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AndyC wrote:Ok, I'm not an expert but here's what I've learned in buying silver for a few years:

Spot price: this is the actual dollar value of your metal. You'll pay a slight bit more than this (called the premium or 'above spot') if you want to buy actual bullion - this is because it costs the dealer to make molds, pour the metal and market their wares as opposed to merely trading in paper stocks. For silver bullion, $2/oz above spot is normal - anything less than $2 is a good deal, but you'll often see far higher than that, too, for specialty-runs eg. collectibles such as pure silver "pirate" coins, etc at $5/oz above spot. Example: the silver spot-price might be $18.00 per ounce - but you'll be buying silver bullion at $20/oz; this is normal.

Some people buy bullion to try and make a profit (well, who doesn't like that?) - so be aware that when you go to sell your silver, the buyer will typically pay you a few dollars UNDER spot - so if you're trying to make a profit, you'll have to wait until the price is at least $4/oz more than you paid to account for $2 above spot when you bought it and $2 under spot when you sell it.

Others like me are more focused on having what amounts to hard currency in their hands away from the electronic numbers stored by banks or simply a hedge against inflation.

In Texas there's no sales-tax on buying bullion - and many places offer free shipping if you buy over $100 worth of metal.

Gold/silver ratio: https://www.providentmetals.com/knowled ... ained.html

Silver (and gold) spot-price ticker: https://www.bullionvault.com/silver-price-chart.do

All of the above is staying away entirely from the subject of numismatics - coin scarcity. That's a whole other world I'm definitely no expert in or have any interest in.

rotor wrote:Just got one of those flyers from my accountant. Profits from the sale of bullion and coins is taxed differently than profits from stock. I know you are all talking about the end of the world scenario but realize that if the world doesn't end uncle sam will hit you hard on profits if there are any. Talk to an accountant before putting big dollars in this. If you keep hearing that silver is selling for half of its high routine therefore you should buy, I wouldn't.
Now guns and ammo, you can hold in your hands.

talltex wrote:The spot price is based on the commodities market and varies daily from hour to hour. The price dealers charge to buy and sell generally varies according to the amount you are purchasing or selling ,and the business history you have with a particular dealer. There is no set price over or under...depends on the deal. The smaller the size and amount of the bullion you are buying, the higher the premium will normally be. I have bought and sold metals since back in the late 70's before Nelson and Bunker Hunt tried to corner the market. On one ounce bullion coins you will pay a higher premium than on 10 ounce bars and the premium on 100 ounce bars is lower still. The dealers I did business with would generally pay me spot on 100 oz. bars and sell to me at $1.00 over...a lot less work for them to sell 5 big bars than 500 one oz. rounds...just handle one sales invoice and one check in 5 minutes, so they are willing to take a smaller margin. Now days, the safest small bullion coins to buy are American Eagles from US mint, and Mexican Libertads from APMEX. Both are certified and widely recognized and carry a higher resale value on the secondary market. Bags of "junk silver" (pre 64 US dimes, quarters and halves are probaly the best to hold if you are looking for silver that can be easily bartered in a economic collapse scenario.

AndyC wrote:

bblhd672 wrote:Does Provident Metals have a storefront or do they only ship?

I don't know - I've only ever ordered online from them, but they have a big corporate office just off Dallas North Tollway roughly midway between George Bush and 635. I have a vague recollection that one could order online and ask for it to be held at that office for one's collection in person.

Dadtodabone wrote: Thu Oct 20, 2016 4:37 pm $3 dollar silver by 2018 if Trump is elected.

Grayling813 wrote: Wed Jul 15, 2020 11:10 am You guys buying gold/silver today....what's your recommendations for getting started converting cash to gold/silver? Size, types, etc?