PMs: SilverSaver.com

[RCA]

I just found this website. As anyone heard of it?

https://silversaver.com/

 

[tmosley]

Better to save in goldmoney.com, then transfer to APMEX for physical delivery. Their premiums are too high unless you are only having a tiny amount delivered. Getting 20 1-oz buffaloes "fabricated" and delivered will cost you an ounce of silver, on top of the 7-someodd percent premium you paid when you "bought" it. When you "buy" it, it is unallocated, and they charge you a storage fee. This part is scammy.

Like I said, you're better off just going with goldmoney. I think they will make delivery on large amounts, but for smaller amounts, I would just transfer the cash to APMEX.

 

[joshua1532]

My name is Josh...one of the owners of SilverSaver. Would it be ok for us to address the the concerns in the comment? Anytime a word like "scammy" is thrown out there we would like to have the chance to clarify and answer any questions you may have.

 

[tmosley]

Feel free.

 

[joshua1532]

Thank you. First of all, SilverSaver was created to give the average person an easy and automatic way to save in silver at a fair price with the ability to effectively reduce premiums. Is it for everyone? No. The "big money" PM investor already has their favorite ways to purchase and they spend a lot of time finding the most cost-effective way to do so. What we are doing is filling the gap of small to medium purchases and automating the whole process. We truly believe that as more and more people have small amounts of silver it will benefit all of us who see the inherent problems with fiat currency.

SilverSaver accounts contain silver that is allocated and titled in your name. It is legally yours. You can choose to utilize the storage at the depository or take delivery of as little as 20 ounces. And you always have the option of selling back at anytime no matter how many ounces you have.

Your example of utilizing goldmoney and then taking delivery through APMEX is a good one for those who have the time and resources. SilverSaver takes this whole process and combines it in one easy-to-use place...and when you take look at the numbers, actually costs less for small to medium sized savers.

Example:
$100 per month

SilverSaver - Automated ACH withdrawals (Bank accounts in the U.S. only) from your bank account on a customizable schedule. (monthly, weekly, etc.) No fees for the transaction (SilverSaver pays ACH transaction costs.)
GoldMoney - Wire transfer? Wire fees eat up a majority of a small monthly or weekly amount. This is also much more difficult than setting up an automated saving schedule. Wires only work for large amounts and take the benefit of dollar cost averaging away.

Premium to Save:
SilverSaver - ~7.8% premium for automated schedules. The gross profit to the company is between 2.5%-3%.* The balance is given back to the Savers in the form of "Silver Rewards". We could simply charge a premium of 3%, but then would lose the real power, creativity, and genius that we believe will be set loose (and are only beginning to see) by giving an incentive to people to share the silver story. So ultimately the amount of premium or even discount is put in the hands of the Saver by way of the Silver Rewards program.
GoldMoney - 3.99% commission on all purchases under $10,000

Storage
SilverSaver - 0.60% per year for any amount
Goldmoney - 0.99% per year for Less than 50,000 ounces of silver

Additional premium for delivery (example: 1 oz silver buffalos - there are more forms available for delivery with SilverSaver at varying costs) These percentages include fabrication, shipping, handling and insurance.
SilverSaver - 5% Delivered to your door...any quantity that you have saved.
Goldmoney - Not an option for less than 30,000 ounces
Goldmoney transfered to APMEX (Today's prices - 11:05 AM Central Time)
20 ounces - 12% Delivered to your door
500 ounces - 5.7% Delivered to your door

So there are the numbers...as you can see the benefit of SilverSaver is the dollar-cost averaging and ability to take delivery of small amounts. We would rather have 100,000 clients saving $100 a month than 100 clients saving $100,000 per month. We can all agree that the more people that save in silver the better! So, looking at the big picture is the important thing. We have created an opportunity for people to participate in saving sound money that may not have otherwise...all while giving them the incentive to share it with others.

Thanks for letting us explain things further and also do a comparison. If you have any other questions we will be more than happy to answer any of them. We are also always looking for ways to make SilverSaver better...so any comments are welcome.

Josh
SilverSaver

 

[bobbyw24]

David Morgan pimps this site and gives you a free e-Book on Silver if you sign up.

 

[tmosley]

Thank you for posting your analysis. At first glance, I thought your numbers were high, but sure enough, goldmoney does charge a .99% storage fee for silver (I was thinking of gold, at 0.19%). Of course, I have a deep and abiding mistrust of gold and silver storage services, due to various big bank "common practices" that involved charging storage fees when there was no bullion.

What, if any, auditing procedures do you have in place, and are the deposits insured, and if so, are they covered 100%?

Answer satisfactorily and verifiably, and I might patronize your service, if for no other purpose than your apparently low fabrication+delivery costs.

 

[joshua1532]

We can definitely understand your question about storage facilities, especially if the word bank is tied to it. This is why we use First State Depository in Delaware...a world class non-bank depository. The silver is on your "balance sheet" and no one else's...not ours and not the depository. Each account is separately audited and verified by this third-party and you will be able to log in to their site (independently of our site) to verify the amount of silver in your account. There is also the ability to take delivery of small amounts if you really want to be in control of your holdings.

All silver is 100% insured by Lloyd's of London while in your account at the depository all the way to your door if you take delivery.

Hopefully this answers your questions. Let us know what else we can do for you.

Josh
SilverSaver

 

[joshua1532]

Thanks for letting me respond. We are traveling to Des Moines next month (May 14-16) and will have a booth at the Campaign for Liberty Iowa Regional Conference. If anyone is attending and would like to stop by to ask the owners of SilverSaver a question or two, feel free to do so.

Take care,

Josh
SilverSaver

 

[JosephTheLibertarian]

Better to save in goldmoney.com, then transfer to APMEX for physical delivery. Their premiums are too high unless you are only having a tiny amount delivered. Getting 20 1-oz buffaloes "fabricated" and delivered will cost you an ounce of silver, on top of the 7-someodd percent premium you paid when you "bought" it. When you "buy" it, it is unallocated, and they charge you a storage fee. This part is scammy.

Like I said, you're better off just going with goldmoney. I think they will make delivery on large amounts, but for smaller amounts, I would just transfer the cash to APMEX.

I was told that gold / silver are bad investments. Especially now, they've peaked

I do own some, however

 

[tmosley]

I was told that gold / silver are bad investments. Especially now, they've peaked

I do own some, however

Gold and silver are the ONLY investments that have a real chance of appreciating over the long term. Equities and bonds are both in a bubble, and other commodities are going to suffer in real terms (though they will grow nominally) as the economy continues to fail. Currencies aren't safe due to inflation risk. The only investment that makes any sense is gold or silver, and more risky gold and silver stocks.

 

[JosephTheLibertarian]

Gold and silver are the ONLY investments that have a real chance of appreciating over the long term. Equities and bonds are both in a bubble, and other commodities are going to suffer in real terms (though they will grow nominally) as the economy continues to fail. Currencies aren't safe due to inflation risk. The only investment that makes any sense is gold or silver, and more risky gold and silver stocks.

umm the stock market? I invest in dividend stock.

 

[tmosley]

umm the stock market? I invest in dividend stock.

Three stocks made it through the great depression at higher levels than they were in 1929. I hope you're a good picker.

 

[JosephTheLibertarian]

Three stocks made it through the great depression at higher levels than they were in 1929. I hope you're a good picker.

If I can handle hyips, I can handle stocks anyways, can you confirm that silver saver is legit? If so, I will transfer my stock holdings to it, then setup a "saving schedule"

there's really not a lot of information on this. I just am unsure..

 

[joshua1532]

Joseph...what specifically would you like to see on our site that is not there? We are always open to suggestions about improving how we communicate.

Thanks!

Josh
SilverSaver

 

[JosephTheLibertarian]

Joseph...what specifically would you like to see on our site that is not there? We are always open to suggestions about how to improve how we communicate what we are doing.

Thanks!

Josh
SilverSaver

well, couldnt you just shut down your site and take everything in my savings?

 

[joshua1532]

That is a valid concern. This is the reason we designed our site to only take bank information from the saver and it is immediately encrypted. This coded bank account information is completely unreadable by us. Bank accounts can be added and removed by the saver only. The only thing we can see are the last 4 digits.

Schedules are the same way. We cannot schedule payments for each individual saver. We have made it easy for everyone to do so themselves and like bank accounts, schedules can be added or removed at anytime, giving each client full control of their account.

If a company (even though the way we have designed things makes it impossible for us to do) does take advantage of the ACH process and remove amounts from an individual's account without permission, the banks have a recourse process to reclaim such unauthorized withdrawals. Your routing number and account number is all one needs to initiate an ACH. A cashier at your local grocery store with a good memory could in essence initiate an ACH from your account with this info. We don't even have access to that much info, again, because it is all encrypted.

 

[Yukon Cornelius]

I am intrigued.

 

[tmosley]

I would like to see your insurance contract posted on your website, as well as any auditing paperwork. They need to have the name of your service on them, or the name of the parent company along with your DBA paperwork.

With the insurance posted, we know who to contact in case of fraud. Lloyd's is a well known institution, so I have no trouble accepting coverage from them.

 

[SovereignMN]

josh - thanks for taking the time to give us some more info about this. I'll will definitely look into this a bit more. Do you have anywhere on your website where all all the delivery costs are outlined? Also, does your silver have a guarantee of a certain type of condition?