Favorite place to buy PMs

Where is your favorite place to buy precious metals?

  • Local Coin Store

    Votes: 8 36.4%

  • Coin Show

    Votes: 1 4.5%

  • Ebay or other auction sites

    Votes: 2 9.1%

  • Big online coin stores like Apmex

    Votes: 6 27.3%

  • In person from other people

    Votes: 3 13.6%

  • Other?

    Votes: 2 9.1%

  • Pie is Yummy

    Votes: 0 0.0%
  • Total voters
    22

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benjamen

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What is your favorite place to buy precious metals? Vote on the poll and tell us why.

I am aware a lot of you will say something along the lines of: where ever it is the cheapest. This poll is not about this, it is about where you like to purchase them from.

:popcorn:
 
In order:

My local LCS
Apmex
Bullion Direct
The Farmers Super Flea Market [local set-up]
NWT Mint
 
ebay- because I often will buy just one coin.... even a dime.
 
My order:

LCS
Scottsdale Silver
Provident Metals

However, my preferred option is to visit any LCS on a waterway and be sure to get there by boat.

Where does it all go?

:shrug:
 
I don't have a LCS, so:
1. Apmex
2. E-bay for occasional bullion and 90% coins.
3. BigCoins.com for 90% coins.
 
Jetstream,
The "LCS" is just a colloquialism and can mean any coin shop anywhere. Many of us stackers have to drive quite a few miles to meet with a coin/bullion dealer. In small towns and even smaller cities, there simply is not enough demand to support a bullion sales outfit, so a lot of folks end up driving some distance to get their silver fix. I am among the lucky few who have a guy within forty minutes of the home bungalow.
 
Interesting that someone picked "Other", but I do not see anyone post a source that was not on the list provided?

:shrug:
 
maybe the guy who runs a meth lab... been breaking into houses stealing silver.
 
ancona said:
Jetstream,
The "LCS" is just a colloquialism and can mean any coin shop anywhere. Many of us stackers have to drive quite a few miles to meet with a coin/bullion dealer. In small towns and even smaller cities, there simply is not enough demand to support a bullion sales outfit, so a lot of folks end up driving some distance to get their silver fix. I am among the lucky few who have a guy within forty minutes of the home bungalow.
Click to expand...
I know Ancona. I was trying to be 'cute' about the 'local' bit as I have to drive about 500 miles to see a "local" coin shop.
 
benjamen said:
Interesting that someone picked "Other", but I do not see anyone post a source that was not on the list provided?

:shrug:
Click to expand...
I didn't pick other, but my favorite way to get PM's would be inheritance. I'd love it if someone left me all theirs in their will.

Then there are those who might do their own prospecting. I know a fellow who goes gold panning along some rivers for his holidays. He took that up instead of fishing.
 
benjamen said:
Interesting that someone picked "Other", but I do not see anyone post a source that was not on the list provided?

:shrug:
Click to expand...



bullionvault & goldmoney ........


that way i dont need to waste any on boats
and i dont get so close to my prescious that i get fatally attached
 
The lowest premium on bars here in Switzerland is available at our two tbtf banks (credit suisse, UBS), so I'm buying them there.
Coins are the cheapest at a local coin dealer, the largest one in Switzerland.
 
LCS! American Eagles! That way I have both a relationship with the owner as well as someone who would take it off my hands (NOT going to happen!). Eagles because they are well known here in the USSA...
 
oddly, my last post has 'bumped' itself twice

useful code for anyone using blogs for marketing purposes i suppose ......
 
I popped over to ebay and there is barely a price drop.


You see- in April I bought so much that I bounced some checks. The credit union was nice to wait until the 3rd- but that cut me short for May. I used coins to get my hair cut- those coins were for some jugs of water. I had .24 in my checking, and less then $1 in pocket change. On top of that- I owed the guy who cuts the grass $5. (he charges $5 more when the grass is too high) ..and a buddy carried me $40 on some stuff I wanted.

So this month- everything is caught up.

I could have more in pocket cash and in the checking- I get a property tax rebate in July. I hate cutting it so close to the edge.

Luckily I was able to cut my grass with the weed wacker- a few days ago. I could not hire the guy- nor did I want to ask for credit. When I do the grass it is half ass- the pro cuts it very short and even. So I could get away with every other time. Recall that I bought a new wacker- I must use it 4 times to recoup the cost. Thus far I used it 2x.
 
You are cutting your finances too close. Buying gold/silver is great, but you need to carry some some cash for day-to-day living. I recommend a minimum of 3 months living expenses.
 
That was my first thought but then i thought how easy it is to spend money when its there in your pocket.
So its a form of personal austerity, with the benefit of increased savings safely stored in metal.

Get a bit stuck and you can sell some metal but because thats NOT WHAT WE DO, you get through somehow ...........

All good i reckon.

Lets see if you can run even tighter next month, Penn (-;
 
rblong2us said:
That was my first thought but then i thought how easy it is to spend money when its there in your pocket.
So its a form of personal austerity, with the benefit of increased savings safely stored in metal.

Get a bit stuck and you can sell some metal but because thats NOT WHAT WE DO, you get through somehow ...........

All good i reckon.

Lets see if you can run even tighter next month, Penn (-;
Click to expand...
Sorry I can't agree with you on this. My comments on Penn have to do specifically with what he wrote; if there is additional info that I don't know about but others do, I can't help that.
Based on his writing this is not a form of personal austerity. He hires someone to cut his grass? I have never felt I had enough in my life to do that. It would be one thing if there was a disability involved, but I can't see that as he is able to weed-whack which takes even more effort than pushing a mower.

No. I stay with my original reply. Penn ... you are living too close to the edge, and need to keep a supply of cash available for unforeseen circumstances.
 
Perfectly reasonable statements Jetstream, as Penn really did run a bit the wrong way.

Just had to offer the other side of the coin (-:
 
mike said:
I quit buying after the boating accident.
Click to expand...

Interesting.

I too had a boating mishap recently. Very deep water. Lost all of my PM's.

Odd coincidence.
 
rblong2us said:
Perfectly reasonable statements Jetstream, as Penn really did run a bit the wrong way.

Just had to offer the other side of the coin (-:
Click to expand...

In preparing for the future economic troubles via the purchase and holdings of PM's it is important that fundamental financial principles are not ignored. i.e. earning an in come (cash flow), saving a portion regularly, spending wisely, investing wisely, living within your means, etc. are not ignored.

It is not prudent to throw everything into a PM (or any other investment for that matter), and not have enough to buy basic necessities for the next day.

That is all I am basically saying, and I hope Penn - and others who may be in a similar position - consider the spirit in which this advice is given.
 
I usually prefer to buy from reliable online sites as they r more convenient....you can make the deal sitting at home. Who would take all the hassles to drive 500kms and get a coin.. LOL
 
Long-time (relatively speaking) lurker, first time poster. Figured I'd learn about PMs from some of you before asking a stupid question...

So I've been on the fence on buying PMs for a few days - wish it was last Friday instead of today, but I digress. I put together a spreadsheet for several sellers (Apmex, Kitco and BullionDirect), and factored in premiums, shipping, insurance, bank wire fees. Apmex seems like the better deal if buying over $1,500 and sending in a check.

Also found a local shop that sells:
- Silver bars at $2.50 over spot
- Silver Maples $3.50 over spot
- Silver Eagles $4.50 over spot

- Gold bars at $55.00 over spot
- Kruger Rands at $65.00 over spot
- Gold Eagles at $85.00 over spot

So a few questions:
1. Is an initial investment of ~$3,000 too much too fast?
2. Is there a "good" ratio between gold and silver? Thinking of 1:1.
3. Anyone have experience sending a check to Apmex? Assume I buy today, send check tomorrow, when should I expect delivery?
 
superhero said:
2. Is there a "good" ratio between gold and silver? Thinking of 1:1.
3. Anyone have experience sending a check to Apmex? Assume I buy today, send check tomorrow, when should I expect delivery?
Click to expand...

Gold:silver ratio, in my opinion, is a matter of personal preference. I have a LOT more silver than gold.

In my experience with sending APMEX a check, I usually receive my order 7 to 10 business days after they receive my check.

Good luck and good fortune!
 
FWIW, I've always considered a *portion* of my PMs as "forced savings" --- the money isn't some numbers in your bank account, and it's forgotten about as it blends into the stack :)

The other portion I consider my 401-m... where m = "mattress" ;)
 
If you are going to continue to accumulate at a similar rate that seems to be a pretty solid start, but you want to space your purchases out so that you are not buying it all at one time. The reason is, so it exposes you to less risk, especially if it drops, it gives you a chance to average in at a lower price.
 
ADK said:
FWIW, I've always considered a *portion* of my PMs as "forced savings" --- the money isn't some numbers in your bank account, and it's forgotten about as it blends into the stack :)

The other portion I consider my 401-m... where m = "mattress" ;)
Click to expand...
Interesting concept.
Would you view your PM's as two accounts: one that you might cash in if you had a need (much like a savings account would be used for), and the other simply to accumulate to live off when you retire?
 
white&yellow999 said:
If you are going to continue to accumulate at a similar rate that seems to be a pretty solid start, but you want to space your purchases out so that you are not buying it all at one time. The reason is, so it exposes you to less risk, especially if it drops, it gives you a chance to average in at a lower price.
Click to expand...

Oh don't worry. After the initial purchase, I don't plan on buying any for a month or two.

That said... in CA, I'm told there's tax on PM purchase under $1,500. If buying online (from APMEX or other sites), there's the bank transfer fees, shipping, insurance, etc. that add to the /oz cost.

How, or where do I buy to minimize those costs?
 
superhero said:
Oh don't worry. After the initial purchase, I don't plan on buying any for a month or two.

That said... in CA, I'm told there's tax on PM purchase under $1,500. If buying online (from APMEX or other sites), there's the bank transfer fees, shipping, insurance, etc. that add to the /oz cost.

How, or where do I buy to minimize those costs?
Click to expand...

Each month when I go to make a purchase it is narrowed down by 3 things:
1) Which metal do I want to buy
2) What form of that metal (bars, coins, ect)
3) Who can give me the best deal (Local store, online vendor, ect)

I have never been to CA, but if I were you I would go talk with your local coin store about the tax issue. I am sure they know all about the local/state rules.
 
benjamen said:
Each month when I go to make a purchase it is narrowed down by 3 things:
1) Which metal do I want to buy
2) What form of that metal (bars, coins, ect)
3) Who can give me the best deal (Local store, online vendor, ect)

I have never been to CA, but if I were you I would go talk with your local coin store about the tax issue. I am sure they know all about the local/state rules.
Click to expand...

The owner at the local coin store told me about the tax on purchases < $1,500.

Confirmed here: http://www.golddealer.com/questions_and_answers.html

13. Sales over $1500 within California are not subject to state sales tax, and neither is any product mailed out of state.
Click to expand...

So it seemed like I should have waited 'til this morning to buy. Oh well.
 
superhero said:
Long-time (relatively speaking) lurker, first time poster. Figured I'd learn about PMs from some of you before asking a stupid question...

So I've been on the fence on buying PMs for a few days - wish it was last Friday instead of today, but I digress. I put together a spreadsheet for several sellers (Apmex, Kitco and BullionDirect), and factored in premiums, shipping, insurance, bank wire fees. Apmex seems like the better deal if buying over $1,500 and sending in a check.

Also found a local shop that sells:
- Silver bars at $2.50 over spot
- Silver Maples $3.50 over spot
- Silver Eagles $4.50 over spot

- Gold bars at $55.00 over spot
- Kruger Rands at $65.00 over spot
- Gold Eagles at $85.00 over spot

So a few questions:
1. Is an initial investment of ~$3,000 too much too fast?
2. Is there a "good" ratio between gold and silver? Thinking of 1:1.
3. Anyone have experience sending a check to Apmex? Assume I buy today, send check tomorrow, when should I expect delivery?
Click to expand...

# large is not too much, nor is it too fast. My first purchase was 400 ounces at 12 [plus a dealer vig of course]and change plus shipping and insurance and ended up being a sizeable purchase that I do not regret one bit. Over the years, I have found that buying a hundred ounces at a time helps to offset some of the shipping and insurance as well as giving me somewhat of a discount over smaller purchases. I say that if you can afford to do it then just do it.

If you can't hold it you don't own it. :silver:
 
Only buy from trustworthy bullion dealers -

http://www.goldmoney.com/gold-resea...medium=email&utm_campaign=w23-2012-newsletter

2012-JUN-08
Another precious metals scam has been uncovered in America. Sterling Precious Metals of Boca Raton, Florida, is being investigated by the feds and stands accused of bilking clients out of approximately $10 million.

According to a lawsuit filed by the Federal Trade Commission (FTC), the company placed special emphasis on targeting senior citizens, who had to pay disproportionate commissions and storage fees. In an effort to recover part of customers' investments, next week the FTC will request a federal judge freezes Sterling Precious Metals' bank accounts and have an escrow holder take care of the company. This is not an isolated case. There are unfortunately an increasing number of unscrupulous gold dealers in Florida, taking advantage of the fact that the state is home to many wealthy retirees – some of whom can be easily bamboozled by smooth-talking telephone marketers. Some also cite a lack of federal government regulation of this sector as a problem, with critics paying particular attention to what they see as inadequate company reporting requirements.

In the last five years 60 new gold investment companies have opened in Palm Beach and Broward counties alone. According to the FTC at least 23 of these companies are currently under investigation. In many cases these companies claim to be buying and storing gold for you, but are not actually buying or storing gold – and are simply using customer cash to line their own pockets. Some are dealing in low-quality bullion products masquerading as high-end goods, while others encourage people to buy metal with borrowed money (on margin), meaning that customers’ losses are magnified in the event of falling prices. Official reports state that in recent years people have lost over $100 million to such scams.

This should serve as a warning to those who are interested in purchasing gold. People should make sure that they are buying from a trustworthy bullion dealer.

Author: Roman Baudzus
 
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