What business/businesses are you dealing with to make these transactions?
Who, in your opinion, are the most trustworthy in this business?
I’m just starting this process now, and I would like some feedback from some people already doing this.
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I have ordered both Gold and Silver from APMEX, I haven't had a single issue with their company and find their App very easy to use and keeps you informed as to your order status. If you want to pay the lowest cost over spot, sending them a check or electronic wire is the best, although the check process is slow.
APMEX has flawlessly filled many orders for me. There are many other bullion dealers with good reputations so do your research. Many people purchase from local coin shops (LCS) to buy locally, avoid documentation and gain information.
It's never too late to start, but many believe we're approaching the time of skyrocketing prices.
I'd suggest that you do your research quickly and execute while you can.
This comment is the best in the thread so far but more details could be added to help OP.
OP's best bet would be to find a Local Coin Shop to purchase from in-person, using cash fiat dollars. A good shop will have testing/verify ability to make sure metal is genuine as well. However, if you're like me and the nearest LCS is a few hours drive away, then ordering online is the next best option.
As far as online dealers are concerned, everyone keeps telling OP to buy from the highest premium dealers APMEX and JMB. Avoid this pitfall and order from more reasonably priced dealers so you can get more metal per troy oz for fiat dollars.
Are there advantages to using APMEX/JMB? Certainly, but I wouldn't recommend them to first time buyers unless they are very scared of the "uncertainty" of purchasing valuable metal over the internet. The single biggest upside to ordering from either APMEX or JMB is the fact that they have a large selection from high premium bullion products, collectables, and numismatics (professionally graded coins). Other than that, you're leaving metal on the table by paying top fiat dollars when you could be ordering from any other dealer.
My next piece of advice would be to stay away from graded coins and stack bullion only, at least until you get a nice stack underway. Look up the tax rules for your state (easily found on most bullion dealer websites) and plan purchases accordingly. For example, my state charges sales tax (unconstitutional, but I digress) for COINS, but not .999 bullion products. So, I've had to switch over to buying bars for bulk stacking, at least, unless I feel like paying extra "premium" in taxes (rarely but I have because I like sovereign coins for security features).
old.reddit.com/r/WallStreetSilver - to search user reviews on dealers as a 2nd opinion
My favorites are:
Monumentmetals.com
BullionExchanges.com
boldpreciousmetals.com
sdbullion.com
Also agree with this statement. The window is closing as the controlled demolition of the FED, stock market, and fiat currency usury system is coming to an end.
Is switching IRA to Gold-Backed IRA recommended? I don't have any idea of the risk of doing this option since someone else holds the IRA, or it may only exist via digital bits.
Also do you know if one does switch to Gold backed IRA, of the entire IRA has to be converted, or if only a portion can be switched?
Last question, do you have any knowledge or experience with Legacy Precious Metals. I seen the guy interview by some conservative blogger, and kind of got a sense of trust with him. Thanks
"Metals backed anything" is well beyond my risk assessment, in my opinion. "If you don't hold it, you don't own it" applies to many things, in addition to PMs. I've left my own IRA right where it is, but opted to cash out my 401k instead, because I can control my own destiny, as it were. Depending on the size of your IRA and how much physical metal you already control directly, maybe it would be worth looking into a metals backed IRA, for the purpose of diversifying and spreading your risk factor out. For me, it doesn't make sense, currently.
It very likely depends on the brokerage your IRA is currently with and the company you select to transfer it to. I didn't see this question in the legacy FAQ section, so it would be better directed at the company you intend on doing business with.
None, never heard of them. The places that advertise all of the "trusted" talking heads are the places I'm most wary of. Right Side Broadcasting Network advertises a place too for metals backed retirement accounts, so I'd look into them OR I'd look into the places the websites I listed above advertise. Most online bullion dealers have a relationship with converting retirement accounts. Whoever APMEX uses would also be top of the list, but I'm guessing their fee structure is much higher than most places (since their clients are very likely high rollers).
Really appreciate the thoughtful and well formatted reply.
I think I read somewhere that if one takes the route of taking deliver of PM, that we value of metal decrease quite a bit due to it losing its purity certification, or something like that. This may just be a ploy to keep people from holding pm.
I agree that unless you hold it, it's not really yours. It seems to me that holding many small value pieces, like a bunch of 1/10 oz pieces would be better than holding a few big pieces i.e 1 oz. from a barter standpoint. But in a certain situation, since one cannot eat pm, things like medicine, whiskey, bullets, fuel, would be better for barter.
Will land/property be a good investment? I think only if you can buy it outright. Anything where bank holds a mortgage, well the bank owns it, and can take it when one can no longer afford to pay mortgage because of money devaluation.
There are a few things I need to do to better secure my home, like put of fence along front. A fence would in my view would better mark a demarcation point for threat assessment than a simple property boundary, and it would slow someone down a bit. I'm thinking that if I have to liquid funds, this kind of thing would be a good way to spend it, rather than letting it site in bank (credit union).
Yes - ploy to keep you from owning anything "valuable". I've never heard that before about taking delivery, but I could see "them" saying that because taking your real money (PMs) out of their system devalues their business. PMs should always have a purity and weight marks, whether it's from an individual, private, or government mint. Some private mints come with assay cards to help verify authenticity or Sunshine Mint's "hologram" verification, or other security features built into the coin/round. Bottom line is that I wouldn't worry about "losing" anything for taking delivery of your assets.
Fully agree. The downside with purchasing smaller than 1oz with either silver or gold, is that your premium cost is much higher which means you pay more fiat to get 1oz equivalent of metal. But, I like to diversify with varying amounts of metal weights (.10, .25, .50, 1, 5, 10, 20, etc) for "barter". But Q told us, that while things will get bad....the world isn't going to go full Mad Max.
We should be prepped with all of the things you listed, but many forgo PMs, due to intense propaganda against PMs, and the dumb reasoning "you can't eat it". Nevermind the fact that we've used PMs all throughout history until 1964 when we took the last silver out of our coinage (and it was actually worth something).
Land will always be a good investment, simply because "they aren't making any more of it" - even if property taxes are just another form of government theft. Fiat is becoming worthless day by day, so you're better off either spending on necessities, buying land, prep gear, or PMs. Keep a few months expenses in cash/bank for emergencies, but get rid of the fiat. Sitting in a bank account is no bueno - not to mention the bank runs once the economy fully collapses Great Depression style.
Sounds like you're well on your way for being fully prepared for what's to come. I like the idea of a fence just to be more private, but your reasons are more practical.
One can stray across property line, but crossing a fence is an intentional act.
You ever see this interesting piece: The CW2 Cube -- Mapping The Meta-Terrain Of Civil War Two by Matt Bracken. Matt is ret. Navy Seal, and has studied civil wars around the planet so I think he has a good understanding of their realities.
And I must point out that it need not come to a full fledged civil war. If your, or my town, or city, or neighborhood explode into violence, for us the same immediate dangers would exist.
I live in a very conservative city, in a conservative state (where running over someone blocking the highway is legal), but as the cube points out, I must be mindful of what exist around me.
Thanks. This was step #1 in my research.
Well said!
APMEX here as well. May be a bit more expensive but APMEX has delivered everytime. I like the Portfolio Utility showing what you ahve purchased from them (in app)
Another APMEX up vote here. Been purchasing from them for years. Great customer service too.
Same here👌
Apmex, sdbulluon and jmbullion seem to have a lot of us
Thanks
JM Bullion has been my go to. I use the same guy whenever I make a purchase.
Same here. For Years and gives military discounts
Thanks
I get mine from a private dealer , I can watch it get tested. Do not buy from individuals on eBay or from China. Apmex and jm bullion are trusted too.
Thanks
More than welcome. BTW stay away from paper PMs only buy and keep physical PMs , I keep mine in the gun safe😏
That is my plan and I already built a secure location in my home.
Groovy ,,, and tell no one🤐
JMBullion offers a Veteran Discount. U get the lowest price offered no matter how much u buy … they discount prices based on quantity purchased. Veterans pay the lowest price regardless of how much u buy
Thanks
Thanks
For rounds I used Monex, though that was quite a long time ago. Recently bought 100 oz bars from Scottsdale Mint. Scottsdale ships via US postal service that I wasn't overly happy about as I don't so much trust them though I did receive the shipment.
+1 for Scottsdale. Ordering direct from their website and you will be waiting 4 weeks+ for your order vs ordering from their Ebay site (which ships within a day or two).
Also, most bullion shops ship USPS (since it's cheapest for "free" shipping typically) but if you have concerns, then just pay the extra $10-20 for getting upgraded to UPS or Fedex. It's worth the small cost and piece of mind if you're spending $$$.
Thanks
I've ordered from jmbullion, gold silver bull, and monumental metals. Had no issues with any of them but MM consistently has the lowest spot price by a lot.
Thanks
Sdbullion Jmbullion silver.com
Thanks
You're welcome. If you pay by credit, you pay more per ounce. You can pay by e-check at some of the companies which is nice, don't have to worry about sending a check and the time it takes. Also, they have coins or silver rounds/bars. You get a better price on the rounds vs coins, usually. I've had no problems with the companies I've purchased from.
If you want to save in precious metals, first thing you need to know is to not talk about it to anyone. It is an exciting endeavor that is hard to resist, but it is imperative.
An LCS has benefits but are not universal. Some can be cheats or assholes. I use JM Bullion. Many say their prices are too high, I have been satisfied each time I've run a cost comparison. Buying online is an absolute breeze.
You need to understand premiums. Spot minus premium when you sell, spot plus premium when you buy. Popular items like Eagles will cost you more up front, but you'll do better when you sell. I think Eagles are too expensive. I get drawn to Maples. Silver Phils milk spot like crazy, I'm done with those. This is where you grow and decide for yourself. I buy all kinds of stuff. I like exploring.
Coins versus bars and rounds is another big topic. Backed by faith in government means nothing, but popularity and acceptance down the road when you want to sell is very much something. All of it is good, some things are better than others.
NO COLLECTIBLES. We aren't coin collecting. Weight!
If you make a purchase and the price goes down the next morning, don't let it bust up your head. This stuff is constantly on the move. It is all about longterm. I buy every other week. The prices prove themselves over time.
If you want to roll your 401K, you will need a custodian to be the third party keeping your accounting separate per IRS rules and a depository to hold the materials in a vault. There are security measures in the arrangement but who knows what he end of the world will look like. It is the only way not to pay the penalty and the tax.
Good luck.
In Canada I tend to go with First Majestic for silver. They are a miner with a retail store. I also might transfer fiat to my TD account and take the silver right from the bankers filthy hands. Stack it high my friend.