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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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).
Thanks. This was step #1 in my research.
Well said!