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Thank you in advance.

Thank you in advance.

(post is archived)

[–] • 1 pt

Don't buy or sell anything more than $1 above or below spot, respectively. If you are in a smaller city, don't expect to be able to offload anything less than gold quickly. Bulk buys are cheaper, the smaller you buy, the more you lose. The best places to buy are local (non chain) jewelry stores that deal in high turn over of both jewelry and bullion. Don't expect to make huge gains anytime soon, it is an investment that is long term which functions more as a safer, higher interest savings.

You're bullion purchase is likely to be recorded and subject to possible tracking under investigation.

Capital gains tax will fuck you on every penny you make, and will never give a shit about your losses.

[–] • 1 pt

Novice question, but where are you finding anything $1 over spot?? Even the other links posted here start at $5-7 over, and I don't think I've seen any better than that since I've started looking (which I'll admit is only very recently).

[–] • 1 pt

Yeah I haven't seen this once unless you get lucky on an ebay bid or Craigslist dummy.

[–] • 0 pt

I bought my bullion from a local shop that fit the description I gave. They where .50 to 1 over/under on buy/sell. But I have not purchased any in a few years. But I am talking about silver, not gold, so there might be a different cost over spot. It would make sense if you were buying gold by the oz to have that spot markup, but if you were buying small amount, it would be bull shit to spend an additional $5 over spot for $50 of gold.

[–] • 1 pt

I guess it's going so much higher over spot right now because of how volatile the market is; everyone is trying to hedge their bets against hyperinflation (which was exactly my motivation to finally start buying). I ended up buying just a couple of 10 oz. bars from a local shop for about $4.25 over spot, as it was literally the cheapest I'd seen in weeks of looking on- or off-line. Their silver American Eagles were $11 over spot, btw (did not buy). I'll hold off buying more until things either get more stable and I can buy for closer to spot, or the inflation really kicks in and spot looks like it's going to climb through the roof.

Regardless, thanks for the advice!

[–] • 0 pt

>You're bullion purchase is likely to be recorded and subject to possible tracking under investigation.

Hmmm was going to buy gold myself from local shop. Can you elaborate on that? Do they take down your name and other personal details when you buy gold? What if you pay with cash?

[–] • 0 pt (edited )

The shop I purchased from took some personal information, but I don't think they send it to anyone, it just sits in their records until the gov asks for it. Like gun transactions, minus the background check.

The explained it is specifically for tax investigations and possible theft in the case of selling to them.

[–] • 1 pt

Simply buy coins at any reputable dealer. People try to mystify it but it's anything but.

Any type gold coins, if you can afford it buy one oz American Eagles.

For silver you can just buy 'junk' silver (old American silver coins) or again, one oz. silver coins.

[–] • 0 pt

Don't buy "limited time" coins, they're overvalued for the amount of metal in them.

[–] • 0 pt

I have been using jmbullion.com the most. I suggest listening to some silver podcasts. Listen to Mike Maloney. He talks about today's finances from 10 years ago and is right today.

There are also local gold and silver shops around you too. Everyone does premium on top of spot price. Usually around $4.80 above spot. Always try to find good prices. To help prove you aren't being scammed and buying real silver in person, you should buy this liquid that proves it is silver, or the cheaper route which is downloading this app called "pingcoin" or others, bringing a popsicle stick, and find the frequency tapping the silver for its ring.

Never buy silver shots. You could lose them, and they don't tell you it's value which makes it harder to sell. It's only use is really for smelting.

Don't buy statues or anything else unless it says 1 Troy Oz/ 1 Oz and .999 fine silver on it. It is harder to sell and prove authentication for long term holds.

Look into investing in "junk silver" alongside with fine silver. It has a lot of beneficial values. You don't have to worry too much about taking care of it compared to fine silver purchases.

Don't tell people you're investing or buying gold/silver. That's like telling everyone how to get to your bank account. I told a lot of people on my first purchase but everyone thinks I bought 1oz for fun. I'm holding way more and going to expand it.

Safes are expensive, if you have the money get one. But ammo cans work just fine as long as they are within your area and somewhat hidden away. Don't hide all your gold/silver in one spot. Just like diversifying your finances, diversify your money spots.

Another tip. Get a gun. You are your own security guard to your money. You need to protect it. Especially if the price sky rockets and the dollar falls.

I've been studying a lot of silver the last two weeks and this is most of what I have learned.

Good luck!

[–] • 0 pt

Very well thought out advice. Much appreciated, brother.

[–] • 0 pt

As an investment? Or is this incase society collapses? If you are planning on the latter, I would be purchasing bullets instead.

[–] • 0 pt

APMEX is reliable and good for bars and coins

[–] [deleted] • 0 pt

I bought some silver a month or so ago from Money Metals. They have a Trump 1 oz round that I wanted. Shipping and handling was fast but you gotta pay taxes on it, at least in my state. I bought some copper rounds for shits and giggles after that. I'm not looking to stock up in case of the apocalypse, just thought it would be cool to have a small collection. The goldback currency they sell looks cool and is affordable but I haven't bought any yet.

I haven't tried the other big vendors that show up on web search.

[–] • 0 pt (edited )

The proper hidey hole is important. Hidden room with a safe bolted to the floor disguised by a piece of furniture.

Being able to smelt and mint is handy.

Start a pawn shop in the hood. Then, use stolen credit cards to send gold to nearby residents. The gold will find its way to you.

[–] • 1 pt

Got no problem hiding it... but where to buy it and who to trust buying it from?

[–] • 1 pt

Unfortunately, there is a premium for trusted and certified bars, so the best advice is to get something serialized and with certificate.

Because of the premium, it behooves you to get larger bars.

[–] • 0 pt

Some people will tell you to just focus on bullion but I recommend buying some coins for numismatic value as well. The fact is silver is undervalued because it has under performed for years vs things like stonks or real estate due to the old monkey hammering of the paper futures contracts. Numerous banks have paid cost of doing business fines in the multi millions to keep silver suppressed. In this instance numismatic valued coins tend to perform well, as collectibles tend to track inflation. It is also fun to find the rarer coins in among general bullion or junk silver. Pre 1965 half dollars are 90% silver and can have additional value for collectors depending on condition and rarity. Be careful not to over pay on the premiums though. You will get more straight forward deals concentrating on bullion.

[–] • 0 pt

https://www.jmbullion.com

I like using these guys. I have bought a few times from them.

[–] • 0 pt

Buy animals and start a farm.

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