Buying Silver Online or In-Store: A real world analysis. | |
Taz User ID: 28228272 United States 12/25/2012 04:37 PM Report Abusive Post Report Copyright Violation | Dilemma: You have $1000.00. What's the best deal? Buy online at Apmex or instore at Louisville Numismatic Coin store? I asked myself this question and "did what I do" and put the notes here for anyone else who might have the same question. Quoting: AxX Current price of silver: $29.92 Calculator says we can get 33.42245989304813oz for $1000. Goal: Buy 33oz for $1000.00 APMEX: Silver - Rounds - 1oz - Sort: Price Low to High As low as $1.19 per round over spot! (When you buy 500+), but we're looking to get 33oz, so OUR per coin price is $32.15, subtracting the current cost of silver ($29.92) we get: Price over spot: $2.23 At $32.15, we can now only afford to get 31oz for $996.65. CREDIT CARD FEE: (Not enough for 'bank wire') causes $32.15 to go up to $33.11. (Adding another $0.96 per coin) At $33.11, we can now only get 30oz for $993.30. Shipping: $19.95 (Note: Only being able to get 30oz, at $19.95 for shipping & handling, this adds about $0.665 per coin!) This brings total to $1013.25, over what we have and we can't buy again. So now, we're down to 29oz - for $960.19 & 19.95 S&H. Tax: Apmex not based in or shipping from my state - No sales tax. Thanks Internet! Now, let's go to our local store... LNCS: Price over spot ($29.92): $1.25 At $31.17, we can now only get 32oz for $997.44 CREDIT CARD FEE: None, since I'll be paying cash, something you can't do online. Shipping: Cost of gas going there & back; most would consider free in comparison. Tax: In state tax rules apply ( [link to thecoinologist.com] - LNCS will charge 6% sales tax by Kentucky state rules. (Some states don't charge tax for this, so they'll be fortunate to get additional rounds!) $997.44 * 1.06(tax) = $1057.28. Too much! Because of tax, we have to drop 2oz, so now we're down to: 30oz @ $31.17 = $935.10 $935.10 * 1.06 (tax) = $991.21 In Summary: APMEX TOTAL COST: $980.14 TOTAL OZ: 29oz Total cost/oz: $33.80 LOCAL TOTAL COST: $991.21 TOTAL OZ: 30oz Total cost/oz: $33.27 Total Savings going Local over Internet: $0.53/oz. Personally, I think I'd go with the option that gives me an extra round, for the "same amount" of money. Nice!!! and I have to agree. |
AxX (OP) User ID: 9595622 United States 12/25/2012 04:38 PM Report Abusive Post Report Copyright Violation | Personally, I think I'd go with the option that gives me an extra round, for the "same amount" of money. Quoting: AxX Nice!!! and I have to agree. Thank you! Energy flows where focus goes. [25/77/22] Rev 3:9 <-- Wonder who these guys are? “The future’s uncertain and The End is always near!” - Jim Morrison, 1970 |
Anonymous Coward User ID: 28228272 United States 12/25/2012 04:45 PM Report Abusive Post Report Copyright Violation | I posted this, in this thread: Thread: Silver's Outlook for 2013 How the hell can people pay, on average, 6-10 dollars over spot? let me say this first, I buy local....but being off for the holidays, I hit E-bay...I figured with the drop over the last week I may find a deal or two.... hell no, on average everything that sold was, at minimum 5.50 over spot....with most falling in at the 6-10 range just boggles my mind |
AxX (OP) User ID: 9595622 United States 12/25/2012 04:51 PM Report Abusive Post Report Copyright Violation | I'm all for buying physical, but you really do need to look around to get the lowest "over spot" price. After seeing APMEX's "total price" I called my local and I about fell over when they said $1.25. But then there's tax... Which lead to this thread. Maybe I'll do another quick one for $2000, which would allow us to get rid of the credit card fees from Apmex, if anyone's interested. Energy flows where focus goes. [25/77/22] Rev 3:9 <-- Wonder who these guys are? “The future’s uncertain and The End is always near!” - Jim Morrison, 1970 |
Anonymous Coward User ID: 28228272 United States 12/25/2012 04:58 PM Report Abusive Post Report Copyright Violation | I'm all for buying physical, but you really do need to look around to get the lowest "over spot" price. Quoting: AxX After seeing APMEX's "total price" I called my local and I about fell over when they said $1.25. But then there's tax... Which lead to this thread. Maybe I'll do another quick one for $2000, which would allow us to get rid of the credit card fees from Apmex, if anyone's interested. Yea... Member N3m3s1s posted this in another thread: I ran some numbers to see how well Silver has fared since 2000. 2000 2012 Price of Silver Oct 4.85 34.00 Gallon of Gas 1.00 3.89 Dozen Eggs .89 1.89 Pound of Coffee 3.44 5.69 Honda Civic LX 14930 18005 What can you obtain with an Ounce of Silver today vs. year 2000? 2000 2012 Gallons of Gas 4.85 8.74 Dozens of eggs 5.45 17.98 Pounds of Coffee 1.41 5.97 |
No Dhimmi User ID: 18280111 United States 12/25/2012 05:09 PM Report Abusive Post Report Copyright Violation | |
AxX (OP) User ID: 9595622 United States 12/25/2012 05:17 PM Report Abusive Post Report Copyright Violation | Maybe I'll do another quick one for $2000, which would allow us to get rid of the credit card fees from Apmex, if anyone's interested. Quoting: AxX Yea... @ $2000: Spot Price: $29.82 [insert boring, repetitive stuff from above here, with updated numbers and...] APMEX TOTAL COST: $1986.10 (includes $24.95 S&H, no CC Fees) TOTAL OZ: 61oz Total cost/oz: $32.56 LOCAL TOTAL COST: $1991.38 TOTAL OZ: 63oz Total cost/oz: $31.61 Amazing. Because S&H with Apmex went up with the heavier order, it negated the removal of the credit card fee. Local still wins... and I get 2 additional coins! Energy flows where focus goes. [25/77/22] Rev 3:9 <-- Wonder who these guys are? “The future’s uncertain and The End is always near!” - Jim Morrison, 1970 |
AxX (OP) User ID: 9595622 United States 12/25/2012 05:25 PM Report Abusive Post Report Copyright Violation | |
Northern-Lights User ID: 3894523 New Zealand 12/25/2012 05:34 PM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 14286934 United States 12/25/2012 05:40 PM Report Abusive Post Report Copyright Violation | |
AxX (OP) User ID: 9595622 United States 12/25/2012 05:42 PM Report Abusive Post Report Copyright Violation | Thanks, NL! On the "silver lining" of things, at least it's only 1oz difference, right? :) Energy flows where focus goes. [25/77/22] Rev 3:9 <-- Wonder who these guys are? “The future’s uncertain and The End is always near!” - Jim Morrison, 1970 |
AxX (OP) User ID: 9595622 United States 12/25/2012 05:45 PM Report Abusive Post Report Copyright Violation | LETS NOT ALSO FORGET, YOU BUY LOCAL NO PAPER TRAIL, WON'T GET IT TAKEN AWAY, THAT GOES WAY FARTHER THAN THE OUNCE OR TWO YOU SAVE, ALWAYS HAVE TO STAY WITH THE CONSPIRACY(WHICH IN THIS CASE ITS NOT CAUSE THEY ALREADY TOOK GOLD AWAY FROM US ONCE.) Quoting: Anonymous Coward 14286934 This is a very good point, AC. For the conspiracy-minded, buying local can be the only right choice! (Just watch out for those nasty video surveillance cameras upon entering...) Energy flows where focus goes. [25/77/22] Rev 3:9 <-- Wonder who these guys are? “The future’s uncertain and The End is always near!” - Jim Morrison, 1970 |
Anonymous Coward User ID: 14286934 United States 12/25/2012 05:46 PM Report Abusive Post Report Copyright Violation | LETS NOT ALSO FORGET, YOU BUY LOCAL NO PAPER TRAIL, WON'T GET IT TAKEN AWAY, THAT GOES WAY FARTHER THAN THE OUNCE OR TWO YOU SAVE, ALWAYS HAVE TO STAY WITH THE CONSPIRACY(WHICH IN THIS CASE ITS NOT CAUSE THEY ALREADY TOOK GOLD AWAY FROM US ONCE.) Quoting: Anonymous Coward 14286934 This is a very good point, AC. For the conspiracy-minded, buying local can be the only right choice! (Just watch out for those nasty video surveillance cameras upon entering...) I hear ya on that, but most those systems are linked in nationally yet... or you could always send someone else in to buy them, but most likely they aren't totally overseen by the big boys yet. |
AxX (OP) User ID: 9595622 United States 12/25/2012 06:10 PM Report Abusive Post Report Copyright Violation | If you get to travel in your line of work, or life, perhaps it's worth checking out the local numismatic shops and seeing what kind of deals they have while you're there and maybe you can bring 5-10oz back with you in your pocket/luggage/carry-on. Energy flows where focus goes. [25/77/22] Rev 3:9 <-- Wonder who these guys are? “The future’s uncertain and The End is always near!” - Jim Morrison, 1970 |
Anonymous Coward User ID: 28228272 United States 12/25/2012 06:12 PM Report Abusive Post Report Copyright Violation | |
AxX (OP) User ID: 9595622 United States 12/25/2012 07:05 PM Report Abusive Post Report Copyright Violation | I did forget Pawn Shops. I've never been. Do they actually have .9999 pure solid silver coins that they charge market price for? Or is Easy-Cash-Dan just making up prices on them and you can get a good deal? Energy flows where focus goes. [25/77/22] Rev 3:9 <-- Wonder who these guys are? “The future’s uncertain and The End is always near!” - Jim Morrison, 1970 |
Anonymous Coward User ID: 23712556 United States 12/25/2012 07:12 PM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 8397139 United States 12/25/2012 07:14 PM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 28228272 United States 12/25/2012 07:15 PM Report Abusive Post Report Copyright Violation | I did forget Pawn Shops. Quoting: AxX I've never been. Do they actually have .9999 pure solid silver coins that they charge market price for? Or is Easy-Cash-Dan just making up prices on them and you can get a good deal? Several here always have some stuff, it may be SAE's, Art Bars, or 90%...hell what's it gonna hurt to stop in and look...who knows you may just find something else. |
AxX (OP) User ID: 9595622 United States 12/25/2012 07:25 PM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 8668963 United States 12/25/2012 07:29 PM Report Abusive Post Report Copyright Violation | |
SuperManny User ID: 28757336 United States 12/25/2012 08:00 PM Report Abusive Post Report Copyright Violation | You can do a lot better than Apmex... [link to comparesilverprices.com] The greatest gift you can give anyone is the example of your own life working. -Orin |
Acro User ID: 399597 United States 12/25/2012 08:15 PM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 19315397 Mexico 12/25/2012 08:23 PM Report Abusive Post Report Copyright Violation | I'm all for buying physical, but you really do need to look around to get the lowest "over spot" price. Quoting: AxX After seeing APMEX's "total price" I called my local and I about fell over when they said $1.25. But then there's tax... Which lead to this thread. Maybe I'll do another quick one for $2000, which would allow us to get rid of the credit card fees from Apmex, if anyone's interested. 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] |
Philligan in rainbows User ID: 2530194 United States 12/25/2012 08:27 PM Report Abusive Post Report Copyright Violation | |
ru1im2 User ID: 30859205 Mongolia 12/25/2012 09:18 PM Report Abusive Post Report Copyright Violation | |
Judethz User ID: 20521597 United Kingdom 12/25/2012 09:31 PM Report Abusive Post Report Copyright Violation | 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. |
BossPickupTrucks User ID: 2530630 United States 12/25/2012 09:35 PM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 30670164 Canada 12/25/2012 09:52 PM Report Abusive Post Report Copyright Violation | |
truthwillsetyoufreeagain User ID: 23952927 United States 12/25/2012 10:08 PM Report Abusive Post Report Copyright Violation | I haven't made a purchase at APMEX since I bought silver at...uhm 49. 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. ______________ As long as I am an American citizen and American blood runs in these veins I shall hold myself at liberty to speak, to write, and to publish whatever I please on any subject.” - Elijah Parish Lovejoy(1802-1837) All tyranny needs to gain a foothold is for people of good conscience to remain silent...Thomas Jefferson The strongest reason for the people to retain the right to keep and bear arms is, as a last resort, to protect themselves against tyranny in government...Thomas Jefferson When the people fear their government, there is tyranny; when the government fears the people, there is liberty...Thomas Jefferson Truth will ultimately prevail where there is pains to bring it to light...George Washington |