i've got 500 to spend on Gold/Silver... Help !

[haaaylee]

I know this is something that has been asked before, but i know nothing of any of this and want something before i close out my bank account......where is the best place to buy? what should i buy? i dont know terms either so talk to me as if i'm literally retarded, ha. and should i close out my bank account? i have maybe 2,000 in it and don't expect to ever have more than around that amount..


thanks!

 

[noxagol]

I would just buy $500 of silver. You will pay spot plus a premium over this. Open your phone book and look under coin dealer in the yellow pages. Call these places and ask what their over spot price is. Discover who is the lowest, and tell them you are going to come pick up $500 bucks worth of silver. Proceed to drive their and exchange your worthless paper for their valuable metal.

Don't close your account, just take all the money out. Keep enough in there for emergency spending unless you want to panic first in a situation where he who panics first, panics best.

 

[NinjaPirate]

Or go to google and type: coin shops, <insert city here>. Then give them a call and ask them if they have silver bullion. If not, then ask if they have "junk silver," and ask what the going rate is. Call up all of them and see which one gives you the best deal. If you want to spend on gold, you can probably afford a 1/2 oz coin.

 

[fedup100]

Or, after reading the post about surviving in Argentina after the crash, a bag of gold rings would be a far better bang for your buck. In a real crash if no banks are up or available to give you a fair price for a gold or silver coin, you are safer with jewlry gold and silver. On the street, no one will trust your coins and will only give you jewlry credit for the metal. Yeah, I think I misspelled it but it's late.

 

[johnrocks]

Go to coin shops is my advice.

 

[Nautargos]

The best advice has always been: Buy silver, then gold. Buy small gold pieces, then large.

I make all of my purchases at local coin shops and bullion dealers. Establish a good relationship with them and you're far less likely to be charged premiums.

 

[bander87]

I would spent almost all of it on silver. If you want, get a 1/10th ounce gold piece. I would try to get a 10 ounce silver bar and the rest all 1oz silver bullion with maybe some 1964 Kennedy half dollars.