Pending Silver Purchase - Feedback appreciated

vox

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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...
 

ancona

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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.
 

KMS

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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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pmbug

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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... :paperbag:
 

dali lambone

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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.
 

rblong2us

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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 (-:
 

DSAbug

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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.
 

ancona

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When I buy from Bullion Direct it takes around two-three weeks, when I do Apmex, same thing.
 

KMS

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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.
 

ancona

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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......
 

DoChenRollingBearing

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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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Jetstream

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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.)
 

white&yellow999

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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 $.02


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.

:silver::gold:

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.
 

vox

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All...

Thank You tremendously for your feedback.

Are there any recommendations for local coin shops in the DFW area?
 

pmbug

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Sorry, I'm local to the Houston/Galveston area. I'm not familiar with options in DFW.
 

escobar

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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.
 

DoChenRollingBearing

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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... :)
 

bushi

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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!
 

Jetstream

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My 'local coin shop' is about 500 miles away! I still prefer it to mail order.
 

ancona

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Right on Mike! Good site, which I have added to my favorites.

BTW, I can't believe you were able to sign up with such a common user name. Good on you man!
 

vox

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Gents...

Again, appreciate everyone's feedback.

Here's the purchase I'm looking at from Tulving:

2012 Sealed Mint Boxes Of 1 Oz. Silver American Eagles
500 Brand New Coins In Each Sealed Box
IRA Acceptable-Over 100 Boxes Available
All Monster Boxes Shipped Free Overnight In Our Custom Made Shipping Boxes
500 Coin Minimum
Buy @ $1.70 Per Coin Over Spot

LIMITED TIME SPECIAL
Spot + $2.49

or...

2012 Sealed Mint Boxes Of 1 Oz. Silver American Eagles "San Francisco Mint"
500 Brand New Coins In Each Sealed Box
All Monster Boxes Shipped Free Overnight In Our Custom Made Shipping Boxes
500 Coin Minimum
Buy @ $1.70 Per Coin Over Spot

LIMITED TIME SPECIAL
Spot + $2.49

The only difference here appears to be the location of the Mint (san francisco vs somewhere else...)

Question: Does the location of the Mint have any bearing? Price is the same. Quantity is the same. What's the audience say on this?

Thanks again for your time and help!

EDIT: And...is there a better deal out there I'm missing? All of my research says this is a quality play.
 
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KMS

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West Point is the only other mint making Silver Eagles.

San Francisco is 'newly' making Silver Eagles again after 10 or so years of a hiatus from making them. Demand is up so the mints are trying to compensate. Also helps the numismatic value if you buy a 'key date'? Since the prices are the same you might get better value out of a special year from a certain mint, in the very long term. Long term.

Just saying.

And big props for a 'big box'.
 

pmbug

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Not sure you are going to see any numismatic premiums for the SF mint coins because they are producing so many.

I'm not an expert on the subject, but I seem to recall reading where the actual coins are indistinguishable from one another (ie. no mint marks on the coins), so the only way to tell for sure that a coin came from the SF mint is by the seal on the monster box. If my understanding is correct, you shouldn't remove the seal if you hope to cash in on any potential numismatic premium in the years to come.

IMO, you can't go wrong with a monster box of silver eagles. Congrats.
 

vox

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UPDATE!

Monster Box received yesterday.

Purchased through Tulving.

Took 5 business days to deliver however, everything appears to be in order.

I have a very serene calm about myself today. Zero buyers remorse! If anything, I am absolutely convinced this is the best decision I've made with respect to wealth/currency _ever_!

I sincerely appreciate all of the assistance and feedback during this first purchase cycle.

THANK YOU!
 

pmbug

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Awesome! Welcome to the true heavy metal head bangers club. :rotflmbo:
 

DSAbug

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Now please send me your address and I'll be sure to show you plenty of safe places to hide your investment. lol
 

escobar

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Hey, nice job! Glad it worked out. I have never bought a monster box. Curious did you keep it unopened or check them out? I personally would want to see them but was curious what other people do.

BTW just got a blast email from Tulving. They are selling Platnium American coins again, $139 over spot, wow! I guess those do have some numesmatic value since they stopped making those.
 

vox

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Jetstream

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...doesn't seem like you have too much choice :)
Actually, I do have a choice, but creating a good relationship with the owner of a coin shop is not much different than any other business.
For instance, I buy my fishing gear at a locally owned sporting goods store, not at the big box retailers. Over the long run, it doesn't cost my any more because of the periodic freebies the owner throws in.
 

steve0791

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Provident Metal is one of my favor online bullion. They have good pricing on the coins. They provided good services, and their customer representatives are very cordial and professional. The only complain I have with them is that they have fewer selection of coins than APMEX.


Good luck to you on your 1st purchase of coins. :)
 

duMaurier

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Yeah i love Provident Metals but my last purchase was from APMex becuase ProM was sold out on 1oz. Silver 2013 Suriname, 2012 - 2014 Koalas, and at that time 2012 Elephants or Kooks cant remeber which. But anyways APM had these at an average of appx. $1.50 more per coin on top of that the $15 shipping fee..then 2 days later the price of silver goes down appx 30 cents and APM has a free shipping promo.

I blame myself for not hitting the buy button when ProM had it in stock but also not waiting a few days even though I knew silver price will go back to around $19.40..I just didnt want them to sell out on the coins I wanted..

Good thing about APM is the selection and becuase I live in Canada they have an option to pay in CAD with a personal check. This is good becuase ProM only has the Money Order, Cashier Cheques for Canadians which I would have to pay a 3% exchange fee. But I only order from these 2 companies when I am looking for certain semi-num coins, I do the majority of my silver purchases from Silver Gold Bull which I usually buy the Sunshine Mint 1oz rounds or 10oz bars.

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bushi

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Actually, I do have a choice, but creating a good relationship with the owner of a coin shop is not much different than any other business.
For instance, I buy my fishing gear at a locally owned sporting goods store, not at the big box retailers. Over the long run, it doesn't cost my any more because of the periodic freebies the owner throws in.

...I thought you've mentioned that the nearest "local" coin shop is 500 miles away (?) Then it might work economically, if the shop owner would "throw-in" a petrol tanker, and a week of vacations for you, occasionally, ;-). I would go with the mail-in, otherwise :)

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