I'm a stacker. I'm constantly looking at silver and gold prices, the spread, inventories, premiums, derivatives in SLV, etc, etc.
The obvious trend since SVB went down was a move to towards safer assets, let it be a "too big to fail bank (lol)", government securities (lol), and precious metals. Premiums on 1 oz silver rounds (generic) are nearly $5 anywhere you look. My local coin shop (LCS) was charging $4.75 per ounce over spot on generics, which is actually lower than the vast majority on JM bullion and SD bullion.
With silver spot being 24.25 as we speak, a $5+ premium is nearly a 20% premium on the price. Higher premiums almost always mean high demand and low supply. Inventory on the comex is dropping at a pretty staggering rate (277 million oz left) and the entire comex could be drained with a mere $6.6 billion dollars.
My LCS said it's been insane since the banks began to fail. Way more buyers than sellers.
The price of silver specifically has been artificially suppressed by the big banks through derivatives and artificial contracts traded amongst the big banks. As inventory continues to drain, the dollar falls, BRICS grows it's membership, and uncertainty remains, precious metals SHOULD skyrocket.
Ultimately, I don't invest in PMs are a get rich quick scheme, but they really are a great store of value. Not investment advice, but holding silver and gold, while you can still get it, could be an answer to rapidly rising inflation.
Where do you buy silver coins?
I bought mine at https://www.jmbullion.com/silver/
Depends on where you are, but search your local area for a silver dealer. If you’re in Canada I’d do a search for a Royal Canadian Mint authorized reseller, or you can go to a major bank (and pay a premium). I’m sure most countries have something similar.
silvergoldbull.ca, colonialacres.com, canadianpmx.com, thecoinshoppe.ca
For the leaf stackers
There are pros and cons for where you buy. If you buy online you will have to use a bank account or credit card to make the purchase (with a large fee added to CC purchases), that of course is all traceable, so whatever you purchase will be known. If you buy from a local coin shop (LCS), you can pay with cash and remain anonymous. The problem I have with my LCS is... I only have 1 near me (other than pawn shops, but those are usually ripoffs). He has the best prices but very little selection. He usually never has what I am looking for. I will go in looking for gold and he will only have silver rounds. Sometimes he doesn't even have much of that. But he is typically considerably cheaper than the online guys (and non-traceable!). And you get to leave with your metals. Online stores can take a week or more to ship out your purchase and then you have to be home to sign for it.
The online stores have a huge variety and usually have stuff on sale. I (unfortunately) usually end up going there to make purchases, because I can put in an order 24/7, I can buy as much as I want and almost always exactly what I want.
I put in an order when the bank failures started a couple weeks ago and when I got my order, the package had been opened and silver was missing! I had to make a police report and hope that everything gets resolved :/ This is a major drawback to ordering online, but everything is insured by the seller, so now I am just waiting to see what happens. I have made many orders in the past, and this is my first issue like that. I really hate a thief!
Ya, I don't rly wanna buy online...no trail. So just search for local coin shops near me? Pawn shops last resort?
Yes, look for "coin" or "bullion". Find some local places and give them a call, you can ask over the phone what they are selling "silver rounds" for.
Most local shops are very friendly and should be willing to talk to you. Now, they might be a little short with you over the phone if they have customers in the store, so ask when you call if they have time to talk or what would be a better time to call. But you should be able to get a feel for the dealer, if they sound trust worthy or shady. There are shady dealers out there, that is why I say call around and get some prices. And prices do fluctuate, so you might not get the same price when you actually visit the store (spot price went up over a dollar yesterday!) and the premiums they charge go up as demand goes up. (the premium is the price they charge above the spot price). Right now spot price is around $25 and a typical premium is around $5 per ounce for generic rounds. The premium on silver eagles is $10-$14 above spot right now, so I would not recommend eagles - you will get more for an eagle than a generic round if you were to sell, but it will take a long time to make up $14/ounce!
I would recommend calling around (call the pawn shops too, you might find one that is reasonable, but they are typically $5 or more, more expensive than a LCS). See what the prices are, look at the online stores (JM Bullion, SD Bullion, etc.) and see how their prices compare. Usually your LCS will be a dollar or 2 cheaper than the online stores.
And then chose a couple stores to visit in person, get a feel for the dealer. They are usually like minded, patriots... willing to spend some time talking to you, explaining how the precious metals market works.
Check out some youtube videos as well, a lot of the silver channels actually go to their LCS's and talk to the owners. Yankee Staking, Spegtacular, Vermillion Enterprises (a LSC owner, that talks about premiums and what is going on), Silver Seeker... those are a few of my favorites.
I get mine at moneymetals.com
I use JM bullion because of the military discount I get. If JM is high, I'll check out SD bullion. I try to use my local coin shop and much as possible and have a good relationship with them.