Silver! Who Is On This Train?
- Thread starter NoDrama
- Start date
beardo
Well-Known Member
Ebays fine just order recognisable items from reputable sellers if your worried you can weigh item and every thing is 100% money back if your not happy or don't get it
In Canada you have Scotia Bank you could probably go directly through them, or if you want to invest and your canadian you can look into Eric Sprott and Sprott asset management.
cowell
Well-Known Member
Thanks. I am Canadian. The bars from Scotia Bank you mean right? I didn't know they sold them there... cool to know.
When I get to the point I have more assets to manage, I'll look up Mr.Sprott... much appreciated... If I were to buy on ebay.. I did look at some of the guys out there selling who are bigger sellers of silver and gold most seem pretty reasonable. I have a question about selling. I am just starting to invest and will likely be putting a grand or 2 away a month... nothing major. But if I want to cash some (or all) of it in.. where do you take it? back to the bank? or to a broker? Just don't want to take it to a "buy your gold" place if a broker is better.
So is it better to buy coins or bars instead of melt silver? Thanks for the help - just not sure of how it all works or where to go to buy/sell to not get ripped on either end..
When I get to the point I have more assets to manage, I'll look up Mr.Sprott... much appreciated... If I were to buy on ebay.. I did look at some of the guys out there selling who are bigger sellers of silver and gold most seem pretty reasonable. I have a question about selling. I am just starting to invest and will likely be putting a grand or 2 away a month... nothing major. But if I want to cash some (or all) of it in.. where do you take it? back to the bank? or to a broker? Just don't want to take it to a "buy your gold" place if a broker is better.
So is it better to buy coins or bars instead of melt silver? Thanks for the help - just not sure of how it all works or where to go to buy/sell to not get ripped on either end..
beardo
Well-Known Member
Most major dealers buy and sell- expect to pay a couple dollars more than the price when you get it and expect a couple less when you sell- the dealer will buy from you or sell to you each time at a percentage- so he might buy for a dollar under and sell for a dollar over.
http://www.scotiamocatta.com/products/bar_silver.htm
BigSmokaZ
New Member
I think anything involving silver, gold, anything like that is just plain cool. I have been watching the "gold rush" show on history channel a lot and it made me think... ok you can find gold in a vast amount of places, but where the hell do you dig for silver? ive never heard of anyone going crazy cause they find a silver deposit but im sure that it happens, its just not heard of when it does
all of the large deposits of silver are gone, the majority of new silver today is a byproduct of base metal mining. USGS report says that silver will be extinct by 2028 as far as new deposits being found in the earths crust, unlike gold, silver is only close to the surface.
Go find a local coin dealer, they will have junk silver (pre'66 canadian dimes, quarters, halfs and dollars) which is 80% silver. Also another good buy are Canadian maple Leaf bullion coins, they are legal tender therefore cannot be taxed when you sell them for a profit, they have a high premium, but junk silver also is legal tender and it has a very low premium.
cowell
Well-Known Member
are all pre 66 dimes, and quarters silver?
I'll start picking through my change too I guess.
Another quick question.. when I am sorting through my stuff and buying little bars here and there.. is the best place to take them to a broker, coin dealer or sell them on ebay ... I see most stuff selling for above index price for weight... Just curious.. like growing I guess... you don't want to grow 20lbs of weed if you have no connections to get rid of it.
Thanks for the help guys, appreciate it all.
I'll start picking through my change too I guess.
Another quick question.. when I am sorting through my stuff and buying little bars here and there.. is the best place to take them to a broker, coin dealer or sell them on ebay ... I see most stuff selling for above index price for weight... Just curious.. like growing I guess... you don't want to grow 20lbs of weed if you have no connections to get rid of it.
Thanks for the help guys, appreciate it all.
all 1920-1967 dimes quarters halfs and dollars are 80% silver, Very difficult to find in regular change, might find one quarter in a lifetime. Don't sell them, hold them until prices are back to where they should be (currently 4 times what they are today)
cowell
Well-Known Member
I don't even have any yet..so don't plan on selling any -anytime soon, but let's say in a few years I have 100k worth of silver and I want to invest in a rental property.. where do I go to dump 100k worth of silver? Is it the same place to go if I get pinched, and need to convert $15,000 quick for bail?
I am just clueless on how it all works...
like I go to the bank and buy an ounce coin for $35 buck (let's say).. I HAD to turn around tomorrow and sell it. What would be the best way to do it?
same with like $15,000 or 100k? Just so I understand the process and kinda what to expect - if you wouldn't mind taking a minute to educate?
Thanks...
sorry for all the questions, I am sure it's really basic but I haven't bought or sold precious metals ever before and until just the other day didn't even know you could buy it at the bank...
I am just clueless on how it all works...
like I go to the bank and buy an ounce coin for $35 buck (let's say).. I HAD to turn around tomorrow and sell it. What would be the best way to do it?
same with like $15,000 or 100k? Just so I understand the process and kinda what to expect - if you wouldn't mind taking a minute to educate?
Thanks...
sorry for all the questions, I am sure it's really basic but I haven't bought or sold precious metals ever before and until just the other day didn't even know you could buy it at the bank...
OGEvilgenius
Well-Known Member
Banks will buy silver/gold, coin dealers, etc. They will give you a receipt that you may or may not be required to hold on to for tax purposes. If you're selling/buying bars, you can be taxed on them (in Canada).
cowell
Well-Known Member
Thank you - I am in Canada.. I can deal with receipts, have an awesome accountant, and I am "self employed"... my shit balances out every year... Going to suck when he retires in a few years.
Only question still - is any ONE better or worse than the other when you buy or sell? or are they all basically the same thing?
Sell on E-Bay. Buy sovereign coins,( legal tender coinage) they cannot be taxed. Sell to coin dealers and bullion dealers, they are everywhere, my small town has 1 bullion dealer and 1 coin dealer. Sell for Spot price ONLY!! Do not take less than spot ever!!
to see the spot price go to Kitco.com
to see the spot price go to Kitco.com
cowell
Well-Known Member
Thank you - that's good info to know!
Ok.. ebay.
So coinage is not taxed when you sell it. but bars are? another good thing to know.. what about the $20 coins that are an ounce? are they taxed?
I know of a couple bullion dealers about an hour away from me.. and there'd be coin dealers in the same towns as well, nothing any closer - which is fine, as I said, I will only be cashing in if I need to - I hope... either that or melting it down into bullets incase there's anything to this 2012 thing...
Appreciate the insight.
Are there any other "rookie" mistakes I could avoid?
Watch what I buy on ebay, alway sell for spot, buy coins when I can to avoid taxes..
Anything else you guys care to share on the subject?
Sorry for the questions, I am just assuming that there's more to it than just - you buy it, and you sell it anywhere that deals in it - for what it's worth... and that's all there is to it.
Just seems too easy.
If the coin was minted by the Camadian mint and has a dollar value on it, then it is legal tender and cannot be taxed. If it bullion and has no legal value upon it then it will be taxed at whatever the capital gains tax is for canada when you go to sell it.
In the USA gold bullion is not taxed at the capital gains tax rate, it is taxed at the collectibles rate , which is twice as high as the CGT. But it is MUCH MUCH worse for Canadians, Canada has a 50% CGT PLUS a VAT, so in essence almost 57% of your monetary gains will be taken away when you sell bullion in Canada.
Make sure the coins you are buying are LEGAL TENDER if you want to avoid all the tax, not just any coin is legal tender, mints make all sorts of coins (Called Medallions or Art coins) but Legal Tender coins will have a dollar value on them and will be minted by a government.
Rookie Mistakes? Yeah, DO NOT BUY NUMISMATIC COINS!!!!!!!! You aren't in this to collect old or rare coins, do not get suckered into buying them, they are a giant waste of your money.
In the USA gold bullion is not taxed at the capital gains tax rate, it is taxed at the collectibles rate , which is twice as high as the CGT. But it is MUCH MUCH worse for Canadians, Canada has a 50% CGT PLUS a VAT, so in essence almost 57% of your monetary gains will be taken away when you sell bullion in Canada.
Make sure the coins you are buying are LEGAL TENDER if you want to avoid all the tax, not just any coin is legal tender, mints make all sorts of coins (Called Medallions or Art coins) but Legal Tender coins will have a dollar value on them and will be minted by a government.
Rookie Mistakes? Yeah, DO NOT BUY NUMISMATIC COINS!!!!!!!! You aren't in this to collect old or rare coins, do not get suckered into buying them, they are a giant waste of your money.
PeachOibleBoiblePeach#1
Well-Known Member
Numismatic,,,Coins are fine and will be better than Bullion,,,If you know what your doing!,,,How could you say such a Thing?,,,If Your sitting on 100 ounces of Bullion,,,whenever the price drop's so does your heart and savings,,,collector coins are well over spot but mostly holds it's value.
Just paid 300 bucks for 25th anniversary American eagle set,,,100,000,,,made look at what there selling for now slabbed,,,In the future prices will go even higher for the "Raw Set's"...collectors collect and trade,,,there is money to be made if you know what your looking for.
Investors buy bullion and The people with ton's of it could easily sell and the silver market collapses,,,Happened before,,,Not in the Numismatic's eye's...Rare is just that rare,,,....and wanted buy the richest of rich.....
Just paid 300 bucks for 25th anniversary American eagle set,,,100,000,,,made look at what there selling for now slabbed,,,In the future prices will go even higher for the "Raw Set's"...collectors collect and trade,,,there is money to be made if you know what your looking for.
Investors buy bullion and The people with ton's of it could easily sell and the silver market collapses,,,Happened before,,,Not in the Numismatic's eye's...Rare is just that rare,,,....and wanted buy the richest of rich.....
OGEvilgenius
Well-Known Member
Long story short? Carefully consider any decision you decide to make. Both Peach & NoDrama offer good points to consider.
cowell
Well-Known Member
See - that's where I'm at - about to start making decisions on how to invest. Not really seeing much info other than "buy my system and I'll tell you how to have a big boat like me!" courses.
I only have questions about the coins as I used to collect coins. I did get out of it, and had some nice pieces - but when I went to sell them the only people who were looking to buy were offering half of book value on them. I don't know if this is basically the same thing, or if you are talking about silver coins only - and it differs?
Sorry for the noob quesitons, but I am totally new to investing - Thanks to you all for taking the time to offer advice - I appreciate it.
I only have questions about the coins as I used to collect coins. I did get out of it, and had some nice pieces - but when I went to sell them the only people who were looking to buy were offering half of book value on them. I don't know if this is basically the same thing, or if you are talking about silver coins only - and it differs?
Sorry for the noob quesitons, but I am totally new to investing - Thanks to you all for taking the time to offer advice - I appreciate it.
PeachOibleBoiblePeach#1
Well-Known Member
I'd say save your money and buy good investment books on coin's...or research more than here
,,,Just don't buy into seminar's and commercial's.
,,,Just don't buy into seminar's and commercial's.
OGEvilgenius
Well-Known Member
Collectables can have huge value, but it is not nearly as liquid as not so collectable silver coins that are legal tender or even silver bars. Yes, there can be a huge premium on collectables, but you also have to find the market and the market for them isn't near as large. So you have to weigh your options. Collectables require a lot of research and knowledge to find good deals IMO.
Probably not a bad idea to be diverse in this respect, but unless you know something about collectables, don't jump in. Do your homework first. Legal tender silver is a no brainer. You would be foolish not to have quite a lot of it on hand IMO. Well, not necessarily on hand, but somewhere safe. Banks are fine places to purchase these coins, you will pay a premium on them, but they're worth having. Collectables, just do your homework first, you might really do well.