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!
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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.
I always look for sterling silver first at every thrift store, occasionally I'll find something.
Be careful of their labeling... thrift store employees are often quite stupid about such things and "sterling silver" can mean anything from silver plate to a dull metallic thing that looks "silvery." Make sure to read the item to see if it is marked / stamped Sterling Silver. Bless their hearts, they mean well, but people that work at such places are often not very bright.
I'm great at mint marks, I've actually removed silver using acid and electricity. It was a fun experiment but I definitely understand why it's not very lucrative now.