Buying Gold and Silver

[iamse7en]

I recently got my first job, and I'm starting to collect some savings (slowly, but surely). With our economy tinkering on a ponzi scheme full of funny money, I do not trust fiat money. I have done tons of research on why to buy gold and silver, and I'm just learning about where to buy it and in what forms. The readers on this forum are generally very knowledgeable and prepared, so I wanted to seek your opinions on where to buy gold and silver and in what forms and where to store it. Perhaps some other questions may arise as I think through this.

Since I don't have much money, I figured I'd start with silver, because based on what I've read, it's extremely undervalued (even more than gold many say). I guess coins are good for transactions during a hyperinflationary chaos, so perhaps I may eventually have a bunch of those, but I figured I'd mainly buy silver bars because you can store more value in a smaller space. What do you guys think of whether to get coins or bars?

Another issue is where to store it. Perhaps I can find a cheap storage unit, but I would think my own home would be great too: no monthly fees. I don't trust storing it at a bank or something that could prevent me from getting it when I want. What are your feelings on where to store it?

But the big question is: where to buy it. I'm sure there are several good companies out there, and I imagine it's very competitive (which is great of course), so like anything else I buy, I will compare the costs and quality to other competitors, but do you guys know of any trusted companies? Where do you buy your gold and silver? I have heard of http://www.bulliondirect.com/ and http://www.qualitysilverbullion.com/ and http://www.monarchpreciousmetals.com/ and they all seem to have very similar prices and products, assuming they're all the same quality. I guess this leads me to another side question: I guess I can trust a "trusted" company to give me .999 fine gold/silver, but suppose we are in a hyperinflationary environment, and I hypothetically want to buy some dirt cheap assets (maybe like when real estate it hits its bottom) - would I give the person silver, or would I take a bunch of my bullion, quickly convert to cash (sell the silver), then hand that cash over? If I actually hand over silver, how does he know it's .999 fine silver? I guess these issues don't matter nearly as much as my other questions, but the thought crosses my mind.

Please answer any questions I have listed or provide any information that can help me (and all of us) protect our wealth during these unstable times! Thank you.

[Original_Intent]

Well, thank heavens you didn't ask for opinion about whether or not that is what you should do or we would be a 20 pages of responses already!

I have liked the service from www.apmex.com. They often have good sales (such as .99 over spot) and the shipping is not prohibitive if you are buying in quantity.

It is not a bad idea to find a coin/precious metal trader that you can do a face to face transaction, especially if you plan to buy smaller quantities and if their premium is not too high. If you are around Utah Valley I recommend Rust Coin in Provo.

Another online place that I have not dealt with personally but has a good reputation is www.kitco.com.

[firend]

I recently got my first job, and I'm starting to collect some savings (slowly, but surely). With our economy tinkering on a ponzi scheme full of funny money, I do not trust fiat money. I have done tons of research and why to buy gold and silver, and I'm just learning about where to buy it and in what forms. The readers on this forum are generally very knowledgeable and prepared, so I wanted to seek your opinions on where to buy gold and silver and in what forms and where to store it. Perhaps some other questions may arise as I think through this.

Since I don't have much money, I figured I'd start with silver, because based on what I've read, it's extremely undervalued (even more than gold many say). I guess coins are good for transactions during a hyperinflationary chaos, so perhaps I may eventually have a bunch of those, but I figured I'd mainly buy silver bullion because you can store more value in a smaller space. What do you guys think of whether to get coins or bullion?

Another issue is where to store it. Perhaps I can find a cheap storage unit, but I would think my own home would be great too: no monthly fees. I don't trust storing it at a bank or something that could prevent me from getting it when I want. What are your feelings on where to store it?

But the big question is: where to buy it. I'm sure there are several good companies out there, and I imagine it's very competitive (which is great of course), so like anything else I buy, I will compare the costs and quality to other competitors, but do you guys know of any trusted companies? Where do you buy your gold and silver? I have heard of http://www.bulliondirect.com/ and http://www.qualitysilverbullion.com/ and http://www.monarchpreciousmetals.com/ and they all seem to have very similar prices and products, assuming they're all the same quality. I guess this leads me to another side question: I guess I can trust a "trusted" company to give me .999 fine gold/silver, but suppose we are in a hyperinflationary environment, and I hypothetically want to buy some dirt cheap assets (maybe like when real estate it hits its bottom) - would I give the person silver, or would I take a bunch of my bullion, quickly convert to cash (sell the silver), then hand that cash over? If I actually hand over silver, how does he know it's .999 fine silver? I guess these issues don't matter nearly as much as my other questions, but the thought crosses my mind.

Please answer any questions I have listed or provide any information that can help me (and all of us) protect our wealth during these unstable times! Thank you.

Hope this will help....

Apmex.com in Oklahoma is highly recommended. They always do a great job. A+

In my opinion it makes the most sense first to be debt free, find a way to own property outright, and have food, water, things that go bang, etc on hand

Some foreclosures you can get for literally 5 to 1 off list price. Some, not all!

It is always good to diversify like have some cash at home as well. (not all in bank)

Bullion is a great hedge. Highly recommend if you can afford it. Silver is great like the American Silver Eagle, etc. If I had the money to buy Gold, I would not by American however.

Gold is awesome, but who can afford it? In either case I would stick with coin over bars. Yes, you pay a little more at first, but it is easier to deal with especially in silver. \

Buy a good scale and micrometer, and you can weigh and measure your own coins. This way you will know if they are legit. They will not be exact, but should be pretty close. For example the American Silver Eagle should weigh about 31.1 g. If you buy 10 you might have them range from 31.0 to 31.5 and that is fine as long as diameter and thickness are in range as well. If you weigh one at like 28g, or maybe 35g you have a problem.

With Apmex counterfeits does not happen as far as I know. Plus silver makes a distinct sound! The fakes you can tell by that almost always. Plus, if you stick with a known coin like Silver Eagle, you can usually spot a fake without even holding it.

As for storing it, get a floor safe or something similar that is hidden in some room, garage, etc. Floor safes are not fire rated, but since heat rises, they should be fine to use. I wish I had one lol.

Plus you can insure bullion as well.

Hope that helps.

[Spence]

apmex.com is good

http://maps.google.com/maps/place?oe=ut ... 2051397962
rust coin and gift in orem would also have my recommendation. Went there the other day to pick out a gift and he treated me well and his prices were very fair.

[Stansbury Jack]

Buying gold and silver is all fine and dandy until the Federal Government passes a law making it illegal to own precious metals. They've done it before. C'mon, think through this. If we experienced hyper-inflation do you really think a tyrannical federal government like ours would allow us to own precious metals? The government is bankrupt and when the need it absolutely dire they'll come take all of our precious metals.

Just wait. It's coming.

[infowarrior]

Like in everything you don't want all your eggs in one basket. When I buy gold/silver I buy a variety of forms i.e. Bullion rounds/bars, 90% silver bags, eagles, maple leaves. As well with gold, Franks, Eagles, Maple leaves, Sovereigns ect. IMHO you don't want to buy anything over 1 troy ounce. How will you get change for you big bars, who will buy it from you? But with the smaller forms you won't have to worry about that.

Store it at home in a safe if you can afford one. If not somewhere safe. You can buy tubes and put the metals in it and then bury it. (http://store.prepared.pro/buryemtubemodel6l.aspx)

Apmex.com is superb and I highly recommend them. I also like gainesvillecoins.com, many times they offer the same product for less than apmex.com. But even more so is qualitysilverbullion.com if you are looking for straight silver bullion rounds and bars. Jim does a fantastic job with his rounds and offers a great price and S&H costs as well. You can get quite the deal through him during his Dutch Auctions (http://www.qualitysilverbullion.com/ind ... ry&path=43) he offers, and during the Auction he will reduce the above spot price every 15 minutes until he runs out of stock or the time runs out. You can expect to see 61cents overspot if your lucky enough to see it drop that far down. Be sure to check out WhyMeWhySilver youtube channel to get a free S&H code with purchases 200$ and over. For news on precious metals check out silverfuturists YT channel. He is great.

[Original_Intent]

Buying gold and silver is all fine and dandy until the Federal Government passes a law making it illegal to own precious metals. They've done it before. C'mon, think through this. If we experienced hyper-inflation do you really think a tyrannical federal government like ours would allow us to own precious metals? The government is bankrupt and when the need it absolutely dire they'll come take all of our precious metals.

Just wait. It's coming.

And when they confiscated gold in the past, did they go door to door and search people's homes for it? I don;t know for a fact but I highly doubt it and never heard of any such thing.

The fact is, when that law was passed, people had paper money that BY LAW was convertable to gold. Most people used the paper money for transactions, although physical gold was used too. But I believe (no research, just a hunch) that 99% of the "confiscation" was either just refusing to redemm gold certificates for gold and giving them FRNs instead OR people voluntarily surrendering their gold. If there had been a door to door confiscation and searches and seizures back in the early 20th century, well, I don't think people would have stood for it. I think you would have had a lot of confiscators that turned up missing.

I could be dead wrong, I haven;t done the research. But I have done some study of history, and if there was a door to door search and seizure squad, I haven't come across it. So I think the whole "they will outlaw and come and take your gold" is just a scare tactic and a bogey man.

My uneducated adn unsolicited opinion. But I will do a little research tonight and see what I can turn up.

OK, my BRIEF search turned up that the vast majority of it was like I said, the government just told banks not to redeem gold certificates for gold. It also sounds like a few people who had thousands of ounces ON DEPOSIT in banks tried to withdraw it. They were not prosecuted but their gold was seized. As far as I have found NO PERSON was ever prosecuted for "illegally" owning gold. NO HOME was searched or gold seized forcibly (other than from bank accounts and safe deposit boxes) Now might they do a confiscation and under our current regime go door to door and search homes and seize pretty much anything they want? Sure, but that applies to food storage too, there are already anti hoarding laws on the books - so don't get food storage either I guess.

[infowarrior]

Buying gold and silver is all fine and dandy until the Federal Government passes a law making it illegal to own precious metals. They've done it before. C'mon, think through this. If we experienced hyper-inflation do you really think a tyrannical federal government like ours would allow us to own precious metals? The government is bankrupt and when the need it absolutely dire they'll come take all of our precious metals.

Just wait. It's coming.

The government could very well pass any law they want and they do. You can't base what your going to do off what the government can do and has done. 9/11, its legal to kill babies, you never really own your home or the land its on, its illegal to collect rain water in some states ect. ect.

[iamse7en]

Thanks everyone! This was so helpful! Really appreciate you taking the time to respond. It looks like apmex is a common favorite. Now I just gotta figure out what proportion of my savings should be in precious metals!

This is a great forum.

[Stansbury Jack]

Buying gold and silver is all fine and dandy until the Federal Government passes a law making it illegal to own precious metals. They've done it before. C'mon, think through this. If we experienced hyper-inflation do you really think a tyrannical federal government like ours would allow us to own precious metals? The government is bankrupt and when the need it absolutely dire they'll come take all of our precious metals.

Just wait. It's coming.

And when they confiscated gold in the past, did they go door to door and search people's homes for it? I don;t know for a fact but I highly doubt it and never heard of any such thing.

The fact is, when that law was passed, people had paper money that BY LAW was convertable to gold. Most people used the paper money for transactions, although physical gold was used too. But I believe (no research, just a hunch) that 99% of the "confiscation" was either just refusing to redemm gold certificates for gold and giving them FRNs instead OR people voluntarily surrendering their gold. If there had been a door to door confiscation and searches and seizures back in the early 20th century, well, I don't think people would have stood for it. I think you would have had a lot of confiscators that turned up missing.

I could be dead wrong, I haven;t done the research. But I have done some study of history, and if there was a door to door search and seizure squad, I haven't come across it. So I think the whole "they will outlaw and come and take your gold" is just a scare tactic and a bogey man.

My uneducated adn unsolicited opinion. But I will do a little research tonight and see what I can turn up.

OK, my BRIEF search turned up that the vast majority of it was like I said, the government just told banks not to redeem gold certificates for gold. It also sounds like a few people who had thousands of ounces ON DEPOSIT in banks tried to withdraw it. They were not prosecuted but their gold was seized. As far as I have found NO PERSON was ever prosecuted for "illegally" owning gold. NO HOME was searched or gold seized forcibly (other than from bank accounts and safe deposit boxes) Now might they do a confiscation and under our current regime go door to door and search homes and seize pretty much anything they want? Sure, but that applies to food storage too, there are already anti hoarding laws on the books - so don't get food storage either I guess.

Your points are all legitimate but you seem naive if you believe that the Government can't come to your home and confiscate your gold. Remember, we live in unprecedented times where America is experiencing more Government growth and intrusion than ever before. I wouldn't be too quick to sit back and say that it has never happened before therefore it won't happen soon. The United States has never had the debt or unfunded liabilities it has now either. All I am saying is don't put all of your eggs in one basket. Be wise. Gold isn't the answer to all of our financial woes. Remember what happened to the Jaredites? Their gold and their wealth became slippery and they weren't ableto keep it.

Instead of looking at America's immediate past, why don't you look at other countries that have socialist regimes and see what the Governemnt did in those situation. Millions of people murdered, their wealth confiscated? Do you really believe this cannot happen in the United States of America?

[NamasteMama]

Better buy now, they just halted the sale of US Mint Coins.
http://www.bloomberg.com/apps/news?pid= ... IgT9DddcYY

[iamse7en]

Better buy now, they just halted the sale of US Mint Coins.
http://www.bloomberg.com/apps/news?pid= ... IgT9DddcYY

FYI, that article was from over 2 years ago.

[Jason]

Buying gold and silver is all fine and dandy until the Federal Government passes a law making it illegal to own precious metals. They've done it before. C'mon, think through this. If we experienced hyper-inflation do you really think a tyrannical federal government like ours would allow us to own precious metals? The government is bankrupt and when the need it absolutely dire they'll come take all of our precious metals.

Just wait. It's coming.

And when they confiscated gold in the past, did they go door to door and search people's homes for it? I don;t know for a fact but I highly doubt it and never heard of any such thing.

The fact is, when that law was passed, people had paper money that BY LAW was convertable to gold. Most people used the paper money for transactions, although physical gold was used too. But I believe (no research, just a hunch) that 99% of the "confiscation" was either just refusing to redemm gold certificates for gold and giving them FRNs instead OR people voluntarily surrendering their gold. If there had been a door to door confiscation and searches and seizures back in the early 20th century, well, I don't think people would have stood for it. I think you would have had a lot of confiscators that turned up missing.

I could be dead wrong, I haven;t done the research. But I have done some study of history, and if there was a door to door search and seizure squad, I haven't come across it. So I think the whole "they will outlaw and come and take your gold" is just a scare tactic and a bogey man.

My uneducated adn unsolicited opinion. But I will do a little research tonight and see what I can turn up.

OK, my BRIEF search turned up that the vast majority of it was like I said, the government just told banks not to redeem gold certificates for gold. It also sounds like a few people who had thousands of ounces ON DEPOSIT in banks tried to withdraw it. They were not prosecuted but their gold was seized. As far as I have found NO PERSON was ever prosecuted for "illegally" owning gold. NO HOME was searched or gold seized forcibly (other than from bank accounts and safe deposit boxes) Now might they do a confiscation and under our current regime go door to door and search homes and seize pretty much anything they want? Sure, but that applies to food storage too, there are already anti hoarding laws on the books - so don't get food storage either I guess.

Your points are all legitimate but you seem naive if you believe that the Government can't come to your home and confiscate your gold. Remember, we live in unprecedented times where America is experiencing more Government growth and intrusion than ever before. I wouldn't be too quick to sit back and say that it has never happened before therefore it won't happen soon. The United States has never had the debt or unfunded liabilities it has now either. All I am saying is don't put all of your eggs in one basket. Be wise. Gold isn't the answer to all of our financial woes. Remember what happened to the Jaredites? Their gold and their wealth became slippery and they weren't ableto keep it.

Instead of looking at America's immediate past, why don't you look at other countries that have socialist regimes and see what the Governemnt did in those situation. Millions of people murdered, their wealth confiscated? Do you really believe this cannot happen in the United States of America?

Great reminder. Gold will also become a replacement for asphalt!

[Original_Intent]

Buying gold and silver is all fine and dandy until the Federal Government passes a law making it illegal to own precious metals. They've done it before. C'mon, think through this. If we experienced hyper-inflation do you really think a tyrannical federal government like ours would allow us to own precious metals? The government is bankrupt and when the need it absolutely dire they'll come take all of our precious metals.

Just wait. It's coming.

And when they confiscated gold in the past, did they go door to door and search people's homes for it? I don;t know for a fact but I highly doubt it and never heard of any such thing.

The fact is, when that law was passed, people had paper money that BY LAW was convertable to gold. Most people used the paper money for transactions, although physical gold was used too. But I believe (no research, just a hunch) that 99% of the "confiscation" was either just refusing to redemm gold certificates for gold and giving them FRNs instead OR people voluntarily surrendering their gold. If there had been a door to door confiscation and searches and seizures back in the early 20th century, well, I don't think people would have stood for it. I think you would have had a lot of confiscators that turned up missing.

I could be dead wrong, I haven;t done the research. But I have done some study of history, and if there was a door to door search and seizure squad, I haven't come across it. So I think the whole "they will outlaw and come and take your gold" is just a scare tactic and a bogey man.

My uneducated adn unsolicited opinion. But I will do a little research tonight and see what I can turn up.

OK, my BRIEF search turned up that the vast majority of it was like I said, the government just told banks not to redeem gold certificates for gold. It also sounds like a few people who had thousands of ounces ON DEPOSIT in banks tried to withdraw it. They were not prosecuted but their gold was seized. As far as I have found NO PERSON was ever prosecuted for "illegally" owning gold. NO HOME was searched or gold seized forcibly (other than from bank accounts and safe deposit boxes) Now might they do a confiscation and under our current regime go door to door and search homes and seize pretty much anything they want? Sure, but that applies to food storage too, there are already anti hoarding laws on the books - so don't get food storage either I guess.

Your points are all legitimate but you seem naive if you believe that the Government can't come to your home and confiscate your gold. Remember, we live in unprecedented times where America is experiencing more Government growth and intrusion than ever before. I wouldn't be too quick to sit back and say that it has never happened before therefore it won't happen soon. The United States has never had the debt or unfunded liabilities it has now either. All I am saying is don't put all of your eggs in one basket. Be wise. Gold isn't the answer to all of our financial woes. Remember what happened to the Jaredites? Their gold and their wealth became slippery and they weren't ableto keep it.

Instead of looking at America's immediate past, why don't you look at other countries that have socialist regimes and see what the Governemnt did in those situation. Millions of people murdered, their wealth confiscated? Do you really believe this cannot happen in the United States of America?

Emphasis added to my earlier post to alleviate your concerns for my naivete.