suggestions on purchasing SILVER for the first time

[Naptown]

Right or wrong, I would like to purchase some SILVER today. I have been checking out AMPEX online and feel comfortable making a purchase from them. What should I be looking at if I want to spend $1K. I like the coins, 1 oz bars, maybe some 5 oz bars. What's the difference between Canada and US mints? Is there anything specifically that I should or should not look at? I am doing this as a long term investment, but might consider selling in a year (but would probably hang onto longer). I also think that I would dollar cost average and buy more within the next couple of months with the same amount (maybe another $2K). Please help.

 

[snorko]

Silver is down significantly from a week ago. If I were to spend $1,000 today, I would buy two 10oz bars. I can buy these locally for $1.00 above spot versus $2.00 above spot for 1oz Eagles. You should be able to buy local cheaper than on line

There is an INGO sponsor "something Dutchman" in Indy who is known as a reliable dealer.

 

[Brown]

The Cheapest option should be pre 1964 coins or junk silver. most coin shops locally will have them or can source them. Next cheapest is Rounds made by private mints. Some people dont care for these because they are not "certified" by a govt agancy for their weight and purity. Personally i dont buy into that and buy both rounds and bullion minted by govt's

The eagles or maple leaf or Philharmonics types are minted by misc govt's and therefore typically carry a premium for their know characteristics (sp). sometimes fairly high premiums.

Bars are good also because they usually carry the same premiums as the rounds.

APMEX is a good company. I have purchased from them with no issues in the past. They were a advertiser on this site when I first started buying from them.There are a LOT of companies online to buy from.

Depending where you live in IN you can visit Silvertown Mint in Winchester IN and buy directly from a Mint.

If you are looking for the cheapest source go with junk silver at a local shop with the lowest premium over spot. Do get an idea on what the melt value of the junk silver is before you buy visit coinflation.com

 

[muncie1]

Perosnally I would stick to U.S. coins. IMHO, They are easier to recognize by people who do not collect a lot of silver. So if you need to do some trading people may be more willing to trade for coins than silver rounds.

I also think you should go to coinflation.com and use the silver calculator to see how much you should pay for the coins. A lot of people have the false impression that a morgan or peace dollar is 1 oz of silver which is incorrect.

Just my opinion.

 

[Naptown]

Looks like silver is ON SALE today! I'm still trying to find the right form to buy...

 

[XtremeVel]

Right or wrong, I would like to purchase some SILVER today. I have been checking out AMPEX online and feel comfortable making a purchase from them. What should I be looking at if I want to spend $1K. I like the coins, 1 oz bars, maybe some 5 oz bars. What's the difference between Canada and US mints? Is there anything specifically that I should or should not look at? I am doing this as a long term investment, but might consider selling in a year (but would probably hang onto longer). I also think that I would dollar cost average and buy more within the next couple of months with the same amount (maybe another $2K). Please help.

If I were to buy right now, I'd buy 90% dimes, quarters, and halves... I would stay away from anything with a premium such as the older dollars and Eagles.

With silver falling over $14.00 an ounce the past week or so, I'm not sure I'd be either selling or buying now as radical as its moving.

 

[Naptown]

If I were to buy right now, I'd buy 90% dimes, quarters, and halves... I would stay away from anything with a premium such as the older dollars and Eagles.

With silver falling over $14.00 an ounce the past week or so, I'm not sure I'd be either selling or buying now as radical as its moving.

It wouldn't let me rep you, so - Thank you.

This is got my attention. I'm still looking to buy, I'm just really watching it now after today's loss!

 

[edsinger]

I still think its a buy, and when I do, it will be junk Silver, Dimes, Quarters, and Halves.

 

[XtremeVel]

It wouldn't let me rep you, so - Thank you.

This is got my attention. I'm still looking to buy, I'm just really watching it now after today's loss!

YQW !

I like watching here... Not so much for the hourly spot price, but rather using their historic charts and seeing how it has trended.. The last 30 days has been crazy... Exploded up to $49.00 an oz just last week and to dropping down to just under $35 as I type this.

Click here: 24-hour Spot Chart - Silver