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Somnophore
Penny Pincher Member
United Kingdom
161 Posts |
 Posted - 10/06/2008 : 04:21:46
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I'm currently saving for a new car which I'm doing I'm a savings account, that's fine, I'm also looking to start putting some money away for a rainy day. I was thinking of buying some bullion each month or ever couple of months as a good store of value for future need. I did have a bit of gold and silver until last year when I sold it as I needed the liquidity. Do you have any advice on buying, on what to buy, is it worth buying coins like old American gold with a humanistic value too that may increase over the spot price?
Ps I'm from the UK
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Nickelless
Administrator
USA
5580 Posts |
Posted - 10/06/2008 : 05:47:10
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Welcome to the board, relative newbie! You've got other relatives here who are also looking for precious metals. I think it's the perfect time to buy bullion and would encourage you to make a habit of buying it on a regular basis, whether in .999 pure bars and rounds or "junk silver" coins. I've been setting aside about 15 percent of each paycheck to buy junk silver and any other silver scrap deals I can find. I'm extremely bullish on silver, but the problem right now is finding silver, whether 90 percent "junk" or .999 pure, anywhere close to the current spot price.
I think the bigger issue isn't whether it's the right time to buy it, but how long we have to buy it before the price of gold and silver skyrocket. Lack of supply is one factor, but the bigger coming storm at least in the U.S. is hyperinflation, which will affect the entire world and screw everyone holding paper dollars when it hits. So to make a short answer long, now is the best time to buy silver (my preference) and gold. The worst thing you can do is hold on to your fiat currency and do nothing. That's what far too many people are doing and they're heading for a rude awakening.
eBay is where I usually buy my silver because of my screwy work hours that sometimes make it hard for me to get to coin shops, antique stores and the like to look for silver. If you want to get an idea of what's out there in terms of scrap silver, do eBay searches for scrap silver, junk silver, scrap sterling, sterling spoon, sterling, etc. I've found some great deals besides coins on eBay.
Hope this helps a little. I know everyone else on here will be glad to help you get started as well. And again, welcome to the board! |
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Edited by - Nickelless on 10/06/2008 06:01:59 |
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Somnophore
Penny Pincher Member
United Kingdom
161 Posts |
Posted - 10/06/2008 : 07:57:16
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| wow thanks for that, I hadn't much considered scrap silver until now, having previously opted for silver eagles etc, but those in the uk are going for like 22$ and it's rediculous. I'm going to look into getting some scrap silver, what you call junk silver, and the bonus here is that all pre-1920 coins were not .900 as in the USA, but in fact are sterling .925. Which went down to .500 in 1920 and phased out altogether I'm 1947, so I think I'll stick o pre 1920 silver, seen some already not too far above spot price. Plus you never know might get a lucky find of a rare coin |
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Nickelless
Administrator
USA
5580 Posts |
Posted - 10/06/2008 : 13:17:51
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| Do a bit of browsing through the Bullion Forum and you should get a better idea of things to look for. I'll try to post some more helpful links tonight after work. I've been buying silver only for about two years (I was totally clueless about precious metals before then) but I've been buying like crazy since then. There are people on here who are much more knowledgeable than I am who can tell you things to look for. Surf around the site a bit and talk with others on here and let us know if you have any questions! |
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 10/06/2008 : 14:59:36
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I accumulate silver coins and bars for long term hold. I had to get a bigger safety deposit box and now my wife can't lift the box! i don't really care where silver goes short term - I consider those coins to be part of my retirement account. I also accumulate Ni and Cu coins for long term gain - these I do sell off a few at a time because I can easily get more.
If you are in England, forget the American Silver Eagles at near double spot. Buy some Britanias instead, or whatever else you can find that is marked silver and close to spot. Personally I've been buying Silver Maple Leafs because they are easy to get in Canada. |
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n/a
deleted
35 Posts |
Posted - 10/06/2008 : 15:56:19
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| Find something you like or interests you,I like art bars they have interesting topics,some people like eagles,libertads,etc but if you just buying scrap thats all it will be a big pile of stuff(lets be honest broken chains and bent forks are pretty dull)but if its just for the metal content i suppose its ok....also remember if you going to buy silver it might as well be pure .999 is good .925 is just about bearable anything less is getting a bit shabby...points about art bars vs eagles on ebay you will probably get 12 random art bars for less than 10 eagles in most cases.........its all about value(be prepared to hunt and wait and try to resist buying things just because they're there.find it,find another two take the cheapest........happy hunting |
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Somnophore
Penny Pincher Member
United Kingdom
161 Posts |
Posted - 10/06/2008 : 16:29:30
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pre 1920 silver coins here are .925 sterling, so was thinking of getting an ad in local paper see if anyone had any knocking about.
there arent any bullion dealers near me, and ebay uk is really expensive, most bullion coins are double the spot at least. I dont want scrap as in old forks and stuff, just old coins which are quite nice to look at anyway. |
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 10/06/2008 : 16:32:18
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"..is it worth buying coins like old American gold with a numismatic value too that may increase over the spot price?"
The answer to that question, Somnophore, depends on the resale market of US Gold coins in Europe, the UK or through eBay.
If you can sell US Gold easily, for a good profit, in Europe or the UK then buying US Gold to resell isn't a bad idea. If you can sell through eBay and recoup all of your expenses (sellers fees, shipping, insurance of shipping of packages, etc.) and make 15%-20% on top of that, then numismatic gold is the way to go.
I posted this some time ago, this gives the basics of buying old US Gold coins.
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Question:
Do British Sovereigns sell for a good price, melt value wise, in the UK, or are they selling for a steep premium?
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Somnophore
Penny Pincher Member
United Kingdom
161 Posts |
Posted - 10/06/2008 : 16:41:16
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| everything in the UK at the moment seems to be selling at a steep premium coin wise. Sovereigns are popular for jewellery so always carry a high premium over bullion value. Plus i dont like the look of them much. They are associated with the sort of jewellery (sometime fake) of the less desireables in the UK. i prefer the look of the old american coins in gold, and UK old silver. I would get some silver bars but a kilo of silver on UK Ebay is averaging around $650 which i just cant stomach |
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Nickelless
Administrator
USA
5580 Posts |
Posted - 10/06/2008 : 17:53:33
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quote:
Originally posted by Somnophore
everything in the UK at the moment seems to be selling at a steep premium coin wise. Sovereigns are popular for jewellery so always carry a high premium over bullion value. Plus i dont like the look of them much. They are associated with the sort of jewellery (sometime fake) of the less desireables in the UK. i prefer the look of the old american coins in gold, and UK old silver. I would get some silver bars but a kilo of silver on UK Ebay is averaging around $650 which i just cant stomach
1 kg.?? People DO make one-ounce bars you can get a little bit cheaper. You might fare even better buying junk silver. Check out APMEX.com to get an idea of the variety of silver forms out there, but don't just limit your thinking to bullion or to junk silver. There are a lot more options out there. |
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Somnophore
Penny Pincher Member
United Kingdom
161 Posts |
Posted - 10/06/2008 : 18:03:51
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| looking at kilo because traditionally the larger the bar the lower the premium over spot, but they seem just as bad as the premium on 1oz bars or bullion coins. I'll have a scout round for old silver coins over the next few months, we have large tabletop sales in the uk. But they don't happen in winter so can't check their until spring |
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Nickelless
Administrator
USA
5580 Posts |
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Robarons
Penny Hoarding Member
USA
522 Posts |
Posted - 10/06/2008 : 19:43:47
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This topic brings back some memories. When I first started buying bullion and silver like you I bought foreign stuff here first in the US. My local dealer couldnt sell and didnt know European silver so well so I got UK pences,shillings, florins, etc .500 coins at a awesome price. But later to sell them here no one wanted them and I took a loss.
Do such .500 or .925 'junk silver' coins have a strong market like our .900 silver coins? Do they use some XX times face system or something else to price them? |
Robber Baron= Robarons |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 10/06/2008 : 20:20:14
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It's always the right time to buy....
Deal |
Live free or die.
Plain and simple.
"If you love wealth more than liberty, the tranquility of servitude better than the animating contest of freedom, depart from us in peace. We ask not your council or your arms. Crouch down and lick the hand that feeds you. May your chains rest lightly upon you and may posterity forget that you were our countrymen."
- Samuel Adams |
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Somnophore
Penny Pincher Member
United Kingdom
161 Posts |
Posted - 10/07/2008 : 02:01:44
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looking at uk eBay the .500 coins do have a good Market at a little over spot, a higher premium for the pre1920 .925 coins, especially larger coins, florins,half crowns, crowns etc, anything win a know amount of silver in seems to do well on eBay. They would work out the silver content of the coins and say how much silver is in them and work off that as pre decimal coins don't have a face value any so we just work off silver content.
Sovereigns actually look alright price for gold now I look they are about .23 troy oz gold each. With metals falling so much I'm not sure if it's a good bet to sink money Into the Market yet, especially if I can't get it anywhere near spot |
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Nickelless
Administrator
USA
5580 Posts |
Posted - 10/07/2008 : 10:20:28
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quote:
Originally posted by Somnophore
With metals falling so much I'm not sure if it's a good bet to sink money Into the Market yet, especially if I can't get it anywhere near spot
With metals prices falling as they have, now is the BEST time to start buying so that you can buy as much as possible while prices are low, especially silver, IMO. Your BIGGEST consideration right now shouldn't be whether metals prices will remain low per se, but the state of the U.S. economy right now is almost certainly pointing to hyperinflation starting in this country and affecting the rest of the world. When the value of the U.S. dollar starts to drop, since it is the world's reserve currency, precious metals prices will skyrocket. Paper money is not at all safe in the long term, and the U.S. dollar is showing signs that it is on its way toward financial collapse, which will pull the rest of the world down with it. You want to trade your paper "money" for precious metals as soon as possible, if not sooner. There is a reason this board is called the Realcent forum--because pennies and (sometimes) nickels are the only U.S. coins that have intrinsic value because of their metal content, and paper money has none. Everyone on here will agree that the worst thing you can do is hold on to your paper money and watch its spending power plummet, and probably the second-worst thing you can do is wait to buy precious metals when the prices are higher instead of buying more now while you can. This might be a good place to start getting silver at very little over spot price, and while silver shot might not have the same visual appeal as, say, bullion rounds, it's silver nonetheless:
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Here are a couple other links to check out, as well as just surfing through the rest of this board and seeing comments that people here have posted. If you have any questions, just ask!
You must be logged in to see this link.
You must be logged in to see this link.
You must be logged in to see this link. |
Visit my new preparedness site: Preparedness.cc/SurvivalPrep.net
--Latest article: Stocking up on spices to keep food preps lively
---------------
Be prepared...and prepared to help: http://www.survivalblog.com/charity.html
Are you ready spiritually for hard times? http://www.jesusfreak.com/rapture.asp |
Edited by - Nickelless on 10/07/2008 10:39:34 |
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n/a
deleted
35 Posts |
Posted - 10/09/2008 : 16:35:16
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| somnophore check out the job lots on ebay from us sellers,also another tip go on ebay.com and pester(ask) if they are willing to ship to uk?.....tip if you find something cheap on the u.s. ebay just win it anyway they will ship its cheaper for them to agree than to relist or sell to the next best bidder.....harsh i know but hey "fortune favours the bold" |
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relative newbie, right time to buy bullion?
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