I’ve never done this before, not even with the smallest amount of buying power. But I’m trusting my gut and doing this one way or another. And I’m about to make the largest purchase of my life. I don’t even count buying my house because that’s basically just a long term loan payment to me based on my credit. I’ve taken out 20k cash from my bank through a HELOC. I’m able to afford the interest payments so that is not the issue. And I know I’m not doing this as a get rich quick scheme, or really with a goal of making any money at all. I simply want to hold the value of my money I’m able to obtain at the moment for when shit hits the fan. I took the money out in cash at first because I didn’t want to buy gold/silver online with a distinct paper trail. But I’m just trying to see if I made the right choice. Will I get the best deal/value for my money by going to a bullion shop/coin dealer shop and buying my metals there? Or would I get my best price online like at jmbullion.com, and just suck up the issue of a paper trail? Thanks in advance, help a fren out on what to do in these crazy times.
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Kilo bars gives you the best prices. The more you buy the less mark up you pay.
If you buy silver that has been created by the government you will pay a higher price. Look at the price difference between Silver Eagles and a round created by a silver dealer.
For instance, spot price is $25.22 right now.
1 oz American Silver Eagle Coin (Random Year) $40.11
1 oz Sunshine Walking Liberty Silver Round $30.81
You pay more for government silver coins because collectors like creating sets and price is derived from the number that was created that year. Less they make, more they cost.
They rounds are not collected by collectors to create sets, people are just stacking the intrinsic value of the silver. There is a unlimited supply so they are cheaper.
The mark up on that 1 round coin is $5.59
Round price 30.81 - spot price 25.22 = markup 5.59
Now if you buy a kilo bar.
1 Kilo Silver Bar (Varied Condition, Any Mint) $932.34
A kilo is 35.274 ounces.
932.34 / 35.274 = $26.43 per ounce
Your mark up is $1.21 per ounce. You are paying 4.38 less per ounce.
The trick is to buy for the cheapest price and give the dealer the least amount for selling to you.
JM is where I buy mine, they deliver quickly, There are mints on Ebay where you might get a better price but then you need to watch for the scammers, they will scam you if you are not careful. They use misleading ads.
For instance, this is just 1 example: they throw in a bunch of silver war nickels in to a collection of silver coins. War nickels are 40% silver, you are paying 90% silver prices. They got you. Be careful
https://www.jmbullion.com/silver/silver-bars/kilo-silver-bars/
A kilo is 32.15 Troy ounces not 35.
1 Troy is is 1.097 regular oz