How much should i expect to pay for gold/silver?

[vegaspilot03]

i recently went to a jewelry shop and i was offered 1oz gold coin for $1275, and silver dollar rounds for around $23-25.

how much should i be paying over the gold index for a coin of gold/silver?
thanks.

 

[Brian4Liberty]

Here's a good reference:

http://apmex.com/

 

[Thrashertm]

The cheapest prices I have found online are from www.nwtmint.com - you have to place an order over the phone, send in a check via mail, then receive your bullion within 6 weeks. I did pick up some 90% junk silver from a local coin dealer for less than NWT mint charges though, so you can beat them.

 

[bobbyw24]

The cheapest prices I have found online are from www.nwtmint.com - you have to place an order over the phone, send in a check via mail, then receive your bullion within 6 weeks. I did pick up some 90% junk silver from a local coin dealer for less than NWT mint charges though, so you can beat them.

Be warned: NWT Mint makes gorgeous bars but many dealers have not heard of this mint and try to low ball you when they buy them from you. You can sell them back to NWT if you can and want to wait weeks for your check

Engelhard silver bars and Johnson Matthey silver bars carry greater recognition because of their longevity in the precious metals industry.

Read more: http://www.cmi-gold-silver.com/100-oz-silver-bars.html#ixzz0YrheiXWa

 

[vegaspilot03]

Here's a good reference:

http://apmex.com/

i like that, thanks. 1 question, is the "ask" price what i can expect to pay? like.. is that what i should offer to pay for them?

 

[jonahtrainer]

Here's a good reference:

http://apmex.com/

They are great, have very competitive pricing and an A from the BBB.

 

[SevenEyedJeff]

i recently went to a jewelry shop and i was offered 1oz gold coin for $1275, and silver dollar rounds for around $23-25.

The gold price you were offered was a bit high, but not terrible.

$ 23-25 for silver rounds was ridiculously high. I wouldn't pay more than $ 20 an ounce for generic silver with spot $ 18.50.

 

[Brian4Liberty]

i like that, thanks. 1 question, is the "ask" price what i can expect to pay? like.. is that what i should offer to pay for them?

Actually, look at the specific coin and check the "sell" price. Anything better than that is good.

Sticking with the major coins is the best bet: American Eagles, Canadian Maple Leafs, maybe Krugerrands or Austrian Philharmonics.

 

[Brian4Liberty]

The cheapest prices I have found online are from www.nwtmint.com - you have to place an order over the phone, send in a check via mail, then receive your bullion within 6 weeks. I did pick up some 90% junk silver from a local coin dealer for less than NWT mint charges though, so you can beat them.

Do some research though. NWT has very mixed reviews as far as how they do business...

 

[carlangaslangas]

The cheapest prices I have found online are from www.nwtmint.com - you have to place an order over the phone, send in a check via mail, then receive your bullion within 6 weeks. I did pick up some 90% junk silver from a local coin dealer for less than NWT mint charges though, so you can beat them.

I don't recommend buying online. NWT delivery policy is 6 weeks which starts counting when your check clears. And they can cancel the order if they want.
When you buy local you get it immediately. And it's useful to know your dealer if you decide to sell.

 

[Hunter Gatherer]

I like NWT mint they have a good product IMO...

Only problem is it takes forever for their shipping. 8-10 weeks is a long time when its your silver thats involved.

 

[vegaspilot03]

The gold price you were offered was a bit high, but not terrible.

$ 23-25 for silver rounds was ridiculously high. I wouldn't pay more than $ 20 an ounce for generic silver with spot $ 18.50.

ok thanks, so that means i should expect to pay $1.50-2.50 over spot for silver?

how much over spot for gold?

sorry for all the questions, this is my first time buying and i (like many of you) like to be informed.

 

[SevenEyedJeff]

ok thanks, so that means i should expect to pay $1.50-2.50 over spot for silver?

how much over spot for gold?

sorry for all the questions, this is my first time buying and i (like many of you) like to be informed.

No more than $ 1.50 over spot for GENERIC silver (rounds,bars). Things like American Silver Eagles (and other government issued coins) carry a larger premium, especially now that the US mint has suspended production. If you choose to buy 90% junk silver, you should be able to get it at spot or even slightly below. (About 13x face value right now).

As for the gold coins, if I were buying I would aim for the government issued coins (American Gold Eagle, Canadian Maple Leaf, South African Krugerrand, Euro Philharmonic) and would try to find them for about $ 50 over spot if I could, maybe $ 70 or so over spot if I had to. Keep it mind that if you buy fractional gold, you will pay a bigger premium.

Also keep in mind, that premiums do change because the physical metals market doesn't always stay in sync with the paper COMEX game. So you have to survey the market when you want to buy so you know what to expect AT THAT TIME.

I would try the forums over at http://www.kitco.com/ then click the Gold Forum button at the top,

or go to http://goldismoney.info/forums/

Sometimes people who go to dealers or coin shows on the weekends will post threads letting you know how big premiums are at the time they go. Just make sure to read the date on the thread to make sure it is current information. If you can't find the info you want, just ask them on the forum.

 

[vegaspilot03]

No more than $ 1.50 over spot for GENERIC silver (rounds,bars). Things like American Silver Eagles (and other government issued coins) carry a larger premium, especially now that the US mint has suspended production. If you choose to buy 90% junk silver, you should be able to get it at spot or even slightly below. (About 13x face value right now).

As for the gold coins, if I were buying I would aim for the government issued coins (American Gold Eagle, Canadian Maple Leaf, South African Krugerrand, Euro Philharmonic) and would try to find them for about $ 50 over spot if I could, maybe $ 70 or so over spot if I had to. Keep it mind that if you buy fractional gold, you will pay a bigger premium.

Also keep in mind, that premiums do change because the physical metals market doesn't always stay in sync with the paper COMEX game. So you have to survey the market when you want to buy so you know what to expect AT THAT TIME.

I would try the forums over at http://www.kitco.com/ then click the Gold Forum button at the top,

or go to http://goldismoney.info/forums/

Sometimes people who go to dealers or coin shows on the weekends will post threads letting you know how big premiums are at the time they go. Just make sure to read the date on the thread to make sure it is current information. If you can't find the info you want, just ask them on the forum.

thanks! i will go check the links out.