Re: Buying Silver?

Posted by Rich_WI on February 25, 2014 at 17:27:10 from (50.50.82.205):

In Reply to: Buying Silver? posted by DaninKansas on February 25, 2014 at 08:09:20:

You are pretty safe if you buy online with a credit card. If they dont deliver, your credit card covers the loss. Sure, its a pain in the butt, but you are covered. You could always go down to your local coin shop and buy some silver but there are a few problems with that. Biggest is, there are no deals there unless you are a regular buyer and you tend to buy anything thats silver. For those people, the local coin shop cuts a break because you move the silver he gets, if you only buy certain stuff (being picky), you are not as valuable of a customer and you pay full monty. The other fly in the ointment, and its a big fly, is sales tax. Quite a few states collect sales tax on silver purchaces, here in WI, thats 5.5%. Granted, silver went up 20% in the last month but I dont like giving away my profits like that. Buying in another more favorable state works but who has time to shop when traveling? Just pick a good online seller and pay via credit card, for the amount you are talking about it really seems like the best way.

If you want to know more about your states sales tax policy, check out this site. http://thecoinologist.com/sales-tax-state-by-state-breakdown/

Coinflation was mentioned already but it deserves another quick plug. http://www.coinflation.com/unitedstates/ Quick print off the chart if you are going to buy some junk silver off craigslist or even if you are walking into the pawnshop, its nice to be able to quick see what the value of the different coins are today. Coinflation also has a calculator http://www.coinflation.com/coins/silver_coin_calculator.html to punch in melt value. If you buy junk silver off craigslist, coinflation is really nice to have, expect to pay spot. The pawn shops pay 70-80% and sell at 40% over spot on down to about spot (depending on how good at negotiating you are and what spot price is trending). Buying at spot is nice middle ground, while it may seem too much, you make out by buying in the valleys. Even when silver is dropping or low, deadbeats still need a fix so they are selling. When its high, there are still silver bugs buying.

In case you decide to get bullion instead of junk coins, bookmark this site. http://www.comparegoldandsilverprices.com/compare-silver-coin-prices/ If you click the top of the chart, you can change they way the companies are listed. If you want to grab some maples, for instance, click the chart and look for the lowest price maples, then check the details of the seller. Some sellers will for some reason have less (or more) of a price on a specific coin or maybe even free shipping. Shop around, it pays...

Dont forget, there can be tax implications (income tax), while everybody wants to be "under the radar", big brother sees all and knows all.

After that long reply, I will say that I am in favor of buying silver. I would never go all in though but like you are saying, stashing some in your gun safe would be a great idea. Make sure you are good on other investments though, expecially lead (bullets).

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