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Buying Silver Advice

I got a few questions when it comes to silver buying. Do coin shops buy pure silver at market price? I had recently purchased silver custom coins and a 1 oz. bar for $2 above market price. I do plan on investing in silver but I want to know am I getting a good deal here or is there a better way?



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Advice?

Keep it.

Several years ago I gave a buddy 3 silver oz rounds in exchange for a $50 treat. The silver I gave to him was worth about $17 per oz at the time. Well, that guy still has those 3 silver rounds that I traded to him and now they are worth $105.

Not a bad little profit considering that my original trade to him was only for $50. He's now made an extra $55 in profit just by holding on to them.

So the advise is keep it. It WILL go up. Now, it may not go up very quickly. But if you hold on to it for 5-10 years, you will make a NICE profit off your silver purchases. Plus, coin collecting is a fun hobby.

But to answer your question.. the shops will buy it from you at a cost. Remember, they need to make a profit too. So if for example, if spot is $30, and you buy an oz for $32, when you go to the coin shop to sell, he needs to be able to sell it for a very similar price. So he will offer to buy it from you for a little bit under spot -- therefore when he sells he still makes money. So he might offer to buy from you at $28 or $29.

If you want to sell for spot-plus, the only way to accurately sell would be Craigslist or Ebay. Those are about the only places that you can sell and still obtain the spot price.

Not to mention, if you sell your silver to a coin or pawn shop -- most of them will collect your drivers license information and/or a finger print that will be then sent away to your local police department to hold on to just in case anyone reports stolen or lost metals.

Personally, I don't want the cop-shop to get papers with my name on them so I try to avoid selling to shops.

You guys think that the .999

You guys think that the .999 pure silver 1 oz bars and custom coins I bought could be traded in for market price at any pawn/silver dealer? And the dimes, what is the type I should go for? Does anyone know how much coin shops and pawn places will offer on non-currency silver? Finally where is the most reliable source for silver prices on the net? Oh I'm a Georgia resident by the way.

the first type of silver you

the first type of silver you should buy is pre 65 90% US silver dimes. Buy as many as you can. I'm not sure what they are going for.. 3.50 to 4.00$ . Buy as many as you can.

What is so special about this

What is so special about this coin?

Nothing. I fully respect

Nothing.

I fully respect the opinion of Sierrahpbt, but I personally don't necessarily agree. Sure, there is nothing wrong with junk silver. The silver quantity is guaranteed by the U.S. Government and in the event of a crash, holders of smaller U.S. silver coins would be able to easily trade a dime or quarter to a farmer in exchange for milk or eggs.

But other than that reason, they just take up space. Remember, Silver is only worth the cost of silver - REGARDLESS OF THE FORM THAT THE SILVER IS IN.

So buy bars, junk, rounds, loafs, bb's, -- Anything you can get your hands on.

And when you get enough of the junk, you can try stuff like this:
http://www.abovetopsecret.com/forum/thread810904/pg1

Check out the little silver bars I made just this week:
http://s10.postimage.org/c7i2hrb3d/SAM_2009.jpg

What I would do

Man I'm paranoid. Let me put it this way. I have a friend that buys silver. My friend just buys silver rounds meaning it's a 1oz silver coin that can say anything on it like Happy Birthday Grandpa (and some do). He says it's a $1.50-$2 over spot price.
Another thing to consider is junk silver or 90% silver. Those are dimes, quarters and half dollars minted prior to 1965 (coinflation.com). Again, that's gonna be about the same, $1.50-$2 over spot.
Then there's Govt issued silver coins like 1 oz Eagles. They are at a premium over spot. Not sure how much over because my friend doesn't buy it.
You really can't go wrong with any option.

My friends preference is to buy 90% silver because it's govt issued, easily transported, easier to hide (because uneducated people think it's just regular change). Next he'd buy any silver round because I can get those cheaper than Eagles. Finally, it's 1 oz , Maple Leafs, any govt issued 1oz rounds. They're last because of the premium put on them. They may be easier to sell, however, but if the SHTF he thinks any silver is gonna be welcome.

You can also check Kitco or gainsville coins that you can look at to see what they are selling there. My friend buys his locally with cash so there is no paper trail.
Hope that helps. If not, ask more questions.

selling

It's been my experience that, as with gold, shops usually charge the same amount over spot when you sell American Eagles as when you buy them. If you buy a coin for 32 and 2 of that is the over spot amount, then usually you could sell that for 28. Government minted coins are easier to sell for the shop so the rounds may change the value slightly.

I guess I'm not alone

You can also call my brother, Kenny

tell him the biggest Ron Paul supporter told you to buy silver from him for $1.50 over spot! http://www.goldbuyerohio.com/
he will send it to you (440) 951-2274