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Buying Silver Online or In-Store: A real world analysis.

 
AxX (OP)

User ID: 9595622
United States
12/26/2012 09:28 AM
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Re: Buying Silver Online or In-Store: A real world analysis.
I have bought at Kitco spot using Craigslist. I have also bartered @ spot. Someone on Craig's bitched at me for paying spot and said they usually buy at 80% spot from desperate sellers needing cash.
 Quoting: Anonymous Coward 8668963

That's a pretty good idea, too!

You can do a lot better than Apmex...

[link to comparesilverprices.com]
 Quoting: SuperManny

Thanks for this list! It appears as though you can go to Kitco Silver, or Liberty Coins, and save yourself $1.50-$2/round!

In the other hand , you can get better coins from APMEX !!
Most local shop has circulated coins !!
Semi-numis coins are the best
ex:

[link to www.apmex.com]
 Quoting: Anonymous Coward 19315397

Uncirculated or circulated, they're all pure silver and should have the same base/minimum value. I would think that uncirculated or "specialty" coins have extra intrinsic value, but only to people who are looking for those kinds of coins. Strip all that "nice collecting" stuff away and you still just have 1oz of silver.

My local shop doesn't charge tax over $1000 purchases
 Quoting: Philligan

Lucky! You must live in CT, LA, ML, MA, NY, or TX! :)

Personally, I think I'd go with the option that gives me an extra round, for the "same amount" of money.
 Quoting: AxX

Depends on if you trust the Internet and don't mind leaving a paper trail when confiscation time comes around.

PS: Don't park your vehicle near the coin dealers, your license plate is a record.
 Quoting: Judethz


I think this was slightly covered already, but for the conspiracy-minded, you're right. Internet = paper trail, a local coin store has video cameras. Take your pick! When they come knocking for it, tell them you sold it all to me on Craigslist and eBay! :)


I haven't made a purchase at APMEX since I bought silver at...uhm 49. cool2 I went there a few minutes ago to purchase one 1/10 oz. gold Eagle. The price with a credit card is about $203. I went to check out and was shocked that tax popped up for $18. That was on top of $12.50 for shipping. That all added up for a tiny gold coin.

I knew I had never paid tax before. Then I vaguely remembered a story a while back about APMEX opening a branch on Wall Street. I looked it up and I was correct. Turns out since I live in NY I am now going to have to pay tax at APMEX. So I didn't hit the button to finalize the order.

A new coin store opened in my area. I'll pay them a visit. The cost of living is huge around here so I'll be interested to see the over spot price. Of course I'll be paying tax but won't have the credit card fee. I'm looking to really buy silver, but I still want the 1/10th oz. of gold.

This is a great thread, OP.
 Quoting: truthwillsetyoufreeagain


Thanks, Truth. (And, thanks for the karma!) Truth of the matter is that with tax, shipping, and various rules by state, it's a good idea to take each of these in consideration for YOU in YOUR area and make the best choice possible. Or, if you think that silver is going "to the moon", these $0.56/coin fees won't matter at all, then laziness kicks in. This is why companies with high fees on the net are still in business -- People that don't have coin stores near them, or are too lazy (read: Busy) to do research and find the best deal.
truthwillsetyoufreeag​ain

User ID: 23952927
United States
12/26/2012 03:43 PM

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Re: Buying Silver Online or In-Store: A real world analysis.
I haven't made a purchase at APMEX since I bought silver at...uhm 49. cool2 I went there a few minutes ago to purchase one 1/10 oz. gold Eagle. The price with a credit card is about $203. I went to check out and was shocked that tax popped up for $18. That was on top of $12.50 for shipping. That all added up for a tiny gold coin.

I knew I had never paid tax before. Then I vaguely remembered a story a while back about APMEX opening a branch on Wall Street. I looked it up and I was correct. Turns out since I live in NY I am now going to have to pay tax at APMEX. So I didn't hit the button to finalize the order.

A new coin store opened in my area. I'll pay them a visit. The cost of living is huge around here so I'll be interested to see the over spot price. Of course I'll be paying tax but won't have the credit card fee. I'm looking to really buy silver, but I still want the 1/10th oz. of gold.

This is a great thread, OP.
 Quoting: truthwillsetyoufreeagain


Thanks, Truth. (And, thanks for the karma!) Truth of the matter is that with tax, shipping, and various rules by state, it's a good idea to take each of these in consideration for YOU in YOUR area and make the best choice possible. Or, if you think that silver is going "to the moon", these $0.56/coin fees won't matter at all, then laziness kicks in. This is why companies with high fees on the net are still in business -- People that don't have coin stores near them, or are too lazy (read: Busy) to do research and find the best deal.
 Quoting: AxX


Count me into the laziness (busy) group. I actually am busy working, including working from home. I always have time to shop though for clothes, shoes, makeup, etc. :)

I'm going to check out that new coin shop but something tells me with the high cost of business here it might be comparable to APMEX. Or at least other online sites that won't charge tax.

Happy new year!
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nwo_watcher_911

User ID: 4520570
United States
12/26/2012 04:16 PM
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Re: Buying Silver Online or In-Store: A real world analysis.
OP,

When I buy local, my guy does pre 1933 liberties for (market)x (weight) and then he usually adds a 2% rake, so for your 1000,
you could buy lets say $10 gold piece (.48375 x 1661.30)=803.65 +(2% or $16.07)is $819.62 but Apmex wants $941.05 so in this instance, w are saving about $121.43 which is enough to buy another $1 gold piece or silver or ??.

So be sure when you buy local, that you are only paying for the actual weight - you don't want to pay for pnumismatic or perceived value.

I do pre-1933 liberties due to some laws for confiscation purposes, but they will never find my joo gold. There is no premium or additional value to these because they are very old, or because of confiscation laws - we are only paying for the actual weight - so we don't care about the grading or quality, so long as it is what it is.

If you find yourself paying a premium in addition to the weight, watch out. Us regular folk who are hedging against inflation are not really pnumismatic experts. But a short crash course online can show you how to grade by site, so you can distinguish between MS-61 MS-62 Jewelry Grade, etc etc. But most coins we are looking for are shit for grading (jewelry quality) but as long as the weight is there that is all we care about and are paying for.

Most local dealers charge a 1 to 5% rake or profit on top of the actual weight multiplied by market value, as per above.
nwo_watcher_911

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