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Old 03-05-2012, 11:36 AM   #1
vox
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Pending Silver Purchase - Feedback appreciated

All...

Looking to make my first PM purchases in the near future - I will be purchasing silver.

My considerations for this purchase:
  1. I want to take physical possession of the metal.
  2. I am located in Texas but would like to avoid the sales tax on any purchase.
  3. Initial purchase will be less than $5k with subsequent purchases in that range over the next 9 months.

I understand I have the following options for this purchase:
  1. Mint coins - American Silver Eagles, Canadian Maples, etc.
  2. 90% silver - Pre-1965 quarters, dimes and half dollars

I understand the following vendors are sound:
  1. Tulving
  2. NWT Mint
  3. Apmex

This is my planning so far. My request to the forum is for any feedback or thoughts on the plan to cover any potentials I have not accounted for.

Are my vendors sound?
Are my quantities prudent?

Is there anything I have missed?

Appreciate all feedback.

Thank You...
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Old 03-05-2012, 11:41 AM   #2
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I use Apmex

I buy 90% junk and ASE's most of the time, but will pick up generic bars from time to time. If you buy from Apmex, there is no sales tax.
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Old 03-05-2012, 11:57 AM   #3
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Silver Doctors is offering physical PM's now. Today is their grand opening 'sale'.

Here is the link

They provide a number you can call and ask any questions you have. I am not affiliated with them as you probably already guessed, but I just wanted to point them out as a VERY recent option for buying physical.

Also wanted to mention that I have used APMEX, Tulving, and US Coins (when they have a special sale only) in the past with no problems.
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Last edited by KMS; 03-05-2012 at 12:00 PM.
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Old 03-05-2012, 12:02 PM   #4
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Sales tax is a State tax. You are only eligible to pay State sales tax on silver (here in Texas) if you (1) purchase the silver from a vendor based here in Texas *and* (2) purchase less than $1,000.

You can purchase $1,001 worth of silver from a local coin shop and avoid sales tax. Since you are planning closer to $5K for your purchase, you can pretty much shop around locally or pick any internet retailer.

If you want to buy from an internet retailer, be sure to examine their prices *delivered to your door* for apples to apples comparisons. Shipping and handling policies can vary dramatically (not just because of the vendor's location / proximity to you).

If you can meet tulving's minimum purchase requirement, you will likely not find a better deal around, but their minimum is 500ozt of silver which is north of $17K.

If you decide on US Mint coins (Silver Eagles), I would suggest also checking Provident Metals, Goldmart and others listed here.

You do have a 3rd option aside from Eagles or 90% silver - generic (private mint) rounds / bars. If you are interested in this option, I would suggest looking at Scottsdale Silver in addition to the NWT.

To answer your questions:

(1) IMO, yes, the vendors you selected are solid.
(2) Prudent? Only you know your financial situation and goals. I see physical metal as storing wealth that I won't be needing in the near future (next several years at least). You don't ever want to be forced to sell metal (potentially at a bad time price wise) to pay bills or put food on the table.
(3) I think I answered this first above...
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Old 03-05-2012, 01:08 PM   #5
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I offer no insights to your purchase, just congratulations. I don't hear of enough people getting involved with buying. So welcome to the club and good job on making THE first steps towards financial protection/freedom.
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Old 03-05-2012, 02:05 PM   #6
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yup
second that

Its as big step going from all fiat to dumping some fiat and holding pm's

Bloody good feeling once youve done it and makes chart following so much more relevant

Buy more (-:
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Old 03-05-2012, 02:11 PM   #7
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Don't expect to get your silver immediately.. It always seems to take much longer for me to get my silver than my gold. Last one was almost 2 months.
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Old 03-05-2012, 02:18 PM   #8
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When I buy from Bullion Direct it takes around two-three weeks, when I do Apmex, same thing.
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Old 03-05-2012, 05:28 PM   #9
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Buy bars instead of coins. You get more bang for your buck.
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Old 03-05-2012, 05:46 PM   #10
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There is that; bars I mean, like Mike has suggested, if you want ounces more than you want to be able to use silver to make a barter trade, etc.

Also posting to inform you that I got an email today about a sale @ APMEX on their austrian philharmonic silver is on sale, premium wise. Just wanted to let you know.
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Old 03-05-2012, 05:46 PM   #11
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Mike,
I agree.....but with a caveat.

If you buy bars, in a SHTF scenario, you iwll only be able to barter with like minded individuals, however with Eagles, you will be able to trade with anyone who recognizes US government markings.

I'm just saying......
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Old 03-05-2012, 11:06 PM   #12
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The silver I own is American Silver Eagles. Almost all of it I bought at one of two coin shops. I buy Eagles that for the same reason as ancona: they are easily recognized and hence easier to trade in a SHTF.

vox mentioned less than $5000 as his first purchase. You might try calling your largest (or oldest) coin shop in your area and see if they sell silver Eagles, they probably do. I buy 'em by the "roll", a plastic tube made for the Mint that holds 20 of them in there, nice and tight. Buying 20 ("one roll = one tube" will set you back some $800. Buy 5 rolls (100 oz) and you are in your target range at $4000.

YES! rbelong2us said that your first purchase is a great thing! Very true! And it actually gets kind of addictive... There have been several times that I have thought "when I get to "X" oz of gold (silver), that's it! I will not need any more!" Heh. Now I am just resigned to buying gold and silver as money comes in... But, that's OK!

I behave the same when it comes to ammo too...
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Old 03-06-2012, 12:24 AM   #13
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Good move on buying.
My suggestion is local coin store. Shop around. I never buy unless I can pick it up when I pay. Too many things can 'happen' between paying and taking possession (this goes for all kinds of things, not just PM's), and I am a very careful person.
Your best bang for the buck is larger bars, but as has been stated, they are also the hardest to unload. I recommend you think of silver in a similar way you would cash; just like you have different denominations (5,10,20,50, etc.) so you might want some 1 oz coins - (either ASE or Can Maple Leafs) and maybe 10 oz bars. Larger bars should only be purchased for long term holding (retirement, passing on to your kids, etc.)
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Old 03-06-2012, 01:23 AM   #14
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First of all congrats vox! You will soon know what a good choice you have made. I am just going to give you a few quick tips in no specific order...my


Space out your purchases and buy on the dips.

I try to buy at local coin shops for the most part and if you buy online make sure it is a very reputable dealer.

Diversify... get govt coins and private bars ... and get some gold, maybe a few fractional gold peices to start.

Make sure all of the PM's you purchase, unless it is old govt issued coinage, are marked with the weight and purity.

Make sure you have thought about storage and security.



Otherwise on a side note of buying PM's is addictive, I agree... like a true addict I found myself going up to the coin shop with some old gold and silver necklaces, bracelets, and rings that I haven't worn for a few years and negotiating a deal, but insted of getting the cash and going to buy drugs, I used it to trade with the store for some bars and coins. If you do this, make sure you use an app like this to know what your jewelery is worth (http://gold.yabz.com/jewelry.htm) and call around to see what the percent is the shops buy at because it verys.
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Old 03-08-2012, 11:42 AM   #15
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All...

Thank You tremendously for your feedback.

Are there any recommendations for local coin shops in the DFW area?
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Old 03-08-2012, 12:02 PM   #16
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Sorry, I'm local to the Houston/Galveston area. I'm not familiar with options in DFW.
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Old 03-08-2012, 01:46 PM   #17
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I bought 10oz Amark bars from tulving. all wrapped in plastic, boxed nice. Also recently got some generic buffalo/Indian head rounds from Gainsville just to have some small coins. They took like 2 weeks to arrive vs the Tulving of 1 week but everything was fine. Gainsville does charge like $30 shipping depending how much you order whereas Tulving was free. Yeah can't beat Tulving. I paid think $.89 over spot for the buffalo and around $.69 for the bars.


personally I am not a big believer in the whole premium thing, silver is silver and gold is gold that is kind of the whole idea behind them in the first place. But everyone has their own view.
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Old 03-08-2012, 03:59 PM   #18
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I believe there is a bullion company called Dillon-Gage (something like that) in the DFW area, but I do not live there nor know how reputable they are. Call them up! Also, look in the phone book and call some of the coin shops. I would try and buy from either the biggest shop in town or the oldest.

Bought as 1/10 oz Gold Eagle today...
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Old 03-08-2012, 05:16 PM   #19
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Hi Vox, congrats!


My 2c: I preffer local shop & "cash in hand" operations - even if "local" means 60 miles one way to me. This way, if you buy small enough (dunno about TX, but I presume there must be some anti-money laundering laws in place that would require recording big enough transactions), you stay under the radar, and you are not being on anybody's log book. This is unlike internet/mail delivery vendors, who for obvious reasons, would need all your details to complete transaction.

These days it is all too easy to get hold on company's data, and your privacy & security (from both govt & bad guys) is only as good as you trust your online vendor, to keep your data safe from all kinds of bullies (which I do not believe they are able to, especially not versus the bully no.1, the government)

just my humble paranoid 2c

cheers!
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Old 03-08-2012, 08:39 PM   #20
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My 'local coin shop' is about 500 miles away! I still prefer it to mail order.
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