Best Place to buy Silver with least Premium

Personally, I would go with APMEX.

If anyone's considering purchasing from eBay, do a little research about how much counterfeit stuff is being passed there these days, especially in coins. Scammers have learned that they can order cheap imitation stuff from China, then sell it for triple their cost.
 
If you are near a big city, you can usually beat apmex or other online dealers (especially after shipping is included). I live in chicago, and my local dealer was offering a 2.50 premium on eagles when spot was at $ 34. Bars were near 1.20 for 1 oz and around 80 cents for a 10 oz bar.
 
This is one example of prices for a Johnson Matthey 100 oz silver bar:
APMEX - $1.59/oz over spot
Golden Eagle Coins - $1.24/oz over spot
Provident Metals - $1.09/oz over spot

If you buy this 100 oz bar at APMEX, you are paying $35 more for the same product than if you purchased it at Golden Eagle and $50 at Provident Metals.

Here's another example on a Pamp Suisse 1 oz gold bar:
APMEX - $49.99 over spot
Golden Eagle Coins - $33.00 over spot
Provident Metals - $28.40 over spot

APMEX has one of the highest premiums on all their products when compared to other retail sites.
 
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I ask some of the broker sites like Goldsilver.com why their commodity prices are higher than Apmex. Their reply is that they give advice on when to buy and sell. I told them buying is one thing and advice is service and combining them is not a good business model. Why pay more for silver when you can shop? No advantage to you. However, if advice is good and Goldsilver does have some good stuff, then offer it as a service sale. I would buy at Apmex.
 
If you are buying in large quantities, check out tulving.com. They don't handle small sales, but have very competitive prices for large sales.
 
Junk silver (90%) can usually be purchased at or a few pennies above spot. Junk has an added benefit of actually being official currency (easily identifiable). But the best place to buy is a local shop. Build a relationship with them so they recognize you when you come in.
The guy that comes in weekly to buy will get to hear stories and can easily ask for and get a better price.
Chicagoland has tons of coin shops. Shop around.
 
KCIndy said:
Personally, I would go with APMEX.

If anyone's considering purchasing from eBay, do a little research about how much counterfeit stuff is being passed there these days, especially in coins. Scammers have learned that they can order cheap imitation stuff from China, then sell it for triple their cost.
Click to expand...

Silver itself is pretty difficult to counterfeit. What can be done is that they can melt down some silver and coin it themselves into something which has numismatic value, but if you are buying a coin at its spot value then you should be alright as long as you know what silver looks and feels like. There could eventually be a point where people will possibly melt it down and cut it with another metal, but right now I don't think its profitable enough to do, especially with junk silver coins.
 
mojobo said:
Silver itself is pretty difficult to counterfeit. What can be done is that they can melt down some silver and coin it themselves into something which has numismatic value, but if you are buying a coin at its spot value then you should be alright as long as you know what silver looks and feels like. There could eventually be a point where people will possibly melt it down and cut it with another metal, but right now I don't think its profitable enough to do, especially with junk silver coins.
Click to expand...


Yeah, bullion is one thing, but coins are quite another. Check out these links before you buy any silver coins on ebay:

http://www.startribune.com/business/119371484.html

http://coins.about.com/od/worldcoins/ig/Chinese-Counterfeiting-Ring/

http://dailypaul.com/84683/chinese-mass-counterfeiting-gold-and-silver-coins

http://www.coinweek.com/news/video-news/video-news-how-chinese-counterfeit-coins-are-traded/

http://coins.about.com/od/goldrarecoininvesting/f/fake_coin_fraud.htm

http://www.coinweek.com/commentary/opinion/coin-auctions-ebay-and-the-games-people-play-part-one/


The list goes on and on.... main words to live by are CAVEAT EMPTOR!!
 
I am really confused. Let's say one buys PAMP Suisse Gold Bars now and decide to sell it later on. Who will buy them back? local coin shops?

or is it best to simply invest in companies that mine gold?
 
I can't believe nobody's mentioned Midas resources. Right now you can buy a silver dollar there for under spot and get a free copy of the Creature from Jekyll Island. Plus they have the Campaign for Liberty coin which is 1/4 ounce of gold for 390. While that's high, $100 of that goes to the CFL.

creaturebook_Sm.gif


http://www.midasresources.com/store/store.php
 
mojobo said:
Silver itself is pretty difficult to counterfeit. What can be done is that they can melt down some silver and coin it themselves into something which has numismatic value, but if you are buying a coin at its spot value then you should be alright as long as you know what silver looks and feels like. There could eventually be a point where people will possibly melt it down and cut it with another metal, but right now I don't think its profitable enough to do, especially with junk silver coins.
Click to expand...

Thankfully Archimedes came up with a good and cheap way to test for such chicanery thousands of years ago.



KCIndy said:
Yeah, bullion is one thing, but coins are quite another. Check out these links before you buy any silver coins on ebay:

http://www.startribune.com/business/119371484.html

http://coins.about.com/od/worldcoins/ig/Chinese-Counterfeiting-Ring/

http://dailypaul.com/84683/chinese-mass-counterfeiting-gold-and-silver-coins

http://www.coinweek.com/news/video-news/video-news-how-chinese-counterfeit-coins-are-traded/

http://coins.about.com/od/goldrarecoininvesting/f/fake_coin_fraud.htm

http://www.coinweek.com/commentary/opinion/coin-auctions-ebay-and-the-games-people-play-part-one/


The list goes on and on.... main words to live by are CAVEAT EMPTOR!!
Click to expand...

Well if your buying coins as bullion, instead of trying to buy rare coins, counterfeits should be a problem right? Buy from a reputable dealer (hopefully he's familiar with Archimedes), and don't buy coins that are priced more than they are worth in metal. In fact that's really another kind of "fiat" currency. (The coins are worth a lot because people believe they are worth a lot). Hmm....I wonder if the Chinese have thought about counterfeiting Liberty Dollars yet? That would be ironic.
 
jmdrake said:
I can't believe nobody's mentioned Midas resources. Right now you can buy a silver dollar there for under spot and get a free copy of the Creature from Jekyll Island. Plus they have the Campaign for Liberty coin which is 1/4 ounce of gold for 390. While that's high, $100 of that goes to the CFL.

creaturebook_Sm.gif


http://www.midasresources.com/store/store.php
Click to expand...

Totally agree. We always harp and complain about there not being enough "Liberty Businesses" to which we can direct our resources when we want to make purchases, and then we ignore Midas Resources whose owner maxed out donations to Ron Paul, Rand Paul, started the Ron Paul Air Corps, runs GCN Live, FreeTalkLive and is a big supporter of the Campaign for Liberty.

Now that being said, I understand that prices must be competitive. I've bought from Midas, and the last time their price was *better* than APMEX for new Silver American Eagles.

Completely understand that price is a major concern, but if you can keep a bit of business in the liberty family, at least give them a call. I use Peter Kronschnabel at extension 108.

No, I have no financial interests whatsoever in recommending them other than I bet Ted Anderson will be a major supporter once again of Ron Paul's campaign.

http://www.midasresources.com/contact.php

Edit: Ted Anderson via Midas Resources also advertises (supports) Fox Business Network's FREEDOMWATCH.
 
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