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psi
Penny Collector Member
Canada
399 Posts |
 Posted - 09/12/2008 : 20:40:05
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Does anyone have experience with silver certificates or similar? Generally I agree that 'if you don't hold, you don't own' but I was thinking that this might be a good way to take advantage of the current bottoming of the price in the short term. Scotiabank's fee structure sounded alright if you don't try to exchange them for physical directly, but their minimums are far beyond my means.
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 09/12/2008 : 23:37:42
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I have no experiance with Scotia Bank except I went and inquired about buying bullion. For the amount I wanted to invest their fees (watch out there are a number of fees) were too high. Perhaps it make more sense for larger investments, but some of the online dealers or ebay make more sense too me.
If you just want to take a non-physical position check out SLV which is an ETF or Exchange Trade Fund. It tracks the spot price of silver pretty close and they claim to own an ounce of silver for every unit. It has seen huge growth since launch. My broker also suggested Silver Wheaton, but I have not checked it out.
Please don't take anything I say as investment advice - just a starting point for your own due diligence. While the concept of "if you don't hold it, you don't own it" has some merit and I believe one should have some exposure to physical metal, we should also hold various investments (in RRSP's/IRA's for example), bank accounts, and other things we don't really hold physically, but are necessary for a normal existance. If you were 100% into Physical Silver in the last few weeks - and nothing that is represented by a piece of paper - it would be pretty sad. |
“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw.
Why Copper Bullion ~~~ Interview with Silver Bullion Producer Market Harmony
Passive Income blog |
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Steiner
Penny Collector Member
Canada
278 Posts |
Posted - 09/13/2008 : 00:03:22
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If in Vancouver and you want to get silver or gold these guys always have it and it is not that far away Legacypac. I have used them before.
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Steiner |
Steiner |
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 09/13/2008 : 01:30:10
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| Better prices then J&M I'll call them. Thanks |
“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw.
Why Copper Bullion ~~~ Interview with Silver Bullion Producer Market Harmony
Passive Income blog |
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psi
Penny Collector Member
Canada
399 Posts |
Posted - 09/13/2008 : 03:06:45
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| Thanks for those leads lp, I don't know a lot about paper investments so it will take some reading even to figure out how to buy these things. I only have a few hundred dollars to work with so I'm trying to figure out how to get the most bang for the buck. My theory was to get 'paper' silver now and cash it in for physical when the premiums over spot are hopefully smaller, from what I can tell my bank will charge me $20 to do this. I'd like to buy some physical silver soon if I can find some (Toronto). What silver I have was bought for around C$16/oz so I would like to get the average price lower while expanding the hoard. |
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kavajava
Penny Collector Member
USA
490 Posts |
Posted - 09/13/2008 : 14:00:33
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| My advice--my opinion--if you only have a couple hundred bucks: buy some physical silver anywhere you can...don't worry about premiums now--if spot goes up and premiums do come down, you will still probably pay more per ounce than you would now...get some 80% or some rounds, maples, bars... |
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silver certificates (canada)?
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