in the bank, as to me personally it's a better long-term holding option given the two choices. I feel the inherent "storage fees" of cash is worse than holding the PM's. Plus, cash isn't as pretty...

 

Cheers to that. To me it makes no difference whether you use the word rich or wealthy. An asset is an asset. Personally, I just do not see silver as the popular choice of the wealthy, that's all. To me, silver is an easily manipulated tool used by the wealthy to bring back balance (counter Robin Hood) by taking from the poor and giving back to the rich.

 

OP,

Have you noticed the similar suggestions made in this and your other threads? It appears that you're counting your chickens before they hatch in assuming that you will profit, which as has already been explained, is not forgone conclusion. You have yet to even purchase silver but are concerned with where and/or how to sell it? This alone should tell you something.

If you want to buy what was mentioned earlier in this thread, go a head and buy it, but only if you're going to enjoy it, or at least hold without constantly worrying if you're on your way to easy money. Perhaps I am misreading you, but such a small amount of metal is not worth the stress, and all things considered, isn't likely to do you much better than that $100 seemingly burning a hole in your pocket. You would be wise to take your time, educate yourself, and consider all options instead of jumping in head first.

 

A big +1 on this on.... Take that Benji, find a real sweet girl and take her on a great date. That should put a bigger smile on your face than a few pieces metal.....

Mike

 

I would get a small case in a local shop and sell it yourself. Put red book prices on them. It works, and it can be a steady income every month. Just an idea...

 

I agree with Mikem on the date thing. What is money for anyway?

 

Has anyone used Bullion Direct. They charge a 1% commission and shipping is about 15.00 insured by Lloyds. You use to be able to store in your account for free, but now you have to take delivery within 30 days due to Dodd-Frank Act.

http://www.bulliondirect.com/index.jsp

Edit: just checked their shipping which is much higher than I remembered. It runs about 34.00 plus handling, although you can self ship, but I really like the insurance.

 

Well after reading this thread, i think i might of made a grave mistake. I recently bought a monster box of 2014 ASE's "SF Mint Straps" from my local coin shop for $12,100.

"After serious haggling"

The only reason i bought it is because my bank was paying me like .6 cents in interest every quarter from my savings acount. Since i'm not useing this money anytime soon, i figured in the next year or two i could make more then .24 cents profit the bank was paying me. After reading this... Now i'm not so sure.

 

The spread is too big to plan on flipping for a profit in a year or two, but things could still work out in your favor. I just don't think are on the right side of the odds equation. Others would disagree.

Mike

 

Keep in mind that the OP has been speaking of buying 4toz at retail plus shipping, and is hoping to profit in a year's time by possibly selling to a dealer. Apples and oranges, sir, so don't let this thread alone cause you much concern.

 

I'm not saying you're guaranteed the chance to get out with a profit, but I suspect you will have that opportunity, probably more than once in the next 2 years. If you're nervous about it, once you get that chance take it.

This buy price is 11,475 as I check it...so you're not buried by any stretch right now.

http://www.providentmetals.com/2014-american-silver-eagle-monster-box-500-1-oz-bullion-coins.html

 

Thanks for the honest responses.

Well if anything, i have a nice green box to look at for the next couple of years.

What's funny is, i thought it would be bigger then what it really is. It's small. I was able to slip it in a medium paper bag for concealment out of the store and to my car. It weighs a ton mind you. So you need strong hands to handle it.

And to the OP, buy those 4 oz of silver for $100. After a year maybe you won't want to sell them. You might admire them and make it your hobby.

There's not better hobby then to collect money.

 

You might do ok on that one. Some people might pay a premium for a S.F. monster box since most ASE's come from West Point. The question is how long are you planning on holding it? If you don't need the money for the next several years you will probably do better than any bank deposit paying you 0.01% in interest.

 

Right now you can get 5 1oz bars with free shipping on Silvertowne for $116.79, that's a decent deal.

 

Find a serious dealer that buys at Spot. The one you spoke to did not take you seriously, and brushed you off. He was telling you do not waste his time.

I like to get quotes, For example, you call and ask what they are selling generic 1 ounce rounds for, ASE's and add in Franklin Halves. Then after they tell you, ask them what they are buying the same items for. Any dealer that is worth dealing with will inform you. If they will not answer this for you, then find someone who will.

There are two LCS's local to me and both are very patient with their customers. The do not assume anything, they just deal with the facts.

 

I wouldn't worry about your silver. It will be worth something when you need the money. If silver crashes, so will everything else. When the economy crashed in 2008 silver went to around $10, but the interesting thing was that everything else did too. We actually had deflation in consumer staples. What are the odds of that happening again?