I want to get into silver..

[hod928]

Hey guys, im 19 years old working a pretty damn good job for the current situation. My plan is to put 30-40$ a week into buying silver, Figured i would start with junk silver, and making once a month buy a ASE or something like that. Im not looking to do this as a profit maker, but more as a Safe Guard to saving some money and knowing that i have it. But i dont wanna break the bank doing this eather.

Any tips into getting started? Places to buy? Thanks for all the help!

 

[RDM]

Is this for retirement or just investing for future profit?

 

[hod928]

more or less both, I want to invest into physical silver because once i have it its always gonna be worth something. Could be less could be more then what i have invested into it, Im hoping more in later years of my life, thats where my profit would come in.

 

[RDM]

You can buy it direct from numerous companies. I use Ampex.com for my silver. If you wish to invest for retirement and do not want to be taxed for capital gains and have plans to buy on the dips and sell on the highs, you could open up a self directed IRA that allows you to invest in precious metals.

 

[ronpaulfollower999]

If you plan on picking up just a few ounces I'd recommend going to your local coin store. Maybe start with American Silver Eagles and Canadian Maples. Eta: saw you are looking more into junk silver, which isn't bad either.

If you do it online know that shipping cost is gonna kill you if you are just getting a few ounces. Websites I'd recommend though are apmex, gainesville coins, and kitco.

Happy stacking and remember don't invest more than you can handle loosing. Also, don't be impulsive and sell when the price drops 25%...but it is a great opportunity to buy more.

 

[ctb619]

If you want to own physical, find a local coin dealer. Hopefully you're in a state that exempts PMs from sales tax. If you buy online, you'll get killed on shipping costs if you only plan on buying $30-40 a week. Another option is to look into something like goldmoney.com. It allows you to buy gold and silver by the gram. Your gold and silver is stored in secured and insured vaults at various locations, but physical delivery is only possible with very large amounts.

 

[Brian4Liberty]

I want to get into silver..

Here you go:

If you want to buy ASEs one at a time, your local coin stores are the best options.

 

[cubical]

I also agree that your local coin shop is the best idea for such small amounts. Plus you have the benefit of being anonymous, if that matters to you at all.

 

[Simple]

There are several commodities that hold their value better than even gold, but I think you are still too young for most of these in most states. From what I read the best stores of value are alcohol, ammo, guns, then gold. I am investing in precious metals by picking a gun safe and starting to fill it =)

 

[JasonC]

As others have said, if you are only having that much per week to buy Ag with, then you have to go to a local shop and pick up one oz at a time. Otherwise, it is best to wait and save until you have enough to buy about 20 ozs at a time through a cheap online dealer.

 

[LibertyRevolution]

Yup, like they said, go to a local coin shop. Its not worth buying online for 1 or 2 oz of silver.
I would say go to more than 1 local coin shop, shop around.
Its nice to say "blah is selling maples at only blah over spot, can you come down to that?"

 

[objectivefreedom]

I'm also somewhat new to silver, so I probably shouldn't be giving any advice. But from what little experience I have with buying silver, I would not recommend APMEX for small quantities unless there is a serious dip in silver, because their over-spot prices + shipping-rates make it difficult to make equity. For example, if you bought two American Eagles from APMEX for $5 over spot ($31 per oz) + $13 shipping ($85 total), the spot price of silver would have to hit $42.50 for you to make your money back. Initially I was enticed by the beauty of the American Eagles, Canadian Maple Leafs, etc, that I ignored the market prices and bought some coins at my own whim... :o
Do not fall for that trap!

I've been meaning to check out a local coin shop myself. Good luck, and don't make the same mistakes that I did!

 

[hod928]

Thanks everybody for the replys. Im deff going to have look into some lcs. Is there anyplace where lcs are listed? not sure of any around me.



I like goldmoney.com and what there doing, But i seen you gotta have 30,000 oz of silver before you can take delivery and that's just crazy lol. I have a GIANT empty fire proof gun safe we won at a raffle like 6 years ago, its one that holds 18 guns and we have 1 inside it, plus some of my expensive baseball card collections. Im not looking to make a profit in silver anytime soon. But i would like it have it physically in my possession because i do see silver hitting 100+ dollars in my later years of life and would like to start investing know while im young. I have the money to invest alot more into silver but i wanna start small with just a 1 Oz a week, to get my feet wet. Learn from my mistakes, try not to jump the gun and go from there. I personally see Silver/Gold as a better investment then say a 401k in stocks. When i turn 60 i wanna have myself a little play room with the silver i save up over my lifetime, who knows maybe ill even get lucky and silver will raise it price alot before i ever get married and i can fund such things with that!

Once again i appreciate everyone's help so far!

 

[Endgame]

You might want to look into getting an account with an online brokerage to trade precious metals ETF's. Some are futures contract based while others claim to hold physical silver in large vaults administered by major banks like JPMorgan and HSBC (this alone makes many people in the goldbug crowd too paranoid to buy them). Personally, I think ETF's are an easy way for the average person to get exposure to precious metals. Being able to buy or sell them almost instantly for a standard brokerage commission fee at any time during the trading day is a big plus. They've worked for me for the last few years at least.

Make sure you read up on how the ETF's and commodity markets work before you do anything. The conspiratorial types always talk about a time when where the ETF and commodities exchange prices will start decoupling from the prices on physical, probably in the form of much higher premiums on physical across the board. If that happens, I hope I'll notice in time to switch to physical.

Keep in mind silver is volatile. You can make more money on it than gold, but its price seems to be more closely tied to what the rest of the market is doing, probably due to both a greater impact of speculation and its greater industrial use on its price. It's just had a huge crash over the last month so now might be a good buying opportunity. They don't call it the devil's metal for nothing though.

 

[jazzyjey]

Thanks everybody for the replys. Im deff going to have look into some lcs. Is there anyplace where lcs are listed? not sure of any around me.



I like goldmoney.com and what there doing, But i seen you gotta have 30,000 oz of silver before you can take delivery and that's just crazy lol. I have a GIANT empty fire proof gun safe we won at a raffle like 6 years ago, its one that holds 18 guns and we have 1 inside it, plus some of my expensive baseball card collections. Im not looking to make a profit in silver anytime soon. But i would like it have it physically in my possession because i do see silver hitting 100+ dollars in my later years of life and would like to start investing know while im young. I have the money to invest alot more into silver but i wanna start small with just a 1 Oz a week, to get my feet wet. Learn from my mistakes, try not to jump the gun and go from there. I personally see Silver/Gold as a better investment then say a 401k in stocks. When i turn 60 i wanna have myself a little play room with the silver i save up over my lifetime, who knows maybe ill even get lucky and silver will raise it price alot before i ever get married and i can fund such things with that!

Once again i appreciate everyone's help so far!

Good for you. I wish I was well informed like you, when I was 19.

 

[BrendenR]

Thanks everybody for the replys. Im deff going to have look into some lcs. Is there anyplace where lcs are listed? not sure of any around me.

Not sure where abouts you are, but just in my local town, there are 3 shops within about 15 minutes driving distance. Keep an eye out as you drive around the main drag in town. Or load up www.googlemaps.com and type in coin shop.

 

[RDM]

OP suggested ETF's. Not to turn this into a debate, but never, never, never invest in ETF's for gold or silver or ever in certificates of precious metals of any kind. Always invest in physical silver or gold and at at every possiblility keep it in your possesion. Paper investments are worth the same value as the kind of paper you wipe your ass with. There is no guarantee that piece of paper they gave you as actual metal reserved for you.

 

[cubical]

OP suggested ETF's. Not to turn this into a debate, but never, never, never invest in ETF's for gold or silver or ever in certificates of precious metals of any kind. Always invest in physical silver or gold and at at every possiblility keep it in your possesion. Paper investments are worth the same value as the kind of paper you wipe your ass with. There is no guarantee that piece of paper they gave you as actual metal reserved for you.

I disagree, but we won't turn this into an argument.

 

[centure7]

If you are looking for at least a bit of smaller rounds, then you may want to consider a handful of 1-gram silver cards. www.shiresilver.com

There is also a company that puts junk silver in such cards, which is another good idea. I'm not sure what the website for that is.

 

[hod928]

yea im deff sticking with Physical Silver...


But quick question, Why do people lean more towards ASE and Canadian Maples over Junk Silver or say 1 oz bars of silver. Junk silver seems to be less over spot then ASE;s and Such. Also do you no the normal Shipping cost at Shire Silver??