As my ID states, I'm new to this

[NewtoPM]

It's funny, I told my wife about 5 years ago we needed to budget and buy gold and silver. We both thought it would be fun but WE NEVER DID ANYTHING about it. Every year since then we say we should start, again sadley never have. I missed the boat the other day when silver was in the 15 range so I went out today to buy......

So go 40 ounces at 18.20 plus the coin shops 60 cent mark up.....I had no clue there was a mark up, but thought as it still was under 19 I would go ahead and do it.....

So my first question is did I get hosed on the mark up (or even the price, maybe should have waited to see a decline??)

Second question, the place I went to had approx another 60-80 ounces in rounds, also had a 100 ounce bar...should I buy more or wait???

Agian very new to this, wife at this time was hesitent but I simply stated that we always kick ourselves so I was just doing it, she finally agreed....

Thanks for all your insight and help!!

[paker]

Welcome to the dark, and strange world of silver. :p

Paying a dealers markup for handling silver or gold is normal. It's usually based on what the dealer payed for the silver, and/or how much the market goes up and down.

I payed $18.50 plus a $.65 fee per oz the last time I bought silver.

Buying more always depends on one big factor.. how much money you can afford to spend for silver and still pay the bills, from my point of view anyway.

Good luck!

[JesterJay]

Since you are a Newbie I will be polite,
ARE YOU FREAKING NUTS?
Why would you wait?
We just saw the "big sell off" and the decline before "The Quickening".
I don't believe you are ever going to find a better time than NOW to buy.
The problem with waiting is that the next decline could be from $35 down to $32 in 2 days time. When do you think this next decline will be?
Just my HUMBLE and RESERVED opinion but, IF you had enough money to buy ALL the silver the guy had, YOU SHOULD HAVE!
Still want to wait?
'Scuse me- I GOTS ta go out and buy some Silver!!!
The time is now,
JesterJay


It's funny, I told my wife about 5 years ago we needed to budget and buy gold and silver. We both thought it would be fun but WE NEVER DID ANYTHING about it. Every year since then we say we should start, again sadley never have. I missed the boat the other day when silver was in the 15 range so I went out today to buy......

So go 40 ounces at 18.20 plus the coin shops 60 cent mark up.....I had no clue there was a mark up, but thought as it still was under 19 I would go ahead and do it.....

So my first question is did I get hosed on the mark up (or even the price, maybe should have waited to see a decline??)

Second question, the place I went to had approx another 60-80 ounces in rounds, also had a 100 ounce bar...should I buy more or wait???

Agian very new to this, wife at this time was hesitent but I simply stated that we always kick ourselves so I was just doing it, she finally agreed....

Thanks for all your insight and help!!

[beach miner]

You did good: The guy selling has to pay the bills to open the store, and 60 cents is a very, very fair markup. It looks like you have an honest person to do business with, as a new buyer this is of the utmost importance. Also as a new person to owning silver, be vary aware of the huge price fluctuations, you'll be happy as it rises, and down, when it goes down. Just look at a several year chart, (Silverseek, right hand corner, 5 year chart) and keep in mind that it steadily goes up, with some very large drops. It always recovers from the drops, and continues to keep moving upward. It might at times be tempting to sell the furniture to buy more silver--JesterJay might recomend it, but wive's nestinig instincts have to be consider. Stick to the buget, if you want more silver, skip going out for dinner, and use the money for more silver, or the movie, etc. Hope to see you at the Top of Hill, as silver keeps climbing.

[NewtoPM]

Thanks for everyones feedback....I do have some funds I can use to purchase more HOWEVER I think I may wait and watch........The place I went pulls the exact price at the moment of sale.... I think I may be able to purchase more at a slightley lower price..........It's very tough deciding to wait or just go for it but would like to buy some in the 15-17 range ;)

Thanks again!!!

[HAG2:8]

Living in Australia our retail situation is quite different. There are very few coin shops. But I wondered what size and type of silver you would recommend to someone such as NewtoPM, if say for example he had $100,000.
What would be your percentage allocation assuming storage was secure. And why do you seem to so strongly buy Silver Eagles? The answers to these questions would be helpful to NewtoPM and of interest to me.

[SilverFreak]

That is a very fair mark up. Here at my local shops in Canada they usually try to hit us with between 1 - 3 dollars above spot. I would buy all he had at that price if you can swing it.

I also wouldn't wait. Siver has now had like three days of increase and the next pull back sure ain't going to be 15 - 17 dollars. Not unless the shorts have something they can pull out of their a$$.




It's funny, I told my wife about 5 years ago we needed to budget and buy gold and silver. We both thought it would be fun but WE NEVER DID ANYTHING about it. Every year since then we say we should start, again sadley never have. I missed the boat the other day when silver was in the 15 range so I went out today to buy......

So go 40 ounces at 18.20 plus the coin shops 60 cent mark up.....I had no clue there was a mark up, but thought as it still was under 19 I would go ahead and do it.....

So my first question is did I get hosed on the mark up (or even the price, maybe should have waited to see a decline??)

Second question, the place I went to had approx another 60-80 ounces in rounds, also had a 100 ounce bar...should I buy more or wait???

Agian very new to this, wife at this time was hesitent but I simply stated that we always kick ourselves so I was just doing it, she finally agreed....

Thanks for all your insight and help!!

[SilverFreak]

I'm with you JJ,

I just purchased another 175 oz last night from Kitco. A 100 oz bar and 75 birdies. Can't wait to get them. Couldn't jump on the dip as soon as I would have liked. But I think I still did ok.


Since you are a Newbie I will be polite,
ARE YOU FREAKING NUTS?
Why would you wait?
We just saw the "big sell off" and the decline before "The Quickening".
I don't believe you are ever going to find a better time than NOW to buy.
The problem with waiting is that the next decline could be from $35 down to $32 in 2 days time. When do you think this next decline will be?
Just my HUMBLE and RESERVED opinion but, IF you had enough money to buy ALL the silver the guy had, YOU SHOULD HAVE!
Still want to wait?
'Scuse me- I GOTS ta go out and buy some Silver!!!
The time is now,
JesterJay

[JesterJay]

Uh, no. Don't put yourself in a bind. I said "if you had enough money". That assumes that all else in your world is right.
I would not condone borrowing money against the kids to buy silver. That didn't go over very well and I had to get a PT job to make up the difference when I returned the silver.:oops:
But seriously, after having spoken with my favorite dealer AGAIN today I am convinced we are in a serious crunch. This may be the beginning of the REAL shortage. And from here it only gets worse. I hope not, as I am not in the position I want yet.
Just bought 79 rounds at spot plus 55. Did very well as 20 of these were NOT quite perfect mixed Silver Eagles. I popped them into a roll when I got home. The others just generic rounds, but nice. I also picked up some gold to trade when the Eagles are available. I am fairly sure I will do better to hold GOLD than cash for the next week or 2 til Silver American Eagles are available in quantity.
I like the Eagles because I agree with Isreal Friedman. Wish I could meet him and Ted Butler. Even if just to shake their hands and tell them "THANKS!!!".
Spend it wisely- Buy Silver Eagles from the US Mint!
JesterJay



It might at times be tempting to sell the furniture to buy more silver--JesterJay might recomend it, but ... Stick to the buget, if you want more silver, skip going out for dinner, etc...

[DaveK]

I like the Eagles because I agree with Isreal Friedman.[...] Buy Silver Eagles from the US Mint!


I've been avoiding silver eagles because of the markup over bullion, they always seem to cost about $1.50 more than a similar non-eagle round.

I'm curious why silver eagles seem to be so popular?

Since I'm interested in silver primarily as a store of value against the possibility of a major currency devaluation, it may be that the features of the sliver eagles don't align with my interests. Or am I missing something?

[gypsybiker45]

I've been avoiding silver eagles because of the markup over bullion, they always seem to cost about $1.50 more than a similar non-eagle round.

I'm curious why silver eagles seem to be so popular?

Since I'm interested in silver primarily as a store of value against the possibility of a major currency devaluation, it may be that the features of the sliver eagles don't align with my interests. Or am I missing something?
Silver eagles are popular for that reason most of all!! in an economic collapse,some sort of standard and familiarity is needed,people would rather accept an eagle or silver maple leaf over a "Bob's Las Vegas Grill 1989" coin anyday, Eagles also represent quality.Generic rounds from less known sources will not be accepted as readily, try it, take an eagle and a sunshine mint round and offer them to someone who is ignorant of values in silver, and see which one they snatch.eagle every time

[beach miner]

Howdy DaveK: Eagles will always go for more, and they are well worth the premium. Just check out Ebay--it is a great place to see what the REAL Market Value is. Now check out what Morgan and Peace silver dollars are going for on Ebay. Morgan and Peace dollars are 1/4 the weight and 1/10th the purity of an Eagle, and they still draw a higher value in most cases. Just as rarity will drive up the value of silver, rarity will drive up the price of Eagles, I believe that they will become very rare in the future. A $1.50 an ounce premium now won't matter much if an Eagle is possibly over $100 + in the future. And if things go really bad, and you need to trade an Eagle for food or fuel, the vendor will gradly accept it over the other guys wheelborrow full of worthless Dollars, or questionalble rounds. Buy them now, cuz when they're gone their gone. Sarge: The Nome Beach Miner

[DaveK]

It is clear that in today's economy, with plenty of people willing to collect coins for their beauty and rarity, that eagles should have a premium beyond the silver content.

However, I don't expect that in a dollar collapse situation the beauty or rarity of circulating coins will add much value for most of the people I'm liable to want to trade with.

I'm sure that there are people who will always be able to pay for artistry and rarity, even in the worst collapse, but I think that I'll probably not be the person selling rare and beautiful coins to those people. I'll just be using it as common money, and I don't think that artistry or rarity will be a major factor in the street value.

I'm also wary that people who've been burned by massive devaluation of US government issued money aren't going to prefer a US coin that says '$1', no matter how pretty it is, over bullion that just plainly states what it is.

However, since there are people who will pay premiums for eagles, I'll see about adding some speculatory coins to my collection. Always good to have some diversity.

[chux03]

"Morgan and Peace dollars are 1/4 the weight and 1/10th the purity of an Eagle, and they still draw a higher value in most cases."


WHAAAAAAT??? That is incorrect!! They are 90% of the weight of an Eagle and if they're stamped .999 Fine silver, they're JUST AS PURE!!! The ONLY thing higher buying an Eagle is the premium...

Tell you what. Let's reverse the above example and say you had an Eagle (presently quoted at $21.02 each @ Sunshine Silver dot com) and that Sunshine* round (presently quoted at $19.64 each at the same place) and you're asking THOSE IN THE KNOW about silver and I don't care how many. Now ask these folks which one they'd take IF THEY HAD TO BUY EITHER ONE. I'm betting the Sunshine round will win ALMOST every time. You can keep your expensive Eagles...

www.coinfacts.com

* If I'm not mistaken I can prove that too. Sunshine silver manufactures the silver blanks that they sell to the U.S. mint so they can stamp out Eagles, so:
THERE IS ABSOLUTELY NO QUALITY DIFFERENCE BETWEEN THE EAGLE AND THE SUNSHINE ROUND!!! But there is a price difference of almost $1.50, the Eagle costing more. On one coin, who cares? On hundreds of coins I bet you would. Here's the proof, just scroll down:

www.sunshinesilver.com

"The one ounce silver blanks used in minting the Sunshine
Silver Eagles are the same used by the United States Mint
in minting the American Silver Eagle Silver Dollar Coins"

[Irons]

Just watch out for fake eagles and morgans, they are out there.

http://forums.silverseek.com/showthread.php?p=1535#post1535

http://forums.silverseek.com/attachment.php?attachmentid=4&d=1202006860