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38 Posts |
 Posted - 08/13/2006 : 20:35:58
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Ok, so I'm actually going to start buying silver. To get started, I think it's best to just get a ton of it to begin with. I have to call my financial guy and see how to make checks for large sums of money and get them to companies.
Anyone know if the below site is any good? Basically, can I trust them? It looks like you can get 90% coins just over spot.
You must be logged in to see this link.
I'm thinking I should get one $1000 face value bag. I'm also considering getting 500 of the eagles in addition to the bag, but I'm hesitant because of the premium on those, but I like being able to get a lot of them at one time, instead of scrounging around local dealers looking for good deals. Perhaps I should just not care about the mark-up and assume that if silver goes up significantly I won't care about the extra $2 I'd have per eagle had I bought them elsewhere.
Also, I'm thinking I could get some gold. I was thinking ten each of 1oz, 1/2oz, 1/4oz, and 1/10 oz. But is it pointless to get the smaller gold coins? If that's the case I could just buy a 20 piece roll of the 1oz coins.
One last thing. How in the world should I store all this metal? How much space will it take up? That applies mostly to the silver, as the gold barely takes up any space. But even for the gold, how do I hide all this? Of course the most important thing is to keep quiet about it, but in an apartment, there just doesn't seem to be many good hiding places.
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Canadian_Nickle
Penny Hoarding Member
Canada
938 Posts |
Posted - 08/14/2006 : 12:36:55
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I would jsut go with the 20-piece roll of 1oz golds - if you need to "make change" you'll have all that silver. Also, I think it's a sure bet that silver is going up, so don't sweat the small premium for the convenience of buying a whole bunch at once.
As for storage, I would:
1) bash a hole in your wall with a hammer
2) insert metals
3) repair drywall and re-paint.
4) Wait a few years.
5) PROFIT!
(make sure you write a note about the hoard in your will, incase the worst happens)
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1 Posts |
Posted - 08/27/2006 : 20:35:48
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APMEX is a very reputable dealer you shouldn't have any problems.
A 90% bag sounds like a good idea. The Silver Eagles do carry a bit of a premium but they are widely recognized. I'd go either way on that one. The Candian Maple Leaves arn't half bad either. Right now APMEX has a pretty good deal on Eagles though, $1.49 over spot.
As far as gold goes, I'd say grab the 1 ounce Krugerands. They have very low premium. For small transactions you could use your silver. :)
For small gold coins, the Swiss Francs and British Soverigns carry very low premiums. They don't have their gold content stamped on them which may present a problem if you anticipate a barter situation.
Burying your treasure is probably one of the best options. :D
Cheers!
*Edit*
I just read your post again and realized you are in an apartment. :)
Silver can be bulky and may present a problem unless you bust a wall or something. There are however a LOT of places to hide stuff in an apartment just get creative. :)
Phone jacks, hollow doors (most interior doors are hollow, shower curtain rods, the back of the toilet, diversion safes (google it :), etc. Just don't hide your PM's in an item a theif might steal. I.E. hiding them in a computer. :D |
Edited by - n/a on 08/27/2006 20:59:37 |
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13 Posts |
Posted - 08/29/2006 : 09:09:36
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Bulk silver is a tough call in an apartment. A couple of bags could fit in a medium size safe, as long as you're able to secure it to the floor or wall studs. Otherwise, you'd have to get creative with either plain-sight camoflage or concealment.
Camoflage, like cartons or foil-wrapped packages in freezer/fridge. Hollow steel tube with endcaps in plain view with barbell weights. Big old boots in the back of a closet. Big flowerpot with a fake plastic plant.
Conceal, like cutting a neat hole in drywall and covering it with a fake air intake or dummy recepticle (a 4 socket might be easier to get in and out of). Dead space under kickboards of bookcases or cabinets. A false back panel in a closet or cabinet.
Just a couple ideas. Btw, bars might be easier to store, but obviously are not as liquid as coins for trading purposes. Heard good things about Apmex. Also consider patronizing your local coin dealer - no paper trail and it's good to establish a relationship with a local trading partner.
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The revolution will not be televised... |
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478 Posts |
Posted - 08/29/2006 : 17:23:01
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Try this outfit You must be logged in to see this link.
They have the lowest prices I've been able to find. Been buying and selling to them for over 10 years without a problem.
It pays to shop around. I'd also suggest you buy in increments on dips in price. Metals seem to be going down slightly. |
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38 Posts |
Posted - 09/12/2006 : 22:41:36
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| I finally got the money transferred and am now waiting on the check to arrive. After that I just have to take it to the bank and wire the money. I sure hope silver and gold will stay down for a few more days. |
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Metalophile
Penny Collector Member
USA
320 Posts |
Posted - 09/13/2006 : 16:25:15
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I don't know whether it's urban legend or a true story, but I heard about someone who had a 1,000 oz. bar of silver and had a cloth cover sewn for it. He used it for a door stop for many years without anyone else knowing what it really was!
Metalophile |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 09/13/2006 : 16:51:26
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quote:
Originally posted by Metalophile
I don't know whether it's urban legend or a true story, but I heard about someone who had a 1,000 oz. bar of silver and had a cloth cover sewn for it. He used it for a door stop for many years without anyone else knowing what it really was!
Metalophile
My brother knew a guy in the Marines who said he painted a 1,000 oz. black and used it as a door stop. Now in days someone might steal it for scrap iron reasons.
________________________
If you can conceive it and believe it, you can achieve it. -Napoleon Hill |
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Canadian_Nickle
Penny Hoarding Member
Canada
938 Posts |
Posted - 09/13/2006 : 18:13:36
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1000oz ia a big freakin' door stop.
I've found that ducttaped boxes of nickels make great spacers for storing rows of 2x4s on. They just look like taped up foam blocks, and who's going to steal the chucks you stack your wood on? |
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Metalophile
Penny Collector Member
USA
320 Posts |
Posted - 09/14/2006 : 08:34:52
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According to online weight conversions: You must be logged in to see this link.
1000 troy ounces is 68.571428571 pounds or 31.1034768 kilograms. An average person could lift it with difficulty, as long as you could get your fingers under the thing! I've never had such a large bar to test this out.
Since silver has a density of about 10.5, such a bar has a volume of just under 3 liters.
Also, interestingly, 1000 troy ounces is just a little more than 1 Hebrew Talent, 1.03678256 talent [Hebrew], a unit used in the Bible. How many Talents do you have??
Metalophile |
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cakesea
Penny Sorter Member
51 Posts |
Posted - 09/14/2006 : 11:58:19
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yeldarb
go to monex.com they are selling silver coin for about ten cents per ounce less than bullion value i think check them out that might just be there buy back price im not sure |
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38 Posts |
Posted - 09/14/2006 : 17:13:25
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| The check is in the mail. So should I wait for silver to get to some price, like $10, or just buy it as soon as possible and not try to get the lowest possible price? Should I wait until it starts going up again? |
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Canadian_Nickle
Penny Hoarding Member
Canada
938 Posts |
Posted - 09/14/2006 : 22:34:11
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It's under $11 today. I'd buy now.
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Frugi
Administrator
USA
627 Posts |
Posted - 09/27/2006 : 22:59:38
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A great way to acquire silver in small amounts is by buying 35% silver US war-era nickels. Most dealers dislike them due to their small silver content. They also usually dont do the math on the weight versus the silver content. There is actually more pure silver in a 35% nickel than in a 90% dime which usually commands 10 x face. If you can get 35% nickels for 10 x face or less that is a great deal, provided silver remains above $11.00 an ozt.
Real Eyes Realize Real Lies |
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Finally going to Buy Silver
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