How to and where to purchase Precious Metals

[G-khan]

I started this new forum so newbies that want to buy PM's could find the info on how and where to do so... This post is a sticky and will stay at the top.

Please reply to this thread your info on how to buy and where to buy.. :wavey:

If you see any threads that should get copied or moved to this forum let me know and I will do it...

[silverwood]

Places I look to buy gold and silver;
Try placing an advertisement in your local newspaper ie. coin collector buying old coins yady yada.....
Try asking the local bank tellers if they have old coins or find old coins you'll buy them.
Ebay and yahoo auctions,estate auctions
coin dealer/ precious metal dealers
local pawn shop

[Newgold]

Hi
Have read your forum with interest for a while now out here in the UK. All I can say is you guys over there don't know how lucky you are with the wide range of outlets you have for buying gold and silver and the prices are rock bottom. Here in the UK basically you pay over the odds or forget it......how I wished I was across the water.
My question is have any of you folk come across sites which do ship to the UK? I am looking at loading up on silver and have a monthly budget of around 600-700 dollars but I am struggling to find anyone who will deal with UK at a realistic price.
Anyway great forum :aetsch:

[Silverity]

I live in the United Kingdom, so reply mainly for the benefit of British/European readers.

Places to get gold:

http://www.taxfreegold.co.uk
http://www.goldline.co.uk

Places to get silver:

http://www.24carat.co.uk/silverbullionbarsandcoins.html
http://listings.ebay.co.uk/aw/plistings/category3361/index.html?from=R11

Silver attracts a high premium due to sales tax (VAT) of 17.5%. In fact, one could buy slightly cheaper from the USA even after shipping and excise duty. I have bought from both the UK and USA.


Happy buying,

Silverity.

[Ageka]

In Belgium you can walk into any exchange office and get your gold 4.5 to 5 Euros above spot
The cheapest post order house I have seen is in Austria ( look at those prices )

http://www.muenzshop.at/

AGK

[lhslancers]

I found a local coin guy whose family has been in the business for forty years plus. Cash no paperwork and 35 cents over spot for 90% silver. He says he has it all the time. Is this about the best I could expect to find price-wise? I'm a little underweighted in the physical and want something that I will not be tempted to play with. any thoughts on this dealer?

[Dissipate]

I live in the United Kingdom, so reply mainly for the benefit of British/European readers.

Places to get gold:

http://www.taxfreegold.co.uk
http://www.goldline.co.uk

Places to get silver:

http://www.24carat.co.uk/silverbullionbarsandcoins.html
http://listings.ebay.co.uk/aw/plistings/category3361/index.html?from=R11

Silver attracts a high premium due to sales tax (VAT) of 17.5%. In fact, one could buy slightly cheaper from the USA even after shipping and excise duty. I have bought from both the UK and USA.


Happy buying,

Silverity.


17.5% tax on silver and gold?! Holy smokes! Thank god I don't pay any tax on eBay. All I worry about is shipping costs.

[Ageka]

17.5% tax on silver and gold?! Holy smokes! Thank god I don't pay any tax on eBay. All I worry about is shipping costs.

No tax on investment gold ; only on silver
Definition of investment gold 900/1000 or better ; legal tender in some country; price over gold not more then 60 %
AGK

[Ageka]

I live in the United Kingdom, so reply mainly for the benefit of British/European readers.

Places to get gold:

http://www.taxfreegold.co.uk
http://www.goldline.co.uk

Places to get silver:

http://www.24carat.co.uk/silverbullionbarsandcoins.html
http://listings.ebay.co.uk/aw/plistings/category3361/index.html?from=R11

Silver attracts a high premium due to sales tax (VAT) of 17.5%. In fact, one could buy slightly cheaper from the USA even after shipping and excise duty. I have bought from both the UK and USA.


Happy buying,

Silverity.

Where did you buy in the US and what did you pay for shipment ( by boat ? )
AGK

[Silverity]

Humm, let me dig up the data ...

I bought the Engelhard 100oz from www.silvertrading.net late last year and paid 55 cents per oz for freight.

I had to buy a minimum of $1000 worth, so freight was about $110 at the time.

Note that UK customs MAY slap on excise duty of 17.5% PLUS an extra few % to collect the duty.

I wish I lived in America!

Regards,

Silverity.

[Silverity]

Oops, that was TWO Engelhard 100oz bars I purchased.

Silverity.

[Ageka]

Oops, that was TWO Engelhard 100oz bars I purchased.

Silverity.

Thanks
I read they now want a minimum of 500 ounces and there is of course still the shipping cost and the VAT

[LABBIO]

You can buy and sell at Goldpirate.com it is a free auction site with good buys. I have been sucessful there.

[Silverity]

FWIW, the custom and excise still haven't asked me for the VAT money several months later. Doesn't mean they won't.

:)

Silverity.

[Joejeweler]

As i mentioned on another post....my local dealer has been very fair and stocks a lot of different gold/silver items, most often in quantity. He has always met my needs and expectations for over 25 years.

Ferris Stamp & Coin Co.
114 Central Avenue
Albany, New York 12206
Phone (518) 434-3860
Owner Wendell C. Williams

[WhiteGold]

Hannes Tulving has spoiled me on prices and free shipping ( http://tulving.com ). The only problem is that he keeps raising his minimum purchase amounts (Tulving used to sell smaller amounts and even sold on ebay at one time). A good example is that this month, I want to buy gold, but I only have around $2500 to spend. He requires a minimum purchase of 10oz. which I can't afford right now...........so I either wait another month or buy somewhere else at a higher price. Spot price is now $396.10/oz and in my opinion, a good time to buy.................. 'course there's always that happy happy silver.............



WhiteGold

[lhslancers]

I think CNI has a 1k minimum on gold. Their prices are not bad and when I had to sel they sent check quickly and are very upstanding guys. If they say you can send something back you can believe it as I returned merchandise and they gave me zero hassles. Good businessmen.

[WhiteGold]

Hannes Tulving has spoiled me on prices and free shipping ( http://tulving.com ). The only problem is that he keeps raising his minimum purchase amounts (Tulving used to sell smaller amounts and even sold on ebay at one time). A good example is that this month, I want to buy gold, but I only have around $2500 to spend. He requires a minimum purchase of 10oz. which I can't afford right now...........so I either wait another month or buy somewhere else at a higher price. Spot price is now $396.10/oz and in my opinion, a good time to buy.................. 'course there's always that happy happy silver.............
WhiteGold


Dang!!!!!!! Tulving just raised his minimum gold purchase to 15 oz!! That freakin' sucks......................................

WhiteGold

[PONCE]

I found a local coin guy whose family has been in the business for forty years plus. Cash no paperwork and 35 cents over spot for 90% silver. He says he has it all the time. Is this about the best I could expect to find price-wise? I'm a little underweighted in the physical and want something that I will not be tempted to play with. any thoughts on this dealer?



I to buy from a coin dealer at .45 over spot and no tax....... stick to silver instead of gold, unless you are planning on moving somewhere.

[lhslancers]

Let me ask you what happens on the back end of the trade. If pie in the sky does come to pass can you imagine how you would sell? Even a small investor with say 2000 ounces. Do you think a dealer is going to sit down and write you a check for 200k? Are you going to mail it across the country and hope you get a check? I don't think the dealer I spoke about would be a high bidder for metal he might get stuck with in a spike. Has anybody really thought about closing out this investment?

[Newgold]

Let me ask you what happens on the back end of the trade. If pie in the sky does come to pass can you imagine how you would sell? Even a small investor with say 2000 ounces. Do you think a dealer is going to sit down and write you a check for 200k? Are you going to mail it across the country and hope you get a check? I don't think the dealer I spoke about would be a high bidder for metal he might get stuck with in a spike. Has anybody really thought about closing out this investment?

Exactly....where will we be with all our silver oz's and when the price hits big time...who is going to buy it?? Will the first few lucky sellers get the price whilst the majority will be left holding the silver hoard waiting for the next big rise. The shortage of silver is going to have to become so acute that dealers will be begging us to part with our silver. I somehow worry there will be a lucky few. I am thinking of switching to rare coins for my investement

[hoarder]

Exactly....where will we be with all our silver oz's and when the price hits big time...who is going to buy it?? Will the first few lucky sellers get the price whilst the majority will be left holding the silver hoard waiting for the next big rise. The shortage of silver is going to have to become so acute that dealers will be begging us to part with our silver. I somehow worry there will be a lucky few. I am thinking of switching to rare coins for my investement
When TSHTF, numismatic value will be the last thing on anybody's mind.
First of all, we don't know that the spike will be a short blip or a gradual rise, nor do we know what it will fall back down to. There are different mechanics at work than there were in 1980. When it drops back down after the spike it might still be $20 or $30 an ounce, which is better than numismatics will do, espescially if the political/economic climate is a little spooky as it appears it will be.
One thing the older dealers on this forum have demonstrated is that buyers come out of the woodwork during a spike. There will be a lot of individuals other than dealers to sell to.
Another thing to consider is that this time we have the internet so we won't be dependent on the "mainstream" media to tell us that it was all the Hunt's fault and silver is worthless. We will be able to exchange ideas here and get a much better feel for the market than we did in 1980.

Ponce and lhslancers,
Most of the 90% I bought from a local dealer I got at around spot to 15 cents above. You might be better off driving a little farther.

[Bullionaire]

Let me ask you what happens on the back end of the trade. If pie in the sky does come to pass can you imagine how you would sell? Even a small investor with say 2000 ounces. Do you think a dealer is going to sit down and write you a check for 200k? Are you going to mail it across the country and hope you get a check? I don't think the dealer I spoke about would be a high bidder for metal he might get stuck with in a spike. Has anybody really thought about closing out this investment?

As with any "Hot Item" whether it be Tulips, Hot Stocks,Superbowl tickets, Gold or silver....the key is to sell it into a frenzy for it; it is simplistic to say "no-one wants to be left holding the bag." Back in 1980-81 eveyday the news pounded gold-silver stories....that is what really created the bullion industry as it exists today......do not put your life savings into anything, just use speculative money.....silver was $4.10 a couple years back...we have had a 65% move since to $6.75....I personally dream of $10-$12.00 silver. $50-$100. an ounce makes for an easy salespitch...but..JUST WHO other than the last people on board is going to buy it???

[lhslancers]

Bullionaire there are those that would tell you to put your life savings into us dollars is speculating at this point. Tell you the truth if all I thought silver would do was 12 bucks down the road I'd be trading the nas double index funds up and down. Since you were in the biz what is your take on this? Say silver goes to 50 bucks and you take your mint box of 500 us silver eagles to your boy in upstate NY. Is he going to buy them right then and there? Or does he go into the back room and call some of his dealer friends and try to put something together where you get some money when he gets rid of them?

[Bullionaire]

Ihslanders...no one knows where we are heading....what is for sure is that it is a world problem....there is so much more inter-dependancy world-wide than even 25 years ago......we as a world, are pretty much in the sinking boat together....the dollar may be worth less, and it may be the grand scheme of things that it is de-valued, but THEY sure do spend well.....WORLDWIDE. I just hate the touts talking of $50.00-$100.00 silver...folks, there is NOTHING rare about silver.......period. We are seeing a possible short squeeze in the comex...you can bet your last De-valued dollar, peso, lira, franc, or for you Trekkies " Goldlatinum credits"; that once and if silver makes a pretty good move, and the COMEX changes it's rules...silver will resume it's value as highly promotable "poor man's gold"....IN ANSWER TO YOUR QUESTION a lot of smaller dealers unless "well connected" ( good bank line of credit ) will simply not be good buyers....I remember a mini silver run-up in the mid - late 1980's I believe, there was no huge bullion activity at the time ...silver went up a few dollars in one day on the comex for no apparent reason.....went from ( memory a little foggy on this ) seven and change to nine and change one afternoon...the big guys were not buyers of the physical at that level.....some of my competitors simply told sellers to wait " till tomorrow, we have bought enough for now" well you know what happened....market openned at SIX and change next day....I never did pursue a reason for what happened, looking back it was probably a classic paper Comex squeeze......hope my rambling of past helps....best thing with ANY investment is do not be on that " last bandwagon leaving Dodge"....GLTA

[hoarder]

In 1980 we didn't have anything like this:

http://www.bulliondirect.com/nucleo/showProducts.do;jsessionid=8A7CAC38CF405021863F630 9AB0B84AB

to buy and sell silver. I like to watch it to see how actual everyday buyers and sellers react to spot prices.

Bullionaire,
During the last run, where there a lot of private buyers around, putting buy ads in the classifieds etc.?

[Bullionaire]

[QUOTE=hoarder]In 1980 we didn't have anything like this:

http://www.bulliondirect.com/nucleo/showProducts.do;jsessionid=8A7CAC38CF405021863F630 9AB0B84AB

to buy and sell silver. I like to watch it to see how actual everyday buyers and sellers react to spot prices.

Bullionaire,
During the last run, where there a lot of private buyers around, putting buy ads in the classifieds etc.? HOARDER...AT THAT TIME it was on the boob tube and paper almost daily....Coin Dealers, hotel buyers, and pawn shops advertised extensively TV, Radio, newspaper, billboards,even saw banners on city buses....a little ad in classified probably got lost in the shuffle....these are different times with internet....bulliondirect is a different wrinkle...I would want to know how they are business licensed....SEC? what protection do they offer? are they acting solely as a go between taking a commission? I see the possibility of all kind of internet abuses possible.....I always like knowing who I am dealing with and that they are good funds.......In business I dealt with a solid company who wasn't always the high buyer; BUT I did not worry about payment....weak companies that always were high buyer ended up preying on the "prostitute seller"....
GLTA

[hoarder]

Bullionaire,
I don't know all the answers to bulliondirect. They are here in Austin, Tx and I have bought and sold silver there, as well as received payment for silver sold. I have personally met the owner and have no reason to dislike them.

It does look like there is potential for abuse, and I don't know the legal/insurance structure of his business. I would not leave metal there long term as some do, just because I'm a distrustful kind of guy.

When I get ready to sell, I'd rather sell to an individual with deep pockets for a little below market than to risk getting shot at trying to squeeze the last dime out of the transaction as I might do on a real estate deal.

[Bullionaire]

Bullionaire,
I don't know all the answers to bulliondirect. They are here in Austin, Tx and I have bought and sold silver there, as well as received payment for silver sold. I have personally met the owner and have no reason to dislike them.

It does look like there is potential for abuse, and I don't know the legal/insurance structure of his business. I would not leave metal there long term as some do, just because I'm a distrustful kind of guy.

When I get ready to sell, I'd rather sell to an individual with deep pockets for a little below market than to risk getting shot at trying to squeeze the last dime out of the transaction as I might do on a real estate deal.

HOARDER...you sound like my kind of guy....protect your ass....no one else is going to.......

[knowgold]

I have created a site called http://www.knowgold.com.

I started making pages for myself to find gold and silver easier on ebay. My goal is to allow the user to be able to buy gold anytime anywhere via my site.

So far I have US ebay items, which is the bigger market. But soon I will expand into international ebay sites and list some of the big bullion dealers on the site.

You can buy Gold and silver off ebay I try to make it easier.

KNOWGOLD