I’m a newbie to buying precious metals, in fact never have. I have 5k cash saved that I have been keeping out of the bank for obvious reasons. Now I’m looking to buy silver and gold. There’s so much info out there it’s hard to tell what’s real or not and makes my head spin. I live in Northern Virginia. Any anons out there in my area know the best place to buy these metals? I’ve also seen there is different types of silver and gold, so which is the best to buy? And where can I look to see the current “spot” (still a little unsure about what that means) price? Any help would be greatly appreciated for a young(ish) 30 year old guy who knows nothing about this topic!
You're viewing a single comment thread. View all comments, or full comment thread.
Comments (26)
sorted by:
I don't know about northern Virginia, but here in Tennessee, you pay NO sales tax on gold or silver. There is a coin shop here in east Tennessee that I frequently buy small silver bars, silver rounds, and pre-1964 US coins (dimes, quarters, and half-dollars), which are 90% silver. Over the years I have amassed a decent stash of silver this way, always paying spot-price plus 5%. I also occasionally find silver Morgan dollars at places like gun shows and antique shops and pick them up if the price is right. By "price is right" I mean I will pay 20 times face value for such pre-1964 coins.
I love junk silver, as much as I'd love to hold a 100oz bar I don't want to be handed an IRS form later if I sell it.
I don't hold silver as an investment to trade later, it is ONLY for in case of currency collapse so I can buy things when money is useless. I advise all people to take that approach.
This is why I love junk silver, I can count out enough Mercury dimes to buy something, good luck trying to saw off an ounce from a kilo bar.
Actually the "bars" are 1-ounce (troy ounce) ingots, so much simpler to trade and get change in the form of silver coins. Also something to consider... if you have elderly aunts and uncles and relatives who aren't using their sterling silver (tea sets, flatware, etc.), ask them if they will bequeath it to you. The melt value of sterling silver will one day make such items priceless. Don't fool with silver plate, it costs more money to obtain the minute amount of silver there than it is worth... sterling only. I have the sterling silver from two different households of relatives who have gone to their reward, they gladly gave the sets to me, thinking no doubt that I would use them for entertainment and dinners etc. NOPE!! They become a silver hoard that I can tap into if TSHTF.