Hey guys! With the uncertainty of the Crypto market at present, and the recent dump in the Stock market, I feel like maybe I need to do a little bit of additional diversification into some metals. Sounds like fun, I've always enjoyed collecting things, and this is something I can collect that is also a store of value. It's a no brainer right?
Problem is, I have no idea where to start.
I was lucky enough to purchase two of the 2017 Steem Silver Rounds from @sevinwilson and recently added a nifty little 2 gram silver bar from a @steembay auction by @em3, but I feel like I need to up my game a little bit.
So what are the resources I should be looking at? I know there is this "spot price" thing, but are you supposed to be looking to buy for spot? Or is the premium for anything shaped/stamped/poured a given in the market? For now, it is mostly about accumulating some at around current market value, not about nifty designs. If it is all generic bars, I'm good with that if the price is right.
I recently read @phelimint's write up of why it is important to own Silver, which was a great inspiration, but doesn't really include where to purchase it. I started looking on ebay, but I have a hard time trusting ebay sellers, and everything seemed to be marked up that was being offered at a buy it now listing.
Any and all advice, pointers, links to good introduction posts, links to online markets that won't rob me blind, etc. would be very much appreciated!
Thanks for being here, and thanks for having a community that I believe supports one another enough to give useful advice to a total silver noob!
Looking forward to the words of wisdom!
Mike you posted to the right community. I’m sure that you will getvseveral answers. There are many very reputable dealers on line such as Apmex, JM Bullion, Provident Metals, Bullion Exchange, and more. There are a few places that offer a one time purchase of 10 oz. of silver at spot prices. JM Bullion, SilverGoldBull both still do. Otherwise for generic silver bars or rounds you will be paying anywhere from .49-99 cents over spot per ounce and that’s for generic. If you go into the more popular and we’ll know bars then the premium per ounce is higher. Hope this helped good luck
Thanks for the feedback! I will definitely be looking at some of these resources! awesome list!
silver510 got it right. Stick to reputable well known on-line dealers and buy what you like.
Vist ssg everyday for 2 weeks and you will have a shopping list as long as your arm!
silvergoldbull.com (or .ca) to start.
Stack ‘em up!
Yeah I intend to have @ginabot notify me of posts to this community so I can stay informed and learn from you all!
Hey Mike, Glad my suggestion caught your attention I think you are definitely making a smart choice to increase your diversification.
Sounds like you have also gave it some though on what to buy and just stockpiling generics is the way to go. Most places will list there stock by 'best price'/oz. You'd be best to concentrate on 1-10oz pieces. Although 100+ oz may be cheaper they are very illiquid and generally sell for much closer to spot.
You are right in assuming you can't find physical silver for "spot" and if you can for less than $1 over spot that's a great price. Generally spot +$1-2, is the standard price for physical, of course there's lots of fancier stuff.
As for where to buy, on of the big online retailers are usually best, I am in Canada and use silvergoldbull, they also sell in the US, but the 3 biggest are Apmex, JM Bullion, Provident Metals. Of course most of the small to mid ones are also great. Ebay should be reserved for more experienced buyers, there is alot of fakes on there.
Here's an old post from our website of where to buy silver. We also have a small 'learning center' there with some intro content. Please don't buy from us as an investor, we sell the fancy and more expensive stuff and cater more to that crowd.
Last but not least, I am planning to write and ongoing introduction to silverstacking series this week actually after some of the other reply's in my other post. Check it out and also please feel free to suggest any other questions someone just starting out may have.
Thank you for the link! I will definitely check it out when I have some time.
I did take a look at your store, and really like some of the pieces you have on offer, but as you suggest, they are fancier and probably not what I want to get in to just yet!
One of the questions I would love to have answered in your series of posts is "how to spot real versus fake" especially with online transactions. That's probably a tough ask, but would be inredibly helpful to new stackers!
Ah, I haven't really super looked into it at all... but maybe @goldmatters has a solution?
Check out the online retailers to see what is "hot and trendy" and what is cheap old bullion and watch the prices until you figure out what you like. Dont forget to find out if there are any coin shops near you too.
problem is I doubt local coin shops take bitcoin (Or SBD) as payment! hahaha. I will figure it out though. Right now I am just trying to get a little to hoard away for a rainy day, so while I might browse, I doubt I will be buying much local until I have a good grasp on where pricing should fall.
@mikepm74 This is a Good Place to start and I even bought this myself (Twice) because I have two separate addresses.....I have been around Silver since I was taking it out of change when I was a kid in the early 60's.
https://www.jmbullion.com/starter-pack/
Cool! I was looking at that, I wish it was a bunch of different rounds instead of 10 of the same thing. I guess beggars can't be choosers right? hahah. I think I may get this and the 10oz Silver Bull spot bar as a "good start". Thanks for the recommendation!
from the only legit discord group I've found about trading:
This guys calls have been impressive to me, lately. I'm on a free trial for their vip chat. I wouldn't pay what they're charging for vip, however, I've been very happy with the knowledge I've gained there even in the general, non privileged chat
Trying to see what he is charting here, but I can't get it zoomed enough with enough detail to know what you are looking at here. Sell the greed buy the panic is a common theme with crypto twitter. I have really sat back and let things happen lately, very few trades, just holding current positions.
I guess the question I would ask about this guy and his calls: is he reading the market and making good calls based on the trend analysis, or is he working a room where he makes calls that everyone flocks to so he can pump his own bags before dumping them on his followers.
There are more pump and dump groups then there are people legitimately sharing good information. And if someone is giving specific sell targets, there is a good probability that they sold right before that target was hit, and left the group to fend for themselves.
Nah, it's an educational group. No one is flocking, I've just been impressed by stuff he said. That's btc/usd so he's not gonna short his pump advice on that type of thing in that small place.. they make their money selling TA instruction. Too pricey for me. But lotta helpful knowledges. Market didn't take off like I hoped, but I still bought back in cheaper than I sold :)
A small win, and learning.
I wrote two articles on this specific thing!
Disregard the talk about mining shares!!
https://steemit.com/blog/@sevinwilson/ideas-for-investing-in-the-new-economy-ultimate-wealth-ideas
https://steemit.com/money/@sevinwilson/where-to-purchase-precious-metals-ultimate-wealth-ideas
People are opinion differ as these are just mine! I’m coming to your city in April and I may be able to get away and meet you at Local Coin Shop if you want to go! :)
Awesome man! Thanks for sharing these articles, I will definitely give them a read!
What an amazing coincidence! I hope to have some money in April to go shopping with! hahaha.
Buy silver or gold as close to spot as you can which are easy to resell in case of emergency. How boring they are but American Silver Eagles and Canadian Maples are the core of every stack. Or generic bars. In Europe you would buy Philharmonics or kilo Koala for instance. And if you have really little to spend per year you better keep it as cash.
meh.... buying a couple of ounces a month just to sock away isn't a terrible idea in my mind. Cash comes and goes. I have stock holdings in a 401k, I have a crypto portfolio that is over 10x my initial investment in just 6 months... precious metals seems like the next logical step to securing my retirement.
Thanks for the words of wisdom!
i want to invest some money. so i am looking for a believable coin. how about steemsilvergold????????
Great coin. Moon soon! Buy on Kucoin!
please tell me some more details. if i invest in this coin how much benefit can i get than others??????
dear @mikepm74 your good post...
i like your all post...
I look forward to every one of your #post..thank you so very much for #sharing..