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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There is interest on a HELOC loan. That is more premium on what you're wanting to buy. This is why folks use cash back credit cards instead of cash. They can get 3-5% cash back on a few thousand purchased on the card then they pay the card with the cash. With a loan, you might be adding 8% to the price. Prices and premiums are all over the place right now as some shops and online dealers are running out of stock and are increasing their premiums. SD Bullion has implemented a minimum $500 order currently to deal with the order demand.
If you want to find the best deals something like https://findbullionprices.com/ is helpful. Check trusted ebay sellers with a long and positive history of selling coins and metals. Check your local coin shop and check the online sellers. Some prices on $300 items will vary by $30 from seller to seller. JM Bullion, SD Bullion, Monument Metals, Hero Bullion, Bullion Exchanges etc.
Looking at the rise in prices for metals and understanding the condition of the banking system, the world, the dollar, new financial trading partnerships (BRICS) and so on, I would say anything other than the dollar is a good thing to be invested in. Precious metals are universally valued. Converting cash to metal is a great idea right now because it looks like were going to have problems with our dollar.
If you want to avoid mistakes that new silver and gold stackers make there are a lot of good YouTubers who have channels about buying precious metals. Find their help videos for stacking gold/silver, tips for first time buyers, videos about what they would do differently if they started over. Some good ones I have watched are: Silver Dragons, 2 is 1, Yankee Stacking, Empire Precious Metals, and Silver Star Eagles.
Good luck and silver is heavier than gold at equal dollar amounts, if you're buying a lot, actually moving your metals around can become something requiring planning. 100k in silver will require a handcart to move, 100k in gold could fit in both your pockets.
Yeah but if I use a credit card to buy coins or bullion not only is there a paper trail but they also charge an extra 3% to cover the processing fees. Even online dealers have lower prices if sending a check/money order or even cryptocurrency.